The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-02-21
The New Commercial Policy or Great Bril-
tain.

O3Os
The New Commercial Policy or Great Bril- |
tain.
From the London Chronicle, Feb 81
Inc mail OF this evening Is the first which Will
carry 10 The United States, and other parts OF the
American continent the announcement of the new
commercial policy OF Great Britain. The future
development and ultimate consequences of that
policy involve prospects to the New World more
important than any measures which ever engaged
the attention OF European government. Every
one remembers the excitement which prevailed in
New York, when it was made manifest, by the first
passage of the Great Western that England and
America could be brought nearer together, not only
in point OF time, but in the certainty OF that time,
by steam communication. We saw on that occa.
sion-n the speeches which were made at festival
given to mark that important epoch and to do honor
TO the distinguished officer who first navgated q
steam ship across the Atannc-lhe out-pourings and
enthusiasm OF men who felt It one OF the greatest
blessings to their country that the bonds of mutual
and honorable interests, which unite them with the
country Of their toreathers, thus strengthened
But II did not fail to damp even that enthusiasm,
when the speakers incidentally alluded to the corn
laws OF England and the ell but prohlbitory tariff OF
the United States. The triumph OF art and human
ingenuity reduced the distance between the mer.
chants in London and New York from doubtful
period, varying from twenty to thirty days, TO GER
tain period of fourteen days But what mattered
those noble achievements, while governments MAIN
tanned the most efectual barriers against that inter-
course which could alone give to the facilities Of
propositions phich i0 be carried out 6y the maui Of
this evening, is the true complement Of all that has
hitherto been done to facilitate the intercourse
Of the Old and the Nns World. If the mer-
chants of New York hailed the arrival OF the
Great Western, and the officer who commanded
her. with such enthusiasm, as new guaranty OF
esHas i hsy peqass speeeS
Peel OF Tuesday last !! Nor will this be confined
to New York 1t will spread to every corner OF
the Union, and pervade the most important and
through the valley Of the Mississippi and the forest
ers in the State Of Maine, will in future see London
and Liverpool In the same light as they now look
upon New York and Boston. voyage across the
Atlantic, to the free ports OF England, will be IN no
way different to coasting voyage from one port Of
the States to another. But we must check these
gratifying aniclpations, in order to notice an I'M.
portant question connected with these commercial
changes, and the departure OF the mail OF this day
When Sir Robert Peel introduced his measure. a
week ago, he merely, IN general terms, alluded to
the reduction of the timber duties, leaving to an
other ''early" night the announcement OF the pre-
else measure. Knowing how extremely important
It was that the plan to be proposed should be COM
municated to the Britsh-American provinces by
this packet, we expected the Minister to make his
announcement last night. II it is intended that it
shall be made this evening, we hope means will be
taken to delay the departure OF the packet from
Liverpool, until the arrival Of the day mail OF to-
morrow: The only raw material on which any
duty, either for protection revenue, now rem aims,
with some trivial exceptions, is foreign timber:
This duty acts protective both that of colonial
and home growth. Yet we believe there is no article
| in respect to which a reduction OF duty, and the
greatest possible cheapenng of price, would be more
beneficial to 80 many interests in this country
Timber is an article peculiar to the use OF no one
class Agrlculturist miner, manufacturer, ship
builder, and every private member OF society, are
all, in way or other, deeply interested in cheap
! supply oil good timber. There is no article, food
excepted the cheapening of which would benefit 80
many and would be hurtfu even on first appearance,
to so few; nor any to which all the arguments ap-
plicable to the reduction of duties on straw mate
rails, as such, Is OF greater consequence From
the whole tenor Of Sir Robert PEEPS speech, we
take It for granted that his measure contemplates an
ultimate entire repeal Of these duties. We are,
however, free to admit that it is subject Of some
difficulty to decide on the least Objectionable mode
by which this object can be obtained The difficult
ties are e he ,o, amount
= a., vnuG. But even though the Minister could
abandon the revenue which 1t yields, there are still
other difficulties. II we abandon six hundred thou
sand pounds OF revenue, should naturally be de-
srous that the home consumer should obtain the ad-
vantage OF that saciice the lower price of timber
But reduction OF price would only take place
when the supply became larger, and until then the
importer Of foreign produce would obtain the great
er part OF the benefit. If the other hand, re-
duction OF duty is fixed for some future and distant
day, so that the producers abroad will have time to
bring so much additional quantity to market that
the price may fall to the consumer in proportion to
the reduction OF the duty, then we are met by those
serious inconveniences which attend upon delay IN
all measures OF this kind. The internal trade of the
country becomes paralysed, and the interests inn
medlately, concerned are sacrificed to protracted
panic and uncertainty The experience Ut the
evils attendant upon the change of the timber
duties IN 1912, will, we trust, sufficiently pro-
tect the Government against another error so
serious. The few remarks made by Sir Robert
Peel on the subject show that he is fully alive
to these difficulties First, there is the consdera
ton Of large amount OF revenue to be abandoned;
such way as to give the consumer the largest share
of the reduction as early as possible; and thirdly,
il is essential to the interests engaged IN this trade
that no such heightened notice OF such consider
able reduction should be given as would paralyse
the trade, as IN 1872 In order TO give time TO in-
crease the supplies so az to meet the anticipated new
demand. The first is simple question OF finance.
The repeal of the timber duties now, involves sum
not equal to that abandoned upon cotton alone last
year. In the present state OF the revenue, and the
improvements which we doubt not will arise out OF
the proposed improvements, that will be easily over.
come. The two latter are more difficult. From
what Sir Robert Peel said, he contemplates plan
OF gradual reduction OF the duty TO some lower
point, where it shall rest for given time, and final
~, by another similar process, be entirely abolished
Now, no doubt, reduction OF two TO three ahllilngS
a load, every six months for two three years to
come, would scarcely be a sufficient inducement at
any one time to prevent the progress OF these works
requiring timber, or even to prevent timber mer.
chants and dealers holding their usual stocks, and
thus avoiding the probability Of any such important
arrangement OF the trade as would attend large re-
ducon at future time; but then, on the other hand,
this Just the plan which, above all others, IN the ar
tcle Of timber, appears likely to throw the chief adj
vantage into the hands Of the foreign prodacer.
reduction OF duty to so small an extent at any one
time, would fail form sufficient stimulant to such
an increased supply as would secure a reduction to
the consumer Trfng reductions Of duties seldom
benefit the consumer in any sensible degree. In the
case Of timber, 1t should be borne in mind that an
be secured by extending the distance from which
our supplies are drawn. Our present supply Is OBJ
tanned from those localities which nearest TO the
place OF shipment, and more can only be obtained
distant countries. In either case, higher price to