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mined not to restore, and because severely felt in Spitalfields; and even such a return would only were the consumption to be now increase the evil. If the restric- contracted in the degree which tions of monopoly were restored, would result from a renewal of the and monopoly prices revived, all former system, the looms of the the probabilities were, that the metropolis could not be kept at consumption would decline, for it work, in opposition to the numerwas cheapness that had produced ous fresh establishments at work in it; and one consequence would be the country. Perhaps to change the ruin of establishments which in fashion, more than to over-prohad grown up since, and just be- duction, the former seasons of discause prohibition was at an end. tress might be attributed ; and to One of the main causes of the Spitalfields those seasons would present distress, which existed in become more and more disastrous, France fully as much as here, was to in proportion as competition with be found in over-production-over- the operatives of the country was trading-in both countries. Many extended. In former times it was facts proved this : there was 1st, not possible to force a trade by the immense increase of the quan- low prices ; cheapness was not a tity of raw silk imported ; Andly, material object with the regular the high prices at which, owing to consumers, and the degree of the competition of throwsters, the cheapness, which could then be raw silks had nevertheless been attained, was not sufficient sudpurchased, even up to the sale at denly to bring in a new class the East-India House at the end of customers. Most certainly, if of January ; 3rdly, the numerous the loss of profit to the English new mills and works which had manufacturer arose from his being been established since 1823; and undersold by French imports, the 4thly, the simultaneous distress in situation of the latter ought to be France. The facts, alone, of the very flourishing. But the reverse great increase in the consumption was the fact ; the distress of the of the raw material, as well as the silk-trade in France was as great increase in the number of persons, as here; and the French manufacbuildings, and works, employed in turers, convinced by the fatal exthe manufacture, would sufficiently perience of their losses that they prove this over-trading. Dating could not so easily undersell the the change of system at the be- British, had thrown many thouginning of the year 1824, five sands of looms out of work. In years of the new state of the regard to the increase of manufacsilk-trade had now clapsed. In turing establishments, the presithose five years, the importation dent of the Board of Trade stated, of raw and thrown silk had been that, taking a certain number of 18,584,213lb. In the five years pre- considerable towns, the number of ceding 1824, the importation was spindles employed in them previous only 10,925,646lb., making a dif- to 1824, were 780,000; that, in ference of 7,650,5671b. in favour 1829, in the same places, the numof the later period. Long before ber was 1,180,000, making an in1824, a silk trade was rising up crease of 400,000. Admitting that, , in our provincial towns, the effects previous to 1824, they were all, of which were beginning to be without exception, employed, the number in this year unemployed 50,000,0001., had been only was returned as 300,000, showing 49,336,0001., making a total surno diminution in the extent of the plus of 5,850,0001. instead of employment in the year 1824. In 3,797,0001. With the exception the same year, the number of of about 150,0001., this increase mills was 175; it was, in the pre- had arisen from the two great sent year, 266. Was it necessary branches of the revenue-the custo add more to prove the overtrad- toms and the excise. The cusing in this branch?

toms had been estimated at the The motion for a committee sum of 17,600,0001.; but the being negatived, the president of amount produced by the customs the Board of Trade moved certain was only 17,200,0001. : an apresolutions, which went to reduce parent diminution arising from the the duties on the importation of tea-duty in Ireland being transthe different species of the raw ferred from the Irish customs to material--the only expedient he the English excise. The estimate maintained by which good could of the customs was reduced be done. These resolutions being 800,000l. by the loss of this duty ; adopted, a bill founded on them while in the estimate there was brought in and passed, though was a countervailing increase of not without strong opposition from 600,0001., and it had actually exthe members hostile to the new ceeded 700,0001. The excise, essystem, who declared that this timated at 19,200,0001. had reachmeasure alone was wanting to an- ed the sum of 20,759,0001. : but nihilate the trade, which was al- when the tea-duty was deducted, ready in so languishing a condi- the actual duty would amount to tion. During the progress of the 20,250,0001., giving an excess of bill, Bethnal Green and Spital- about 1,000,0001. above its anticifields were the scenes of incessant pated produce. This increase had riot ; and property to a very large arisen, more or less, on every aramount was destroyed. Mr. Peel ticle, but more particularly on declared in the House, that he malt and spirits. He had calcuknew these outrages were perpe- lated on 600,0001. for the article trated for the purpose of intimi- of malt; but it had amounted to dating the legislature from agreeing no less than 1,300,0001.-astriking to the measure.

