which must either be exported, or must accumulate at home. In consequence of this very great excess of supply above the home consumption, the market price is regulated by the foreign demand. Now the price which the foreigner can afford to pay in the London market is necessarily a very low one, both because he has afterwards to pay freight and insurance from this country to his own (frequently by a circuitous route) and because he is met at his own residence by direct importations of French and Spanish sugar, through the cheap medium of neutral flags. The expense of bringing home sugar from the British colonies, and of afterwards carrying it to the continent, is 9s. per cwt. more than the conveyance of sugar, în American ships, from the French and Spanish colonies, first to the United States, and subsequently to Europe". The continental merchant, therefore, neither can nor will buy sugar in the London market, unless prices are, as at present, in the last stage of depression. Our object, however, ought to be to induce him to purchase when prices are somewhat better, and to accomplish this, it is obvious that the interference of government is indispensable. The mode in which this interference should be exerted, shall be treated of in a follow ing chapter. See the Pamphlet entitled " Concessions to Amerion, the Bane of Britain," page 55.. When so large an import as 280,000 hhds. is mentioned, it may occur to several persons, that the deficiency in price is in some measure made good by the abundance of the quantity, in the same way that a farmer is indemnified for low prices by a plentiful crop. But in regard to sugar, the case is quite different. The heavy duty on it forms a most important distinction between the laws which regulate the respective profits of the planter and the farmer. This duty is payable equally whether sugar be cheap or dear. It is not greatness of quantity, but of price, which withstands its destructive operation; so that however large may be the planter's crop, however he may have toiled to add hogshead to hogshead, he still finds himself, under the present, circumstances, robbed of the fair re compence of his labour; for the whole proceeds of his earnings are paid away in the charges of bringing bis commodity to market. It is common to judge of the state of the sugar market by the average price of the quantity sold during the week, as published in the Saturday's Gazette. It is evident, however, that this is not at all times an accurate representation; as more fine sugars will happen to be sold in one week than another, and prices may be actually lower, without having In general, however, the average appearance. Gazette price is a fair criterion. Some persons are in the habit of disclaiming the justice of this rule, and of even going the length of asserting that the that t Gazette price applies only to the lower kinds of sugar. Nothing can be more fallacious. The Gazette price represents not the lower sugars, but the average of all the sugars sold within a given period. So far from inducing a conclusion too favourable to the planter, it in fact makes prices appear to the public to be higher than they are. Let us suppose 3000 hogsheads sold in a week, of which 2500 fetch 28s. per cwt. and the remaining 500 fetch 43s. the average Gazette price will be 30s. 6d. although so very large a proportion was sold considerably below it. This example sufficiently proves that although a part of the sugar is sold above the average rate, a much greater quantity is sold below it; and as the charges are the same on all qualities, the hardship to the majority of the planters is far greater than the Gazette prices, wretched as they are, would seem to to indicate*.... The expenses attendant on the cultivation of sugar may be estimated as follows:-An estate of 200 negroes makes, on an average of different situations, about 150 hogsheads, of 13 cwt. nett. It is usually computed that the rum pays the expense of provisions for the negroes. But, exclusive of these provisions, and even of American stores, there are island taxes, overseers' salaries, and stores from Europe; the aggregate of which costs, over and above the proceeds of the rum, in Jamaica, 21s. and in the Report of Sugar Distillery Committee, p. 4. Leeward Islands, 20s, on the cwt. of sugar produced, As a difference of opinion may exist on this head, I have been at pains to rest this statement upon apthority; and I accordingly refer to the Minutes of Evidence before the first West-India Committee, in January last (p. 16 and 28), and to the circumstan țial and accurate evidence of Mr. Wedderburne before the second West-India Committee, in July. The stores from Europe, the island taxes, and salaries, are therefore at a medium 4. d. 20 6 10 O 60 Making the charges on sugar, exclusive of duty, or of any return whatever to 36 6 Add the duty Thus the charges on sugar, including the Ninety-six shillings and sixpence per cwt, is there. fore the price below which sugar cannot now be sold without injury to the planter. That the return on his capital should be, on an average, 33s, per cwt, will be apparent, when we consider that an estate of 200 negroes must have cost to the Proprietor, in all, fully £40,000 sterling. The average crop of such an estate is not under-rated at * 150 hogsheads, of 13 cwt. each, on which 33s. per cwt. is necessary to make a return of 8 per cent. on the £40,000 vested. The customary profit on the great branches of trade in this country is nearer to 10 than to 8 per cent. A smaller return than this would appear to our brewers and our farmers an inadequate payment for their hazard and their labour. And if this be a legitimate profit in so healthy a climate and so secure a country as Great Britain, how much more is it due to him who must have seasoned his constitution to a strange climate, and whose property is exposed dur ing war to a double portion of alarm? Besides, in this country 5 per cent. is the rate of interest, whereas to a West-India planter interest is charged at 6 per cent.; and no loan can be obtained even at that, without additional stipulations to the advantage of the lender. We have seen that 96s. 6d. per cwt. ought to be the average price of sugar, to pay all charges, and allow the planter 8 per cent. on his capital. How different has been the actual state of the market for the last nine years! In 1799 the average price was +758. 1 1800 1801 748. * 64s. Sir W. Young, page 4. ↑ Sir W. Young, page 48. |