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A N T W E R P
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A dictionary
of commerce and
commercial navigation
John Ramsay McCulloch
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Dub Inmine
Princeton Unitersity.
Presented by
Mrs. Orlando Franklin
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Sir Andrew Barday Walker
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Digitized by Google
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DICTIONARY
OF
COMMERCE AND COMMERCIAL NAVIGATION.
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I.ONDON : PRINTED BY
SPOTTISWOODK AND co., NEW-NTREET SQUARE
AND TARLIAMENT STREET
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A
DICTIONARY
PRACTICAL, THEORETICAL, AND HISTORICAL
OF
COMMERCE AND COMMERCIAL NAVIGATION.
BY THE LATE
J. R. M'CULLOCH,
111
OF H.M. STATIONERY OFFICE.
WITH A BIOGRAPHICAL NOTICE BY THE EDITOR.
NEW EDITION,
AND
SUPPLEMENTS BEING ADDED TO SHOW THE
PROGRESS OF BRITISH COMMERCIAL LEGISLATION DOWN TO THE PRESENT TIME.
EDITED BY
HUGH G. REID,
SECRETARY TO MR. M'CULLOCH FOR MANY YEARS.
LONDON :
LONGMANS GREEN, AND CO.
1877.
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PRINCETON UNIVERSITY LIBRARY PAIR>
026729564
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25674
PREFACE
TO
THE EDITION OF 1869.
IT
has been well observed of M'Culloch's Commercial Dictionary, that
though it must be continually re-edited, to meet the constant changes of
our times, the work is so carefully founded on great principles that the
invessity of completely remodelling it can scarcely arise.
The Author, after making the necessary preparations, had actually
commenced a new Edition of the book a few months before his death ;
and in completing this task the Editor has, as far as possible, adhered
to the Author's plan and arrangement of the work, and above all has
respected, by preserving intact, the expressions of his well-considered and
well-known opinions on the various subjects treated of in this Dictionary.
For these opinions, however, the Author, and not the Editor, should be
held responsible.
A few articles on subjects with regard to which science must necessarily
be progressive, such as those on ACIDS and ALKALIES, have been entirely
recast; and many subjects, such as PASSPORTS, PETROLEUM, TELEGRAPHS,
TRANSIT, &c., are introduced to the reader's notice-for the first time, under
their appropriate heads.
It will be observed, by those familiar with former issues of this work,
that much of the very small type has disappeared from the present im-
pression and, with a view to facilitate reference, this Edition has been
printed throughout in double columns. As indicating the freshness of the
new matter given in the following pages, it may be noted that extracts from
the Russian Tariff of 1869 will be found under PETERSBURG: and that
Mr. Lowe's Resolutions affecting the Customs and Inland Revenue are
embodied in the article TARIFF, BRITISH, and referred to under TEA,
WHEAT, &c.
x (RECAP)
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vi
PREFACE TO THE EDITION OF 1869.
In a work of such extent the Editor has necessarily been indebted to
very many for aid, and to those more especially who have rendered
gratuitous assistance he would offer his best thanks. Though it seems
almost invidious to distinguish any, where all have so readily afforded
valuable information and efficient help, he cannot refrain from expressing
his heavier obligations to Mr. Robert Slater of Fore Street (unfortunately
since deceased), Mr. Robin Allen, the Secretary, and Mr. John Inglis,
Assistant-Secretary of the Trinity House Mr. B. C. Stephenson, Secretary
of Lloyd's; Mr. W. S. Lindsay, formerly M.P. for Sunderland; Mr.
Thomson, of Messrs. Bell, Rannie & Co.; and to the Rev. G. W. Cox,
M.A., Editor of Brande's Dictionary of Science, &c.
The Editor is bound also to acknowledge the aid he has derived from
the various Commercial Reports of the British Consuls. But it is only
just and right that M'Culloch's Commercial Dictionary should have the
fullest benefit from this source of information-for it would appear that
it was at the Author's suggestion that Lord Aberdeen called for these
Reports in the form and detail which they now exhibit. And it may not
be too much to say here, that the adoption of Mr. M'Culloch's plan has
resulted in the production of that series of accurate, business-like, and
instructive documents which have been thought worthy of being printed,
and laid before Parliament.
