Glancing, however, from the West to the East—what do we see? Wars in India and China, brought gloriously to an advantageous termination.—"Wars," to adopt the language of one of the greatest mercantile authorities living, "which have been deranging our money transactions, and making our trade a trade of hazard and speculation, most injurious to the commerce of the empire at large."
While, on the one hand, we are relieved from the ruinous drain upon our resources, occasioned by our protracted warlike operations in India and China, on the other, a prospect is opened to us, by the immensely important treaty into which the Emperor of China has entered with this country, of very great and permanent commercial advantages, which are already being realized. Let our manufacturers, however, beware of the danger of forfeiting these advantages, by excessive eagerness to avail themselves of these newly acquired markets. Twelve-months ago, we earnestly warned them on this score,[21] and we now as earnestly repeat that warning; "Notwithstanding," observed an able French journalist, a few weeks ago, upon this subject, "the opening of five ports to European commerce, China will for many years preserve her internal laws, her eccentric tastes, her inveterate habits. China is the country of routine and immovability. The treaty with Great Britain cannot modify the nature of China in a few months. If the English are not prudent in their exports, if they overload the newly opened ports with foreign produce, they will injure themselves more than they were injured by the war just concluded." In every word of this we concur: but alas! what weight will such considerations have with the agitating manufacturers in the north of England? Their fierce but short-sighted anxiety to make rapid fortunes, will make most of them, in a very few years, melancholy evidences of the justness of our observations! We cannot pass from the East without noticing the sound statesmanship which is regulating all Lord Ellenborough's leading movements in India—a matter now universally admitted. How unspeakably contemptible and ridiculous has the lapse of a few months rendered the petty clamours against him, with which the ex-ministerial party commenced their last year's campaign! Without, however, travelling round the entire circle of our foreign connexions and operations—there are one or two points to which we will briefly refer, as striking instances of the vigilant and indefatigable energy, and the powerful diplomatic influence of Lord Aberdeen, especially with reference to the securing commercial advantages to this country—and which has extorted the following testimony, during the present month (December,) from another French journal, by no means favourably disposed to this country:—"The English Government is incontestably the best served of all Governments in the means of obtaining new, and extending old markets, and in the rapid and complete knowledge of the course to be adopted to ensure the sale of the immense products of Great Britain in different parts of the globe." Take for instance the case of Russia. We have actually succeeded in wringing from the tenacious and inflexible Cabinet of St Petersburg an important commercial advantage! On Lord Aberdeen's accession to office, he found Russia in the act of aiming a fatal blow at a very important branch of our shipping trade, by levying a differential duty on all British vessels conveying to Russian ports any goods which were not the produce of the British dominions. After, however, a skilful and very arduous negotiation, our foreign secretary has succeeded in averting that blow—and we retain the great advantages of which we were about to be deprived. Nor has this signal advantage been purchased by any sacrifice on the part of Great Britain, but only by a permission, founded on most equitable principles, for Russian vessels arriving here from Russian ports with the produce of Russian Poland, to possess the same privileges as if they had come direct from Russian ports: Russian Poland being able to communicate effectively with the sea, only through the Prussian territory. Look again at Brazil—which has also been recently the object of persevering and energetic negotiation on the part of Lord Aberdeen. It is true that, at present, his exertions have been attended with no direct success; but we have doubts whether the importance of the proposed Brazilian treaty has not, after all, been greatly exaggerated. However this may be, Lord Aberdeen is, at this moment, as strenuously at work with the young emperor, as could be desired by the most eager advocate of a commercial treaty with Brazil. But, suppose the emperor's advisers should be disposed to continue their obstinate and unreasonable opposition, observe the gentle pressure upon them, to be felt by and by, which Lord Aberdeen has contrived to effect by the commercial treaty which he has concluded with the contiguous republic of Monte Video, and other states on the right bank of the river Plata, for the admission (on most favourable terms) of British imports into these states. One of them is the Uruguay republic, which borders through a great extent of country on Brazil, the Government of which is utterly unable to prevent the transfer of merchandise across the border; whereby the exclusion of British goods from the Brazilian territory is rendered a matter of physical impossibility.
[ [21] ] Great Britain at the commencement of the 19th Century—January 1843—No. CCC.
