ed. On the whole, however, the exposition of the chancellor of the Exchequer was highly pleasing to all parties. They were satisfied that he had granted as great an alleviation of the public burthens as was consistent with public credit, and that he had chosen, with a comprehensive prudence, the mode of applying the relief.

On the 3rd of March, Mr. Maberly moved for the repeal of the assessed taxes: but, out of 175 members who were present, he was supported by only 47. On the 5th of May, a resolution, proposed by the same member respecting the duties on beer, was negatived by a majority of 88 to 23. Mr. Hobhouse on the 7th of May, moved a resolution, by which the House pledged itself to repeal the window tax from April 1826: The Ayes were 77, the Noes, 114. A motion for the repeal of the duties on soap and candles was negatived without a division.

than ordinary share

of the time of the members of the legislature was occupied during the present session, in the consideration of private bills. So great was the passion for Jointstock companies, and so abundant the capital which was ready to seek employment in schemes of local improvement, and in forming new channels of internal communication by means of rivers, canals, and rail-roads, that four hundred and thirty-eight petitions for private bills were presented, and two hundred and eighty-six private acts were passed. The conduct of the committees, to whom some of these private bills was referred, was the subject of loud and well merited complaint. Many members of the House of Commons seemed, in the exercise of this part of their functions, frequently to forget that they had any public trust or duty to discharge, and gave their votes for or against a scheme, entirely as it coincided, or was inconsistent with, any private interest of their own, or of their friends.

On the 6th of July, the session was terminated by commission. On that occasion, the lord chancellor as one of the commissioners, delivered the following Speech:

"My Lords and Gentlemen, "The business of the Session being now brought to a conclusion, we are commanded by his Majesty to express the great satisfaction which he feels in releasing you from your laborious attendance in Parliament.

"His Majesty returns you his warmest acknowledgments for the zeal and assiduity with which you have prosecuted the inquiries into the state of Ireland, which he recommended to you at the opening of the Session.

"It is a particular gratification to his Majesty, that the tranquillity and improved condition of that part of the United Kingdom have rendered the extraordinary powers with which you had invested his Majesty no longer necessary for the public safety.

"His Majesty is happy to be able to announce to you, that he receives from all Foreign Powers the strongest assurances of their friendly disposition towards this country, and of their desire to maintain the general peace.

"While his Majesty regrets the continuance of the war in the East Indies with the Burmese government, he trusts that the gallant exertions of the British and

native forces employed in operations in the enemy's territory may lead to a speedy and satisfactory termination of the contest.

"Gentlemen of the House of Commons,

"We have it in command from his Majesty to thank you for the Supplies which you have granted to him for the service of the present year, and at the same time to express the satisfaction which he derives from the reduction you have found it practicable to make in the burthens of his people.

"My Lords and Gentlemen, "His Majesty has commanded us to assure you, that he is highly sensible of the advantages which must result from the measures you have adopted in the course of this session, for extending the commerce of his subjects by the removal of unnecessary and inconvenient restrictions, and from the beneficial relaxations which you have deemed it expedient to introduce into the colonial system of this country.

"These measures, his Majesty is persuaded, will evince to his subjects in those distant possessions, the solicitude with which Parliament watches over their welfare: they tend to cement and consolidate the interests of the colonies with those of the mother country, and his Majesty confidently trusts that they will contribute to promote that general and increasing prosperity, on which his Majesty had the happiness of congratulating you on the opening of the present Session, and which, by the blessing of Providence, continues to pervade every part of his kingdom."

The Lord Chancellor then prorogued the Parliament to the 25th of August.

In the autumn, the attention of ministers was drawn, in conse

quence of the remonstrances of the Turkish government, to the conduct which was pursued here in relation to assisting the Greeks against their oppressors: and on the 30th of September, a proclamation was published, enforcing the provisions of the foreign-enlistment act. This proclamation, after reciting the king's declaration of neutrality in the contest between the Porte and the Greeks, and suggesting that, if British subjects contravened such declarations, not only might our sincerity be reasonably questioned, but peaceable and unoffending subjects in foreign parts might be exposed to unavoidable violence by way of retaliation for acts in which they had no share, it went on to state, that intelligence had been received by government, that attempts were making to induce certain of his majesty's subjects to fit out ships of war, and to serve in them under the flag of Greece, for the capture and spoliation of Turkish property. It then pointed out the direct contradiction of such proceedings to the provisions of the foreign-enlistment bill; and concluded by strictly commanding that no person whatever should take part in the hostilities referred to, under pain of incurring the penalties imposed by the statute. It was accompanied by an order in council, which, after reciting the 27th of Geo. 2nd, forbade the exportation of cannon, mortars, shot, or shells of any description, during the six months from the date of the order.

