ABSTRACT
The object of the French is to compel other nations to offer them more favourable tariffs. Germany, Austria, Russia, and other countries tax French goods heavily; and they will, as well as Spain, Portugal, Italy, Holland, and Belgium, hasten to negotiate new treaties based on mutual concessions. It is a mistake, indeed, to suppose that there is any necessary connection between commercial treaties and free trade. France, by its recent general tariff bill, has aroused whole of Europe. The period just before he wrote – 1847 – was marked by first great decennial panic in commerce and finance, when Bank rate rose to 8 per cent, and the vaunted Banking Act of 1844 was temporarily suspended owing to the commercial crisis. Austria has had for 30 years similar difficulties with Hungary. In 1858 the Customs line of separation was abolished; in 1867, when Hungary became independent, it was set up; but a Customs union was agreed to for ten years.
