Weekly national intelligencer., 1847-09-11

cessiul progress OF British commerce with the Chi
nese Empire.
AUcUsr l6.-"The Times of this morning
takes up the subject of the tea-dues as suggested
by the important reportupon the China trade which
have herein attempted to analyze. Tea," says the
Times, is the only important article which yet re-
mains subjected to the old scale of taxation" ssIfit
: could be shown that the natural result Of leaving
: the duty on tea untouched would be to maintain
the duty derived from it, and that export trade
with China, on the present system, was an in
creasing trade, then, for while at least, let it
stand" The report of the committee upon this
subject tends strongly to prove the reverse, and
thence " il follows that consideration of the duty
: on tea with view to its immediate reduction,
must be one of the earliest acts of the new Par
lament. Ii appears that all the expectations
specting the great development of the China trade
after the breaking up Of the East India Company's
monopoly, have so far ended in disappointment that
the trade, far as relates to British manufactured
goods, is diminishing one, and that it has been,
and is now, attended with great loss. How this is
to be remedied will be for the new Parliament to
determine. 1t will best be accomplished by re-
ducton of the duty on tea TO that happy point
which shall lead to the marimum consumption of
that article, combined with the minimum reduction
of the revenue.
Perhaps some of your readers may say, What
has all this parade of figures and observation about
England, China, and the tea trade to do with us |?
Probably good deal more than is at first evident.
Does it not prove the necessity Of keeping your
tea nafared, in order that it may afford cheap
beverage, lead to an extension of your trade with
China, and of course to further demand for your
manufactured goods Can you not with your
rapidly increasing population, keep up more than
in proportion rapidly increasing demand for the
staple article of China, and produce thereby an in
Cn- and nfha
factures
There is another subject alluded to in this report
which meets with response from your side of the
water, where the same conclusion has been come
to, and this is, that reduction of the duty upon
articles of consumption does not diminish the reve-
nue., because the increased consumption of the
cheaper article more than makes good the differ
ence. This may be true with respect to England,
upon some of the leading articles, such as coffee
sugar, sprituous liquors. &C., and it may be also as
far respects tea. will not say that it is not the
same in the United States, but | deny that it has
yet been proved'to be so. The members elected
to the new Parliament who are friendly to protec-
ton and the corn laws, say the experiment of the
repeal of those laws has not yet been fairly tested
that the bad harvest of last year, and the conse-
quent high price of agricultural produce enabled
the farmer to do without protection, and saved the
agricultural interest from ruin. Well, be it so but
has not the high prices which your agriculturists
have also received for their produce enabled them
to be much greater consumers of articles paying
duty, and thereby increased the revenue, than they
will be able to be under ordinary prices! | think
Mr.. Walker and the friends of your new tariff are
exulting too soon. Let them, like corn-law pro-
tectionsts, abide the test of another year.
AUGUST IS.
The Committee on the China Trade state that
the amount of manufactured goods imported by
China from the United States is about gI70,000,
say $S00,000. Does this agree with your official
reports The money market continues very tight,
and business on the corn market almost at a stand
still, owing to the want of confidence which the
late failures have occasioned. The last failure
there (that of Giles & Son, one of the oldest and
most respectable houses on the market is said to be
for at least g5OO,000! This state of the money
market is not limited to London. The last accounts
from the Amsterdam Bourse state that public securi
ties of all countries were much depressed there in
consequence Of the scarcity of money. Some of
the leading railway lines are making very unsatis-
factory dividends. The London and Northwestern
line, and the Blackwell Railway are among the
number. There is no absolute opposition to or in
reference with these lines TO cause diminished
receipts but Parliament, by sanctioning the princi-
pie of competition, has compelled great reduction
of fares, and that has produced the same effect.
the number of passengers; the scarcity of money
has materially diminished the locomotive tendency.
Railway speculation has been too much stimulated,
and there is now more than proportional reac |
ton. Government is much blamed by the Times |
and other leading journals for having unduly en-
couraged opposing lines, and thereby forced too
great reduction ofSfares. There has not been a
proper attention paid to the ratio which should have
been maintained between the amount and extent of
new undertakings and the available resources of the
country. Railways" says the Times, brought H
employment to the people and wealth to the Ex-
chequer. Peel spread all his sails to the breeze.
: Russell trifed with the danger. The railway
: ritans were furious at the thought of control.
: The great companies saw nothing but triumph in
the competition with crowd Of petty upstarts.
: They were the first to denounce and decry every
attempt at public system. They laughed at
estimates of the national capabilities. Premiers,
Parliament, and Directors were thus all of one
mind. The companies were content to stand or
fall in their private capacity. They have made
their own bed, and now they must lie upon it."
London is certainly not one of the sweefesf
places under the sun. Every ones ofactory nerves,
excepting those who, never breathing the sweet
country air, have become nsensibe to the odors of
The city, painfully convince them that there is
abundant need of some means being promptly APP
piled for the cleansing this mighty aggregate of un-