are, by the markets and the means of employment which Manchester and Glasgow afford; but her own staple manufacture is corn. The Treasury was authorized by the 1 & 2 Wm. IV, c. 33, passed in 1831, to lend money to private individuals for the improvement of their estates, provided the value of the estate was increased 10 per cent. and repayment was made in three years; and by the first Act of the Session of 1846 the period of repayment was extended to twenty years. This power was however very sparingly acted on. Grave objections existed to the State becoming a general creditor throughout the country, and the operations of private capitalists were likely to be deranged and suspended by the interference of such a competitor. A rate of interest (5 per cent.) higher than the market rate for money lent on mortgage, was therefore charged, and the result was, that only three persons took out loans under this arrangement, one of whom was the late Lord Bessborough. At the close of the Session of 1846, the Act 9 & 10 Vic. c. 101, was passed, by which 1,000,000ℓ. was authorized to be lent for drainage in Ireland, and repayment was to be made in equal half-yearly instalments, spread over twenty-two years, including interest at 3½ per cent.; but this Act could not be worked, so far as Ireland was concerned, partly owing to a legal opinion that tenants for life were not eligible for loans under it, and partly because the works must be executed to a certain extent before the money could be advanced. Upon this the Treasury issued a Minute dated the 1st, and a letter dated the 15th December, 1846[60], offering to lend money for the general improvement of estates, including drainage, on a footing which combined the advantages of the previous Acts with the indulgent mode of repayment introduced by the last; and in the following session the Act 10 & 11 Vic. c. 32 was passed, by which all the existing legislation on the subject was consolidated, and loans[61] were authorized to be made in Ireland to the extent of 1,500,000ℓ., on the principle that the improvements on each estate are to be executed by the proprietor, and that the interference of the officers of the Government is to be confined to ascertaining, in the first instance, that the proposed improvements are likely to be of such a permanent and productive character as would justify the cost of them being made a charge upon the estate, with priority over other incumbrances, and, afterwards, to inspecting the works from time to time, so as to secure the proper application of the sums advanced to the purposes for which they were intended. No advance can be made under this Act unless the increased annual value to be given to the land by the proposed improvement shall equal the amount to be charged on it; and a difficulty having arisen from the circumstance that the full benefit to be derived from draining is attained in different soils at different periods after the completion of the drains, it