·

"My Lords and Gentlemen,-We are commanded by her Majesty to dispense with your further attendance in parliament.

"Her Majesty announces to you with pleasure that she continues to receive from all foreign powers the strongest assurances of their friendly disposition, and that her confidence in the preservation of peace has been continued and confirmed during the present year.

This language was received by the meeting with | mission. The lord chancellor read the royal speech, great applause. In England it produced intense disgust, which was as follows:and a demand upon the authorities to remove the offender from his office. This could have been effected by an ex-officio information in the court of Queen's Bench, but the process would have been tedious, and would have fallen short of what public indignation required. Besides, he would, after removal, be eligible for election the next year. It was resolved, therefore, by the government to bring in a bill for his instant removal and perpetual exclusion from corporate or magisterial functions. Before the government measure could be carried through parliament, Mr. O'Sullivan resigned his functions as mayor of Cork, and endeavoured to explain away his language to the House of Commons through The O'Donoghue and Mr. Maguire. The government held, however, the power to proceed, if necessary, in their own hands, by merely postponing the

bill.

"The negotiations in which her Majesty was engaged with the United States of North America have by mutual consent been suspended; and her Majesty earnestly hopes that this delay may tend to maintain | the relations between the two countries on a durable, basis of friendship.

"Her Majesty has a lively satisfaction in acknowledg. ing the untiring zeal and assiduity with which you have prosecuted the arduous labours of the year.

"In the act for putting an end to the establishment of the Irish Church, you carefully kept in view the several considerations which at the opening of the session were commended to your notice. It is the hope of her Majesty that this important measure may hereafter be remembered as a conclusive proof of the para

THE REBELLION IN NEW ZEALAND. The rebellion in this colony had proved most harassing to the settlers, and a constant cause of appeal to the home government for suitable assistance. The Maories proved to be most obstinate, brave, and difficult to re-mount anxiety of parliament to pay reasonable regard, press. The Earl of Carnarvon raised the question in the peers as to the policy of non-intervention adopted by the home government. After some strictures of a trivial nature, he expressed a general concurrence in the views of the government, but as the country was so remote, he suggested that a commission should be sent

out.

Earl Granville, on the part of the government, declared that the colony must be made to feel the importance of providing for its own defence. He also declared it necessary that the colonists should learn the necessity of respecting the rights, and conciliating the prejudices of the natives.

Nothing of immediate or practical importance resulted from the discussion; but opinions on both sides of the house were expressed which aided in conducing to unanimity. There were no other debates on colonial subjects of interest during this session.

THE ALABAMA CLAIMS.

Questions of foreign policy occupied the parliament in 1869 less than in any other for many years-home affairs absorbed all the interest. British relations with America gave considerable uneasiness; but as there was active negotiation between the two governments it was deemed prudent in parliament to abstain from public inquiry as much as possible. Lord Stratford de Redcliffe, however, on the 4th of June, introduced the subject briefly in the peers, by a question which was answered with great reticence by the minister for foreign affairs. However, he furnished a sketch of the negotiations, which the house felt to be somewhat reassuring.

In less than a month, and after copies of diplomatic documents had been in the hands of the members, Sir Henry Bulwer gave notice of motion on British relations with America. Mr. Gladstone deprecated discussion at that period of the session, although it could scarcely be said it was too late for the purpose. Sir Henry yielded to the appeal of Mr. Gladstone and withdrew his notice.

CLOSE OF THE SESSION.

in legislating for each of the three kingdoms, to the special circumstances by which it may be distinguished, and to deal on principles of impartial justice with all interests and all portions of the nation. Her Majesty firmly trusts that the act may promote the work of peace, in Ireland, and may help to unite all classes of its people in that fraternal concord with their English and Scottish fellow-subjects which must ever form the chief source of strength to her extended empire.

"Her Majesty has observed with pleasure your general and cordial readiness to unite in the removal, through the Assessed Rates Act, of a practical grievance which was widely felt.

"Her Majesty congratulates you on having brought your protracted labours on the subjects of bankruptcy and of imprisonment for debt to a legislative conclusion, which is regarded with just satisfaction by the trading classes and by the general public.

"The law which you have framed for the better government of endowed schools in England will render the large resources of these establishments more accessible to the community, and more efficient for their important purpose.

"It may reasonably be expected that the Act for the supervision of habitual criminals will contribute further || to the security of life and property.

"The measure which has been passed with respect to the contagious diseases of animals will, as her Majesty, believes, add confidence and safety to the important trades of breeding and feeding cattle at home, without unnecessarily impeding the freedom of import from abroad.

