tion of discriminating duties enables foreign shipowners to take much lower freights than they could otherwise afford to take: in the absence of such duties, these shipowners can afford to take much lower freights than will remunerate British ones; and the latter are compelled to take about such freights as they take. This is undeniable, and no one offers to disprove it. The shipping and maritime power of this country are sustaining serious diminution. This is proved by official documents. That this diminution has been caused by the losses of the shipowners, and the increase of foreign shipping, is placed above ques tion by the fact, that the importations of this country have enormously in creased since the termination of the war.*

We need not say more on the effects of the new system on the shipping interest.

We proceed to agriculture. Although the abolished Corn Laws had not been long in existence, they were dictated by the old system. So long as the price of corn was not higher than was necessary for the proper remuneration of the corn growers, the old system gave them a monopoly of the market. When the price was below this, it directly prohibited foreign corn from entering the market, as the most effectual method of excluding it; and when the price rose above this, it made the trade in corn free. The old system acted on these principles: 1. To give proper protection to the capital and labour employed in agri

culture; and, 2. To cause corn to be sold at the cheapest rate for the average of years, by properly fostering our own agriculture, and remaining as independent as possible of foreign nations for supplies of it.

The doctrines which were promulgated by the friends of the new system when it was introduced, must be still remembered by our readers. Corn was to be imported duty-free. A duty of even ten shillings per quarter on wheat would starve and rob the community. A free trade in corn was essential for the enriching of landowners and farmers. The cheaper corn was rendered by importation, the more of it British farmers would sell. Cheap corn would benefit the agriculturists, as much as the rest of the community. Foreign wheat could not be imported for less than from 50s. to 60s. per quarter; and no quantity of it to affect the market could be obtained. These and a thousand similar absurdities were oracularly put forth as unquestionable truths, and dissent from them was held to be almost a proof of lunacy.

If these doctrines had been acted on, what would have been the present condition of the country? On the 1st July 1827, the markets were opened for foreign wheat then in bond, and more was cleared than half a million of quarters. This wheat entered the market under favourable circumstances to prices. Thirteen months elapsed between the harvest of 1826 and that of 1827, and in consequence, consumption had a month above the year allowed it for diminishing the

stock of British wheat; in the winter of 1827, much wheat was given in some districts to cattle, from the scarcity of hay, oats, &c.; and none of the foreign wheat paid a lower duty than L.1, 2s. 8d. per quarter, and some of it paid considerably more. Nevertheless this foreign wheat had such an effect on prices, that for some weeks the average price in the Gazette was only about 50s. according to the old bushel. In various English counties, the bulk of the farmers did not obtain for their wheat more than from 40s. to 46s. per quarter.

This will shew very conclusively what the consequences would have been if the market had been opened two or three years ago to foreign wheat at a duty of 5s. or even 10s. per quarter; and to other corn at duties proportionally low. Before this time, agriculture would have been reduced to a state of horrible ruin.

And now after these maniacal opinions have been so confidently put forth by its friends, what has the new system done in respect of corn? It has, instead of establishing free trade, substituted, according to its own confession, prohibitory duties for direct prohibition. The prohibition of the old system in its permanent operation took effect when wheat was at 70s. per quarter; that of the new system is intended to take effect when wheat is at 66s., or, according to the old bushel, at about 64s. per quarter. This difference of 6s. per quarter is of great importance to the grower of wheat, while to the consumer it is of scarcely

Direct prohibition was perfectly effectual; under all circumstances, it completely excluded foreign corn as far as it was intended to do so..

