The Sun.
London, England, 1846-12-18 00:00:00

CRISIS IN THE COTTON TRADE

PUBLIC MEETING AT OLDHAM.

On Monday evening last, pursuant to notices to that
effect, a public meeting of the inhabitants of Oldham was
held i❑ the large room of the Town- hall, for the pur-
po,e of " taking into consideration the propriety of re-
commending to the mill-owners and manutlicturers of
Oldham and its vicinity the urgent necessity of working
short time during the present stagnation of trade, and
the high price of cotton, in accordance with a memorial
presented to them from the associated cotton spinners
on the 19th of October last, and which memorial prayed
them to adopt short time for a season." The placards
convening the meeting announced that Mr. Charles
Hindley, M.P., would attend, and explain the necessity
for adopting the short time system. The room was
crowded to excess, chiefly by factory operatives, forming
an indisputable proof of the great interest they take in
the present state of the trade. A considerable number
of master cotton spinrers and manufacturers were seated
on the platform, but they did not take any part in
the proceedings. John Mills, an operative spinner,
was unanimcusly called to the chair. He opened the
business in a short but pointed introductory speech, in
n hich he expressed his conviction, that in order to avoid
the extension of the prevalent stagnation, and a recur-
rence of the scenes of 1842, it was vitally necessary that
there should be an immediate abridgment of the hours of
labour for a season. (Applause). It was said by some
that the deficiency in the crop of cotton amounted to
500,000 bales, and if no measures were taken to avert
the approaching stagnation, the result might be the
throwing out of work of 30,000 or 40,000 hands. He
trusted the working classes generally were beginning to
understand that the state of trade was always regulated
by the principle of supply and demand, and they should
act in accordance with such facts.—(Applause). He re-
regretted to announce that a letter bad been received
from Mr. Hindley, M.P., stating that he was unable to
attend in consequence of indisposition. Benjamin Tay-
lor, an operative, moved the first resolution, which was
to the effect, " That in the opinion of the meeting it was
highly de,irable for the welfare of both the employers
and employed to adopt the short time system for a sea-
son, in consequence of the much greater advance that
has been made in the price of cotton than in the prices
of goods and yarn, and the necessity of avoiding the
throning out of employment or the reduction of wages
of a great number of the operatives." Thomas Wilson,
an operative, seconded the motion. The chairman next
read the letter of Mr. Hindley, which was dated the 14 t h
instant. Ambrose Hurst, author of a recently published
volume of poetry, supported the motion in a spirited
speech. In his opinion, unless a speedy restriction was
placed on the powers of production in cotton mills, the
advancing price of cotton would so far encroach on the
amount of capital as to begin to affect the wages of the
working classes in an injurious proportion. Robert
BardAey, an operative, moved the second resolution, to
the effect, " That the meeting, being duly impressed
with the embarrassed state of trade, earnestly desire the
master spinners and manufacturers of Oldham to co-
operate with the employers of other places to work short
time for a season." John Brewer, a delegate from the
associated cotton spinners of Bolton, seconded the mo-
tion, which was unanimously passed. The proceedings
terminated by a vote of thanks to the chairman.—Man-
ehester Courier.

