AFTER the survey taken in our last volume of the political world and its principal actors, the present aspect of both affords little room for additional remark. The Oppositions, both Whig and popular, continued in the active exercise of their functions; but, while they diligently watched the movements of ministry, they scarcely felt a hope, or exerted an effort, to drive them from their seats. Britain never had so independent a Parliament. There was less of the means of influence, and less of the spirit of devoted partizanship, than at any former period. The stability of ministers rested on a surer and more permanent basis. Instead of endeavouring to secure themselves by high stretches of authority, by a course of favouritism and patronage, and by urging on the zeal of their partizans, they attained this object by acting on a system liberal, constitutional, and conciliatory towards all

classes. They hesitated no longer in selecting from every political creed whatever it contained that promised to be salutary, without exception even of those whose votaries had manifested the strongest hostility to themselves, or whose views had excited most alarm in the public mind. In their present adoption, however, these measures were so far tempered and modified, as not to revolt any judicious advocate of the established system. The popular leaders, in return, had, in a great measure, exchanged their course of rude and sweeping attack against all established men and systems, for one of cool stricture and practical inquiry. On the other hand, there was formed behind ministry a sort of ultra-ministerial party, who complained, that ministers acted under a pusillanimous dread of opponents whom they ought to have contemned and despised; that they had entered on a

timid and time-serving career, and were estranging themselves from their own most, zealous friends and supporters. Ministers, however, held on their course amid murmurs on both sides, but without meeting with any serious obstruction. The only formidable mass of resistance was collected against the more liberal system of commercial arrangement, which they had adopted in common with several philosophic adherents of the popular cause, and which went upon the principle of laying open British industry and its products to free competition from all quarters, whether native or foreign. Upon this subject a sort of transverse of parties took place. There appeared in array against the new system, a mass of the old Whigs and of the old Tories, who called out for the maintenance of the original English system, by which our own produce and manufactures might be protected against the dangerous competition of states that were not only foreign, but rootedly hostile. These doctrines, in fact, are, on a superficial glance, so plausible, and require such extensive views to detect their errors, that they have captivated almost all the popular governments of the present day, and even in Britain continued to enjoy favour with a large portion of the public. It was not, therefore, without resistance that ministers had been enabled to break ground against the system of monopoly; and now that they were to make nearer approaches, and to begin to breach the main fortress, it was impossible not to anticipate opposition of a pretty se

rious nature.

One circumstance, it must be confessed, was peculiarly favourable for enabling administration to proceed with smoothness and success. So long as there was a heavy pressure of distress and suffering upon any considerable portion of the community, there

could never cease to be a disposition to call upon government for the cause, and to hold it more or less responsible for this interruption of the general well-being. The consequence had been, that, at no distant period, ministers had a most difficult course to steer. But at the beginning of the present year all things had materially changed their aspect. Commerce and manufactures had, before this time, emerged from their long distress; yet their wheels had hitherto moved on in a steady, but slow and languid career. At present, animation and briskness were rapidly returning, and confidence was felt that Britain had again entered on a sure and prosperous progress. That enterprize of her merchants which, beneath the overwhelming blows that struck it, had lain astounded and dismayed, but never vanquished, now revived in all its energy. It exerted itself, however, under circumstances very different from those which took place under the period of rapid, and, as it were, feverish prosperity which had marked the preceding period of war.

Then the almost unlimited employment for capital was accompanied with the difficulty of finding it, and a consequent high premium offered for its use. At present capital was abundant, and to be had at an easy rate; but there was great difficulty of disposing of it in any manner which would afford an adequate remuneration. Capital, therefore, overflowing and pent up, eagerly thrust itself into every channel which afforded in the least a promising aspect. Hence the eagerness with which it sought the perilous field of foreign loan, upon the faintest and most remote security, and British capital was poured over the farthest corners of the earth with, it is to be feared in many instances, very faint prospects of returning. Now, however, when the pressure of mercantile distress and alarm had abated, a

securer, and, nationally speaking, more salutary sphere of employment was sought at home. This effort was made chiefly in the direction of forming great joint stock companies, to conduct, on a great scale, those branches of national industry which had hitherto been carried on by individuals or by private copartnery. This system was of somewhat a dubious character and tendency, and some of its details were marked by a precipitate boldness, too often characteristic of British commercial enterprize. This pressure, however, of capital for employment, operated usefully in urging the legislature to the dissolution of monopolies, founded on no reason or policy, and which imposed pernicious restraints on the regular current of commercial transactions. Generally speaking, the preparatory steps by which these companies were to be enabled to act, required the sanction of a legislative enactment; and they were thus brought into fuller discussion than was necessary in the case of individual associations, not demanding or receiving any exclusive privileges.