Prohibitory duty, from its nature, cannot possibly be effectual. Corn varies in price in foreign countries, and in consequence the duty will exclude it in one year, and admit it in abundance in another. A duty which is governed solely by the price of British corn, stands in reality on the preposterous assumption that the price of foreign corn never varies. How erroneous and pernicious the new system is in principle, has been abundantly de monstrated in the last twelve months. Mr Canning represented that it was to give to British farmers an average price of 60s., according to the old bushel, for wheat: and to exclude foreign wheat when the price should be below this, he and his colleagues calculated that a duty of 20s. would be a prohibitory one. Well, upon trial, it has been found that a duty of nearly 23s., and in some cases of considerably more, has admitted more than 500,000 quarters, being almost all of good quality, that the law did not directly exclude. In consequence the farmers only obtained an average price of 50s. or 52s., instead of one of 60s.

France occasionally needs foreign corn. Now, had she needed a considerable quantity in 1827, this duty would have been a prohibitory one. A duty must of necessity always operate in this manner. With exactly the same Gazette price, it will in some years wholly exclude foreign corn, and in others it will admit it in ruinous profusion.

This then is the essential difference between the old system and the new one.

The former effectually excluded foreign corn at all times when it was intended to do so; at all times when corn in this country was at or below a certain price required for the proper protection of the agriculturists. The new system will frequently admit foreign corn when it is intended that it should exclude it; with the same Gazette price, it will sometimes wholly exclude such corn, and at other times admit it to an extent which will subject the farmers to heavy losses; occasionally it will give the farmers the price they need, and which it is intended to give them; but generally it will give them one far lower.

This new system, in so far as it has had operation, has done very great injury to the agriculturists. It has reduced prices much more than, if the professions of its parents are to be believed, it was intended to do, and it has made them losing ones. We of course speak without reference to the advance which the bad harvest weather has occasioned.

The old system prohibited foreign salted beef and pork from being imported into this country and its colonies; the new one admits them at a duty of 12s. per cwt. On the provision trade of Ireland the change operates perniciously in regard to both export and price.

The trade in certain descriptions of ladies' shoes, and various smaller trades and interests, have been much injured by the new system, either by the import of foreign goods, or by the reduction of price necessary to prevent such import.

We have now pointed out how far the two systems really and in effect differ on most material points, in so far as the home trade is concerned; and we will now shew how far they differ in regard to the colonial trade.

The old colonial system compelled the colonies generally to buy of the mother country such manufactures and produce as she could supply them with. This compulsion was relaxed in the special case; and it permitted them to obtain through her from foreign countries any commodities which she did not produce. It confined the carrying in the colonial trade to British ships, save in special cases. Its object was, to give to the capital and industry of the community the same monopoly of the colonial market which it gave them of the home one.

The new colonial system, at its birth, professed to open the colonial market to the manufactures and produce of all nations, at moderate and not prohibitory duties; and likewise to the ships of all nations, on condition of reciprocity. With regard to foreign manufactures and produce, this system has naturally had the most partial operation. Some kinds are as effectually excluded by its duties as they were by the old prohibition; and other kinds are admitted, to the exclusion of British manufactures and produce. It thus operates in the most unjust manner to the community at home. From

some parts it takes away their colonial trade, and to other parts it does no injury. It has, however, injured it deeply as a whole. At the outset it professed to avoid all prohibitory duties; yet in the last year, it raised its own duty on cottons imported into British America from 15 to 20 per cent; and on silks from 15 to 30 per cent. This was a reasonably plain confession of its own errors.

This system opened the colonies to the ships of all nations on these grounds-1. That prohibition was highly injurious. 2. That the measure would be very beneficial. And, 3. That as American ships were already admitted, it was unjust and pernicious to exclude those of other countries. After being a short period in existence, it prohibited American ships from entering the colonies; it thus established a direct prohibition much more comprehensive at the time than the one it had destroyed touching shipping. America has since offered to remove the reason on which it did this, but nevertheless the prohibition continues. This prohibition is flatly opposed to the principles on which the new system was founded; it constitutes a direct abandonment of them on the part of Mr Huskisson and his friends.

Now, what is in reality the free trade which the new system has established in the colonies? It has in some things substituted prohibitory duties for absolute prohibition; in others it has substituted one absolute prohibition for another; in some cases it has permitted the colonies to buy directly of foreign nations instead of buying of them through the medium of the mother country; and in others it has permitted them to buy of foreign nations what the mother country could supply them with. In so far as it differs from the old system in principle, it has done injury to both the colonies and the mother country.

