468
(d.) Sugar.
THE HONGKONG GOVERNMENT GAZETTE, 24TH DECEMBER, 1864.
The protection with which it was thus attempted to nurture the home and Colonial producer was entirely abolished in 1814; and in 1858, while the importations of foreign wool had increased to 41,527,624 s., or only one half as much again as in 1842, the importations of Colonial wool increased to 85,211,099ms., or between four and five times their former amount, despite the loss of all protection. The production of wool at home has also largely increased at the same time. But so great is the power of consumption under Free Trade, that notwithstanding all this increase of supply, the demand has raised the price from 10d, or 11d. per lb. in 1842, to 1s. 6d. or 1s. 8d. per th. in 1858, of course to the great advantage of the producer. The exports of British woollen manufactures also increased in that time from 5,185,0457. to 9,776,0417., and of woollen yarn from 637,3052. to 2,966,9231.
Foreign sugar remained prohibited in 1842, Colonial sugar paying 25s. 2d. per cwt. Since then foreign sugar has been admitted to compete with Colonial, and the duties on all sugar have been greatly reduced, and the consumption, which amounted in 1842 to 193,423 tons, increased in 1858 to 424,523 Of that amount 156,128 tons were foreign sugar, which it was predicted would drive Colonial sugar entirely out of the market, the remaining 268,305 tons coming from our own Colonies, which, instead of being ruined by competition, sent us nearly 50 per cent, more than ever.
tons.
It would be easy to multiply illustrations to swell the above figures. In fact, the difficulty rather is, to select from the vast mass of evidence of every kind that has accumulated, and that continues to accuum- mulate, to testify to the incalculable benefits that in the short space of fifteen or sixteen years have accrued to this country from the practical adoption of the principles of Free Trade; or, to speak more accurately, from the reversion to the simple precepts of Nature, which have been so well epitomised by a great French- man in five short words: "Laissez faire et laissez aller."
E. A. B.
Board of Trade, June 19, 1855.
(Revised and continued to the latest date, February 18, 1860.)
STATEMENT showing the Effect of a Diminution in Import Duties on certain Articles upon the Amount of Revenue received on those Articles.
Rate of Duty.
Quantity Consumed.
Amount of Revenue.
S.
d.
Cwts.
Sugur
1821. 1831.. 1850.
27
0 per cwt.
3,530,362
£ 4,077,"06
24 0
11
4,233,509
4,650,589
11 0
"
6,229,094
3,900,663
S. d.
Coffee
1801
1811.
0
1821
1
1831 1849....
0
16706+
STOLOO
6 per lb.
Lbs.
750,861
£
58,315
6,390,122
186,378
""
7,327,283
384,283
"
21,841,264
583,751
0 4
34,399,374
566,822
Brandy.
1821... 1849.
422
d.
Gallons.
22
73 per gallon.
15
0
1,013,400 2,187,801
£ 1,031,217 1,640,488
8.
d.
Excise Duty on Paper........
1821. 1849...
0
3 per lb.
0 1
Lbs. 48,204,927 132,132,657
£ 579,867 889,675
S. d.
Lbs.
Excise Duty on Svap..
1821.. 1849..
0 3 per
92,941,326
£ 1,023,530
0 13
197,632,280
1,026,080
Customs and Excise Duties collected in 1821,. Deduct Duties repealed and reduced between 1821 and 1849,.
Leaving to be collected,
But the unrepealed Duties actually produced in 1849,..
£38,765,814.
27,801,667.
10,964,147.
34,622,284.
So that the sun received beyond the computed amount was,
23,658,137.
NOTE. The amount of Revenue in each of the foregoing statements will not be found to agree with the quantities at the given rates of duty. The rates as respects Sugar and Coffee represent the duties chargeable on the produce of British Possessions only, whereas some part of the duty is paid at higher rates ou the produce of foreign countries, whereby the amount of Revenue is increased. On the other hand, it frequently happens that allowances have to be made to the merchant, which reduce the Revenue below what it would appear by computation.
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