Table Of ContentThe Wert mnrter
Review
vol. 46
Efbrartan
Wetarpaca Joykcishwn Pubtio Libeap
Govt of West Bengal
Colonet Torrens on Free Traste. a
country haa te offer in exchnuge for foreign productions, is at
any given moment of the the mento auc limit of the demand
for such foreign productions, Thus much for the propor
Vow dees the “example” given afford us Sny explanation?
How can a * femaud for foreign proxath consist of ”tdiat which
we lave to offer? We may press a€ tf meaning whieh Colonel
“Forrens intends to convey, and which Srobably és that if Eugland
has 1,000 hales of Zoods, wid Cuba has 1,008 Logsheats of pr
Guo aul thor to bnstr the une forthe oer, then al
af goa will be the equivalent for a hogshead of produce. ‘Th
proposition in itself is of little vatue. Tt could he truc only if the
ixmeut created by Colonel Torrens were also trac, of Viughul
nit Cuba being the aaly countries having commercial interconrse
each with‘the other. “The passage may serve to suggest wheter
it anthor ia fitted to become the expounder uf doctrines, and
nay afford means for uecounting for the effect which his recent
writings are aaid io have prodnecd upon yeople unaccustomed ta
the examination of subjects connecte with cconnmtical scienes,
aml unwed to detect the fallacies that aro protty sure to |
unos a style, for describing which there is no legitimate 1g!
worth vo that we are driven to the columnx of the dang di
Houary, and to doreow from it tho expression rigmarule.
Ye betrays a most aingulw want of congruity in the mul of
Colonel Torrens that he sould Lave chosen tor the illusttat
of ds theory our intereowrse with Cuba, Mad lie kava
thing of the niture of that intercourse, he must have be
seimia that it affords in itself a perfect answer to that thaory, tor
the true, awr trade mist Joug since lave consummated dhe
1 of the ialand, seeing chat ite tariff is far les hhontile to ns
than ony tariff is to it, for it takes of ove maitufactures a very
nyo amonnt, while we wholly exclude its produce hy proi-
hitory duties,
‘The case of Switzerland, 800, migltt have muggested a dont
ax ta the truth of Colonel Torrens “ niatheinatical deramstiation,””
neeing that on overy sie the Cantons have ta encounter hostile
tovifls, while they are wholly without any tariff, and yet mmage
ions atherwise disadvantageous to curry on prosper-
ously their anenfuetores and their foreign eomumeroe.
Before pyocceding at greater length to show that the theory
brought forward by Colonel Torrens has no true fountlation,
may be well still further to oxpose the want of elearnese'bf bis
mind a5 seen in the manner of enunciuting his positions, At
page 8 of this Postscript we find the following pussage:—
*< Let us now vary our exposition and asmme that England and
Cuba impose npon the produétions of egek other an import duty, o¥
4 Colonel Torrens on Bree Brade,
100 per cent. The offect of this duty would be to dil
faaly the demand ia each Bowley for the products of the other.
Consumers in Bagiand would have as before 1,000 Iles of fivished.
good with whichao pnrehaso Cu protien 500 ales would
Tow he pat into the "Cropsugy on acvomnt of the dusty, wul conse
quently, io more than ng 500 bates could be exparted in
aymam of the for nee.” An ke manner, the produc in
Etta would ave as before 1000 heggsieade pf pred te hy ont
in the purchase of British yous, Lut ont. of the 1,000 hoxfonls
whieh they paid yo the importing merece, 200 Ropwheads woul
referred by him to the ‘Treasury al Cuba, aut enity the
ngy 00 axportedd to Kughnedd, Tr Hngtand, the value af tre
al produce estimated in fiaisheil goods woutd bo doubled 5 and in
Ethel viluoot nished yoode in velation ta raw prodnen wuld
be doubled.”
fh, vy ono
of flius sinting his propositions, Colonel ‘Tur
teneeonverts the import Haty af Cuba huto auespart duty of
England, anil dice reread, Vat the operation, independent of
this jumble, would not he conducted as stated. By the hypo-
thesis, Kngha Ives inde 1,000 bales of gooubs and Cuba 1,000
Togsheudy al produea move than each requires, intl iL woul not:
‘result from tho imposition of dutios ax iwisumed, that an ierensed
demand wauld arise
Chbn.for 500 hugsheads of prauee. "Che 1,000 bales and
2,000 hogthends, respectively, must still be exported, and
iuhubituits of Cuba had nothin to give in exchange laut. th
1,000 hogsheads, and fe merchants of England Aothing to offer
but their 1,000 bales, the importer in the tw cauateios wanld
pay the duties upon the L000 packages imported by then
respectively, and those duties would sot be in diminution of the
wt proceeds. Ry the hypothesds the rate of duty bs [00 por
outs; it will therefore vosnlt that finished goods jin € Vt
“produce” in England will be dearer ta the respeetive eon-
somers than they were Wefore the dutios were imposes), possibly
by the” full amoint of the daty, but prohubly by the groatost
part of the impost s hut the duty ealleeted in each eouatry would
of coarse relieve ihe inlabitanta of each from wn eqaal weight
of taxation in sone other direction, nd each would thy, atter
paying the duty, have the sane incans uf consuming the finished
goods aul the * produce” as before.
Golontl Torrens is of a different opinion. He says-—
fi the above coy the trade etween Hngland el Cuba worl
be diiniind one Half — half the former quanuly of ra produce
would be imported into Bngland, ant hall the former quaatsty of
fiuiched goods inta Cuba, But it’ would not w ily follow thar
she’ azgtegate wenih or she aggregate consumption of wither
England for 500 bales of goods, nut i
the
the
Cutonet Lurrens on Free Trade. 5
‘eoun af dim
inh Ly this contraction of its foreign'trade. Tu
Eiygtand, hough the ysuniity uf sugar would le diminived oue
half, yet'oue half of the goods formerly sent out fa oxclange for
sugar, would he relained in te evuniry, giv consumed by thoxe for
whost xervices the tax might bo ulvaoicel ; aus in Calg, while the
juslity of Bt, goods, would be hed ome heal
the domestic products formerly sont Put in payu
gouds, would bu retained in payment vf the duty, and would ang-
nent the ublic reAaue by the amurmt ebstragied from the ravenues
of the constimors of British fubrics.”—Pp, 8,5.
8o dat the English guverument ix tn iutreepe 500 Tales of
gooils which would otherwise go to Cuba, to keep them at home
where they are nut wanted, and where their presence em only
to reduce the price of the like sroadke snide for ome usey
to dinteifnite them among # these for whose services the fax
le sulvaced?” Whe’ those persons ight be dove not
appears indeed, the whole ¢ partakes ina veey great
ilegree of the eonfasim tal mares Ueoughout this + wathe-
matical demoustration.” If this interceptian twok place the
effet munt he lo reduce the prive of the thou sedtuutant goods in
the bone market, aud ths to secasion the future production of «
smaller quautity, until we should bave ouly 500 lates to send te
Cua.
‘To proceed in the esaminstion of Colonel ‘Torreny
tions, He says
gssump-*
Let us naw iller the ciretnastinces of the case, auf nssume that
Engl eepeuls the daly apon Cubs prodnec, while Gaba retains
the pon British goods. The effect of thie remision of duty
upon one hand, und relention on ike other, reqnives tu be carefully
said noerately traced TM i
Let ns see the amount of care and seeuriay brought Wr the
task
hoyrheuds, A doul
exchange for the suse Ty
bules of Brilish goods, sich previous to die repeal of tie British
duties were worth, at the immport price, two hogebcads of Cuba pré-
