, 1874-02-07

only proper that in setting a precedent of
this description, all the aspects of the
question should be considered, for the pre-
cedent will remain whether the capital be
subscribed or not. The central factory
system is without doubt working we'll in
the French colonies, where 800, 000L of
capital has been expended in the construc-
ton OF works. The factories have Welded
good profits to their shareholders. The
distance of st. Lucia from Martinique is
only twenty FIVE miles, and there is conse-
quently much communication between the
two islands. The experience of this sys-
tenn, therefore, in the French colony is
fully available. But the success of the
company will depend upon the price OBJ
tanned for the manufactured sugar, and it
must be remembered that the st. Lucia
sugar will not come to the same market as
the French sugar. Even if sugar from the
French colonies receive no special privi-
leges by iaw in France, it has the benefit
of a better market By means of artificial
bounties the sugar which is not consumed
in France can be exported at q great
profit. This Of coursA tends to maintain
prices, and French colonial sugar is sure of
a good market But this system of pro-
lection does not obtain here, and although
the St Lucia sugar will probably be sold
at remunerative prices, yet the difference
Of market must be taken into account, and
some deduction made from tn. estimates
founded entirely upon the results of
French u%Sines, although when this deduc-
ton is made, there is no doubt of plenty
of room for q good sound profit.
But, after all, it must not be supposed
that the present condition of the sugar
market in this country is going to last for
ever. There must be q change for the
better. There must soon, in the nature Of
things, be an end to the slave system in
Cuba, which for the last quarter of a CEN
fury has hung like q dead weight upon the
progress of our own free labour colonies.
Slavery is the only " institution belong
ing to Spain which has exhibited signs of
anything like permanence, but its life
must be nearly over. And when the
terms are equal between the English and
Spanish colonies there need be no fear of
the result. The Board Of Trade returns
for the year 1878 have just been issued.
They show clearly the rapid growth of the
consumption of sugar in England. We are
emphatically a sugar-eating race. Our eli
mate is hard and grey, but our taste is
sweet. We like sweetness, even if we
cannot get light. These sober figures have
a tale to tell. In the year 1871 there were
entered for the home consumption 702,499
tons Of sugar, in 1872, us, 307 tons, and in
1878, 786,O33 tons. The figures make
one stare they seem Incredible. A ire
mendous leap of 10000 tons in the con-
sumption ot'sugar in a single year! There
surely need be no fear for the sugar market
in such circumstances as these. But let
us take the total imports, and see where
the sugar comes from. And here are
apparent a few unsatisfactory thi6gs.
First of all, take refined, the imports OF
which were, in 1871, 1855 tons; in
1872, 87,648 tons in 1878, 119,O41 tons.
Now, the whole, or very nearly the whole
within a few tons, of this sugar is the
bounty fed sugar of the Continent, COM
ing into our market to undersell the pro-
ducts of English reiners. That is the first
blot that needs removal. The following is
the return Of the unrefined sugar imported,
and it will doubtless be scanned with much