"By the repeal of the tax on fire insurance you havo met a long-cherished wish of the community; and in the removal of the duty on corn her Majesty sees new evidence of your desire to extend industry and commerce, and to enlarge to the uttermost those supplies of fool which our insular position in a peculiar degree both encourages and requires.

'Her Majesty trusts that the measures for the purchase and management of the electric telegraphs by the state may be found to facilitate the great commercial and social object of rapid, easy, and certain communication, and may prove no unworthy sequel to that system of cheap postage which has passed with much advantage into so many countries of the civilised world.

The supplies having been voted, and the government bills passed, the time arrived for releasing the members "Gentlemen of the House of Commons, -We are of the legislature from the labours of a session which commanded to state that her Majesty thanks you for had been unusually important and fatiguing. The pro- the liberal supplies which you have granted for the rogation took place on the 11th of August by com-service of the year, and for the measures by which you

During the recess you will continue to gather that practical knowledge and experience which form the solid basis of legislative aptitude; and her Majesty invokes the blessing of the Almighty alike upon your recent and your future labours for the public weal."

CHAPTER XXI.

Finance Commerce-Social Progress Emigration Literature,

Science and Art-Ecclesiastical-Public ImprovementsDisasters at Sea-Fires and Explosions-Railway Accidents-Visit of the Viceroy of EgyptOpening of Blackfriars Bridge and the Holborn Viaduct Visit of the King of the Belgians-The Court-The Prince and Princess of Wales at King's Lynn Easter Monday Volunteer Review at Dover-Portsmouth Volunteer Review-Opening of Columbia Market-Meeting of the National Rifle Association-Remarkable Frials: Overend and Co.; the Convent Case; the Norwich Murder.

FINANCE.

N account of the gross public income of the United Kingdom of Great Britain 1869. and Ireland, in the year ended the 31st day of December, 1869, and of the actual issues within the same period, exclusive of sums applied to the redemption of funded or paying off unfunded debt, and of the advances and repayments for local works, &c. :

INCOME.

Taxes (land and assessed)

Crown Lands, net

Miscellaneous:

Military and Naval extra receipts and proceeds of Old Stores sold

Amount received from the reve.nues of India on account of the Effective and Noneffective Charges of British Troops serving in that country

Allowance out of Profits of Issue received from the Bank of England, per Act 24 Vict.,

C. 3

Other miscellaneous receipts...

EXPENDITURE.

Interest and management of the

Permanent Debt

Terminable Annuities

Interest of Exchequer Bonds

Interest of Exchequer Bills

Interest on Bank Advances for deficiency

Interest on Bank Advances in aid

of Ways and Means..

Charges on Consolidated Fund. Civil List.....

Annuities and Pensions

Salaries and Allowances.

Diplomatic Salaries and Pensions

Courts of Justice

Miscellaneous charges.

Supply Services.

Army

Navy

143,889 8 2

8,328 1 3 5.227 7 9

406,259 1 1
287,988 7 3

144,467 19 10

91.959 11 8

686,383 12 6

182,941 3 8

Abyssinian Expedition.....

Miscellaneous Civil Services.....

Salaries, Superannuations, &c., of

Customs and Inland Revenue

Ditto ditto of Post-office... 2,324,249 0 0
Packet Service

26,127,135 16 11

1,799,999 16 0

1,241,338 0 6

42,233,256 12 10

The trade of the year was not very prosperous. The depression which followed Black Friday of 1866 threw its shadow upon this year also. The iron trade exhibited a steady but progressive improvement from the depression of 1868. The tin-plate workers of Wolverhampton, and the potters of Staffordshire, complained of short work. Cotton was exceptionally dear, and the manufacture consequently comparatively costly, limiting the markets for purchase. The silk trade was at a very low level, but woollen and linen textiles were more in demand, partly arising from the falling off in silk and the higher price of cotton production. Although the price of metals continued dull, there were signs of greater buoyancy.

There were various indications of a fixed purpose on the part of the Conservatives to get up an anti-free-trade reaction. Meetings were called for this purpose, and free trade and free traders were denounced. It was believed that this arose not from any conviction on the part of those who raised the agitation that a restrictive policy would be returned to or would be beneficial, but for purely Tory purposes, to strengthen the party and embarrass the Whigs. Several speeches were made by eminent free traders, which checked and ultimately put a stop to the movement. A speech and a letter of Mr. Gladstone had much influence in this way; a speech of Mr. Bright, his colleague Mr. Dixon, Mr. Jacob Bright, but more important and striking than any of them, an address of Mr. Besley, the president of the Manchester chamber of commerce, delivered to that body, did much to nullify these protective tactics.

