REVIEW OF HALF A CENTURY.

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we advise all to avoid sending to the docks in England any wine that is not as strong as port and sherry, while such regulations exist.

I am not aware that they have yet foreign cellarmen at any of the large docks, but there are Frenchmen and Germans at several of the other bonded vaults.

It seems to be a general habit to speak of one's own trade as a bad one. This is, of course, not correct generally, but it is easy to prove, by facts and by reasoning, that it is quite true as regards the wine trade. No trade can be healthy, if, while others are increasing in a wonderful degree, it remains stationary.

The average annual consumption of wine during cach ten years from 1791 to 1860 was

In February 1860 the

duty was reduced to a general rate of 3s. per gallon, but it was in 1861 that it was made 18., and higher for greater strengths. Since then the consumption (duty paid) has been

in wine, but let anyone examine the Report for 1863, just issued by H.M. Commissioners of Customs, and he will find : We were hardly prepared, however, for so very remarkable an increase as this in 1863, which exceeds by 1 millions of gallons even the exceptional import of 1860, as is seen by the following table:—

1858

1839

1860

1861

1862

Imports of Wine.

5,791,636 gallons.
8.195,513

And, to prove the remarkable increase' they show, in type large enough to be read half-a-mile off, 14,186,189 gallons.

1863

Underneath this large type, they ought to have placed, in quite as large, that although the importation and consignments were 14,186,189 the duty paid was only 10,478,401 gallons.

The same has been going on for some years, the consequence of which is, that speculative shipments have greatly exceeded the actual demand, and that the docks and other bonded vaults are crammed full of stock, most of it bad,

The exportation from this country was 2,299,773 gallons, but everyone practically acquainted with the wine business, knows that at least the half of this may usually be considered consignments for sale, on speculation, to Australia, India, &c., and that when

WINE TRADE UNSATISFACTORY.

15

large, it is often rather a proof of difficulty of sales at home, than of true business.

During the period to which I have referred, the population has more than doubled, the wealth of the country is at least tenfold, and the value of the exportation of British manufactures has risen from about 25 to about 150 millions.

Surely this is sufficient proof that the wine has been, and is, a wretched languid trade; and it is melancholy to hear old wine merchants talking over their recollections of numerous firms, once of excellent standing, now broken down and vanished. A few have been successful, by economy and industry; but even these qualities could seldom have enabled them. to make money had they not also possessed considerable capital, or the power of borrowing it when wanted. Without such advantages, it is generally a desperate affair to go into the wine trade; and I fear I am expressing nearly the truth, when declaring my belief that, if all who deal in wine were called upon to pay what they owe in business and otherwise, more than a half would be found insolvent.

This is a bold assertion; but it is not made without having asked the opinion of men who well know the realities on which it is grounded. It would be entering too much into details to show how certainly anyone becoming a wine merchant in the private trade, with small capital, and whose business increases, and consequently absorbs more and more money, must place himself under obligations to one or more of the shipping, or bottling houses.

This is a dangerous and unfortunate position, for although there may be a few firms which will conscientiously discourage him from increasing his liabilities: yet so long as he is supposed to have property, he will find plenty eager to offer him facilities not only for wine, but also for duties; and, as they can discount his acceptances, this can be done with no outlay on their part. Acceptances will fall due; customers are often long in paying; favours have to be asked; more wine is bought; price must not be narrowly scanned; and thus the wheel revolves till the oil is dried up. Such is 'ow'r true a tale' about many a one.

The prices of all wines have lately risen so high that there is not now the same scope for profit as formerly; and, therefore, the temptation to offer the advance of duty, with one or two years' credit, is not so strong as it was. It will be in the recollection of many, that the head of a very old and first-rate house (Charles Dixon) made up his mind, about thirtyfive years ago, to realise his property, and to retire from the trade; and they cannot have forgotten what a tumbling down there was when he decided on demanding payment from those indebted to his firm. I have been informed by one of his customers (Henry Man) very industrious, but poor, that he had a running account with this rich man, who rarely hesitated to lend him 500l. or 1,000l., but invariably made him increase his stock by ten pipes, on which it was not difficult to see that the profit must have been 150l. or 2001.

In other trades, I believe there is a great deal of pawning and pledging to raise money, but I do not suppose that it is carried to the same extent as in the wine trade.

The cause of the difference is easily explained. Every other article of commerce is fit for use, and merchantable, as soon as it is made, or imported; but wine requires time, often many years, during which period of ripening it is either unsaleable or has not reached the value it is supposed that a longer application of capital will give it, all the while the process of fermentation is in action, causing a constant change, resulting not unfrequently in deterioration, or such an alteration in the quality, that although highly appreciated by a few, it may probably be considered the reverse by others. The wines of some old shippers, with their own brand and marks, are understood to bear a certain value, but if these identical qualities were in unknown casks, and especially if they have been imported in some roundabout way, or if blended in the docks instead of in Oporto, Xerez, &c., the value placed upon them would probably be thirty or forty or even fifty per cent. less than if the magical hot-irons had impressed the known brand. This is in so far fair, because the character of these old standards is a guarantee of goodness, but it also shows very distinctly the little confidence which the oldest and most experienced wine merchants have in their own judgment; and they are right, because it is utterly impossible for anyone to

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