growth, so did we adapt our machinery to convert it into fabrics for the world. It is by no means a pleasant matter to recur to certain particulars in our commercial and manufacturing history. We found the East Indies in the possession of a considerable manufacture of cotton, the producer and the converter being there reciprocally dependant. _That_ we have stopped, the object being to compel the Hindustani to receive his clothing direct from Manchester. And we have succeeded so far that, last year, our exports to Hindostan were so great, that, by lumping them in the general account, our statists were able to furnish what appeared to many a convincing argument in favour of Free Trade, though in reality it had nothing to do with that question. _But at what cost_ have these operations been made on India? Simply at this, that, whilst destroying the native manufacture, we have also curtailed the production of the raw material. Of the rapid diminution in its amount let the following figures tell:-- IMPORT OF COTTON FROM INDIA TO ENGLAND. 1844 88,000,000 lbs. 1845 58,000,000 " 1846 34,000,000 " But raw material we must have, else our machinery is of no use. We have had so long a monopoly of cotton-spinning that we have accustomed ourselves, spite of nature, and spite of fact, to believe that our whole destiny was that of cotton-spinning. We ignore all history in favour of that particular shrub; and, pinning our faith to export tables--concocted by the weakest and most contemptible of charlatans--we make no hesitation in avowing that the prosperity and destiny of Great Britain is indissolubly entwined with our monopoly of cotton twist! That would be simply laughable, if we had not absolutely legislated on, and committed ourselves to that theory. We stand just now, in the face both of Europe and America--we know not whether we ought to exclude the other quarters of the globe--in the most ridiculous possible position. Our economists are permitted to say to them--"Send us your raw material, and we shall be proud and happy to work it up for you. Don't be at the pains or the cost of rearing manufactories for yourselves. That would entail upon you, not only a great deal of trouble, but a vast expenditure of capital, which you had much better lay out in improving your extra soil, and in bringing it to good cultivation. We can promise you a ready market here. Our proprietors and farmers are unquestionably heavily burdened by taxation, but they must submit to the popular will; or, if they choose to dissent, they may sell off their stock and emigrate to your country, where doubtless they will prove valuable acquisitions. You, we are well aware, are able to provide us with food cheaper than they can do it; and cheapness is all we look to. We shall even do more for you. We agree to admit to our market, at merely nominal duties, all your small articles of manufacture. You may undersell and annihilate, if you can,