Sinking Fund; and that it has been principally expended in wars, most of them undertaken against the true interests of a maritime, manufacturing, and commercial nation like England-a nation whose happy topographical situation renders her entirely independent of continental broils and quarrels. Its amount has been immensely increased in time of war; while the reductions effected in time of peace have been exceedingly limited. In the first period of peace, of twelve years' duration, ten millions were reduced; in the second, which lasted ten years, only four millions and a half; and in the last and longest, exceeding fifteen years, the amount of the reduction has been so trifling, that it seems almost incredible.-pp. 241, 243.

From this disagreeable subject the author proceeds to consider what are the means and capital of the British empire.

We begin with the subject of agriculture. The largest part of the capital of the British empire is embarked in agriculture; certainly the half of this capital is: that is to say, a sum equal to one thousand nine hundred and one million nine hundred thousand pounds. Taking the total annual value of the direct produce of agriculture, it will be found to amount to two hundred and forty-six millions six hundred thousand pounds. The calculations, on which these results are founded, rest on records and information of the most authentic description. The items of this produce, and their amount, respectively, are as follow:

Mines constitute the next source of greatest production. Under this head are included all those works carried on for the purpose of procuring gravel, sand, slate, granite, &c. The author believes that he does not exaggerate, in fixing the amount produced by the mines and minerals generally of the United Kingdom at an annual average of 21,400,000l. The iron mines, he estimates, produce upwards of four millions of this amount; whilst the value of the coals is rated at eleven millions.

In speaking of the inland and coasting traders, the author observes that there is no country in the world where the elements for carrying on internal communication are better, or more extensively combined, than in this.

The number of families of shopkeepers in Great Britain is taken, by the most experienced authorities, as about 350,000, which will give 2,100,000 of individuals. It cannot be far from a correct

view of the subject, to calculate the labour and profits of capital employed by this great community at sixty pounds a year each family; and, assuming this to be accurate, we should then have, under this head, a sum of twenty-one millions. This estimate, however, does not take in Ireland; neither does it include the millers, butchers, and bakers: but, taking all together, and calculating the profits upon a moderate scale, it appears to the author that we may allow for this item, in the general account, the full sum of 16,200,0007. The coasting trade is computed to produce 3,550,000.; the fisheries, 3,400,000l.; shipping and foreign trade, 34,398,0597. ; bankers and foreign income (the income from foreign loans, money contracts, &c.), 9,000,000l.: under the latter head are included the whole of the chartered banks of the United Kingdom. Some idea of the transactions of these powerful merchants will be obtained from the statement, that the amount of the accounts balanced every day, in London, by these bankers, is eight millions sterling! In the same item is comprehended the income resulting from property abroad, possessed by British subjects. It has been usually calculated, that the remittances on account of the East Indies to this country amount to two millions : the author, however, is contented with fixing it at 1,500,0007.

When the author comes to the consideration of the manufactures of Great Britain, he deems it hopeless to attempt to give any thing like an idea of the infinite ramifications which they form. He presents us, however, with some highly interesting particulars respecting our principal and staple manufactures. Of the cotton manufacture we have the following account :

The cotton manufacture, or to speak more correctly, the cotton machinefacture, ranks first. The entire value of this manufacture in 1760, did not amount to 200,000l.; but since that time, by the aid of human skill and machinery, it has not only extended its produce over all Europe and America, but has undersold the Asiatics in their cheap and home markets; sending a larger quantity of its produce to the East Indies and China, than to the United States. In 1824, Huskisson stated in the House of Commons, that the annual produce of this manufacture was 33,500,0007.; in 1827, it was stated to be 36,000,0007.; and at present cannot be estimated under 37,000,000l. Deducting six millions for the cost of the raw material, (though it certainly does not amount to that sum), leaves 31,000,000l. More than 850,000 weavers, spinners, bleachers, &c., are employed in this manufacture, the amount of whose wages, at 247. per year, exceeds two millions; and the wages of 111,000 engineers, masons, smiths, joiners, machine-makers, &c., at the rate of only 30l. a year, would produce 3,330,000l.; making together 5,330,000l.; which, deducted from 31,000,000l. leaves 25,670,000l. for the profits of capital invested in looms, workshops, mills, machinery, &c. This capital was estimated, in the year above mentioned, at 65,000,000l., and at present exceeds 75,000,000. The number of men altogether employed is 1,200,000.

