The Press.
London, England, 1857-02-07 00:00:00

THE PRESS.

THE SUGAR DUTIES.
TO THE L•'UITOR OF 4' THE ritEss."

Sir,—When England emancipated her slaves in
1834, she solemnly pledged herself to her colonists
that she would keep a differential duty of 10s. the
cwt. on foreign slave-grown sugar in her markets,
in favour of free labour, humanity, and civilisation.
Li 1840, Lord John Russell deliberately broke
this pledge, by equalising the extra amount of duty
on slave produce to that of free men in our own
colonies, under the impression, I presume, that he
could thus permanently supply the consumers in
this country, through the stimulating influence of
the lash, and the comforts of the slave-ship and
barracoon, with sugar at a price lower than they had
before paid for it.
Food, however, it is now evident from experience,
cannot be permanently cheapened by Act of Parlia-
ment, direct taxation, or a national breach of faith,
as sugar, like corn, is dearer now that it was in 1846.
Australia and California have, through the inter-
position of Providence, completely disarranged all
the politico economio calculations that were enter-
tained anterior to that period, by furnishing new
outlets, and giving ample remuneration in various
ways, to that staple source of commerce, industrious
and intelligent labour. As a proof of the increasing
value of labour in a country where it has always
been, in every form, protected, I will cite the state-
ment that has recently appeared in the papers,
and which I have no doubt is correct, that a slave
girl of twenty years of age, with her child, was sold
in the United States of America for 1,840 dols., or
3681., whilst the compensation given to our colonists
in 1834 for such slave did not exceed 7P1., thus show-
ing an increase in the value of such labourer of
upwards of four hundred per cent. Yet we were
told in 1846, as an argument in favour of cheap
sugar, that the advantages to be derived from free
of slave labour were so great, that the former
would speedily supersede the latter, but which all of
us, who had had practical acquaintance with the
slave and free systems in the tropics, knew to be
false, and which the sale of the girl for 3081. proves.

In 1845, the Gazette average price for the year of
Moravado sugar from the Ea3t and West Indies and
Mauritius was, exclusive of duty, 353. sd. per cwt.;
in 1846 it was 333. 4d. ; and in 1847, the year when
the equalisation of the duty on slave produce began
to come into operation, it was 293. 9J. ; and from
that year to the end of 1854, seven years average,
the period of the lowest prices, and the happy time
of the one-idea men of cheapness at all hazards and
by any means, it was 243. Od. In 1855 it rose to
263. Bd., and in 1850 to 295. 3d.; and for the week
ending January 13, 1857, it was 388.20., or 4s.loid.
higher than in the year 1810, when the scion of the
house of Bedford induced John Bull to commence
the patronage of foreign slavery, and which has
since produced such lamentable results, and eaten•
sion of the slave system.

There cannot be a shadow of doubt but that from
1840 to 1854, from the disregard shown to British
growers in making them compete on equal terms in
our markets with the much cheaper and more
regular and certain slave labour of foreigners, the
low prices prevailing during that period, and the
difficulty placed in the way of our colonists pro-
curing a plentiful supply of labour, that the extension
of the cultivation of sugar in our various colonies,
which was rapidly progressing—as I know from
being a resident in the East at that time, in sundry
localities there—prior to 1840, has now almost
totally ceased; in many places the cultivation has
been given up entirely. On the other hand, a rapid
extension of slave territory, and the sugar-producing
resources of all slave holding countries, has resulted,
but not sufficiently rapid to make up for the defi-
ciency caused by the discouragement of free labour
and British enterprise in British possessions : and
John Bull now finds, at the commencement of the
year of grace 1857, that the price of his sugar is
higher than in 1840, and rising rapidly, with no pro-
sp3ct of its being so low as it has been ; and that the
slaveowner, in addition to his enormous profits from
the present high price, also pockets the 10s. differen•
tial duty he promised the frae grower, who, to say
nothing on the score of humanity and civilisation,
takes, in reciprocation, of Manchester wares, at least
three times the amount proportionally that the
slave does; and he has finally to bear in mind that
a successful slave revolt, which will take place
sooner or later, will enhance the price of his sugar
and cotton, as much in proportion probably as the
cost price of a slave now is over what it was in 1834,
and that this contingency, had he kept his word with
his colonial sons, could not have hung over him.
Retribution will as surely fall on a country as on an
individual, when it forsakes honour, humanity, and
civilisatien.—l remain, sir, your obedient servant,
January; 1857. AN Ow PLANTER.

SATURDAY,

vone2 parket an (fititteilz Circe.