proof of increase in the ease and The Chancellor of the Exche- comforts of the community, as it quer opened the budget on the was only upon the general con8th of May. Last year he had es- sumption of the people that this timated the revenue at 53,900,0001. sum could be raised. The expenand the expenditure at 50,100,0001, diture of the country had been less and had counted on having a sum than the estimate by 767,0001.; of 3,797,0001. to apply to the fund but the whole of this was not an for the reduction of the debt. He actual saving of expense.

Part now informed the House that the of it arose from certain payments, issue had been more favourable which might have been charged, than he had ventured to contem- not having been made within the plate. The actual revenue of year. The payment of the fleet 1828, had been 55,187,0001., and in the Mediterranean, too, had the expenditure, estimated at been deferred, and these expenses, it must be seen, would fall on ano- branches of the revenue afforded ther year. A portion of this sum, no indication of deficiency. The however, was an actual saving, and revenue derivable from the stamps it arose from the economica) ad- had, up to the present moment, ministration of the funds which gone on progressively improving. had been confided by parliament There was no diminution in the to government. The result of amount received from the assessed the whole was, that there was a taxes; and the Post-Office furnished greater bona fide surplus revenue, a supply of revenue equal to that consisting of nothing but revenue, which it furnished last year. Takthan had been available in any ing these sources of revenue altoyear since 1822.

come.

gether, he did not think himself In looking again at the expected called upon, in endeavouring to revenue of the present year, the form a correct estimate for the House, he thought, must lay its present year, to make any reducaccount with a reduction of in- tion from the amount which they

This would be partly yielded last year. The general caused by the measures which the result, therefore, was, that the cusHouse had thought fit to adopt last tom and excise revenue would, in session with respect to the trustees the course of the year to come, for naval and military pensions. produce a sum of 37,150,000l.; the By abstracting the sum paid by the stamps he would takeat 7,107,000l.; trustees of naval and military pen- the assessed taxes at 4,850,0001.; sions from the ordinary sources of the Post Office at 1,500,000l. ; and revenue, there would be a reduction the smaller branches at 200,000l.; of nearly 2,000,0001.—of exactly making a total of 50,807,0001. 1,900,0001.; but as they had Adding to this sum, the extraordiagreed to depart from the system nary resources arising out of the which had been hitherto pursued, money paid by the East-India Comthey ought not to repine at the pany, the unclaimed dividends, consequences of a measure, which, and other items, the amount of upon full consideration, they had the revenue receivable would be thought it advisable to adopt. 51,347,000l. Such would be the With respect to what, strictly so probable income. called, was the revenue of the The expenditure, which he proyear, they must also be prepared posed, was as follows:- First, the for a considerable reduction. In charge for the debt, amounting the customs, he anticipated a defi- to 27,053,000l. and the sum of ciency of 225,000l. With respect 850,3001. for interest on Excheto the excise, he proposed to make quer bills, making the total amount the estimate 600,0001. less than of the interest of the national the estimate of the last year. debt, 27,903,0001. The amount Taking the customs and the excise of the naval and military pensions together, he would estimate the was 585,740l. : and the fixed revenue to be derived from them charges on the consolidated fund for the present yearat 37,150,0001., he took at the same amount as last allowing a deficiency of 800,000l. ; year,-namely, 2,200,0001., makand he had reason to anticip ing the whole amount of the that any deficiency would occur fixed and permanent charge, with beyond that amount. The other which Parliament had no direct

