ture of Spitalfields consisted of fancy goods; but now of nine thousand looms employed, only two thousand were engaged in the manufacture of fancy articles. In Dublin, in 1824-5, there were one thousand two hundred broad silk looms employed, and there were now only two hundred. In 1824-5 there were nine hundred and sixtysix ribband-engines employed; that number was now reduced to one hundred and forty-four. In 1824-5 the total number of broad weavers in employ was two thousand one hundred and ninety-six; in 1828 the number employed was only four hundred and forty-four. In 1828 the wages were thirtyfive per cent less than in 1824. In 1824, there were ten mills in full work; at present there were only two, and those only partially employed. In 1824 the hands employed in throwing were two thousand two hundred; in 1828 there were only one hundred and thirty-eight. In 1824, the wages were 8s., in 1828 they were only 5s. This was said to be the actual state and progress of the trade; and it could be imputed mainly, if not solely, to nothing but the enormous amount of foreign silk goods imported under the new system. For ten years previous to the introduction of that system, the quantity of the raw material imported had been regularly increasmg. In the years 1815, 1816, and 1817, the aggregate amount of the import of raw and thrown silk was 4,007,000lb., being equal to an average in each year of 1,336,000lb. In the years 1818, 1819, 1820 the aggregate amount was 6,592,000lb., being equal to an average in each year of 2,194,000lb. In the years 1821, 1822, and 1823, the aggre

gate amount was 8,072,000lb., being equal to an average in each year of 2,691,000lb. The imports, therefore, of raw and thrown silk had been increasing every year from 1815 till 1824, and it must therefore be obvious, that the silk-trade could not be said to have flourished in consequence of the introduction of these new principles. On the contrary, in 1826 and 1827, there had been a decrease in the importation of the raw material, as compared with 1824 and 1825, of 1,149,153lb. In the mean time, under these new regulations, the imports of the manufactured article had been increasing. In 1828, they amounted to 676,973l. 19s. 6d., which was a most rapid increase; for in 1826, they had amounted only to 445,000l., and in 1827, to 555,0871. Taking one-third of the quantity as the amount brought into the country by smuggling, two-thirds remained for legal importation, which, at a fair calculation, would give 1,000,000l. of money, as the amount of labour displaced from the industry of this country: and, taking into account the difference between the price of labour in this country and in France, there was lost to the industry of this country, in depriving our labourers of the manufacture of the raw article into an article of use, no less a sum than 1,066,2331. Hence our silk mills and looms were standing still; the weavers were starving; and it was quite certain that many even of the masters were giving up the trade, and becoming mere importers.

The ministry opposed the appointment of a committee, on the ground that it confessedly "pointed at a return to the prohibitory system, which they were deter

mined not to restore, and because even such a return would only increase the evil. If the restrictions of monopoly were restored, and monopoly prices revived, all the probabilities were, that the consumption would decline, for it was cheapness that had produced it; and one consequence would be the ruin of establishments which had grown up since, and just because prohibition was at an end. One of the main causes of the present distress, which existed in France fully as much as here, was to be found in over-production-over trading-in both countries. Many facts proved this: there was 1st, the immense increase of the quantity of raw silk imported; 2ndly, the high prices at which, owing to the competition of throwsters, the raw silks had nevertheless been purchased, even up to the sale at the East-India House at the end of January; 3rdly, the numerous new mills and works which had been established since 1823; and 4thly, the simultaneous distress in France. The facts, alone, of the great increase in the consumption of the raw material, as well as the increase in the number of persons, buildings, and works, employed in the manufacture, would sufficiently prove this over-trading. Dating the change of system at the beginning of the year 1824, five years of the new state of the silk-trade had now elapsed. In those five years, the importation of raw and thrown silk had been 18,584,213lb. In the five years preceding 1824, the importation was only 10,925,6461b., making a difference of 7,650,567lb. in favour of the later period. Long before 1824, a silk trade was rising up in our provincial towns, the effects of which were beginning to be

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severely felt in Spitalfields; and were the consumption to be now contracted in the degree which would result from a renewal of the former system, the looms of the metropolis could not be kept at work, in opposition to the numerous fresh establishments at work in the country. Perhaps to change in fashion, more than to over-production, the former seasons of distress might be attributed; and to Spitalfields those seasons would become more and more disastrous, in proportion as competition with the operatives of the country was extended. In former times it was not possible to force a trade by low prices; cheapness was not a material object with the regular consumers, and the degree cheapness, which could then be attained, was not sufficient suddenly to bring in a new class of customers. Most certainly, if the loss of profit to the English manufacturer arose from his being undersold by French imports, the situation of the latter ought to be very flourishing. But the reverse was the fact; the distress of the silk-trade in France was as great as here; and the French manufacturers, convinced by the fatal experience of their losses that they could not so easily undersell the British, had thrown many thousands of looms out of work. regard to the increase of manufacturing establishments, the president of the Board of Trade stated, that, taking a certain number of considerable towns, the number of spindles employed in them previous to 1824, were 780,000; that, in 1829, in the same places, the number was 1,180,000, making an increase of 400,000. Admitting that, previous to 1824, they were all, without exception, employed, the

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it must be seen, would fall on another year. A portion of this sum, however, was an actual saving, and it arose from the economical administration of the funds which had been confided by parliament to government. The result of the whole was, that there was a greater bona fide surplus revenue, consisting of nothing but revenue, than had been available in any year since 1822.