It is true, that our efforts to enter into commercial treaties with France and Portugal have not, as yet, been successful; but, formidable as are the obstacles at present in existence, we do not despair. Those least wonder at the present position of affairs who are best acquainted with the artificial and complicated positions of the respective countries, and their relations, and consequent policy, towards each other. Whatever can be done by man, is at this moment being done by Lord Aberdeen; and sooner than we have at present a right to expect, his indefatigable exertions may be crowned with success—not only in these, but in other quarters. All foreign Governments must be strongly influenced in such matters, by contemplating a steady and strong Government established in this country; and that object they see more nearly and distinctly every day. Such (without entering into details which would be inconsistent with either our space or our present object) is the general result—namely, the rapidly returning tide of prosperous commercial intercourse of the foreign policy of Conservative Government, which has raised Great Britain, within the short space of two years, to even a higher elevation among the nations of the world, than she had occupied before a "Liberal Ministry undertook the government of the country"—"a policy," to adopt the equally strong and just language of an able writer, "replete with auspicious evidences of the efficacy of intellect, combined with firmness, activity, and integrity, in restoring to wholesome and honourable order a chaotic jumble of anomalies—of humiliations and dangers—of fears, hatred, and confusion thrice trebly confounded."[22]
[ [22] ] Thoughts on Tenets of Ministerial Policy. By a Very Quiet Looker-on.—P. 22. Aylott, London, 1843.
While thus successfully active abroad, have Ministers been either idle or unsuccessful at home? Let us look at their two main measures—the new tariff and the new corn-law.
The object of the first of these great measures was twofold—to give a healthy and speedy but permanent stimulus to trade and commerce; and, at the same time, to effect such a reduction of price in the leading articles of consumption as should greatly reduce the cost of living—a boon, of course, inexpressibly precious to the poorer classes. Mark the moment at which this bold and critical line of policy was conceived and carried into execution—namely, a moment when the nation was plunged into such a depth of gloom and distress as had very nearly induced utter despair! when there was a deficiency of five millions sterling in the revenue of the two preceding years, and a certainty of greatly augmented expenditure for the future, owing to our wars in the East and elsewhere. We say—mark this, in order to appreciate a display of the true genius of statesmanship. Foreseeing one effect of such a measure, namely, a serious reduction in the revenue derived from the customs, and which would commence with the bare announcement of such a measure, the Government had to consider whether it would prove a permanent or only a temporary reduction, and to act accordingly. After profound consideration, they satisfied themselves (whether justly or not remains to be seen) that the diminution of revenue would prove only temporary; and to secure the immediate benefits of the measure, they imposed a temporary income-tax, the onerous pressure of which was to cease as soon as matters should have come round again. That period they fixed at the expiration of three years. After an interval of two years, do their calculations appear to have been well or ill founded? Let us see. Early in March 1842 they announced the proposed new tariff, (instantly producing the effect on the customs duties which had been anticipated;) and succeeded in bringing it into operation on the 9th of the ensuing July. The deficiency of revenue which ensued was so very serious that it would have alarmed the whole country, but for their confidence in the firmness and sagacity of Ministers, particularly as evidenced by their announced measures. We have not at the present moment before us the earliest quarterly revenue returns of the period referred to; but it will suffice to state, that such had been the extent of the reductions effected, that the deficiency on the year ending on the 5th October 1843, amounted to no less a sum than L.1,136,000; the decrease on the quarter ending on that day being L.414,000. Still, however, each succeeding quarter—or at least the latter quarters—gave more satisfactory indications of a rallying revenue; and we are enabled to announce the highly gratifying fact that, up to the 8th of the present month (December,) the customs duties returns are of the most decisively improving character. The receipts of duties for the port of London alone, during that period, exceeds the receipt on the corresponding period of last year by L.206,000; while the returns from all the outports, especially from Liverpool, are of the same cheering character, and warrant us in predicting that the returns to be presented on the 5th of the ensuing month will afford a most triumphant proof of the accuracy of the Minister's calculations and the success of his policy; for be it borne in mind, moreover, that his income-tax realized, in the year ending on the 5th October last, the immense sum of L.5,052,000. As far, therefore, as concerns the direct financial effects of the new tariff and its counterbalancing income-tax, the results of Sir Robert Peel's policy are such as may stagger and confound the boldest of his opponents.
Now, however, for the two great objects of the new tariff, which were declared by Sir Robert Peel[23] to be "the revival of commerce, and such an improvement in the manufacturing interest, as would react on every other interest in the country; and diminishing the prices of the articles of consumption and the cost of living."
[ [23] ] Hansard, Vol. lxi. Col. 439.