prices, and he found since 1823-4 the fall upon cotton to have been from 183d. to 7d.; in sugar, from 45s. to 30s.; in silk, from 1s. 5d. to 11d., and in tobacco, and various other articles, in proportion. The present was not, in his opinion, a proper opportunity for inquiring into the grounds to which those fluctuations might be traced; nor for investigating causes which, at one moment, had led to the extension of particular manufactures, and at another had almost occasioned their annihilation. This depression-which was now clearing offwas not confined to one branch of raw material, but was observable in all those with which the manufactures of this country were concerned. Now, he apprehended that the same causes which operated to lessen the value of other articles used in manufactures, must have equally affected wool; and when those causes ceased, the value of the raw material of wool would be proportionably improved. In 1819, a duty of sixpence per pound had been laid on the importation of wool. Before that time, seventeen or eighteen millions of pounds of wool were annually imported. After 1819, the duty continued pretty nearly the same up to a recent period; and the manufacturers constantly complained, that they were daily losing their export trade; that many branches, in which there had previously been a considerable demand, were falling off and declining, in consequence of those duties;—that they were, in fact, undersold by the manufacturers abroad. The answer made to these representations was this" If you will consent to a free export of wool of British growth, we will reduce this duty on the importation of that article." In 1824, that argument prevailed. After some discussion in that House, the then Chancellor of the Exchequer succeeded in effecting his object. And here it might be proper to observe, that between 1819, when the duty of sixpence was imposed, and 1824, when it was modified, the price protected by that duty of sixpence was not a high price, but a price which continued to decline. From 1819 to 1824, the price was constantly declining; but in 1825 it rose again; as indeed every article did at that period. In 1826, the price was once more depressed, and it now remained as low as it was in 1824. But, though it was now depressed in value, as compared with 1825, its present price was considerably superior to that of 1819. Wool which was 118. per tod in 1819, was now from 23s. to 24s. per tod. The honourable member for Callington, seemed to think, that long wool only had been subject to the jealous interference of the legisla ture; but he could assure the honourable member, that, up to a late period, the severe penalties of the law were directed against short wool. The reason of the immense growth of wool abroad was this:-foreigners found that their corn was excluded from this country, and, anxious to procure British manufactures, they applied themselves to the production of that article which they thought they could most readily exchange for those manufactures. With that view, large flocks of sheep were encouraged; and there was, at this moment, four or five times more Merino wool raised in Germany, than was ever before known. It was this change of system that mainly contributed to the depression of the price of short wool. The price of that wool was unquestionably very low at present. It was low in comparison with that of long wool; but long wool now commanded a price double the amount of that which it fetched some years ago; and he thought that any interference with the duty now would have the effect of depriving this country of a very considerable foreign trade. In proof of this, he would read an extract from the last letter • Mr. Baring received by the Board of Trade from Mexico. It was dated the 21st of December, and contained the following passage:"The -" The imports from Europe are chiefly confined to silk, linen, cotton and woollen manufactures. The silks are imported from France, the linens from Germany—the woollens principally from England and the United States. France also furnishes a considerable quantity of linen. Some branches of the English cloth-trade have declined, as the French are able to undersell us, in consequence of the cheapness of the raw material; but the English broadcloths have a decided advantage. In that line, the French cannot enter into a competition with us." Now, what would be the consequence if they increased the price of that species of wool which entered into the mixture and composition of every sort of cloth? Would they not thereby deprive themselves of the portion of this foreign trade which they now possessed? The facts which he had stated were, he thought, sufficient to show the impolicy of placing any additional duty on wool. Looking to the price of wool in 1825, and at present, the duty was equal to twenty per cent. He recollected, in 1825, when the British merchants went "woolgathering" in every part of Europe; such was their eagerness to purchase that commodity, that the manufacturers on the continent not only did not buy in competition with them, but they actually sold to them the wool which they originally intended to have manufactured themselves. This he knew to be a fact; as he happened to be on the continent at that period for a short time. The wool came to this country at double its ordinary price, and it soon fell fifty per cent. below that ordinary price. It was impossible to prevent this spirit of speculation in a free country like this. All they could do was to lament a system which produced such unfortunate results. With respect to the duty imposed on the importation of foreign wool into France, it was undoubtedly very considerable. The course was this-(and in explaining it, he meant not to inquire whether it was a wise system or not) -a heavy duty was laid on the wool imported, and an account was opened between the officers of Government and the importer. A drawback greater than the amount of the duty was allowed to the importer, if he proved satisfactorily that he had exported woollen goods equal in value to the quantity of wool which he had imported. This system might answer in France; but it certainly would not suit the complicated machinery of the trade of this country. On the contrary, it would create endless confusion and embarrassment. When they considered the varied manufactures of this country, in which a little foreign wool was mixed with that of English growth, it must appear impossible that such a system could be adopted here. At the same time, he did not mean to condemn that policy with respect to France. He would remind the House, that France and the Netherlands were running this country very hard, with reference to woollen manufactures; and, there. fore, if heavy duties were laid on the raw material, it would be giving those countries a great advantage over England. It was clear that such a proceeding must injure the grower, who must, of necessity, suffer if the manufacturer could not purchase. It would be the means of depriving the labourer and the industrious artisan of this country of that employment and remuneration which his exertions deserved. He would tell those who were interested in the success of agriculture, that that system best deserved their support which gave steady, constant, and full employment to the labourer, and which afforded him good and sufficient wages. It was with a view to the establishment of that system that the Government was now acting, and, by properly following it up, they would, he was quite sure, do infinitely more to promote the agriculture of the country, than by any artificial attempt to force production beyond the fair limits of demand. MR. DAVENPORT'S MOTION FOR A SELECT COMMIT- AND June 14. Mr. Davenport moved, "That a Select Committee be appointed to inquire into the Causes of the Severe Distress which has afflicted the Commercial and Industrious Classes of the Community, during the last and present year." After the motion had been supported by Mr. Leicester, Mr. King, Mr. Fyler, and Sir F. Burdett, Mr. HUSKISSON said, that the motion was for a committee to inquire into the causes of the difficulties which had affected the industrious classes of the community during the last and present year; and in making that motion, the honourable member had gone into almost every topic of political economy, which could afford matter for discussion there, or in any other place; and to these topics each gentleman who had successively addressed the House had added almost every other which could by possibility engage the attention of Parliament. One of the subjects adverted to by the honourable mover was the measure passed by Parliament, which went to the abolition of one and two-pound notes. The honourable seconder praised that measure; but on many other points, the opinions of the honourable mover and seconder were wide as the poles asunder. Another honourable gentleman, speaking of Ireland, wished this committee, on the 14th day of June, to inquire into the state of the population of Ireland-into the relations between the landlord and tenant in that country-into the mode in which the |