In looking again at the expected revenue of the present year, the House, he thought, must lay its account with a reduction of income. This would be partly caused by the measures which the House had thought fit to adopt last session with respect to the trustees for naval and military pensions. By abstracting the sum paid by the trustees of naval and military pensions from the ordinary sources of revenue, there would be a reduction of nearly 2,000,000l.-of exactly 1,900,000l.; but as they had agreed to depart from the system which had been hitherto pursued, they ought not to repine at the consequences of a measure, which, upon full consideration, they had thought it advisable to adopt. With respect to what, strictly so called, was the revenue of the year, they must also be prepared for a considerable reduction. In the customs, he anticipated a deficiency of 225,000l. With respect to the excise, he proposed to make the estimate 600,000l. less than the estimate of the last year. Taking the customs and the excise together, he would estimate the revenue to be derived from them for the present year at 37,150,000l., allowing a deficiency of 800,000l. ; and he had no reason to anticipate that any deficiency would occur beyond that amount. The other

branches of the revenue afforded no indication of deficiency. The revenue derivable from the stamps had, up to the present moment, gone on progressively improving. There was no diminution in the amount received from the assessed taxes; and the Post-Office furnished a supply of revenue equal to that which it furnished last year. Taking these sources of revenue altogether, he did not think himself called upon, in endeavouring to form a correct estimate for the present year, to make any reduction from the amount which they yielded last year. The general result, therefore, was, that the custom and excise revenue would, in the course of the year to come, produce a sum of 37,150,000l.; the stamps he would take at 7,107,000l.; the assessed taxes at 4,850,000l. ; the Post Office at 1,500,000l. ; and the smaller branches at 200,000l. ; making a total of 50,807,000l. Adding to this sum, the extraordinary resources arising out of the money paid by the East-India Company, the unclaimed dividends, and other items, the amount of the revenue receivable would be 51,347,000l. Such would be the probable income.

The expenditure, which he proposed, was as follows:-First, the charge for the debt, amounting to 27,053,000l. and the sum of 850,300l. for interest on Exchequer bills, making the total amount of the interest of the national debt, 27,903,000l. The amount of the naval and military pensions was 585,740l. and the fixed charges on the consolidated fund he took at the same amount as last year,-namely, 2,200,000l., making the whole amount of the fixed and permanent charge, with which Parliament had no direct

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power to interfere, 30,688,740%. Then there were the grants for the army, including the commissariat and the extraordinaries amounting to 7,769,1787.; being about 1,000,000l. less than the sum voted in the preceding year; for the navy, 5,878,794/.being rather more than 1,000,000l. less than the sum voted last year. For the ordnance, 1,728,9087. had been voted, being an apparent increase of 170,000l. to the amount voted last year; an increase which arose, not from any increased demand in this department, but from the diminution of the sums arising from the sale of old stores. For miscellaneous services the vote of the present year was 2,067,8731.; being a reduction of nearly 300,000l. from the vote of last year. The whole of the ordinary expenses amounted to 17,644,8537., which, compared with the sum of 18,028,040l., showed a saving in the present year of 383,1871. But in addition to the ordinary grants of the present year, Parliament had to provide a sum of 200,000l. for an extraordinary and unforeseen event, arising out of the treaty with the king of Spain, by which we bound ourselves to defray the just claims which the Spanish subjects had on the government of England, in consideration of the payment by the king of Spain of those larger demands, due by the Spanish government to the subjects of this country. Taking, then, the votes of the year, and this 200,000l., the whole expenditure of the year would be found to amount to 48,333,5931. which being deducted from the income of 51,347,000l. left a clear surplus of 3,013,4071. applicable to the reduction of the national debt. The finance committee had recommended that a sum of

3,000,000l. of clear bona fide revenue, should always be kept inviolate for that purpose; and as the surplus on which they could calculate was no greater, no part of it could be applied to the reduction of the burthens of the country.

On the 24th of June, Parliament was prorogued by commission, the Lord Chancellor delivering the following Speech :

My Lords and Gentlemen, "We are commanded by his Majesty, in releasing you from your attendance in Parliament, to express to you his Majesty's acknowledgments for the zeal and assiduity with which you have applied yourselves to the despatch of public business, and especially to the consideration of those important matters which his Majesty recommended to your attention at the opening of the Session.

"His Majesty directs us to inform you, that he continues to receive from his Allies, and from all Foreign Powers, assurances of their earnest desire to cultivate the relations of peace, and maintain the most friendly understanding with his Majesty.

"His Majesty laments that he has not to announce to you the termination of war in the East of Europe; but his Majesty commands us to assure you, that he will continue to use his utmost endeavours to prevent the extension of hostilities, and to promote the restoration of peace.

"It is with satisfaction his Ma jesty informs you that he has been enabled to renew his Diplomatic Relations with the Ottoman Porte.

"Ambassadors of his Majesty, and of the King of France, are on their return to Constantinople; and the Emperor of Russia, hav