The Budget, Vol. 1: A Series of Letters on Financial, Commercial, and Colonial Policy (Classic Reprint) - Softcover

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Excerpt from The Budget, Vol. 1: A Series of Letters on Financial, Commercial, and Colonial Policy

IL - Next to a free trade in corn, no measure could be more beneficial to the people than a free trade in sugar. I shall therefore proceed to inquire how far the alterations in the sugar duties, proposed in the Whig Budget, are in conformity with the principles of free trade.

The alteration in the sugar duties, as proposed by the Chancellor of the Exchequer on the 30th of April, was to be as follows, viz. - The duty upon colonial sugar being 248. Per hundred weight, and that on foreign sugar it was proposed to leave the former duty unaltered, but to lower the latter to 368. Per hundred weight, and thus to reduce the differential duty in favour of colonial sugar from 368. To 128. Per hundred weight. From this change the Chancellor of the Exchequer calculated on an increased re venue of 700,000l. Let us endeavour to trace out with as much accuracy as the nature of the case will admit, the consequences which would have resulted from the adoption of the proposed change.

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