There seemed, in the year 1869, a great revival of the railway interest. Many of the companies closed their capital accounts, and the traffic returns were higher.

Another important event to commerce was that the French Emperor declined to accede to the protectionists of France to give notice for the definitive cessation of the treaty o commerce formed under the influence of

Mr. Cobden and M. Chevalier.

The vast extension of telegraphy gave employment to some portion of the amazing amount of surplus capital seeking employment in England, and was a great aid to merchants in the transaction of business.

The opening of the Pacific Railway promised to be of great importance, bringing the Pacific and Atlantic as it were into contiguity, and avoiding the stormy passage by Cape Horn. The opening of the Suez Canal was another hopeful event to the commercial world. The fears entertained so persistently by Lord Palmerston that it would, if practicable, open our Eastern dominions to France, had ceased to be entertained, and the equally persistent declarations of Robert Stephenson, the engineer, that the work was impossible, was confuted by M. Lesseps in its actual accomplishment. Stephenson was so rabid in his Conservative politics, unlike his greater father, the renowned George Stephenson, that even his scientific powers, great as they were, suffered contraction from the narrowness of his political sympathies, and the intense bigotry with which he cherished his ultra-Conservative creed.

The direction which capital chiefly took in England was foreign government loans; for which, long before 1869, there was a partiality, and during that year and Total Ordinary Expenditure...£70,160,392 5 9 subsequently almost a mania; and yet, in 1869, there was

ations in price were not violent. Great arrivals of foreign corn led to the results above stated. During the autumn of 1869 it was estimated that the deficiency of the crop beneath that which was expected was about 2,000,000 quarters. The importations at an early date, from New York and other American ports, were on a very large scale, and shipments to this country were accordingly far above the expected amount.

The following table gives, according to the board of

months ended November:

Russia.
Denmark
Prussia

Schleswig Holstein and Lauenberg.
Mecklenburg..
Hanse Towns
France

Turkey and Wallachia and Moldavia
Egypt
United States
Chili

Illyria, Croatia, and Dalmatia

British North America

Totals...

1808.
cwt.

1869.

cwt.

9,397,245

7.761,915

585,031

465.164

4,004,655

4,264.520

41,528

67,154

571,805

578,312

no other encouragement for that than the absence of enterprise at home, and the total distrust that had supervened in connection with the formation, constitution, working, and results of joint-stock companies. It is surprising such a mania for investment in foreign government stock should ever have sprung up, for very few have profited by it, and many have been ruined. In the first place the original lenders in a new loan are generally City men, and in some cases provincial bankers and financiers. They run up the loan to a premium, and the future purchaser of the shares seldom realises, tak-trade returns, the imports of wheat during the eleven ing the premium into account, as much as he would by any respectable home investment, such as a joint-stock bank, mine, &c. Then the holders of scrip previously issued by the same government have their property depreciated by every new loan, as the security of course generally speaking for the older loans diminishes with the increased liabilities of the government in question. The Turkish, Egyptian, Russian, Italian, and Brazilian and Argentine successive loans exemplify this. Moreover repudiation had not been uncommon up to 1869. Almost all, if not all, the Spanish republics in South America repudiated or suspended, or suspended for a time. The mother country of those colonies had lost Other countries all credit. Various state governments in the southern portion of the North American Union repudiated; Mexico treated demands for payment with disdain, and great unfairness in "conversions," " transfers," merging old loans into new ones forcibly, was practised by nations that neither repudiated nor suspended. Under these circumstances the fashion, for so it was, of seeking investment in foreign loans by small capitalists, annuitants, and professional men, especially clergymen, all over the United Kingdom, was a remarkable phenomeSometimes these investors would be driven like sheep by a general panic when " the bears" on the stock exchange depreciated their particular stocks, and would run as wildly to purchase, when "the bulls" unduly ran up the market for other scrips. In this, loss and misery were extensively inflicted, yet investors of that class did not seem to learn by experience; as some serpents are said to fascinate with their eye the victim they mean to devour, so when a particular loan was rigged cleverly on the stock exchange the investors described would run eagerly to their ruin. The year 1869 bore its bitter fruit in all these respects-many then laid out their money in lending to foreign governments who repented of it as subsequent years ran their course. Still, with many drawbacks, there was an undercurrent of prosperity which showed that the nation was not on the whole receding. Our exports in the first eleven months of 1869 exceeded those of the corresponding periods of the two previous years, the totals being as follows:-1869, 174,450,2527.; 1868, 164,824,6547.; 1867, 167,931,378. As regards imports, the totals for the first ten months of each year were returned as follows: -1869, 195,480,9217.; 1868, 197,536,1747.; 1867, 191,848,0087.

non.