Early in the year the public securities showed a tendency to fall; and the shares of the different Joint-stock companies had declined from the extravagant prices which they had attained. After the close of the session, the state of the money-market became still more

critical: and almost every species of property fell in price. The large sums which had been invested in foreign loans and in distant or fantastic speculations, brought back no return: capital obtained upon credit, had been forced into every branch of commerce, and pushed far beyond the limits of immediate demand: the imports of cotton, wine, silk, &c., increased so suddenly, and so far beyond their usual amount, that the rates of exchange began to turn against the country; and the Bank of England diminished its issues and its discounts. In the meantime, the demand for further funds to supply the place of those which had been invested in a mode altogether unavailable, for present purposes at least, became gradually more urgent; but in proportion as it grew pressing, suspicion began to arise and commercial confidence to to be shaken. The merchants looked forward to their bankers; but bankers had been induced, by the abundance of money and the low rate of interest, in the end of 1824, and the beginning of the present year, to lay out their funds in discounting bills of unusually long dates, and upon other securites which could not be realized quickly. They therefore were unable to lend the help that was wanted; and several important commercial failures took place. The distress soon reached the bankers themselves. Some considerable banking houses in the country stopped payment: apprehensions sprung up with respect to the stability of the London bankers; and all classes of persons hastened to draw out their balances. This naturally produced one or two failures, and these failures redoubled the alarm. In the beginning of December, these embarrass

ments were at their height; and for some days the agitation in the City exceeded every thing of the kind that had been witnessed for many years. Lombard-street was nearly filled with persons hastening to the different banks to draw money, or waiting in anxious fear of hearing of new failures. The shock given to public credit by the stoppage of the banking house of sir Peter Pole and Co. on the 5th of December, was tremendous: as it was known that they kept accounts with forty-four country banks, several of whom, in all probability, would also stop payment. The funds immediately fell; on the 6th of the same month the public distress was increased by the failure of the banking house of Williams and Co: and immediately afterwards, by the failure of the firms of Everett, Walker, and Co. and of Sikes, Snaith, and Co. both of Mansion-house-street. The reaction of these insolvencies upon the country banks, was necessarily great. * All the usual channels of credit were stopped; and the cir

*The following is a list of the prin cipal banking houses which failed, or suspended their payments towards the end of the present year: Banbury, Gillett and Co. Bath, Cavenagh and Co. Ditto, Smith and Co. resumed. Bedford, Rawlins and Co. Birmingham, Gibbons and Co. gazetted. Brecon, Bromage and Snead. Boston, Ingelow and Co. Bradford, Wentworth and Co. Brighton, Lashmar and Co. Ditto, Tamplin and Co. Cambridge, Hollick and Co. resumed. Bristol, Browne and Co. Chelmsford, Crickett and Co, gazetted. Cheltenham, Hartlands and Co. Ditto, Turner and Co.

Ashburton, Browne and Co.

Chertsey, La Coste and Co. resumed.
Darlington, Skinnér and Co. resumed.
Daventry, Walker and Co.
Devonport, Shiells and Co. gazetted.

culation of the country was com-
pletely deranged. Several cabinet
deliberations took place; and it
was at length determined that one
and two pound Bank notes should
be temporarily issued for country
Diss, Fincham and Co.
Dorking, Piper and Co.
Dorchester, Pattison and Co. resumed.
Deal, May and Co.

Evesham, Hartland and Co.
Falmouth, Carne and Co.

Frome, Messiter and Co.
Gloucester, Turner and Co.
Gravesend, Brenchley and Co.
Hereford, Garrard and Co. gazetted.
Hinckley, Jervis and Co.
Ditto, Sansome and Co.

Huddersfield, Dobson and Co. gazetted.
Kettering, Keep and Co.
Kingston, Shrubsole and Co.
Leicester, Clarke and Co.
Lewes, Wood and Co.

London, Everett and Co.

Ditto, Pole and Co.

Ditto, Sikes and Co.

Ditto, Stirling and Co.

Ditto, Williams and Co. resumed.
Ditto, Sir C. Scott and Co., resumed.
Maidstone, Edmeads and Co. gazetted.
Maldon, Crickitt and Co.
Melksham, Moule and Co.
Nantwich, Boughton and Co.
Newcastle-under-Lyme, Sparrow and Co.
Northampton Smith and Co. gazetted.
Ditto, Osborne and Co. gazetted.
Norwich, Day and Co. gazetted.
Peterborough, Simpson and Co.
Plymouth, Elford and Co. bankruptcy
superseded.

Ripon, Charnock and Co.

Romford, Joyner and Co.

circulation. Accordingly, on the 16th of December, that measure was carried into effect. An order was also issued to the officers of the Mint to expedite, with the utmost despatch, an extraordinary coinage of sovereigns; and for one week about one hundred and fifty thousand sovereigns were coined per day. The circumstance of the price of bullion being lower than the Mint price was favourable to these operations. Rumours were spread that the government had resolved to suspend cash payments: but this report turned out to be a delusion. In the mean time, meetings were

held in London and in most of the trading towns, in which resolutions were adopted for the support of commercial credit; and these had, undoubtedly, considerable effect in checking the increase of the panic, and restoring some degree of mutual confidence. Thus wonderful was the contrast between the commencement and the close of the present year.

In our foreign possessions the only transactions of interest during the present year occurred in our Eastern empire.

The hostilities against the Burmese were prosecuted actively, and, in their details, successfully, but without producing any great gene

The successes which the troops under sir Archibald Campbell had gained towards the end of the preceding year, prevented him from being molested at Rangoon. The only military operations which took place in that quarter in the month of January, were some unimportant skirmishes. The principal of these was an attack upon the fort of Syriam. The detachment, which had been selected for this service, consisting of two hundred soldiers of the 47th regiment, and