The Editor, as son-in-law as well as Secretary to the Author, has had
ample opportunities of being familiar with his views on many subjects,
and as his Secretary acquired considerable experience in the mode of
compiling this work by assisting Mr. M'Culloch more or less, from 1843
downwards, in its tabular and more mechanical portions.
H. G. R.
LONDON : May 1869.
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PREFACE
TO
THE EDITION OF 1859.
THOUGH in part a reprint, the edition of this Dictionary now laid before the
reader, has undergone many alterations, and is, we trust, considerably improved.
The extraordinary increase of manufactures and commerce in almost all
countries,* and the opening of various new and important channels of inter-
course, have rendered changes necessary in most parts of the work. We had,
for example, to notice the new arrangements with China and Japan
the
abolition of the Sound Duties the termination of the rule of the East India
Company in India; the continued efflux of the precious metals to that continent
and China; the introduction of several new articles, such as VEGETABLE WAX
and SHEA BUTTER, into the list of imports; with an all but endless variety
of
other matters.
The rules and regulations, too, under which trade is carried on, have been
materially modified within the last four or five years. The United States and
Russia passed, in 1857, new and comparatively moderate tariffa. And we are
glad to have to state that the greater number of the changes which we have
had to notice in the commercial legialation of foreign countries, have been of a
liberal character. It seems, also, reasonable to suppose that the freedom of
trade and industry will be more and more diffused, according as nations and
their rulers become better acquainted with the sound principles on which it is
founded, and with the wonderful progress we have made, and are continuing to
make, in industrial pursuits, since we shook off the shackles of the protective
system.
The greater importance of some of the many topics we have had to discuss,
has necessarily required for them the greatest share of our attention. We
have
not, however, neglected or slurred over the others, but have endeavoured to set
the different matters treated of in the clearest point of view that the informa-
tion at our disposal would permit. This, it is true, has sometimes been neither
so ample, so recent, nor so precise, as might have been desired. But we have
Thare is, it must be admitted, one great exception to this statement. The fertile, well situated,
and extensive countries subjected to Turkish misgovernment and oppression continue sunk in bar-
barism; or, if there be anywhere any symptoms of improvement, they are only to be found among
the subjugated races. The Turks themselves have retrograded; and their religion, and the institu-
tions and opinions to which it has given birth, are insuperable obstacles to anything Hike real progress.
But it is nos to be supposed, despite the support it will no doubt receive, that this worthlees and
superannuated system of misrule should exist much longer. And there can be no doubt that its over-
throw, whether it be effected by the righteous rebellion of those it has so long trampled under foot, or
by foreign force, will be a vast gain to humanity. It will do more than anything else that can be done
to extend the sphere of civilisation and commerce.
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viii
PREFACE TO
done our best to obviate these defects by resorting to the quarters most likely
to be well-informed. And on this, as on other occasions, those to whom we
applied, have, with but few exceptions, evinced the greatest readiness, and even
anxiety, to give us every assistance in their power. We have noticed some
gentlemen to whom we have been indebted at the end of the articles to which
they especially contributed; and among these and others, we may specify Sir
James Emerson Tennent, and W. M. Bucknall, Esq., of the Board of Trade
Alfred Latham, Esq., Deputy Governor of the Bank of England; Andrew
Jamieson, Esq., of the firm of Jamieson, Brothers & Co.; R. C. Crosbie, Esq.,
of
Liverpool; Robert Slater, Esq., of Fore Street, London Marmaduke
Hornidge, Esq., of the East India House ; W. S. Lindsay, Esq., M.P.; J. A.
