upon the average of each of the towns comprehended in each district; and bence it was clear, that the price of corn, in a particular town of any district, might have a very undue influence upon the general average. This influence was found, in some instances, to operate very unjustly; where speculators had gone to particular towns to purchase corn on such terms as to produce a fictitious price. Such cases had, indeed, occurred not unfrequently. Hence, it was perfectly evident, that the object of the law as to averages was defeated; that object being, to ascertain the general bona fide price of the article. He proposed, therefore, to abolish the plan of taking the averages from the twelve maritime districts, and to substitute that of taking them from maritime counties and towns, fixing the general average from the aggregate of the corn sold in the whole, divided by the total of the price paid for it. The object of this arrangement was, to defeat such speculations as had been entered into within the last year for the purpose of unduly influencing the settlement of the average. It was proposed also to include Ireland, and the Isle of Man in the returns. Many other minor alterations were made. The general object of the measure clearly was, to calculate the averages, so as to diminish them in apparent amount-in other words, to raise the importation price.

The improvement which had begun, in the course of the preceding year, to show itself in the state of our manufactures, still continued. In Yorkshire and Lancashire, the seats of the

woollen and cotton manufactures, the working classes found regular employment, and received a liberal remuneration for their labour. Other branches of internal industry were not equally prosperous. The iron trade was still in a very depressed state; and petitions setting forth the decay of the principal branches of industry in Birmingham, were, at an early period of the session, laid on the tables of both Houses. These petitions excited considerable discussion, of which one remarkable feature was-that many of the country gentlemen insisted on the necessity of laying exclusive burthens on the fundholders; and several of them did not hesitate to say, that the public faith should be broken, and the interest of the debt reduced. The ministers always avowed an open hostility to these desperate schemes; as well as to every project of tampering with the currency.

On the 5th of March, Mr. Curwen made a motion, which he avowed as preparatory to the imposition of a duty on the transfer of stock. The Chancellor of the Exchequer opposed it; describing it as a scheme for the destruction of public faith, and the ruin of individuals. From the common burthen the stockholder claimed no exemption; for twenty years he had submitted to the property tax without complaint; but to a specific tax he did, and fairly did, object. It was said, that the stock-holder had in fact bought in considerable sums under a depreciated currency, which he now claimed to be repaid in gold. Certainly, during those years of depreciated currency nearly one-fourth of

upon the average of each of the towns comprehended in each district; and hence it was clear, that the price of corn, in a particular town of any district, might have a very undue influence upon the general average. This influence was found, in some instances, to operate very unjustly; where speculators had gone to particular towns to purchase corn on such terms as to produce a fictitious price. Such cases had, indeed, occurred not unfrequently. Hence, it was perfectly evident, that the object of the law as to averages was defeated; that object being, to ascertain the general bona fide price of the article. He proposed, therefore, to abolish the plan of taking the averages from the twelve maritime districts, and to substitute that of taking them from maritime counties and towns, fixing the general average from the aggregate of the corn sold in the whole, divided by the total of the price paid for it. The object of this arrangement was, to defeat such speculations as had been entered into within the last year for the purpose of unduly influencing the settlement of the average. It was proposed also to include Ireland, and the Isle of Man in the returns. Many other minor alterations were made. The general object of the measure clearly was, to calculate the averages, so as to diminish them in apparent amount-in other words, to raise the importation price.

The improvement which had begun, in the course of the preceding year, to show itself in the state of our manufactures, still continued. In Yorkshire and Lancashire, the seats of the

woollen and cotton manufactures, the working classes found regular employment, and received a liberal remuneration for their labour. Other branches of internal industry were not equally prosperous. The iron trade was still in a very depressed state; and petitions setting forth the decay of the principal branches of industry in Birmingham, were, at an early period of the session, laid on the tables of both Houses. These petitions excited considerable discussion, of which one remarkable feature was-that many of the country gentlemen insisted on the necessity of laying exclusive burthens on the fundholders; and several of them did not hesitate to say, that the public faith should be broken, and the interest of the debt reduced. The ministers always avowed an open hostility to these desperate schemes; as well as to every project of tampering with the currency.

On the 5th of March, Mr. Curwen made a motion, which he avowed as preparatory to the imposition of a duty on the transfer of stock. The Chancellor of the Exchequer opposed it; describing it as a scheme for the destruction of public faith, and the ruin of individuals. From the common burthen the stockholder claimed no exemption; for twenty years he had submitted to the property tax without complaint; but to a specific tax he did, and fairly did, object. It was said, that the stock-holder had in fact bought in considerable sums under a depreciated currency, which he now claimed to be repaid in gold. Certainly, during those years of depreciated currency nearly one-fourth of

In the subsequent discussion, no opposition was made to the appointment of a committee, but a great diversity of opinions were expressed on the causes and remedies of the existing evil. Mr. Ricardo, in a very acute and perspicuous speech, exposed with logical accuracy the incoheren cies and errors of those who had preceded him in the debate. He particularly reprobated the notions, that taxation was the sole or even principal cause of our embarrassments, and that great benefit was to be expected from high protecting duties; and he maintained, that the great principle, upon which we ought to act, was, to make the price of our corn approximate as nearly as possible to the price of corn in other countries. He could not concur with those, who entertained gloomy views of the state of the country: our difficulties, he thought, were nearly at an end, and we were now beginning to revive. He expressed also great apprehension from the appointment of a committee; because he feared, that it would look for relief to increased restrictions on importation; and declared, that if restrictions were to be imposed, he preferred a fixed to a graduated duty.

Mr. Gooch's motion being carried unanimously, a committee was appointed. Among the members were lord Castlereagh, Mr. Gooch, Mr. F. Robinson, Mr. Brougham, Mr. Ricardo, Mr. Huskisson, and Mr. Curwen. The result of their deliberations was, a report, which we have given in a subsequent part of our volume, and which is one of the most valuable documents ever laid before parliament. It is full

of the soundest views; and, at the same time that it admits abstract principles in all their extent, modifies them by due regard to the circumstances of the times. It is a pleasing monument of the rapid progress, which enlarged notions on very abstract subjects have made, within the last few years, among that class of the community, on whose opinions the improvement of our legislation and the excellence of our internal public economy chiefly depend.

The committee appointed in the former session, to take into consideration the mode of determining the corn-averages, had gone into evidence at considerable length; and the result of their inquiries was, that Mr. F. Robinson proposed on the 26th of February, a resolution, and afterwards introduced a bill, by which considerable changes were made in the then existing system. By that system, the average was taken in each of the twelve maritime districts, and from these, collectively, the general average was fixed. But, to form the average of each district, the average was previously taken in each town of that district-that is, the total of the corn sold in each town, as well as the total of the price paid for such corn; the one divided by the other, constituted the average for the town; and the same division as to the corn and the price in the ag gregate of those towns, constituted the average of the district. In like manner, by dividing the total of the corn by the total of the prices in the twelve districts, the average of the kingdom was fixed. Thus the general average depended