crown, praying that Spanish subjects be permitted to import into the United Kingdom all the productions of the territories of the Spanish crown, paying thereupon no higher duty or customs than those which are paid by the subjects or citizens of the most favoured nations on the production of like articles being the productions of the territories or possessions of such nations; and he lost the motion by 87 to 175. And so the differential duty continued till in August, 1846, Lord John Russell reduced the duty on slave labour sugar from 31. 38. to 21. 28., and in 1848 finally equalised the duties on all free and slave labour sugars. The results of these reforms in the sugar duties will hereafter appear in an immense increase in the consumption of sugar, in a great expansion of the revenue, and more especially in an increased trade with all producing countries. A great change indeed took place in this branch of industry; and another proof was afforded of the soundness of the doctrine that high duties are injurious rather than beneficial to the revenue, by checking the consumption and restricting the commerce of the country.

tion of slave

An interesting moral problem was before the legislature in this discussion on the sugar duties. Slavery was a great Consump- wrong, a crying evil, and the nation cheerfully paid grown sugar. twenty millions to get rid of it in all the colonies. Treaties had been concluded with foreign countries for the extinction of the slave trade, and a fleet of vessels was maintained at great expense, to prevent the carrying of slaves. Should we, in the face of all this, open the British market to the slave produce of Cuba and Brazil, and thus undo with one hand what we did with the other? No, said the West India planter, interested in his monopoly. Certainly not, said the philanthropic abolitionist. But there was no evidence to show that the prohibition of the importation of foreign sugar into the United Kingdom had operated to the discouragement of slavery in the sugar producing colonies. We were moreover receiving thankfully any quantity of cotton, and had no objection to the importation of tobacco, from the United States of America, which were also the produce of slave labour. And all the while we were narrowing the supply of one of the necessaries of life to the masses of the people, which they could ill spare.

CHAP. X.]

ABOLITION OF THE DIFFERENTIAL DUTIES.

257

This was indeed demanding a sacrifice too great for an object of doubtful utility, and the differential duties had eventually to be abandoned.' Years had to pass before slavery was abolished by Spain and Portugal, and before the smuggling of slaves from Africa was effectually suppressed. But a higher restraint than prohibitions or high duties was the verdict of the world against the institution of slavery. Whatever be the interest at stake, no civilised nation can with impunity act in opposition to the moral sense of mankind, or the dictates of religion and humanity.

1 The sugar duties have been subjected to great changes. After the equalization of duties on slave labour and free labour sugar, a distinction was introduced in 1845 between sugar equal to white clayed and not equal to white clayed, the rates varying also according to the countries whence sugar was imported. In 1854, this farther distinction was abolished, and after other changes, from May 2, 1870, the duties have been established at 5s. 8d. for unrefined first class; 5s. 3d. for second class; 48. 9d. for third class; 4s. per cwt. for fourth class, including juice; 1s. 9d. for molasses; and 6s. per cwt. for sugar refined and candy.

PART IV.

1842-1857.

FROM SIR ROBERT PEEL'S ADMINISTRATION

ΤΟ

THE COMMERCIAL CRISIS OF 1857.

CHAPTER I. (1841-1850). SIR ROBERT PEEL'S COMMERCIAL

REFORMS.

II. (1844 and 1845). THE BANK CHARTER ACT.

III. (1846-1849). REPEAL OF CORN AND NAVIGATION

LAWS.

IV. (1847). A COMMERCIAL CRISIS.

V. (1851-1867). UNIVERSAL EXHIBITIONS.

VI. (1847-1851). GOLD DISCOVERIES IN CALIFORNIA

AND AUSTRALIA.

VII. (1851-1860). COMMERCIAL LAWS.

,, VIII. (1852). MR. GLADSTONE'S BUDGET. IX. (1854-1855). THE RUSSIAN WAR.

X. (1855-1858). TRADE WITH THE EAST.

XI. (1857). ANOTHER COMMERCIAL CRISIS.

SUMMARY.

ones.

1842-1857.

We have now arrived at a period in our commercial survey richer in events and more memorable for improvements than any of the preceding A tentative and experimental commercial policy gave place to a bold and independent action on the part of her Majesty's government. Sir Robert Peel, urged by the Anti-Corn Law League, and stimulated by the distress in Ireland, openly adopted the maxims of free trade, and, under his guidance, the corn laws were abolished, the tariff was remodelled, and the principle of protection abandoned. The increase of trade which followed largely developed the wealth of the country. The banking laws, which gave rise to so much conflict of opinion, were systematised. An extensive railway system was established; and, though more than one crisis tried severely the public and private credit of the nation, trade and industry made steady progress. The universal exhibitions also exercised a most beneficial influence. And the discovery of rich mines of gold in California and Australia supplied a welcome addition to the metallic currency of the world. Unhappily, Sir Robert Peel was cut off by a sad accident in the midst of his illustrious career; but his mantle could not have fallen into worthier hands than in Mr. Gladstone's, a financier and economist of the highest order, who still more largely secured for the nation a free access to the produce and manufactures of the world.