Messenger, Esq., Inspector-General of Imports and Exports; Dr. Strang, of
Glasgow John Crawfurd, Esq., late of Singapore ; and the very learned book-
seller, Nicholas Trübner, Eeq., of Paternoster Row. It is only by the assistance
of
individuals having correct information at their disposal, and of those engaged
in different lines of business, in different parts of the world, that a work of this
sort can be rendered of any considerable value. No diligence of enquiry can
acquire satisfactory information respecting most part of the subjects of which
we have had to treat from books and statistical returns, even when these exist
and are accessible, which is frequently not the case. It can only be acquired
by comparing these, or, where they are wanting, supplying their place with
the communications of intelligent individuals familiar with the matters re-
ferred to.
We would fain hope that there are fewer errors in this than in the previous
impressions of this work, and that it will be found to be in various respecis
more complete and serviceable. No ordinary amount of labour has been
expended upon it. And though the details incident to most part of the
subjects which it embraces be perpetually changing, the principles by which it
is pervaded are, we are well assured, of an enduring character, and will be no
less applicable in the ages that are to come than at present.
We added to the preface to a former edition of this work the following
brief notice of one of the most upright and patriotic statesmen that this country
has ever produced. However defective it may be reckoned, the place, at least,
was not inappropriate for its introduction. And whatever mutations this book
may be destined to undergo, this notice will not, we hope, be displaced, unless
it be to make room for one less unworthy of the subject.
We may, perhaps, be excused, if, before concluding this notice introductory to
a work which he honoured with his approbation, we briefly advert to the irre-
parable loss which the United Kingdom, and the commercial world generally,
have sustained since the publication of our last edition, in the premature death
of Sir Robert Peel. There are but few of the more important topics treated of
in this volume in which we have not had to refer to the enlightened and well-
digested measures of that great statesman. The maintenance of our
old
monetary standard, and the sound and comparatively satisfactory state of our
banking system, are mainly a consequence of his exertions. To say that he did
more to promote the public well-being, by introducing enlarged and liberal
principles into our economical policy, than any other minister, would be to say
little or nothing for he did more to forward these great ends than all our other
ministers put together, from the Revolution down to the present times. Not
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THE EDITION OF 1859.
ix
that we mean to say that we equally approve of all his measures, or think that
some of them might not have been in some respects amended. But we refer to
the spirit which pervaded his policy, its object, and its general influence.
England was the centre of his solicitude; but the majority of the measures
which he supported and carried, and his great example, have redounded, and
will continue to redound, not to the advantage of this country only, but of the
world. And hence the deep regret which his death excited in all but the most
barbarons nations- Finis vita ejus amicis luctuosus, patria tristis, extraneis etiam
ignotisque non sine cura fuit.'
Though slow to change an opinion or system of policy, he had none of that
miserable pride or partisan bigotry, which so often passes for principle, that
disdains to profit by experience, and is above the acknowledgment of an error.
He was at all times ready to inquire, and open to conviction. And whenever
he had fully satisfied himself that it was necessary, to promote or secure the
public welfare, that he should abandon an old or adopt a new course, he did so
at once. The moment he was impressed with that conviction, all doubts and
difficulties vanished from his mind. His duty to his country absorbed every
other consideration. Neither the taunts of opponents nor the desertion of
friends could influence his resolution. And he spared no efforts, and shrunk
from no sacrifice, however unparalleled, to accomplish his patriotic purposes.
Other ministers have equalled, and a few may perhaps have surpassed, Sir
Robert Peel in ability. But he stands foremost among British statesmen for
disinterestedness; and for a determination to support and advance, at whatever
cost to himself, what he believed to be the lasting and real interests of the
community.
Taciti Vit. Agricol. c. 43.
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PREFACE
TO
THE SECOND EDITION.
This first impression of this Dictionary, consisting of 2,000 copies, was entirely
sold off in less than nine months from the date of its publication. We feel very
deeply indebted to the public for this unequivocal proof of its approbation and
we have endeavoured to evince our gratitude, by labouring to render the work
less undeserving a continuance of the favour with which it has been honoured.
In the prosecution of this object, we have subjected every part of it to a careful
revision; have endeavoured to eradicate the errors that had escaped our notice
to improve those parts that were incomplete or defective; and to supply such
articles as had been omitted. We dare not flatter ourselves with the idea that
we have fully succeeded in these objects. The want of recent and accurate
details as to several important subjects, has been an obstacle we have not, in all
cases, been able to overcome but those in any degree familiar with such inves-
tigations will not, perhaps, be disposed severely to censure our deficiencies in
this respect.
