The Sun.
London, England, 1847-07-06 00:00:00

what manner it may affect the new interest which has
risen in India, that of the Fntztia. s st nrq, -;, 'ors
The realer rof=y n
three . •
Court of Diree!..rs,
previous intim,:th.r, • •
alteration in the price f ;I.
Court promised to communicate ..i,ll the local
Government of Calcutta on the subject ,- but as
the alteration we have noticed has TILW bet4a made
without the previous notice of a single day, we
naturally conclude that reasons of a very imp erative
character have presented themselves again, ,t this
concession. Indeed, it will naturally sugges't itself
to the mind of any one wno 10. As beneath:the sur-
face, that while Government holds a stock or ~85 lacs
of maunds of salt in store, any intimation of it, reso-
lution to reduce the price of the article at tdN end of
six months would lead to the immediate itstaiaruption
of all further purchaes during this wriLata a very
considerable extent, paralyze the traffic of the COLIII-
try, and materially . affect the interests •i}i:i4overn-
ment by the stoppage of sale, and the wt;-!flie of the
people by the limitation of the supply. Tlai reduc-
tion of the duty to the extent of 25r. the 100 slaunds,
though sudden, is an undoubted benefi. to fb.-t Eng-
lish importer, because he finds on Ins arrival in
the port that he has a smaller siren to pay Go-
vernment, for the privilege of the traffic, than
he had calculated on. But the sudden diminution
of the selling price of the article can scarcely fail to
operate to his disadvantage, by the unexpected re-
duction of his profits; and it is very probable that, in
the present temperament of the public in England,
this circumstance will afford a handle for afresh at-
tack on the "monopoly."
But those who are interested in the importation of
salt from England must necessarily perceive that the
reduction of the cost price of the indigenous salt,
however it may in the present instance affecethe value
of cargoes already dispatched, is a circumstance which
they must always bring into their Calculations.
Unless they can import salt and sell it to adrintage as
cheap as that article can be manufactured In the coun-
try, there is no hope of their ever being able- to engage
successfully in this traffic. This is a broad commercial
fact, which the imposition ofa duty by Government can-
not in the smallest degree affect, whether that duty be
great or small. We believe it is fully admitted that
the manufacture of salt on the part of Government
has no other effect than to enhance its cost, by adding
the expense of the agency of the State, which is by
no means small, to the price at which the native
manufacturer delivers the article to Government.
But this circumstance is so entirely in favour of the
English importer, that we have been not a little sur-
prised to find it employed at home as an argument
against the so-called monopoly. Those who have
taken the field against this system of Government
manufacture, under the idea that it impeded the free
introduction of British salt, appear to have entirely
overlooked the fact that if the monopoly were to cease
to-morrow, the profits of the importer of salt would be
st once deteriorated, inasmuch as their salt would then
be brought into competition with indigenous salt,
which, being relieved from the cost of the public es,
tablishments, would he sold at lower price. Thus,
the 24 Pergunnahs salt, the cost price of which is now
calculated at 97r. the 100 maunds, might, we think,
he sold to advantage in Calcutta at 75r. the 100
maunds, if the manufacture was thrown open,
for the Molungees seldom receive from the con-
tractors more than 50r. The monopoly, as it is de-
signated, so far from telling against the interests of the
importers of English salt, is one of the greatest safe-
guards of their profits, as it augments the price
of the article with which they have to compete ; and
the outcry which has been raised against it is only
one of those popular delusions which may be safely
described as " the madness of many for the gain of a
few." Unless the Cheshire manufacturers can send
salt to India which shall be able to stand its ground,
against the lowest price at which the salt can be
manufactured in India, there is not the slightest
chance of their success ; and all the Acts which it is
in the power of Parliament to pass, always supposing
the Acts to be dictated by political wisdom and honesty,
cannot alter this state of things.
But it is in the matter of bonding the salt on its
arrival in this country, that we think the complaints
of the English manufacturers are just and reasonable,
and entitled to consideration. It is here that the
competition of the present system of Government
manufacture interferes with their expectation, and
places them in a disadvantageous position, from
which they may equitably demand relief. At
present they are obliged to pay the whole amount of
the duty down on the nail, and that duty is
more than three times the value of the articles.
The present value of money in Calcutta may be
taken at 12 per cent. per annum. The duty on
every 100 maunds is 275 r., or 33r. a year. Every
month, therefore, that the salt remains unsold the
cost of every 100 maunds of it is enhanced by the in-
terest of the duty, to the extent of 2r. 12a. Sup-
-I),,,sing it to remain unsold for six months, the price
,f it would be raised 16r. liia.—that is to say, if the
,alt was landed at 80r. the 100 maunds, the mere in-
terest of the duty would increase its price to 96r. Ba.
in this period, before a purchaser could be found. It
happens, that the internal traffic in salt has been gra-
lually monopolized by six or seven great native
dealers, who command the market, and alone are
tble to take off the cargo of a ship at once.
Knowing that the profits of the importer must
4uffer at the rate of nearly 3 per cent. for every
month that he is constrained to hold the salt, they are
enabled to a far greater degree than should be allowed
to exist to make the importer bend to their terms.
the English salt does not, therefore, stand on the
same advantageous footing with that which is raised
in the country. If, by a fiction of the imagination,
we could separate the two-fold character of Govern-
ment in these salt arrangements, and consider it only
in one point of view—simply as the manufacturer,
paying duty to the State, the disadvantage under
which the importer labours in this competition
would be rendered more apparent. Let us suppose,
then, that the Government, as manufacturers, hold
85 lacs of maunds as they now do in store, ready
to supply the demands of the market, the capital
which has been required to create this article, at

