time before the effects of a decline in lessening the supply of labour are felt. A part of the population perishes slowly from want and misery, and others are made prudent in respect of marriage; but by the time these checks are seen to operate, a new period of prosperity has arrived, which is ascribed by the people to accident. It is this impossibility of making the supply of labour suit the demand at a moment’s notice, which makes fluctuations in trade so sensibly felt, for good or for evil, by the labourer. Since he cannot, as you say, Mr. Bray, diminish the number of workmen when trade is slack, and if he wishes his descendants not to be plunged into degradation by extreme poverty, he will do what in him lies to prevent population from increasing faster than the capital which is to support it.” Mr. Wentworth was encouraged to pursue his argumentative manner of speaking by the attention of the people near the waggon. Some of them had become a little tired of the weekly meetings at which their orators had said the same things over and over again, and were pleased to be reasoned with by one whom they esteemed, and to obtain, by these means, a better insight into their affairs than was given them by leaders who were all of one party. The more the present meeting assumed the character of a conference, the more eagerly the most thinking men in the crowd pressed towards the waggon, and cheered the questions and replies. Those on the outskirts, who were more fond of noise and display, were at liberty to come and go as they pleased; to listen to Mr. Wentworth, or to follow Clack. Bray now observed that population must increase rapidly indeed, as it had outstripped the increase of capital in the cotton manufacture. He believed so rapid an increase of capital had never been known before. To this Mr. Wentworth replied by asking of the crowd whether there was any one among them who had known James Hargraves. An old man stept forwards and said that he was a native of Blackburn, and had been accustomed, as a boy, to frequent Hargraves’ workshop; that he remembered seeing the carpenter busy about his invention, and his own delight at having the design of the spinning-jenny explained to him by the inventor; he saw directly how eight threads could be spun instead of one, and thought it a very fine thing, and had little notion how soon it would be so much improved upon as that a little girl might work one hundred, or one hundred and twenty spindles. When was this? Why, a few years after the old king George began to reign; in 1767, he believed. “When that king came to the throne,” observed Mr. Wentworth, “the whole value of the cotton goods manufactured in this country was only 200,000_l._ a year.”