The changes in the law bearing npon commercial transactions have been
carefully specified. Copious abstracts of the late Customs Acts are contained in
the articles COLONIES AND COLONY TRADE, IMPORTATION AND EXPORTATION,
NAVIGATION LAWS, REGISTRY, SMUGGLING, WAREHOUSING &c.
The abolition of the East India Company's commercial monopoly, and the great
and growing interest that has in consequence been excited amongst all classes
respecting the commercial capabilities and practices of India, China, and other
Eastern countries, have made us bestow peculiar attention to this department.
The articles BANGKOK, BATAVIA, BOMBAY, BUSHIRE, BUSSORAH, CALCUTTA,
CANTON, COLUMBO, EAST INDIA COMPANY AND EAST INDIES, INDIGO, MACAO,
MADRAS, MANILLA, MAULMAIN, MOCHA, MUSCAT, NAGASAKI, OPIUM, RANGOON,
SINGAPORE, TATTA, TEA, &c. contain, it is believed, a greater mass of recent and
well-authenticated details as to the commerce of the vast countries stretching
from the Arabic Gulf to the Chinese Sea, than is to be found in any other
English publication.
The article BANKING is mostly new. Besides embodying the late Act prolong-
ing the charter of the Bank of England, and the more important details given in
the Report of the Select Committee on the Renewal of the Bank Charter, this
article contains some novel and important information not elsewhere to be met
The recent events in China have added greatly to this interest. and have made us enter, in this
edition, into several additional details.
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PREFACE TO THE SECOND EDITION.
xi
with. No account of the issues of the Bank of England has hitherto been pub-
lished, that extends farther back than 1777. But this deficiency is now, for
the first time, supplied ; the Directors having obligingly furnished us with an
account of the issues of the Bank on February 28 and August 31, of each year,
from 1098, within four years of its establishment, down to the present time.
We have also procured a statement, from authority, of the mode of transacting
business in the Bank of Scotland; and have been able to supply several addi-
tional particulars, both with respect to British and to foreign banks.
We have made many additions to, and alterations in, the numerous articles
descriptive of the various commodities that form the materials of commerce, and
the historical notices by which some of them are accompanied. We hope they
will be found more accurate and complete than formerly.
The Gazetteer department, or that embracing accounts of the principal foreign
emporiums with which this country maintains a direct intercourse, was,
perhape, the most defective in the old edition. If it be no longer in this pre-
dicament, the improvement has been principally owing to official co-operation.
The sort of information we desired as to the great sea-port towns could
not be derived from books, nor from any sources accessible to the public
and it was necessary, therefore, to set about exploring others. In this view
we drew up a series of queries, embracing an investigation of imports and
exports, commercial and shipping regulations, port charges, duties &c., that
might be transmitted to any port in any part of the world. There would,
however, in many instances, have been much difficulty in getting them answered
with the requisite care and attention by private individuals; and the scheme
would have had but a very partial success, had it not been for the friendly
interference of Mr. Poulett Thomson. Alive to the importance of having the
queries properly answered, he undertook to use his influence to get them
transmitted to the Consuls. This was accordingly done ; and answers have
been received from the greater number of these functionaries. There is,
of course, a considerable inequality amongst them but for the most part they
embody a good deal of valuable information, and some of them are drawn up
with a degree of akill, and display an extent of research and a capacity of ob-
servation, that reflect high credit on their authors.*
The information thus obtained, added to what we received through other
but not leas authentic channels, supplied us with the means of describing
twice the number of foreign sea-ports noticed in our former edition ; and
of enlarging, amending, and correcting the accounts of such as were noticed.
