=434. Results and later completion of the reform.=—The results of the
reform exceeded anticipations. Not only did those industries benefit
which (like cotton, for instance) had previously been taxed for the
support of others, but the protected industries themselves gained by
the revision of the laws. The export of woolen stuffs increased rapidly
after the removal of the prohibition on the export of raw wool. The
silk manufacture, which had made slow progress and secured only a small
market under the system of high duties and prohibitions, advanced more
rapidly now in a decade than it had done before in a century.
The work of reform was, however, still far from complete; the tariff
retained many incongruities and was felt still to be oppressive by the
business interests of the country. The second stage in the advance to
free trade was effected under Sir Robert Peel, who in 1842 secured the
reduction of duties on 750 articles, and in 1845 abolished 430 out of a
total of 813 import duties. Peel’s reforms left still a considerable
element of protection in the tariff, and the final acceptance of free
trade waited till Gladstone’s laws of 1853 and 1860, which lowered and
then swept away import duties by the hundred, and left the English
tariff substantially in its present shape. The system of “free trade”
which England has since maintained does not imply a complete lack
of import duties; more than one fifth of the total revenue from
taxes is now yielded by the customs. Import duties, however, have
been restricted to a very few commodities, and are “revenue,” not
“protective” duties, in the sense that they do not encourage the
production in England of anything which can be produced more cheaply
abroad.
Public-domain text, read in full here on John Shaqi.
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