On the subject of foreign affairs, a pretty strong interest, of a more painful nature, was still felt. All the

hopes and predictions of the friends of liberty had been fatally belied, yet the catastrophe, though affording ample room for just and fruitless invective against the powers leagued in its accomplishment, could leave little room for party conflict. The weakness, disunion, and treachery, which had caused so total and rapid a downfall of the Spanish constitutional system, afforded additional justification of those who had declined embarking in so ill cemented and supported a cause. The more cautious and judicious leaders of the Whig interest, therefore, held themselves prepared merely to speak, and to throw a general shade of re

proach around ministry. Only their more vehement and precipitate retainers courted a vote, which, it was foreseen, would be attended with no issue either flattering to the party, or tending to consolidate its influence.

In consequence of the indisposition under which his Majesty unfortunately laboured, he was unable this year to open Parliament in person. The following speech was delivered in his name by the Lord Chancellor to the two Houses.

"My Lords and Gentlemen,

"We are commanded by his Majesty to express to you his Majesty's deep regret, that, in consequence of indisposition, he is prevented from meeting you in Parliament upon the present occasion.

"It would have been a peculiar satisfaction to his Majesty to be enabled in person to congratulate you on the prosperous condition of the country.

"Trade and commerce are extending themselves, both at home and abroad. An increasing activity pervades almost every branch of manufacture.

"The growth of the revenue is such as not only to sustain public credit, and to prove the unimpaired productiveness of our resources, but (what is yet more gratifying to his Majesty's feelings) to evince a diffusion of comfort among the great body of the people.

"Agriculture is increasing from the depression under which it laboured, and, by the steady operation of natural causes, is gradually re-assuming the station to which its importance entitles it, among the great interests of the nation.

"At no former period has there prevailed throughout all classes of the community in this island a more cheer

ful spirit of order, or a more just sense of the advantages which, under the blessing of Providence, they enjoy.

"In Ireland, which has for some time past been the subject of his Majesty's particular solicitude, there are many indications of amendment, and his Majesty relies upon your continued endeavours to secure the welfare and happiness of that part of the United Kingdom.

"His Majesty has commanded us farther to inform you, that he has every reason to believe, that the progress of our internal prosperity and improvement will not be disturbed by any interruption of tranquillity abroad. "His Majesty continues to receive from the powers his allies, and generally from all princes and states, assurances of their earnest desire to maintain and cultivate the relations of friendship with his Majesty, and nothing is omitted on his Majesty's part, as well to preserve general peace as to remove any causes of disagreement, and to draw closer the bonds of amity between other nations and Great Britain.

"The negotiations which have been so long carried on through his Majesty's ambassador at Constantinople, for the arrangement of differences between Russia and the Ottoman Porte, are, as his Majesty flatters himself, drawing near to a favourable termination.

"A convention has been concluded between his Majesty and the Emperor of Austria, for the settlement of the pecuniary claims of the country upon the court of Vienna. His Majesty has directed that a copy of this convention shall be laid before you, and he relies on your assistance for the execution of some of its provisions.

"Anxiously as his Majesty deprecated the commencement of the war in Spain, he is every day more satisfied, that, in the strict neutrality which he determined to observe in that contest,

(and which you so cordially approved,) he best consulted the true interests of his people.

"With respect to the provinces of America, which have declared their separation from Spain, his Majesty's conduct has been open and consistent, and his opinions have been at all times frankly avowed to Spain and to other powers.

"His Majesty has appointed consuls to reside at the principal ports and places of these provinces, for the protection of the trade of his subjects.

"As to any farther measures, his Majesty has reserved to himself an unfettered discretion, to be exercised as the circumstances of those countries, and the interest of his own people, may appear to his Majesty to require.

"Gentlemen of the House of Commons,

"His Majesty has directed us to inform you, that the estimates for the year are prepared, and shall be forthwith laid before you.

"The numerous points at which, under present circumstances, his Majesty's naval force is necessarily distributed, and the occasion which has arisen for strengthening his garrisons in the West Indies, have rendered unavoidable some augmentation of his establishments by sea and land.

"His Majesty has, however, the gratification of believing that, notwithstanding the increase of expense incident to these augmentations, it will still be in your power, after providing for the services of the year, to make arrangements in some parts of our system of taxation which may afford relief to certain important branches of the national industry.

My Lords and Gentlemen,

"His Majesty has commanded us to acquaint you, that he has not been inattentive to the desire expressed by