THE TIN TRADE.

THE diminished price of tin, is the grand reliance of' the Currency- doctors, to prove the enormous depreciation of commodities as com- pared with gold. Mr. MUNDELL-one of the ablest in the school, though not, perhaps, altogether of it-after admitting that in many articles a diminished cost of production, and "other causes," may in part account for the increase in the quantity of the exports and their diminution in money value, observes- " There is one among our articles of export which may afford reasonable evi- dence in this respeet,-namely, tin unwrought. The Cornwall mines are worked now exactly as they were in 1814. Tin is got nowhere else in Europe ; and at present, from no other than the Cornwall and Banea mines. We have, therefore, in sonic measure a monopoly of the article, and are enabled to suit the supply to the demand ; the increase of which, as it should seem, should be to in- crease the price. Yet the quantity exported has increased yearly since 1814, until the three last years that it has fallen off. The Finance Accounts do not enable me to state how much depression fell upon tin in common with other articles of export in 1811 ; but since 1814 the depression amounts to upwards of 501. per cent. ; which, as it appears to me, can be ascribed only to the defalca- tion in the supplies of gold and silver from the mines, increased by the conse- quences attending the return to cash payments in 1819, and the putting down of the Small Notes in 1826. Its depression, as stated in the Finance Accounts, accordingly appears to have been greatest in the years 1819, 1820, and 1821 ; again in the year 1826; and again in 1830, when the Small Notes were com- pletely withdrawn from circulation."

From practical information of the highest authority, which we have received upon the subject, we are able to deny both the facts and the conclusions. There is no monopoly, but extensive compe- tition, both abroad and at home. Changes have taken place in the mode of working, increasing the supply and reducing its cost. Up to 1813, the tin of Cornwall pretty well supplied the markets Of the world; though the Malayan and other Eastern mines pre- vented a close monopoly. About that period, the island of Banca was conquered by the British ; and the mines (which from politi- cal and other causes bad hitherto been much neglected) were worked under different auspices. The result was, that in 1817, they produced 2,083 tons, or more than half the produce of the Cornish mines in the same year. This produce is still increasing, and Mr. CRAWFURD supposes it probable that it might reach to 6,000 tons. Previous to the rediscovery (if we may so speak) of the Banca mines, the East India Company annually purchased, at a contract-price, from 20 to 25 per cent. of the Cornish tin, which was exported to China; and they persisted in forcing this opera- tion till 1817, when the respective differences (of 22 to 67) in the price of Banca and Cornish tin, compelled them to abandon it. From that time, any thing like a combination in Cornwall has totally ceased, if it ever existed. There is very considerable competition both between miners and smelters.

The loss of the Indian and China trade would itself have acted considerably on the price of tin ; but it was not in the East alone that the English commodity was exposed to competition. A low rate of freight, aggravated by the want of return cargoes, caused the Banca tin to be brought to Europe at a cheap rate, and to compete With the Cornish in every market. Latterly, it has even been imported into England, and bonded for re-exportation, notwith- standing the increased charges incurred by that circuitous mode. So far from Cornwall possessing a monopoly, or any thing like a monopoly of the foreign trade, its produce is everywhere met. And after a long and protracted struggle-which improvements in the working perhaps alone enabled it to sustain-the exportations of English tin are yearly diminishing. The extent to which these respective operations have taken place is shown by the subjoined tables.

TIN BONDED FOR RE-EXPORTATION. Year ending

5th January. Cuts.

BRITISH learending 5th January. TIN EXPORTED.

