prehension, when he insinuated that he had had the least connection with any of these speculations. He could assure him, that neither directly nor indirectly, had he had the least share, or interest, in any Company which had been formed in the years 1824, 1825, 1826. He had, indeed, an interest in one of the oldest Insurance Companies of the country, but it had remained of the same amount during the last twenty years. It was not, however, because he held a particular situation under the Government, that he felt himself disqualified from applying his private property to such beneficial purposes as fairly presented themselves to his view; but the fact was, that he had never thought of embarking in these speculations, and, with the exception of some inconsiderable shares in two canals, one of them near his country residence, and the other locally connected with his interests in another point of view, he had never been in any way engaged in these Companies.

If the honourable member alluded to the Company which had been formed to promote the growth of silk in Ireland, he would explain, in a few words, all the connection he had had with that Company. When the parties who had projected it came to the Board of Trade, he had specifically stated to them, that though he thought it a desirable experiment, and wished it to have a fair trial, and though, under other circumstances, he might have felt disposed to take an interest in it, yet, considering the situation he held, as President of the Board of Trade, he could not expose himself to the misapprehension that would be likely to arise from his so doing. When the parties applied to him, to know what number of shares would be taken, he informed them, that there must have been some misconception as to the intentions of the Government, which was desirous only of giving that degree of counte

nance to the experiment, which might facilitate the object of providing employment to a large portion of the population of Ireland. Such was the nature of this application, and such the answer which had been given on the part of the Government; and he defied the honourable gentleman to point out a single speculation, of any description, with which he had had the slightest connection, either directly or indirectly.

He had heard with great satisfaction the very sound and able vindication which the honourable member for Callington had been enabled, from his personal knowledge and individual information, to give of the benefit and utility of Joint-Stock Companies. It was extremely desirable that some explanation should go forth to the Public, which might counteract the unmeasured condemnation which the honourable alderman had thought proper to pronounce upon these Companies. If there was one circumstance to which, more than another, this country owed its wealth and its commercial advantages, it was the existence of JointStock Companies. Its canals, its bridges, all its great works, had been carried on by Joint-Stock Companies; and it was an advantage peculiar to this country, that such important undertakings were conducted by individuals interested in their success: whereas, in other countries, where they were left to the care of the Government, they were often neglected and left unfinished. Many of these works had been extremely disadvantageous to the persons who had originally embarked in them. This had been the case with regard to the New River Company. It must be admitted, that there could hardly be a greater benefit to a populous city than an abundant supply of pure and wholesome water. The individuals, however, by whom this project was originally undertaken, were involved in great loss; but, ultimately, the Public had derived the greatest

benefit from it, and the successors of the first projectors had been amply remunerated. The same thing had happened with respect to many of our Bridges and Harbours; and, in general, it might be observed, that it was one of the circumstances which distinguished this country above all others, that great and important works were conducted by Joint-Stock Companies-not always to the interest of the parties who embarked in such speculations, but uniformly to the interest and advantage of the Public. There could not, therefore, be a greater error, or a greater delusion, than that under which it had been attempted to cry down Joint-Stock Companies as public evils. It was only in the last session, that efforts had been made to prevail on the Bank of England so far to relax its charter, as to admit of the formation of Joint-Stock Companies, with a view of rendering the business of Banking less hazardous; and the example of Scotland was cited, where there was no impediment to the formation of such Companies.

The honourable alderman had talked as if the formation of Joint-Stock Companies, for the purpose of carrying on the business of Mining, was a new discovery. He could, however, tell the honourable alderman, that all the great mining works in this country had been carried on, time out of mind, by Joint-Stock Companies. The mines in Cornwall and in Wales had been conducted by such Companies. No man could regret more than he did, that the law relating to Joint-Stock Companies was not more satisfactory; for while its object should be to controul the excesses to which such Companies were liable, it should also afford proper encouragement to those by whom undertakings of public utility were first designed. It was, therefore, mischievous and impolitic to pass a sweeping censure on Joint-Stock Companies generally, and it was no less unfair and unwise to take away the characters of those persons who

might happen to be concerned in them. He would not dispute that there had been many Bubbles, as they were called, which reflected deep disgrace upon those by whom they had been concocted; but he must repeat, that many of the projects which had been formed were likely to conduce, in a large degree, to the public interest. The mischievous effects of some of the late schemes and bubbles were but too visible in the ruin and destruction of many; and those individuals on whom guilt could fairly be fastened, deserved that disgrace which their proceedings called for. Whenever the subject of those shameless speculators should be brought under the consideration of the House, he would raise, as he always had raised, his voice against them, as schemes fraught with fraud in some instances, and with hazard and obvious folly, in others. The honourable alderman had particularly alluded to the Brick Company, and to the Milk Company, and some others of a like description. Of these, and similar wild schemes, he had already expressed his opinion in that House; and he had warned the public against connecting themselves with schemes which had evidently no other foundation than the folly or avarice of the projectors. He wished sincerely that the law was so constituted as to prevent parties from engaging in such delusions, and he was quite ready to agree with the honourable alderman, that when frauds and abuses, either in Companies or individuals, could be proved, they ought to be punished; but while he thus far concurred with the honourable alderman, he could not join in the clamour against a principle, which was one of the great foundations of our commercial prosperity, and which he considered essential to the best interests of the country.

The Amendment was agreed to, and a Committee appointed.

EXPORTATION OF MACHINERY.

December 6.

Mr. Hume, on presenting a Petition from the Machine Makers of Manchester, praying for an alteration of the Law prohibiting the Exportation of Machinery, suggested to the right honourable the President of the Board of Trade, whether it was right to continue a system of Prohibitions with respect to Machinery, when he was endeavouring to abolish that system with regard to every other article of industry?

Mr. HUSKISSON appealed to the honourable member for Aberdeen, whether a question of immense importance could with propriety be discussed at a period when so many thousands of manufacturers were either out of work, or but partially employed. If it could even be proved, that the exportation of machinery would not be attended with any ill effects, still he was perfectly convinced, that the agita tion of this subject would alarm the manufacturers, and prevent them from going on with their respective branches of manufacture. He assured the honourable gentleman, that if a Bill were to be introduced, which had for its object the abolition of every restriction upon the exportation of machinery, it would be productive of serious alarm in the manufacturing districts, and would give rise to the presentation of numerous petitions from all parts of the country to that House. He trusted, therefore, that the honourable member would confine himself to the presentation of the petition, and would not follow it up with any specific motion.

It had been generally agreed, that some alteration in the law relating to the exportation of Machinery should take place; and the question having been agitated some time ago, a regulation was made, investing the Board of Trade with a discretionary power, as to the kinds of machinery which might, or might not, be exported. The discretion thus vested in the Board of Trade was of a most disagreeable