If it should be said that this is not a fair illustration, and that the depression in the iron districts arises from peculiar circumstances unconnected with the question of Free Trade, we reply, that to the iron trade, more perhaps than to any other in the kingdom, the most extravagant representations were made of the increased consumption which must follow on the opening of the ports. Not only have those promises utterly failed, but this most important branch of industry has been brought down to a point only short of absolute annihilation. The masters are not only realising no profit, but they are large annual losers by carrying on their works. The men, as we have already seen, are on half wages. But who was the orator that, in 1839, predicted with such exceeding accuracy the decline of the iron and other trades as a necessary consequence of a diminution in the consumption of British corn? Hansard gives us the name: it is that of SIR JAMES GRAHAM. In truth, unless an early and thorough revision of our whole commercial system is made, the mercantile interests of Great Britain will be placed in the greatest jeopardy. This may appear incredible to that portion of the public who are gulled by the political economists, and who are content to receive the Board of Trade returns of exports and imports as satisfactory proofs of prosperity. But there is not a merchant in one of our large towns who does not know that the case is otherwise. The present number of the Magazine contains a paper from a valued correspondent in Liverpool, giving a fearful account of the losses which have been sustained during the bygone year of prosperity and Free Trade; and we are enabled, on the very best authority, to state that Glasgow is at this moment suffering under the effects of extreme mercantile depression. This may, and undoubtedly does, conduce to cheapen commodities; but such cheapness will be dearly purchased by the sacrifice of capital, and the wholesale ruin of thousands. It is the knowledge of these facts, and, in many cases, the bitter experience of them, which has wrought such a change in the mercantile mind of the country. No one has profited--all have lost by Free Trade; and therefore it is no wonder if the resuscitated Anti-Corn-Law League should receive little countenance beyond its own particular domain. What the country most urgently requires, and what we expect to receive from the Government of Lord Derby, are measures calculated to secure the prosperity--not fictitious but real--of all the great interests of Britain; and it is to prevent the introduction of such measures that faction is exerting itself to the utmost. The Whigs cannot deny the fact that there has been a strong reaction throughout the country. They can assign that reaction to no other cause than a general conviction that the interests of the country have suffered, instead of being promoted, by the practical working of Free Trade; and the existence of that