Such is the prodigious annual amount raised by this single manufacture ; exceeding by one million the whole gross revenue estimated to be raised VOL. II. (1833) No. I.

I

in the whole of the stupendous and " celestial" empire of China. Such are the results of the combination of capital with the wonderful powers of machinery, perhaps equal to the work of eighty millions of men. Even the most cool and inattentive observer is astonished, when inspecting the prodigious effects of this combination of human skill and ingenuity at Manchester, Glasgow, Paisley, &c.-effects which, more than all the theological and metaphysical arguments of trafficers in religion, demonstrate to the greatest unbeliever,

"how wonderful is man,

A beam ethereal, sullied and absorpt,

Though sullied and dishonoured, still divine!"

And these admirable effects are not only witnessed in large towns, but in the most profound caverns, at the tops of the highest mountains, and in the most retired spots in the island.-pp. 313-315.

At present, the exports of cotton goods form nearly half of the whole exports of the kingdom.

In speaking of the silk manufacture of this country, Mr. Pebrer appears anxious to establish in the public mind an estimate of this branch of trade commensurate with its real magnitude. He does not despair, after witnessing its rapid progress since 1823, of seeing the British manufacture of silk supplanting that of France, even in the French market, in the same way as the cotton manufactures have already done with the East Indian article. The annual produce of this branch of manufacture is estimated at eight millions.

The woollen manufacture forms a subject of extensive illustration by the author. Its gross produce cannot be less, at present, than 22,300,000l.: from which six millions, as the cost of the raw material, is to be deducted. This manufacture gives employment. to more than half a million of men, women, and children.

The linen manufacture is estimated as producing eleven millions, the cost of the raw material not deducted. The declared value of the exports of this article is nearly two millions sterling; and the number of hands employed in it cannot be less than 300,000.

The leather manufacture, which embraces a great variety of articles, is caclulated at fifteen millions annually.

The hardware manufactures-all those metallic articles made in Birmingham, Sheffield, &c.—are calculated, by the author, to be underrated at the sum of seventeen millions three hundred thousand pounds. The cost of the raw material in this trade is comparatively insignificant. The expense of production consists chiefly of wages it is, therefore, a trade altogether depending on the industry of the nation. The number of persons to whom this trade gives employment is 370,000.

Earthenware, china, porcelain, and glass manufactures, are sources of permanent and immense profit: for, with the exception of barilla and pearl ashes, the materials of the manufacture of each are to be found in this country. The yearly produce of glass is

two millions and a half sterling; and that of the pottery and earthenware cannot be less than nearly six millions. The jewellery branch, after deducting the cost of the raw materials, may be fairly allowed to produce not less than three millions four hundred thousand pounds sterling. There is a class of manufactures which, from the various nature of the articles produced, are considered usually under the general designation of "Miscellaneous." These consist of paper of all sorts, paste-board, hangings, book and print machinery, mechanical apparatus connected with the fine arts, &c. The estimate of the author, founded on all accessible sources of information, is, that the annual produce of such articles is not less than thirty-one millions two hundred thousand sterling. The calculations, in this instance, as, indeed, those throughout the work, are not adopted at random, or based upon mere guess-work-they are founded on parliamentary documents, these being investigated and compared with unwearied diligence and care by the author.

