New-York tribune., 1879-03-25

ton of the foreign trade of Great Britain IS
now seriously threatened by the tarif when
the Dominion of Canada is about to impose
Although the duties contemplated are doubt
less designed primarily to affect lmportatiohS
from the United States, it has been shown
that in nearly all mDOrtant classes OF articles
the quantities imported from Great britain arc
very much greater than the quantities I'M
ported from this country. Necessarily, the
effect upon British manufactures and trade
will be quite serious. This impending reduc-
ton in business comes, too, at ume Wheh
the manufactures and trade OF Great Drltalh
have been for years extraordinarily depreSseu'
both by comparative exclusions from Otnei
markets formerly most profitable to the Eng
lish traders, and by the disastrous condition
of trade with India. The latter cause Is prob
ably much more important than 1t mas Deeh
supposed TO be in this country. The fall IN
the value of silver, which has again gone
below 40 pence per ounce, involves a constant
loss to all persons engaged In dealing WIN
India. as well as to all officers and others
! living in that country or drawing incomes
thence. This continual loss has caused, year
after year. an increasing sacrifice OF capital
on the part of English manufacturers ana
merchants; has compelled them to seek, year
after wear. increased accommodations from
the banks; has involved many OF the banks
in difficulties far beyond their strength. as
was shown when the Bank of the City OF
| Glasgow failed and has affected the Whole
credit system of the country to degree
which cannot be accurately estimated. Inc
losses on India trade to English capital have
amounted to many millions yearly, ana nave
| continued ut that rate for several years. III
! copsc1ueDce the Manchester Chamber OF
Commerce, at meeting On the oth
of March, discussed with great earnestness
the hearing Of the silver question upon Eng
| lish commerce, and a feeling was manifested
of growing desire to escape similar distress
in the future by some modification OF the
policy of Great Britain on that question.
| Here it appears that the British policy OF
Free Trade, met on the part of British colo
nies by restrictive legislation, and the British
policy Of monomctallism, met on the part OF
| France and other nations of the Latin Union
! by restriction of silver coinage, have placed
the country in a very trying position. Brit
! ish statesmen and British dealers begin to un-
! dcrstand that the very grave distresSes through
which the industries of that country are pass
| ing are due in Il great measure TO TINS con-
! dition of financial warfare between Great
| Britain and nations with which it has chiefly
| to deal. 1t is not unnatural that the meditated
change of policy on the part of Germany in
respect to the tariff should also have serious
effect upon English opinion. The question is
naturally raised in Great Britain whether man
ufacturcrs and dealers of that country are in
fact strong enough to maintain policy OF
free intercourse with all other nations, while
met on the part of all rivals and the British
colonies also by restrictive legislation, and
while all the industries OF The country are
! loaded down with extraordinary burdens by
reason Of the trade with India and the fall in
| the value Of silver.