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The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria cover

The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria

Chapter 833: THE TRADE QUESTION
By Edward Farr
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About This Book

The volume traces British political, parliamentary, and military developments from the accession of George III through the early nineteenth century, chronicling changes of ministry and cabinet, debates over colonial taxation and the American conflict, parliamentary controversies involving figures such as Wilkes and Warren Hastings, questions of Catholic relief and slave-trade abolition, and responses to the French Revolution and Napoleonic wars, including major naval and continental campaigns, the union with Ireland, and domestic legislation on finance, civil liberties, and parliamentary reform.

THE TRADE QUESTION

During this session important steps were taken towards a more unrestricted system of trade. One important measure consisted in a repeal of what were still left of the protecting duties between Ireland and Great Britain. Enactments were also passed tending to withdraw British silk manufacturers from the protection of laws which prohibited the importation of foreign silks. The plan adopted for this was to lower the import duties on raw and thrown silk; to repeal all bounties on the exportation of this article of manufacture; and to substitute a duty of thirty per cent, on foreign silks, instead of prohibiting their importation. This scheme met with the opposition of partial interests, but it was carried by a large majority. Among other important measures of relaxation passed this year was the immediate removal of all unequal restrictions on the import and export trade of wool, with a gradual approach to the same system in the linen manufactures. All these measures greatly tended to increase the trade and commerce of England, and to benefit the community at large. The British silk trade is increased two-fold since their enactment, although utter ruin was predicted by the silk manufacturers, and the articles manufactured, though lower in price, vie in beauty with the silks produced by and Indian looms.