Mercantile failures, of course, occurred throughout the year, but generally they were of limited amount, and confined to the country. Just before the end of December there was a great rush of traders into the Gazette, anxious to get a discharge from their liabilities before the new law should come into operation on the 1st of January, 1870.

Subjoined are a few commercial summaries, taken from public documents, or supplied by leading firms. These statistics present some of the leading features of the commerce of 1869.

CORN TRADE.

During 1869 the corn trade had usually downward tendencies in regard to prices. The average of 1868 for wheat was 63s. 4d. per quarter, while in 1869 the average was only 488. 1d. per quarter. Yet the fluctu

The imports of 1867 having been within about 0.10 per cent. in excess of those of 1868, while in 1869 the excess was equal to nearly 2,130,000 cwts., or about 6 per cent., the home trade in corn seemed to be generally unfavourable. Wheat was largely cultivated, but still, the increased acreage under cultivation was not important. The relative acreage, according to the board of trade returns, was 3,695,000 in 1869, against 3,652,600 in 1868. But in foreign parts a much larger breadth of wheat was sown, leading to a large exportation to the United Kingdom of most sorts of cereal products.

CATTLE TRADE.

A variety of circumstances affected this depart. ment of commerce. For some years past the real or supposed disease in cattle throughout Europe, and the great demand for animal food, owing to an average prosperity in regard to our working classes, kept up the price of meat to an extent that surprised all whose memory extended back during the past thirty years. Consequent on extended disease on the Continent among cattle, the supply was generally limited. || An attempt was made to import live cattle from South America, but the results to the importers, despite || the cheapness of the animals in their native country, did not encourage the attempt. Large importations of Australian preserved meat were made, but the results, even in this case, were but partial. The prejudices of the British public were decidedly against "preserved meats" of all kinds; but independent of such prejudices, it must be observed that the attempts to substitute such preserved food for fresh meat in this country had hitherto proved generally of very slight success. It would seem that notwithstanding the nume rous prizes that had been offered by colonial governments, up to this period no really practical results had been arrived at. Still the trade was gradually increasing. In many parts of our Australian colonies meat preserv ing was an established business. For the supply of the army and navy there is little doubt that this source of meat supply will become of the highest value. But, as already stated, despite of all the presumed advantages that have been suggested, much had still to be done in utilising the supplies of meat that may be drawn from the Cape, Australia, New Zealand, and other distant countries.

In local reports of the various cattle shows in the United Kingdom for 1869, a general testimony was given to the efforts which agriculturists are making to

supply the apparent deficiency of animal food. It may | average prices of sugar on the 1st January, 1869, duty not be out of place to notice the little attention that paid, were as follow:-West India, good and fine, 378. has hitherto been paid to the raising of poultry and to 438.; lower, 30s. 6d. to 36s. 6d.; Mauritius, 328. to the production of eggs. In the north-western portions 39s. 6d.; Bengal, 378. to 40s.; Madras, 26s. to 30s. 6d. ; of France the trade as an export to England is simply Brazil, 298. to 38s.; and French beetroot, 25s. 3d. per No possible reason can exist why the same cwt. source of food-production should not be efficiently dealt with throughout the United Kingdom.

porters. The number of chests consumed in Europe in 1869 was about 32,000, against 34,000 in 1868. At the close of 1869 good and fine Bengal indigo fetched 9s. to 10s. per lb.; middling and good 8s. 3d. to 9s.; and ordinary qualities from 68. 6d. to 78. 6d. per lb. At the close of the year the prospects of the trade were decidedly encouraging. Although chemical discoveries have placed in our hands some most valuable new dye-materials, the indigo trade still holds its own position.

LEATHER TRADE.

COAL TRADE.

The trade generally suffered depression during the year; in regard to London, the total supplies in 1869 having been but 5,700,000 tons, against about 6,350,000 in 1868, a result chiefly due to the decline of manufacturing industries in the metropolis. Generally throughout the country, however, the trade was large, and with a revival in the manufacturing districts, prospects became more encouraging.

SHIPPING AND FREIGHTS.