z 4.04,

an average of 80r. the 100 maunds, will have been 6$
lacs of rupees. Supposing the English manufactu-
rers to have imported at:d stored the same quantity
of salt for the supply of the market, the capital which
they must have expended will be equal to 300 lacs
of rupees, and unless they can always procure an im-
mediate sale, their profits must be deteriorated to the

full extent of the difference of the interest on these two
I sums. Until equal privileges have been bestowed on
both descriptions of salt—on that which is ma-
nufactured by Government and that which is
imported—the English manufacturers will have
just reason for complaint. We require there-
fore that the importers should be at
liberty to hold their salt in store, with no other loss
than that which Government sustains from holding so
large a stock in their golahs—that is to say, the inte-
rest of the capital expended in the manufacture
and conveyance of the salt to the port.
The Government in Calcutta has now re-
ceived instructions from England to allow salt
to be bonded in the same manner as any other
article, and we have the fullest confidence that

....
this measure will be carried out in a spirit worthy of
the Government of this great empire, which is anxious
to remove every shadow of complaint from the
merchants. If after this equitable indulgence has
come into full effect—if after the stores of the mer-

chants, and those of Government have been placed on
ppicationis to
to Parliamenta
precisely the same level of privilege, the importation
s
of English salt is not found to answer expectation, or
to afford a fair commercial profit, the manufacturers
at home must regard it as an indication that India
can supply itself with salt cheaper than it can import
ythe
Government exclusive manufacture far '
thetoeaxrttiincgleo;isahnd the that any
monopoly—thata
so from
affording them any relief would only render their
hopes more nugatory.

STATE OF TRADE.—The cotton hosiery trade,
especially in the cut-up departments, is in the same
state
na not
employmenttparreivsieoufrsolym morean) or
reported,,
out of
feign onait
than tcwompeotntionhs.,
iT ed
hiltlairila
does t
from the state of the worsted hosiery trade of Leicester,
in which England has nearly the monopoly of machine-
wrought hose: there the distress is so great that the
public offices and private houses are literally besieged
by beggars.—The drawer branch is much better than
the cotton hose department, though both are made from
wide frames. This is a great relief to Nottingham, as
it is the principal seat of this manufacture.—The cotton
glove
tovebwran, is in a
branch, which
much betterisveryex state thantensivein the s
thevilin_ityThoof
this
silk hose trade, whether plain knotted or fancy, is very
estcylavrteerrys
dullhalf
.cae, mthoautnttbto.
edxrotionpcitn.—g,
Tanhde mayfatic ybehcoobnhsiintr:tdtrinadesoims
of a London house
We are are glad, how-
as respects demand.
, Thie; sht•oPp-ge are said to a
70,00 ,
in the
4lacheatsrandoet,
r nis reviving, and we
da-milaitttletsrc.t
spirithave seen some specimens of lace that we think will
iwin.uporoseve"
tendency to renovate the character of plat and
ever, tootpiemrcperiovev,eminent more
and quartersexetio
have a
straight-down nets, and the change will be beneficially
felt by the trade at large. There is yet a large field
fur improvement, and we rejoice to perceive that the
spirit of despair, amongst the inventors and mechanics,
is passing away, and that hope, mixed with fortitude, is
succeeding the gloomy feeling of despondency which
has prevailed for nearly two years.—/Vottinghan2 Review.
GLASGOW PIG IRON TRADE. Our Pig Iron
Market during the week has much improved; and a
much better feeling now prevails, than has existed for
some time. The strike of the miners, which, of late,
has been spoken of as likely to take place, has
now taken place very generally, both in Lanark-
shire and Ayrshire, which must tend to raise the prioe
still further. Our market to-day closed at the following
quots:iuLa :—Nu. 3, 655.; mixed, Nos. 665., and No. 1,
675. per ton, f. o. b.—National Advertiser.

tia2)=.