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 31st ult. shows the following cigniges compared with,
that for the week preceding:—

Increase in Circulation
Increase in Public Deposits
Increase in Other Deposits
Decrease in Public Securities
Increase in Other Securities
Increase in Bullion
Increase in Rest
Decrease in Reserve
Bullion iu Both Departments
Circulation, including Bank Pest

Bills

The principal changes shown in this comparison are very
important. The Private Securities show the large increase
of 1,879,0001., a decided proof of the heavy demand for
money last week, and they now amount to nearly
18,000,0001. To obtain the means of meeting the require-
ments of commerce to this great extent, the Directors im-
mediately lent out the whole excess of their receipts on
public and private account, both of which were unusually
large, besides making use of a part of their resources in re-
serve. The Bullion shows a small increase, notwithstand-
ing the with•lrawals during the week, and it still keeps
above 10,000,0001. The other changes do not possess much
importance.
From the statement of the Chancellor of the Exchequer
in the House of Commons this evening upon moving for a
committee to inquire into the operations of the Bank Act
of 1844, it appears that the Government do not contem-
plate the introduction of any material changes in that
measure.

Although the commercial demand for money during the
week has been very active, particularly in connection with
the acceptances which fell due on the 4th, there has, on
the whole, been less pressure and more hopeful anticipa-
tions than might have been expected. The return of coin
from Ireland and from Constantinople has neutralised the
effect of daily withdrawals of gold from the Bank, while,
for a fortnight at least, the supply of silver from South
America, received by the West India mail steamer, will
prevent the necessity for any considerable import from the
Continent. Another circumstance of a satisfactory charac-
ter is the tendency shown in some of the chief commercial
cities of Europe to lower rates for money, the effect of
which must be to attract capital to London, where it can be
more profitably employed. Added to these, is the probe-
bility of some cf the national burdens being reduced by the
national expenditure being brought, as nearly as possible,
within the limits which obtained previously to the late war.
All these circumstances have operated in favour of the
market; and though it is as yet impossible to report any
reduction in the current rates, and though a great demand
has existed all the week, the result has been to produce
cheerfulness as to the future. It is true thatthis improved
tone has not been uniform. Reports that the Bank Direc-
tors intended to advance the rate of discount imparted a
good deal of uneasiness in many quarters, while the delay
in the arrival of the Australian gold now due still works
upon the fears of others as to the probable action of the
Bank next week. But, oh the whole, the feeling is better,
and an impression is gaining ground that before the end
of the month money will be easier, and that by the middle
of March discounts will have been lowered. The Consol
settlement has just taken place on the Stock Exchange.
The account proved less heavy than was expected from the
number of Bull transactions entered into previously to the
payment of the dividends ; but the whole have been con-
cluded without much difficulty.
The specie movements of the week have been rather
important. Withdrawals of gold from the Bank have been
of daily occurrence, and they amount since our last to about
115,000/. As the immediate demand for shipment to the
Continent in return fur silver has ceased, these withdraw-
als have occasioned some surprise, and they have added to
the perplexity created by the bullion operations of the last
three months. We believe the explanation will be found in
the fact that the withdrawals are the result of engage-
ments contracted when it was uncertain whether the over-
due silver detained at Puebla by the unsafe state of the
Mexican roads would arrive by the last mail. It so
happened that this silver did arrive ; and of course the
engagements founded upon the contrary expectations must
be fulfilled. The value of the whole arrival was 585,00 X,
of whin 463,0001. was in silver and 122,0001. About
87,0001. has arrived from the United States and 38,6351.
from the Peninsula. So that the known imports of the
week have amounted to about 710,0001. On the other
hand specie to the value of 971,3001. has been despatched
for India and China, of which 783,200/. was in silver. The
balance of exports therefore, including the withdrawals
from the Bank, is adverse to rather a large extent. But
against this we must set the anticipated arrivals from
Australia, which, by the two ships next due, can scarcely be
less than 1,000,00311.

English Securities have been dull all the week, with no
symptoms of activity. This state of things is partly due to
the monthly settlement just brought to a close, and partly
to the indisposition of the public either to invest or to
speculate so long as the immediate future of the Money
Market presents features of uncertainty. Consols, which
closed last Friday at 93 to for money, remained at about
that price until the end of the account; but for the sth of
March they have been as high as 93f to f, and 93f exactly.
The rates foil continuations were therefore heavy, averaging
fully one half per cent. Yesterday the quotation was 93}
to f for the greater part of the day, but at the final close
they were 931 to f, toe lower tendency being attributed to
fears as to the course which the Bank may adopt next
week, but it was owing much more to the stagnation of
business. This morning Condole opened at 93i Wi, and
they closed at 931 to 1.