First, with regard to the revenue, that never-failing index of the national fortunes. The revenue for the year ending Oct. 10, 1849, being the last quarter that has been made up, was only £236,000 more than that for the year ending Oct. 10, 1848. That is to say, during a year when free trade was acting under the most favourable possible circumstances, and when the pacification of the world was reopening markets long closed to our manufactures, the revenue only rose a mere trifle above what it had been in the year wasted by the triple curse of a monetary crisis, European revolutions, Chartist disturbances and Irish rebellion. Why is this? Evidently because the effect of free trade and a restricted currency acting together, and the dread of a fresh monetary crisis hanging over our heads from the unprecedented magnitude of our importations in every branch of commerce, have depressed industry at home to such a degree, that even the reopening of all the closed markets of the world, and the rush to fill up the void, created during fifteen months of stoppage of intercourse, has been able to produce no sensible addition to the public revenue. Next, as to the exports. The reopening of the Continental markets, the pacification of India by the victory of Goojerat, and the impulse given to American speculation by the gold of California, has occasioned a considerable increase in our exports, on which the Free-traders are pluming themselves in an extraordinary degree. We should be glad to know in what way free trade pacified India, extinguished revolution in Europe, and vivified America by the Californian diggings. And yet, had these distant and adventitious occurrences not taken place, would we have had to congratulate the manufacturers on a rise of two millions in September, and a rise of seven or eight millions on the whole year? And what, after all, is a rise of our exports from £53,000,000 to £60,000,000 or even £63,000,000 in a year, to the total manufacturing industry of the country, which produces at least £200,000,000 annually? It is scarcely the addition of a _thirtieth_ part to the annual manufactured production. The Free-traders are hard pushed, indeed, when they are constrained to exult in an addition to the national industry so trifling, and wholly brought about by fortunate external events entirely foreign to their policy.