In the "P. & 0. Pocket-Book," Mr. T. Sutherland makes the following remarks on the old and new Trade of the East with England "It would be difficult within a limited com-[Pass to present any approach to a correct idea Of the revolution effected in trade operations within the last eighteen years. The conduct of business throughout the world has been more or less transformed by the influence of cheap steam communication and ocean telegraphy, In the Kastern trade, not only have eve and other factors been at work such, for example, asthe depreciation of silver, but the annihilation of distance effected by the Canal hus brought the East to our doors, and entirely changed the bases of our transactions with these countries. If some Rip van Winkle hud fallen asleep while at the head of the affairs, say, of a great house in China twenty years ago, and were to wake up to-day, he would be even more bewildered than his proto type was when he descended from the ill mountains. He would find that all disay The virtual monopolies which the old ways and most of the old firms had
the distance between the East and West had established in the hands of comparatively a small number of firms would be found to have come to an end. The valuable produce of China and Japan is no longer held in the London market until the exporter is satisfied as to his profit, The merchant on this side is master of the situation, for by sending out a telegram he can receive in the course of six weeks whatever consignment he pleases in this country. Before the opening of the Canal six wionths would have elapsed, even with the aid of the telegraph, before such orders could have been executed. On the other hand, in the export trade from. this country, itis no longer the London or Manchester firms which determine the price to be paid in the East. It is the native buyer operating through his bazaar or his hong, and in the Indian trade the native merchant may be said even now to be the operator on this sil, for Manchester goods are shipped most on bazaar indents—a system rapidly extending to transactions with China. The whole system of business has undergone a vast change. Speculation is to a large extent eliminated, so much so that in dealing with exchange and of freight are pre-arranged with the more bulky kinds of produce, the rates of tite basks and shipowners or freightbrokes Yefore any important, operation is entered into, The ratio of profit is, no doubt, reduced, but on the other hand, quick returns are the order of the day, so that remittance by tele. graph is becoming universal, and Bills of Exchange are employed only for purpose of ship,{by which we were liable to be changed from one of the Company's ships to another. trade, low prices and a rapid turn-over have Asa rule a single man will generally have induced an extension of trade, which, in point some money with him, I have seen as much of bulk, can only be faintly estimated by the monetary value, inasmuch as in almost every as £15 with aquartermasteronthe Australian article of merchandise there has been an imline which he earned by washing, selling monte depreciation of price. Moreover, the chairs and such like things, picked up variety of produce dealt in has been extended, from the passengers. and a new and valuable addition to the food The prisoner Gumb said he wished to supply of Europe and to the wealth of India explain that the Court had all along been has been found in the wheat fields of the under the delusion that the men in the ship latter country. It is, in fact, a new commerce were all married men, which for myself under new conditions in which we are engaged, personally Tam not." So that it was not and which would not exist if it were not a difficult matter for him to have this beneficial, so far as the world at large is concerned, though to some, no Goats, money seen upon him by the witness. Cross-examination continued—Gumbstood appear an unpleasant change from the id times. "lo. whatever extent other' in-us a supper at the Victoria, We had plenty fluence may have operated in this direction, to eat and drink, three or four bottles of the Suez Canal has been mainly instrumental champagne. I believed you paid for it all, in creating an era in which the civilisations as you ordered the supper.AI did not see you of East and \West are brought into closer come back from shore in Hongkong. never contact, and of which the result has already saw more than one sovereign and some silver been a' vast development in the producing in your possession befure we got to Hong-powers of Europe and Asia." kong. I do not know any way by which you could have earned a considerable sum of money on the voyage out.
The witness was cross-examined by the prisoner as to what they had at the supper
Text read from the printed page and cleaned; old type leaves the occasional error.