The shipping interest generally suffered in 1869, the

Generally little change occurred in the trade during 1869 compared with 1868. The imports of hides were nearly the same, but the exports exhibited a decided in-rates for many lines having been much below a paying crease. A decrease of exports to Australia of boots and average, especially in regard to India and South shoes was made up by an increase in other quarters. liar effect on the Indian trade, inasmuch as it has America. The opening of the Suez Canal had a pecuThe supply of hides for sole leather was small. Al- thrown open what used to be a monopoly. In regard to though stocks of leather generally did not increase, British shipping, there was an increase in the number of prices showed a downward tendency. The importation vessels and tonnage entered, both inward and outward, | of Australian leather increased. Tanning materials were abundant, with moderate prices. English bark did during 1869 over 1868, attended with a decrease in renot materially vary; a large import of mimosa lowered gard to American shipping; the chief competitor with ourselves having been the United States. its market value. Generally Gambier and Velonea were favourable in price to the tanners. At the commencement of 1870 English butts fetched from 14d. to 28d. per lb., and foreign from 13d. to 21d.

TIMBER TRADE.

The total of wood imported in 1869 was a little less than in 1868. Building operations were somewhat checked, yet a large consumption occurred, reducing stocks to the extent of 30 per cent. in foreign wood. The estimated consumption in sawn wood in London was 14,587,000 pieces, and of hewn 200,000 loads. In the Norway trade a large business was transacted in flooring boards, and battens moved off freely. The price of Norway deals was unsteady. Owing to the great dulness of trade in cabinet work, prices of mahogany were low, but a large continental demand occurred. Freights of timber were generally at low rates throughout the year.

METALS TRADE.

COTTON TRADE.

For the last few years the cotton trade had been slowly getting over the depression it suffered from during the American civil war. Owing to stoppage of supplies from the United States, other branches of textile manafactures were stimulated to an extent that long was disadvantageous to the cotton interest. Thus the total average annual production of cotton goods from 1858 to 1861 was 71.8 per cent.; of woollen, 145; and of linen 13.7 per cent. In 1866-69 the figures were-cotton 63.6 per cent.; woollen 18.5 per cent., and linen 17.9 per cent. Similar results appear in respect to the export trade for the same periods, and also in regard to home consumption. Generally the results of sales of raw cotton during 1869 were favourable to importers. In regard to consumers, an opposite state of matters occurred, because the average rise in the prices of manu. factured goods was not enough to cover the corresponding advance in that of the raw material. In the early part of 1869 prices were dead against the spinner, and owing to the light stocks, prices of cotton advanced. In May and June prospects brightened. In August and September matters were less favourable, and short production was had recourse to. The import of raw cotton for the year was about 3,382,620 bales, showing a decrease of about 277,500 bales from 1868. The final deficit in 1869 was about 250,000 bales. The deliveries for home¦¦ consumption amounted to about 2,630,000 bales.

LINEN TRADE.

IRON.-Throughout the year 1869 a gradual but steady improvement occurred in this important trade. An increased demand for rails occurred, and a most remarkable increase in exports of iron took place. The United States and Russia were our best foreign customers for rails. The home trade suffered owing to the state of the cotton and other textile fabric manufactures. An advance took place in the prices of both Staffordshire and Welsh iron. During the early part of the year Scotch pig fell in price, but recovered towards the close. In the Cleveland district, which has now become one of the chief sources of iron, about 1,500,000 tons of pig were pro-and depression of business generally during the past duced, and out of 121 smelting furnaces there were 98 in blast. The ship-plate trade decidedly improved, and generally the prospects of all branches of the iron business wore an encouraging character. Tin plates were in a depressed condition, with low ruling prices; the exports were slightly in excess of 1868.

COPPER. Owing to large shipments from abroad, prices of this metal had a downward tendency. Chili bars, worth 741. 10s. per ton in January, fell to 667. 10s. in December. Manufactured ranged from 847. to 787. per ton, and yellow metal from about 7d. per lb.

TIN.-Great fluctuations occurred, a considerable rise taking place in spring. The closing price for the year was 1177. per ton, against 1107. in January.

LEAD. The alteration of prices of this metal were trifling, varying only from 187. 15s. to 197. per ton during the year,

This trade had to contend with not only the dulness

few years, but also with an inadequate supply of raw material. At the commencement of 1869, the prices of flax were such as to render spinning a loss to the manu facturers. Eventually, reduced consumption caused an increase of stocks, and thus changed circumstances in favour of the consumer. The crop of 1869 proved large, and of average quality. Large quantities of jute were employed for coarse goods, specially at Dundee. The fluctuations of the raw material did not exceed from 21. to 31. per ton. The demand for linen was irregular throughout the year, while the trade in jute manufac tures was very large. The foreign markets were generally favourable, and the year closed with decidedly better prospects for 1870. The price of raw material varied as follows during 1869:-Archangel flax, 45%. to 647. per ton; good St. Petersburg, 41. for good, to 291. for low; Riga, 431. to 55l.; tow, 131.; hemp, 351. to

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