power to interfere, 30,688,7401. 3,000,000l. of clear bona fide reThen there were the grants for the venue, should always be kept inarmy, including the commissariat violate for that purpose; and as and the extraordinaries amount- the surplus on which they could ing to 7,769,1781.; being about calculate was no greater, no part 1,000,0001. less than the sum voted of it could be applied to the rein the preceding year; for the duction of the burthens of the navy,5,878,7947.being rather more country. than 1,000,000l. less than the sum On the 24th of June, Parliavoted last year. For the ordnance, ment was prorogued by commis1,728,9081. had been voted, being sion, the Lord Chancellor delian apparent increase of 170,000l. vering the following Speech :to the amount voted last year; an My Lords and Gentlemen, increase which arose, not from any “We are commanded by his increased demand in this depart- Majesty, in releasing you from ment, but from the diminution your attendance in Parliament, to of the sums arising from the sale express to you his Majesty's acof old stores. For miscellaneous knowledgments for the zeal and services the vote of the present assiduity with which you have apyear was 2,067,873l.; being a re- plied yourselves to the despatch of duction of nearly 300,000l. from public business, and especially to the vote of last year. The whole the consideration of those imof the ordinary expenses amounted portant matters which his Majesty to 17,644,8531., which, compared recommended to your attention with the sum of 18,028,0401., at the opening of the Session. showed a saving in the present “ His Majesty directs us to inyear of 383,1871. But in addi- form you, that he continues to tion to the ordinary grants of the receive from his Allies, and from present year, Parliament had to all Foreign Powers, assurances of provide a sum of 200,000l. for an their earnest desire to cultivate the extraordinary and unforeseen event, relations of peace, and maintain arising out of the treaty with the the most friendly understanding king of Spain, by which we bound with his Majesty. ourselves to defray the just claims “ His Majesty laments that he which the Spanish subjects had on has not to announce to you the the government of England, in termination of war in the East of consideration of the payment by Europe ; but his Majesty, comthe king of Spain of those larger de- mands us to assure you, that he mands, due by the Spanish govern- will continue to use his utmost ment to the subjects of this coun- endeavours to prevent the extentry. Taking, then, the votes of the sion of hostilities, and to promote year, and this 200,000l., the whole the restoration of peace. expenditure of the year would be “ It is with satisfaction his Mafound to amount to 48,333,5931. jesty informs you that he has been which being deducted from the in- enabled to renew his Diplomatic come of 51,347,0001. left a clear Relations with the Ottoman Porte. surplus of 3,013,4071. applicable “Ambassadors of his Majesty, to the reduction of the national and of the King of France, are on debt. The finance committee had their return to Constantinople ; recommended that a sum of and the Emperor of Russia, have ing been pleased to authorize the “My Lords and Gentlemen, Plenipotentiaries of his Allies to “ His Majesty has commanded act on behalf of his Imperial Ma- us in conclusion, to express the jesty, the Negociations for the sincere hope of his Majesty, that final pacification of Greece will be the important measures, which have carried on in the name of the been adopted by Parliament in the Three Contracting Parties to the course of the present Session, may Treaty of London.

tend, under the blessing of Divine “ The army of his Most Chris- Providence, to establish the trantian Majesty has been withdrawn quillity and improve the condition from the Morea, with the excep- of Ireland : and that, by strengthtion of a small force, destined, for ening the bonds of union between a time, to assist in the establish- the several parts of this great Emment of order in a country which pire, they may consolidate and has so long been the scene of augment its power, and promote confusion and anarchy.

the happiness of his people.” “ It is with increased regret About the same time, the legal that his Majesty again adverts to arrangements rendered necessary the condition of the Portuguese by the dismissal of sir Charles Monarchy. But his Majesty com- Wetherell from the office of mands us to repeat his determina- Attorney-general were complettion to use every effort to reconcile ed. Sir James Scarlett, who conflicting interests, and to remove had filled the same office under the evils which press so heavily Mr. Canning, now became the upon a country, the prosperity of Attorney-general of the duke which must ever be an object of of Wellington. To avoid the his Majesty's solicitude.

anomaly of again promoting him

over the head of the Solicitor“Gentlemen of the House of general, sir Nicholas Tindal, the Commons,

latter was made Chief Justice of the “ His Majesty commands us to Common Pleas, Chief Justice Best thank you for the supplies which being removed into the House of you have granted for the service Peers, under the title of Lord of the year, and to assure you of Wynford. Mr. Sugden succeeded his Majesty's determination to sir Nicholas Tindall as Solicitorapply them with every attention general. to economy.

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