There are other considerations connected with the permanent depreciation
of landed property in Great Britain, which are personal to almost every
man belonging to the higher and middle classes of society. It has been
far too hastily assumed that this is a mere proprietor’s question, or at
least one in which the mercantile and professional classes have no
direct interest. We propose, towards the conclusion of this article, to
examine that matter minutely: in the mean time we shall direct our
attention to the official tables of the exports and imports for the last
year, which have been thought so favourable to free trade, as almost to
justify the celebration of a national jubilee.
In 1848, our exports were short of forty-nine millions; this year they
exceed fifty-eight. Such is their declared value; and though we must
still hold with Sir Robert Peel, that these tables cannot be entirely
relied on for accuracy, we shall consider them simply as they are given
us.
In order to estimate the real advantage which the country has derived
from the adoption of free trade, it is necessary to revert to the
condition in which we stood _before_ the Corn and Navigation Laws were
repealed. No one, who reflects upon the state of the Continent in 1848,
can be surprised that our exports have been augmented materially by the
restoration of tranquillity. That augmentation has nothing whatever to
do with free trade. The question which we must now consider is this—have
we been materially benefited, or benefited at all, or the reverse, by
the substitution of free trade instead of our former system? In order to
ascertain that, we must institute a comparison between our situation
anterior to free trade, and that which is now made the ground of
Ministerial triumph. We shall, therefore, compare the exports and
imports of the year 1845, the last protection year, with those of 1849.
The fairness of this comparison will not, we presume, be disputed. And
first, as to the exports:
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