Thus, then, we arrive at the general result, that all the branches of manufactures of these kingdoms-that is, all that machinery, all these processes, whether they consist of vital or inanimate power, by which raw materials are converted into every variety of useful and ornamental article, serving for the necessity and comfort of society-all these branches we find to be of a value unparalleled in the history of the world, being estimated to be of the value of which is expressed by the enormons sum of one hundred and forty-eight millions, and fifty thousand pounds sterling. Taking, then, the aggregate capital created by labour and machinery by produce of all sorts, and property, we have a total value produced every year in the United Kingdom, to the prodigious amount of five hundred and fourteen millions, eight hundred and twenty-three thousand and fifty-nine pounds sterling ! !

The author has some highly valuable chapters on the capital which is to be found throughout the vast extent of the British possessions abroad. He considers, in detail, each of those possessions, proceeding from Heligoland to Québec-then from Quebec to Malta-from Gibraltar to the Cape of Good Hope, and from the barren rock of St. Helena to the fertile island of Ceylon. Not a tract or spot in all the vast portion of the globe but has, on some part of its surface, a warehouse for British goods, and protected by a British squadron. Upon this portion of the work we have not space to descant, especially as there remains yet for our notice the plan for paying the national debt. This plan we shall give in the words of the author himself.

1. That 500,000,000l. of the national funded debt shall be paid off in full.

2. That a general assessment of 94 per cent. shall be levied upon all the private property and capital. whatsoever of the British Empire.

3. That a similar assessment of 94 per cent. shall be levied on all in

comes arising from all professions, from all civil, military, and naval appointments, from the public funds, and from all employments whatsoever, in which no capital is engaged: the wages of labour excepted.

4. That in making the general assessment, property to the value of 301. shall be deducted and left free, in estimating the property of each family assessed. And that every individual, the total value of whose property, of whatever nature, does not exceed 301., shall be totally exempt from assessment.

5. That all property shall be assessed, debts deducted.

6. That all proprietors who may not be entitled to dispose of or alienate their property, shall be legally authorised to sell a portion of such property, whether real or personal, sufficient to pay the amount of their assessment. 7. That this authority shall convey to the purchasers of all such property sold for the above purpose, a true, perfect, and valid title.

8. That the East India Company, the legislatures, assemblies, governors, corporations, or competent authorities in the British colonies or establishments abroad, shall be fully authorised to raise money by loans, contracts, or otherwise, sufficient to pay their respective portions of the general assessments.

9. That the payment of the assessment shall be effected within two years, commencing in and ending

That the whole amount shall be payable by instalments in eight successive quarters, in the following proportion; in each of the first six quarters 1 per cent., in the seventh quarter 1 per cent., and in the eighth and last quarter 13 per cent.

10. That defaulters shall be proceeded against according to the laws at present existing in regard to the payment of king's taxes; but that interest at the rate of 5 per cent. shall accrue upon the instalments from the day after that on which they become due and are not paid.

11. That in order to adjust the assessment in an equitable manner, and render its collection easy and effectual, the regulations that were in force for the collection of the income and property taxes, shall be adopted, but free from the abuses to which to which they were liable: it being easy, and for the interest of the payers themselves, to correct and improve those regulations, by means of the last census, and numerous other official data and returns, which have been published since they were framed.

12. That government shall be authorised to pay off, at par a portion of the national funded debt, amounting to 500,000,000l., selecting such descriptions of stock as shall be judged preferable, with a due regard to existing engagements and the public benefit. And that they shall be empowered to effect the said payment in eight successive quarters, in sums corresponding to the amount of the assessment payable in each quarter, as before mentioned.

13. That should any deficiency arise, in consequence of the whole amount of any instalment not being paid up when due, government shall be authorised to provide for such deficiency by an issue of exchequer bills. And in like manner, should there be any surplus, the same to be carried to account of the next quarter, and so on to the last.

14. That an alteration or diminution of the general rate of assessment may be taken into consideration with regard to the East India empire, and all the colonies, proportioned to the relative benefits and advantages that each