one or other of the High Contracting Powers shall have announced its intention to put an end to it.

The High Contracting Powers reserve to themselves the right to introduce by common consent into this Treaty any modification which is not opposed to its spirit and principles, and the utility of which shall have been shown by experience.

Article XXII. The present Treaty shall be ratified, and the ratifications shall be exchanged at Paris within the period of fifteen days, or sooner if possible.

In faith whereof, the respective Plenipotentiaries have signed it, and affixed thereto the seal of their arms.

Done in duplicate at Paris, the twenty-third day of January, in the year of our Lord one thousand eight hundred and sixty.

COWLEY.

(L.S.)
(L.S.)

RICHARD COBDEN.

(L.S.)

V. BAROCHE.

(L.S.)

F. ROUHER.

For the year 1854, from Collection of the Customs Tariffs of all Nations, by E. N. Newdegate, M.P., 1855. For the years 1859 and 1879, from Returns of the rates of duty levied on certain articles imported into the principal European countries and the United States (200) of 1879.

One centner is equal to 1231 lbs. avoirdupois.

F F

CHAPTER II.

THE ASSOCIATED CHAMBERS OF COMMERCE AND
COMMERCIAL OPINION.

Treaties of Commerce.-Trade with India and China.-Banking and Com-
mercial Laws.-Railway, Postal, and Telegraphic Communication.-Income
Tax.-Technical Education.-Metric System of Weights and Measures.
THE opinion of commercial men on commercial questions is of
considerable value, although it is often only one of the elements
to be taken into account in actual legislation. Consequently
the transactions of the Associated Chambers of Commerce, whose
delegates meet annually to discuss questions bearing on subjects
within their particular province, well deserve a place in a History
of British Commerce. The first Congress of this Association held in
1860 was attended by representatives of the Chambers of Commerce
of Belfast, Birmingham, Bradford, Bristol, Glasgow, Gloucester,
Hull, Kendal, Leeds, Liverpool, Norwich, Sheffield, Southampton,
the Staffordshire Potteries, Wolverhampton, and Worcester. The
other Chambers of Commerce of Coventry have since joined, and
the Association has had an annual meeting in the metropolis, and
a supplemental meeting in the provinces. The subjects which
come under their consideration are partly economical and partly
legal, and the following resolutions on the principal subjects passed
since the formation of the Association were the result, in most
cases, of grave consideration :-

1REATIES OF COMMERCE.

That it is expedient to appoint a gentleman fully conversant with the trade and commerce of England, commanding the respect of foreign Courts, and possessing the confidence of the people of England, to co-operate with her Majesty's representatives at Brussels and Berlin, in demanding that England shall be placed upon a footing of perfect equality with the most favoured nations.

That negotiation for a treaty of commerce with Spain and Portugal should be entered into whereby British goods may be introduced into those countries at rates not exceeding those imposed on goods of French and German manufacture; and, if necessary for the accomplishment of this object, that an adjustment be made of the present scale of duties on importation of

wines from those countries, so as to admit Spanish and Portuguese wines at the same rate as French wines.

That while adhering to the principles of free trade, as the only true principles for regulating commercial intercourse between nations, the Association recognises the benefit that has accrued to both France and England from the treaty of commerce of 1860. It therefore concurs in the desirability of renewing the treaty before next March, provided that such renewal necessitates no retrograde movement as to free trade, that no fresh differential duties be imposed-that England be placed upon the most favoured nation terms, and our shipping be replaced upon its former footing; that all matters of difference arising on the renewal of such treaty be settled by mutual arrangement between the two countries, and that the terms of the old treaty remain in force until all such differences are arranged.

That it is most undesirable on the renewal of treaties with foreign countries to rely solely on the most favoured nation clause; but that in every case direct provision should be made for the special resources, industries, and trade of this country. That this Association do urge upon her Majesty's Government to claim from the French and other Governments that in any future treaty of commerce between this and other countries the same privileges be accorded to British manufacture and produce imported into those countries which is enjoyed in the importation into England of the manufacture and produce of France and other countries.

That the Government, in negotiation with the Italian Government on the subject of a new commercial treaty, be urged to place the trade of this country with Italy in a better position than that which it occupies at present, and by all means to prevent duties or charges being imposed upon imports from England without British interests being duly represented and considered in the preliminary investigation.

