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 serious nature.

One circumstance, it must be confessed, was peculiarly favourable for enabling administration to proceed with smoothness and success. So long as there was heavy pressure of distress and suffering upon any consider able 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, mi- . nisters 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