The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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FINANCIAL REFORM 837 no revenue, were swept awayl. So far as the effects on A.D, 1778 the revenue of the country were concerned, Peel’s anticipations ~~ were at length fully justified’. Under the reduced rates trade trade revived, and the income obtained from this branch of need taxation did mot eventually suffer. From the increased volume of trade, Government was able to levy at low rates an income which was practically equivalent to the sums which had been obtained under the high tariffs which had so in- juriously affected our trade. The success which attended this change in policy was admirably summarised by Mr Gladstone in justification of the still greater changes which he carried through? “I wish, however, Sir, to show more particularly the connection that subsists between commercial reforms, as affecting trade and industry, and the power to pay the high taxes you have imposed. These two subjects are inseparably locked the one in the other. You shall have the demonstra- tion in figures. I again ask you for a moment to attend with me to the experience of two periods. I take the ten years from 1832, the crisis of the Reform Bill, down to 1841, during which our commercial legislation was, upon the whole, stationary; and I take the twelve years from 1842 to 1853, within the circuit of which are comprehended the beneficial changes that Parliament has made. In the ten years from 1832 to 1841 this was the state of things: —You imposed of Customs and Excise duties £2,067,000, and you remitted £3,385.000. exhibiting a balance remitted over and above what you imposed of £1,317,000, or at the rate of no more than £131.000 a year. Now observe the effect on the state t Northcote, Twenty Years, p. 66. This wholesale reduction of tariffs, though welcomed by the manufacturers, was not universally approved. Those who relied on commercial treaties as means of opening or of securing foreign markets were somewhat alarmed, as we removed one by one charges which might have formed the basis of negotiation with other countries. 2% He had said: “I have a firm confidence, that such is the buoyancy of the consumptive powers of this country, that we may hope ultimately to realize increased revenue from diminished taxation on articles of consnmption.” 8 Hansard, vx1. 437. 8 A principle which cannot be traced in Peel’s financial measures underlay those of Mr Gladstone, who was more completely swayed by Cobden. (See p. 840 n. 1, below.) It was Gladstone's effort to relieve the masses of the people a8 con- sumers, and the mercantile and manufacturing capitalists. In pursuing this object he and his followers have deliberately granted this relief at the expense of the landed interest, by the extension of the succession duties in 1853. and the death dAnties in 1804

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