That whilst fully approving the principles of free trade which have for some time past mainly guided the commercial policy of this country, measures be at once adopted by this Association to enforce upon her Majesty's Government the inadvisability of signing treaties of commerce with those foreign nations which exclude Great Britain from the most favoured nation treatment. That immediate action should be taken, with the object of getting the recently promulgated Spanish tariff modified, at any rate to such an extent as shall place English goods and shipping on the same footing as the goods and shipping of any other nation, as regards import duties.

That inasmuch as the Government has announced the probability of a reciprocity treaty being made, representations by memorial and deputation be made to her Majesty's Government with the view of urging the necessity of stipulations being inserted

in every treaty of commerce and navigation made on behalf of any colony or dependency of Great Britain with foreign powers, that the produce and manufacture of the United Kingdom be not subjected to any higher duties than those laid upon the produce and manufacture of such foreign country. That a committee of the Association be appointed to watch the progress of the negotiations between her Majesty's Government and that of the United States with reference to the reciprocity treaty between the latter and Canada, which committee will serve as a medium of communication between her Majesty's Government and the different Chambers of Commerce whose interests may be affected by that treaty.

That it is desirable that an International and Free Trade Association should be formed, in order to afford those holding free trade opinions in our colonies, the United States of America, and other countries, not only an opportunity of expressing them, but of acting in conjunction with this country, with the view of the more general adoption of free trade.

That the existing organisation of the department of Government is inconvenient and unsatisfactory to the public, and that considering the vast extent and growing importance of the commerce of this country, it is desirable to appoint a Minister of Commerce, whose special function shall be to deal with all questions affecting trade and manufactures.

That this Association deems it desirable to renew the application, and again to urge upon her Majesty's Government the necessity of the interests of trade, commerce, and agriculture being placed in charge of a separate department of the Government, presided over by a Cabinet Minister.

TRADE WITH INDIA AND CHINA.

Being anxious that no opportunity should be lost of facilitating the extension of British commerce, and believing that the vast provinces of Western and Central China present an important field for commercial enterprise, the Association resolved to memorialise the Secretary of State for India in favour of the completion of the survey of the route from Rangoon to Kianghung, on the upper Cambagia River, proposed by Captain Sprye, that route being, in the opinion of this Association, the most direct and practicable, and the least likely to lead to political complications, of the many which have been suggested.

Resolved to memorialise her Majesty's Government, calling their attention to the vast increase in our trade with China which would result from the further opening up of the Yangtze River to steamers, and to the desirability of stipulations for this purpose being inserted in any future treaty or convention with China.

That application be made to the Colonial Department of her

Majesty's Government, expressing that it is highly desirable that the steam communication already existing between England and Madagascar should be extended to India vid Reunion and Mauritius, and that such extension should be encouraged alike in the interests of trade and humanity, the development of general commerce tending invariably to the supplanting slave traffic.

That the Suez Canal should be placed under an International Commission, and that her Majesty's Government be memorialised, praying them to embrace any opportunity that may arise of carrying this out.

BANKING.

In 1865 a committee was appointed for the purpose of inquiring into the differential rates of discount maintained by the Banks of England and of France respectively during the recent monetary pressure, and still continued; and also of ascertaining whether or not, in its judgment, this difference which injuriously affects British commercial interests is caused in any degree, or aggravated, by the restrictions of the Bank Charter Act of 1844.

In 1866 the committee reported that the fluctuations in the rate of discount charged by the Bank of England are far more numerous and more extreme than in the rates of the Bank of France. That the means employed by the Banks of England and of France respectively to restore or maintain their stock of bullion differ materially. The former uses sparingly a rise in discounts for this purpose. The latter deals more gently with commercial interests, and contrives, somehow or other, to keep in its coffers a much larger average stock of specie, whilst it preserves a lower and more even rate of discount. That the more numerous and excessive fluctuations in discount, and the higher rate to which the British manufacturer is subjected, press heavily upon him in the close competition which he has to encounter from the French manufacturer in the neutral and even in the home markets. That in the judgment of the sub-committee these more frequent changes and higher average in the rate of interest charged by the Bank of England, as compared with the Bank of France, are caused principally by the compulsory provisions of the Bank Charter Act.

In 1867 the Association continued its attention to the operation of the Bank Charter Act, and resolved to petition Parliament in favour of the appointment of a select committee to inquire into the operation and effect of the same during the recent panic.

The Bank Charter question was discussed in 1874, and the Association resolved that, in its opinion, the Bank Charter Act and the laws affecting banks in Scotland and Ireland, also the causes of the fluctuations in the rates of interest and discount and monetary panics, are worthy of the consideration of a royal Commission.

The question of the Bank Charter Act was brought forward