The vastly increasing trade in imports into this country from China, compared with which the exports are a bagatelle, Mr. Cobden passes over as having no bearing on the question. The opium revenue to the Indian government is also overlooked. The large shipping interest engaged in the China trade goes for nothing in Mr. Cobden's estimate, but it is nevertheless of great importance to the country, even though the vessels are not all owned in Lancashire, and do not all carry cotton. The amount of capital that British ship-owners find employment for in connection with China, is not limited to the large fleet of vessels engaged in the direct trade with this country, but is spread all over the coast and rivers of China. In the dispatch above quoted, Sir F. Bruce states that the entries of foreign shipping in China have increased from 293,568 tons, in 1860, to 996,890 tons in 1863. The interest which British merchants, and through them the nation at large, possess in the prosperity of China is widely ramified. They are closely involved in the local and coasting trade; large amounts of British capital are sunk in fixed property of various kinds at all the open ports; and such investments are increasing at a rapid rate. These things lie under the surface, and are not generally considered in estimates that are formed in this country of the actual stake Great Britain has in China. But they are none the less real on that account. Theorists may say what they will, but our establishment on the territory of China is a great and important fact; and whether the process which led to it was theoretically correct or not, it will be impossible to undo it. Not only are we fixed in China ourselves, but large native populations at the treaty parts have thrown in their fortunes with ours, to abandon whom would bring calamities on the Chinese for which it would baffle Mr. Cobden to find a remedy. To reverse our progress is, however, the policy or the hobby of Mr. Cobden. He would not only undo what has been done, but he would urge the Government on to a new career of conquest in China, without even a pretext for war. He would seize two more islands on the coast in order to make free ports which would draw trade away from those now established. "Get two other small islands ... merely establish them as free ports; I don't ask you to do more." Mr. Cobden does not commit himself to say how the islands are to be acquired, but he knows very well there is but one way of acquiring them. And supposing we took possession of two islands, how many would France take? and if England were to lead the way in such schemes of aggrandisement, would the ambition of France stop short at islands? Many high-handed proceedings have been laid to the charge of this country, but this scheme of spoliation would surpass everything else of the kind. Mr. Cobden would probably suggest purchasing the islands, which would be, at least, a civil way of putting it.