Besides much fuller details than have ever been previously published of the
nature and extent of the trade of many of these places, the reader will, in most
instances, find a minute account of the regulations to be observed respecting
the entry and clearing of ships and goods, with statements of the different
public charges laid on shipping, the rates of commission and brokerage, the
duties on the principal goods imported and exported, the prices of provisions,
the regulations as to quarantine, the practice as to credit, banking &c., with
a variety of other particulars. We have also described the ports; and have
specified their depth of water, the course to be steered by vessels on entering,
with the rules as to pilotage, and the fees on account of pilota, light-houses &c.
As it is very difficult to convey a sufficiently distinct idea of a sea-port by any
description, we have given plans, taken from the latest and best authorities, of
about a dozen of the principal foreign ports. Whether we have succeeded, is
more than we can venture to say ; but we hope we have said enough to satisfy
The returns furnished by the Consuls at Hamburg, Trieste and Venice, Naples, Dantxic, Bordeaux,
Christiania, Amsterdam, Kisineur, New York, Charleston, &c. are particularly good.
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xii
PREFACE TO
the reader, that we have spared no pains to furnish him with authentic infor-
mation in this important department.
The TARIFF, or Table of Duties on Imports, &c., in this edition, is pecu-
liarly valuable. It is divided into three columns : the first containing an account
of the existing duties payable on the importation of foreign products for homo
use, as the same were fixed by the Act of last year, 3 & 4 Wm. IV. c. 50 ;
the next column exhibits the duties payable on the same articles in 1819, as
fixed by the Act 59 Geo. III. c. 52 and the third and last column exhibits the
duties as they were fixed in 1787 by Mr. Pitt's Consolidation Act, the 27 Geo. III.
c. 13. The duties are rated throughout in Imperial weights and measures
and allowances have been made for differences in the mode of charging, &c. The
reader has, therefore, before him, and may compare together, the present cus-
toms duties with the duties as they stood at the end of the late war, and at its
commencement. No similar Table is to be met with in any other work. We
are indebted for it to J. D. Hume, Esq., of the Board of Trade, at whose sug-
gestion, and under whose direction, it has been prepared. Its compilation was
a work of much labour and difficulty ; and could not have been accomplished by
any one not well acquainted with the Customs Acts, and the various changes in
the mode of assessing the duties.
On the whole, we trust it will be found that the work has been improved
throughout, either by the correction of mistakes, or by the addition of new and
useful matter. Still, however, we are well aware that it is in various respects
defective but we are not without hopes that those who look into it will be in-
dulgent enough to believe that this has been owing as much to the extreme
difficulty, or rather, perhaps, the impossibility, of obtaining accurate information
respecting some of the subjects treated of, as to the want of care and attention
on our part. Even as regards many important topics connected with the com-
merce and manufactures of Great Britain, we have had to regret the want of
authentic details, and been obliged to grope our way in the dark. The condi-
tion and habits of the English and Scotch are so very different from those of
the Irish, that conclusions deduced from considering the trade or consumption
of the United Kingdom en masse, are frequently of little value; and may, indeed,
unless carefully sifted, be the most fallacious imaginable; while, owing to the
want of any account of the cross-channel trade between the two great divisions
of the empire, it is not possible accurately to estimate the consumption of either,
or to obtain any sure means of judging of their respective progress in wealth
and industry. As respects manufactures, there is a still greater deficiency of
trustworthy details. But the articles relating to them in this work having been
submitted to the highest practical authorities, we incline to think they are
about as accurate as they can well be rendered.
The statistical Tables published by the Board of Trade embrace the substance
of hundreds of accounts, scattered over a vast mass of Parliamentary papers.
They seem to be compiled with great care and judgment, and are a very valuable
acquisition. We have frequently been largely indebted to them. But their
arrangement, and their constantly increasing number and bulk, make them quite
unfit for being readily or advantageously consulted by practical men. Most part
of the returns relating to the principal articles given in this work go back to a
much more distant period than those published by the Board of Trade.
We have seen no reason to modify or alter any PRINCIPLE OF COMMERCIAL
POLICY advanced in our former edition. In some instances, we have varied the
exposition a little, but that is all. In every case, however, we have separated
the practical, legal, and historical statements from those of a speculative nature ;
so that those most disposed to dissent from our theoretical notions will, we hope,
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