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CHAPTER XIX.

COMMERCIAL AND ECONOMIC PROGRESS.-1850-1860.

Effect of the Discoveries of Gold and of the Mutinies in India.-Progress of Population. Evidence of Improved Condition of the People.-Increase of Trade and Banking.-Increase of Wealth.-State of Finances.-Factory Statistics.-Treaties.-Progress of Art and Science.- Statistics of Trade and Finance, 1841-1860.

THE first International Exhibition, the discoveries of gold in California and Australia, the Russian war, the mutinies in India, the war in China, and a commercial crisis, these were the events which distinguished the decennium from 1850 to 1860. Marked were the effects of the gold discoveries on the exports of British produce and manufactures to the United States and Australia ; and the problem of a possible diminution in the value of gold relatively to that of other commodities and the foreign exchanges, attracted much attention. M. Michel Chevalier, Professor W. Stanley Jevons, Professor Leslie, and M. Francis Jourdan's contributions on the subject are worthy of careful study. The mutinies in India led to the transference of the government of India from the East India Company to the Crown in 1858. From 1852 to 1856 considerable commercial excitement existed, greatly stimulated by the formation of Joint Stock Companies with limited liability, but it ended in the severe crisis of 1857. Consequently the rate of discount, which in the first years of the decennium averaged from 2 to 3 per cent., rose in 1857 to an average of 6 per cent. But notwithstanding such grave perturbations the economic condition of the people improved.

The population of the United Kingdom increased as follows:

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The population of the principal towns was as follows:

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The improved condition of the people may be elicited from their increasing consumption of the principal imported articles of food and drink:

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The amount of trade greatly increased. In 1850 the exports of British produce and manufacture amounted to 71,368,000l., or in a proportion of 2l. 118. 10d. per head. In 1860 they amounted to 135,891,000l., or in the proportion of 4l. 148. 7d. In 1855 the real value of the imports as well as of the foreign and colonial produce exported were first given, and we have thereby a more complete and reliable view of the trade of the United Kingdom. The total amounts were as follows:

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With this increase of trade and activity, there was also a considerable increase of wealth, as evidenced from the following

facts.

The deposits at the London Joint Stock Banks increased as follows:

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1860 12,484,454 10,562,658 10,352,703 5,532,614 2,468,560 1,697,389 43,098,379 The London Joint Stock Banks were first admitted to the Clearing House in 1854. Considerable increase also is found in the amount of property and income assessed to Income tax. The tax was extended to Ireland in 1853, and therefore no comparison can be instituted between 1850 and 1860. The amounts were as follows:

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The amount of capital held at the Savings' Banks in the United Kingdom increased from 28,931,000l. in 1850 to 41,258,000l. in 1860. The amount expended in actual relief of the poor in England and Wales in 1850 was 5,395,000l., and in 1860, 5,455,000l. In 1860 the number of paupers in England and Wales was 851,020. Since 1846 there was a great increase in the number of emigrants to the United States, to the North American Colonies, and to the Australian Colonies.

The finances were at first in a very prosperous condition. Sir Charles Wood, the Chancellor of the Exchequer in the Russell administration, had the rare fortune of exhibiting a yearly surplus, and many were the motions for the repeal or reduction of taxes. But a change of government took place in 1852, and after a short tenure of office by Mr. Disraeli, Mr. Gladstone, as Chancellor of the Exchequer in the Lord Aberdeen administration, inaugurated some important reforms in many branches of the revenue, made many remissions of duties, and uttered sentiments adverse to the retention of the Income tax as part of the permanent system of public revenue. The finances in 1854 were altered by the Russian war. With a change of government in 1855, Sir George Lewis became Chancellor of the Exchequer, and he required additional taxes to meet the increasing expenditure, whilst the funded debt was increased to the extent of 32,000,000l. Once more Mr. Dis

raeli became Chancellor of the Exchequer in 1858, but he had to struggle with continued deficiencies, and he continued till June 20, when with the second Palmerston administration Mr. Gladstone again assumed the management of national finances.

The increase of textile manufactures in the United Kingdom may be seen from the following factory statistics:

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Memorable among the treaties concluded in this period were those with China and Japan. Other treaties of commerce were concluded with Belgium, 1851; Netherlands, 1851; Sardinia, 1851 and 1854; Switzerland, 1855; Russia, 1859; France, 1860. Also with Siam, in 1855; and Persia, in 1857; with Morocco, in 1856; and with Ecuador, 1851; Buenos Ayres, 1853; Chili, 1852 and 1854; Paraguay, 1853; and Honduras, 1856. Treaties on international copyright were concluded with France, 1851; Hamburg, 1853; Belgium, 1854; Prussia, in 1855; and Spain, 1857. The redemption of Sound Dues was the subject of a general treaty with Denmark, in 1857.

On January 4, 1856, Mr. Henry Bessemer registered his patent for improvements in the manufacture of iron and steel, the object of the invention being, the more perfect refinement of iron by exposing it in a more divided or extended form to the intense heat of the furnace and to the oxydising action of a blast of air by keeping such fluid metal in motion, and continually bringing fresh portions of it in contact with oxygen and with intensely ignited fuel or with the highly heated interior surface of the furnace, the metal being thus kept in a fluid state until the desired amount of decarbonization or refinement is arrived at. In 1856 aniline violet was patented by Perkins, and red aniline by Dr. Hoffman. The industrial application of these discoveries produced a considerable revolution in the manufacture of colours. The establishment of the Museum of Science and Art at South Kensington, established in 1857, has ever since exercised a considerable influence in the diffusion of a better taste and in the introduction of scientific appliances in the industrial arts of the United Kingdom.

Whilst recording the gains it is also necessary to record the losses. Deducting the total amount of average annual peace establishment for navy, army, and ordnance services from the total expenditure for these services during war, it appears that the Russian War, 1854-56, cost to the United Kingdom 69,278,000l.; that the second China War, 1856-7 and 1860-1, cost 6,640,6971., and the Persian expedition, 900,000l.

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