benefit from it, and the successors of the first projectors had been amply remunerated. The same thing had hap pened 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

and unpleasant nature. It was, moreover, liable to this objection-that in whatever way the Board decided, the party to whom the right of exportation was refused conceived himself injured, and looked with jealousy on another party to whom a liberty to export certain different articles was permitted. Upon this ground alone he felt the necessity of establishing some fixed principle of exportation and prohibition of all articles of machinery. He had himself endeavoured to lay down a rule by which the discretion vested in the Board of Trade should be regulated; and that principle was this-that when machinery was of great bulk, and contained a great quantity of the raw material, then no objection should be made to exportation, as he considered that no injury could be done to the country by it. But where the machinery was one of modern improvement, and depended mainly upon the ingenuity and excellence of the mechanism, and where the raw material used was trifling, he felt that he owed it to the manufacturer to restrain, as far as he could, the exportation of such machinery. The mischief that would arise from altering the law respecting a general exportation of machinery might be collected from this fact-that there were at the present moment, many manufacturing establishments standing still on the Continent, under the expectation of obtaining machinery of a particular description from this country.

Under these circumstances, then, and particularly in the present state of the manufacturing interests, he implored the honourable member not to agitate the question at present. He was ready to give any assistance in his power, either in his individual capacity, or as a member of a Committee, towards simplifying and more strictly defining the law; but he did not wish it to go forth to the public, that the whole law with regard to the exportation of machinery might be safely repealed.

EXPOSITION OF THE STATE OF THE BRITISH COMMERCIAL SHIPPING INTEREST.

May 7, 1827.

Early in the session, General Gascoyne gave notice of a motion on the distressed State of the Shipping Interest. The motion was repeatedly postponed in consequence of Mr. Huskisson's severe illness. On the 10th of March, Mr. Baring, on presenting a Petition from the Ship-owners of London, complaining of the changes which had been made in the Navigation Laws, took the opportunity of asking the Vice-President of the Board of Trade, whether it was the intention of Government to grant a Committee on the subject? He said he thought some inquiry necessary, for the purpose of ascertaining whether the distress proceeded from the measures which had been adopted, or whether it was the consequence of that general stagnation of Trade, which had, more or less, affected all the other branches of national industry. Mr. Charles Grant answered, that his right honourable friend, the President of the Board of Trade, was

• The following is a List of the Ministry, as it was settled under Mr. Canning:

Earl of Harrowby.....

Lord Lyndhurst ....

Duke of Portland

Cabinet Ministers.

President of the Council; shortly after succeeded by the Duke of Portland.

.......Lord Chancellor.

{

Right Hon. George Canning ...{

Right Hon. W. S. Bourne

Lord Privy Seal; shortly after sueceeded by the Earl of Carlisle. First Lord of the Treasury, and Chancellor of the Exchequer. Secretary of State for the Home Department; shortly after succeeded by the Marquis of Lansdowne.

Viscount Dudley and Ward ... {Secretary of State for Foreign

Affairs.

Secretary of State for the Depart

Viscount Goderich .........

{

ment of War and the Colonies.

Right Hon. C. W. W. Wynn ..........President of the Board of Control.

Right Hon. William Huskisson{sident of the Board of Trade.

Chancellor of the Duchy of Lan

caster.

Treasurer of the Navy, and Pre