Landmarks of British Fiscal History

Cover Landmarks of British Fiscal History
Landmarks of British Fiscal History
J Saxon John Saxon Mills
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FREER TRADE AND "LAISSER FAIRE" 47 The preference on colonial corn of course disappeared at the same time. The only articles on which a preference still remained were sugar and timber, the former in the interest of the West Indies and the latter in that of Canada. The preference on sugar disappeared in 1854, and that on timber in the Gladstonian Budget of 1860. In 1848, as I have said, the Imperial duties levied on foreign imports into the colonies were abandoned, and in 1854 the last relic of
...the old Navigation Laws passed away, when the coasting trade, reserved, as will be remembered, by Huskisson, was thrown open to the world.
The last stage in the removal of trade restrictions (1853-1860) was accomplished by Mr Gladstone. His Budget of 1853 was based on the principle of abolishing duties on half- manufactured articles ; of reducing duties on finished manufactures to 10 per cent. , except that on silk fabrics, which was kept at 15 per cent ; of removing differential duties ; of lowering the duties on articles of food.


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