To enable our readers to judge correctly of the scandalous injustice of the new system, and of the ridiculous boasting of Mr Huskisson and Mr Grant, we will here give a summary to shew how far the difference between the old system and the new one extends, touching various articles of trade and manufacture. We shall of course describe the new one as it was left by these individuals.

than an increase of importation follows. In some cases such an increase of importation follows, as might have been expected had no change taken place. Speaking generally, the reductions are made on duties which were never intended to be restrictive or pro hibitory, and which were imposed solely for the sake of revenue.

This applies chiefly to such articles as are either not produced in the United Kingdom, or are not produced in it to any material extent. We will now turn to articles which rank amidst its important productions, and of which it only needs to import what will enable its own production of them to meet consumption.

Tallow. The two systems are the

same.

Butter and cheese. They are the

same.

Eggs. They are the same.

Hides, untanned. In regard to fo reign ones, they are the same; the new one makes a trifling reduction of duty in favour of such as are the produce of British colonial possessions. The falling off in the consumption of hides deserves remark. In 1824 the entry for home consumption was 271,032 cwt.; in 1826 it was 166,989 cwts.; and in 1827 it was 170,027

cwt.

Bacon and hams. The new system reduces the duty from L.2, 16s. to L.1, 88. per cwt.

Apples. The two systems are the

same,

Sheep's wool. The old system in general admitted it duty-free. A few years ago a duty of 6d. per lb. was im posed on it, which is now reduced to id. and d. per lb.

Horses. The old system imposed on them a duty of L.6, 13s. each; the new one reduces the duty to L.1.

Hops. The systems are the same. We will now turn to manufactured articles, which the United Kingdom can produce in greater abundance than it can consume, when it can find a market for them. We have already stated, that in regard to effects, there is no difference worthy of notice between the two systems in regard to cottons, woollens, hardware, and li

nens.

Soap. The two systems are the

same.

Manufactures of pewter. The new system reduces the duty from 50 to

20 per cent; the effect is nothing; none were imported under the old system, and none are now imported.

Paper. The new system reduces the duty on brown paper from 10d. to 3d. per lb. ; this has had no effect, for none is imported. It has reduced the duty on paper for hangings from 1s. 7d. to Is, per square yard. This has followed:-In 1824-14,917 square yards were imported under the old system; and in 1827-32,380 were imported under the new one.

Musical instruments. The new system reduces the duty on them from 50 to 20 per cent. In 1824, the old system admitted them to the declared value of L.2576; and in 1827 the new one admitted them to that of L.5226.

Japanned Ware. The new system has reduced the duty from 62 to 20 per cent. The change is a nominal one, as none is imported.

Wax and tallow candles. The systems are the same.

Cordage. The new system has reduced the duty from L.1, 1s. 6d. to 10s. 9d. per cwt. The import in 1824 was 1380 cwt.; and in 1827 it was 2271 cwt. By the new Customs' bill just passed, British ships are to be allowed to supply themselves with cordage and sails in foreign countries, for which no duty is to be charged so long as they remain in the use of the vessels. We imagine from this, that our ships will now be supplied by foreign countries to a considerable extent with duty-free cordage and sails. One pernicious measure thus leads to another. To relieve the distress of the shipowners, the manufacturers of cordage and sails are to have their trade taken from them.

Copper. The new system has reduced the duties to about one-half; and this has had no effect worthy of notice on imports.

Straw-hats. The systems are the same.

Glass. The new system has reduced the duties, without producing any material change in the trifling import.

Books. The old system imposed on them a duty of L.6, 10s. per cent, if bound or half-bound, and of L.5, if unbound; the new one subjects them to a duty of L.5 per cent, bound or unbound, if printed since 1801. The import has diminished under the new system.