1825 6,377 1825 36,890 1828 2,110 1828 49,474 1829 2,574 1829 ' 41,426 1830 1,864 1830 33,215 1831 15,539 1831 30,425 1832 8,099 1832 21,762

in-the mean time, alterations were made in the mode of work- .the Cornish mines, which have diminished the charges both of raising and smelting tin. Such mines, for instance, as are drained by steam, have economized one -half the expense, by improvements in the steam-engine. The process of stamp- ing-that is, pounding-tin' ores, was formerly carried on by water-power. This supply was of course uncertain; and the machinery was sometimes partially employed, sometimes altogether suspended. This obstruction has been removed by the application of steam-engines to the purpose of' stamping; which has facilitated and somewhat economized the working, es- pecially of larger mines. The actual outlay in the cost of produc- tion has also diminished. The wages of labour are lower ; and the prices of all articles used in mines-such as iron, steel, gun- powder, candles, cordage, and timber-have fallen considerably, probably not less than 30 per cent. Improvements have also taken place in smelting. To render the matter as intelligible as possible, we subjoin three more tables. No. I. exhibits the annual produce and aver- age price of English tin from 1811 to 1830. It will be seen that, in some of the years immediately following 1811-the 'grand cli- macteric, the Mundellian sera of decline-the price of the article was so intractable as to rise when it should have fallen. About the time when the Banca mines may be supposed to have pro- duced an effect, prices became feverish; when the East India Com- pany ceased exporting, they rapidly declined; and excepting for a short period preceding the Bubble year, that declension has con- tinued. The table No. II. exhibits the real and official value of the exports for the last five years. So far as these returns prove any thing, they seem to show, that the commodity is at last finding its level. Instead of exhibiting the "continuance of depression without the intermission of a single year," as Mr. MUNDELL as- serts, they show a difference sometimes in favour of the real, sometimes in favour of the official value; but this fluctuation never extends in either case beyond 4 per cent. No. III. shows the quantity of tin supplied to the East India Company from 1793 to 1817. The reader will observe (in No.I.) the difference in price between 1815, two years before the Company closed their contract system, and 1819, two years after its close.

No. I.

ANNUAL PRODUCE AND ANNUAL AVERAGE PRICE OF CORNWALL

TIN FROM 1811 co 1830.

Average Price

Year Tons. per Cwt.

No. II.

TIN UNWROUGHT, EXPORTED FROM GREAT BRITAIN TO FOREIGN PARTS.

Year ending Veins.

1811 ...... 2,384

71. Is. 6d.

January. Official. Real.

1812 2,37:3 6 8 0 1823 180,768/... 187,887/.

1813 ...... 2,324 6 14 0 1829 151,308 ... 147,130 1814 2,611 7 16 6 1830 121,261 ... 120,105 1815 2,941 7 0 6 1831 111,052 ... 106,134 1816 3,348 5 14 6 1832 74,457 ... 77,118 1817 4,120 4 13 6

1818 3,74.5 4 10 0

1819 '3,068

3 16 6

No. III.

1820 2,775 3 13 6

CORNISH TIN SUPPLIED TO THE EAST

1821 1820 1823 1824

3,132 3,137 4,031 4,819 3 17 6 4 8 0 5 5 6 4 2 6

INDIA COMPANY FROM /794

TO 1817.

Average of Tons

Tons. per Year.

1825 4,170 4 *9 6 1794 to 1798 ... 5,929 ... 1,185

1826

4,406 3 19 0 1799 to 1803 ... 2,888 ... 577

1827

5,316 3 17 6 -1804 to 1808 ... 3,159 ... 621 1828 4,696 3 13 0 1809 to 1814 ... 3,145 ... 629 1829 ...... 4,390 3 14 6 1814 to 1817 ... 1,318 ... 439 1830 4,183 810 0

So much for the unaltered value of tin. Before taking leave of the subject, we should observe, that this trade is not free from that "interference" to which Mr. MUNDELL attributes so much social evil. The home producer, it is true, is protected by a duty of 2/. 10s. per cwt. on foreign tin ; but in addition to the competi- tion of the Indian Islands, he has to struggle with a grievous and vexatious tax. The King or Prince of Wales, as Duke of Corn- wall, levies a duty of 4s. 6d. per cwt. upon all the tin raised in his duchy. The net revenue it yields to the Crown is comparatively nothing, the produce being nearly absorbed in the expenses of collection ; but the restrictions on the smelters for the sake of le- vying the duty are exceedingly vexatious, and more onerous than the amount of the tax. As it is an impost not levied or professed to be levied for the benefit of the public, it should be remitted at once, even if it be necessary to compensate the officers who hold places under the Duke's patent.