REDUCTION of the DUTY on TEA.
NOTTINGHAM, WEDNESDAY. —Yesterday there was a
meeting of the council of this borough, at which a motion
was made to memorialise the Government in favour of a
reduction of the duty on tea.
Mr. W. FELKIN, merchant, who has published nume-
rousstatisticalstan mentsconnected with various branches
of trade, addressed the council at great length, and re..
ferred to calculations which warranted the conclusion
that any reduction of duty would be counterbalanced by
an increase of consumption. The reduction he proposed
was to lower the duty to Is. per lb., though perhaps he
ought to say, that he was hardly settled in his mind
whether a differential or uniform duty would be the best.
He proceeded to argue that if our trade with China were
conducted upon fair, equitable principles, it might be
vastly increased. It was a fact that the Chinese only
laid a duty of 5 per cent. on our goods, while we impose
a duty of between 200 and 300 per cent. on articles im-
ported from China. According to the last census, China
contained a population of 367,682,907 individuals, who,
in case of an amicable intercourse upon equal terms,
might take an immense quantity of our goods in ex-
change for their tea. He could not but feel convinced,
if the duty were reduced to one shilling per pound, and
the consumption was raised from 44 to 60 million:. of
pounds, that the result, as far as regarded the trade of
this country would be highly beneficial, and he had no
hesitation in expressing his confidence, should the mea-
sure be carried, that a wry large amount of our manu-
factures will be in request to supply the demand in the
extensive empire of China. Respecting the advantage
to the tea trade from the proposed alteration he offered
the following calculation :—Supposing 44 millions of
pounds of tea cost on board 2,200,0001., freight and all
charges on same 550,0001., the duty at 2s. 2id. per lb.
would be 4,812,500/., making a cost of 7,562,5001.
Profit to the home trade at 30 per cent, 2,268,7501.,
making a total of 9,831,2501. Now the calculation un-
der the now duty would give a consumption of 66 millions
of pounds of tea, at a cost of 3,300,0001. ; freight at 3d.
per lb., 825,000/ ; duty at Is. per lb. 3,300,0001. ; profit
at 30 per cent., 2,277,5001. ; cost of 39,285 tons of sugar
at 40/. a ton, 1,571,400/. ; freight at Id. per lb., 366,666!.;
duty on ditto (foreign) 21s. 824,98 a; profit at 30 per
cent, 828,9121—making a total of 13,244;4631, and leaving
a surplus of 3,413,213/. in amount beyond our existing
trade. Increase of profits being 787,6521., and of freights
641,6661. It would take our largest and best ships to
carry this quantity of tea and would extend benefits
through all branches of trade and commerce. With re-
gard to the important question of the revenue, which
amounted to 4,124,0001., he calculated that by the reduc-
tion in the duty, the consumption of tea would increase,
so as to leave the revenue only three quarters of a mil-
lion short of what it now is. How much trade and com-
merce would increase, he could not calculate, but he
thought by the reply of Lord J. Russell to a deputation
who waited on him on this subject, there could be no
doubt a great increase would take place. With these
remarks he begged to move the following memorial :
"TO THE RIGHT HON. THE FIRST LORD OF THE
TREASURY.
" The Memorial of the Mayor, Aldermen, and Bur-
gesses of the town of Nottingham,
" Humbly showeth—That your memorialists are of
opinion that the duty at present levied upon tea is ex-
cessive ; and that it is expedient, for the following among
other reasons, it should be forthwith reduced :—lt has
had the effect of greatly limiting the consumption of
tea and sugar amongst the labouring and middle classes,
to whom the use of tea has become one of the comforts
of life. It has materially crippled our trade with China,
and thereby interfered prejudicially with the employ-
ment of labour and capital in connexion with our foreign
business. It is an unjust and impolitic return for the
liberal tariff imposed by the Chinese upon British pro-
duce and manufactures. And as your memorialists have
from past experience reason to hope that the revenue
now derived from this source would, in a compara-
tively short period, be replaced by the increased con-
sumption of teas at a lower duty, combined with that
received from the consequent much augmented use of
sugar, and from other collateral sources, they would
earnestly urge upon your lordship the propriety of
a reduction in the tea duty to one shilling per
pound, either by an ad valorum duty so arranged as
not to average more than that sum per pound on the
probable consumption, or by an uniform duty upon all
qualities of tea."
The motion was seconded, and after some discussion
was caried unanimously.
SALT MONOPLY IN INDIA.—Mr. Felkin afterwards
addressed the meeting in reference to the oppressive na-
ture of the salt monopoly in India, and moved the adop-
tion of a memorial, praying that the monopoly in the
manufacture of salt in India, and also the duty on the
import of salt into that country might be abolished.
The memorial was unanimously adopted.