May 17, 1841.

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Cotton and Corn.

Allusion has been made to the increase in imports in cotton.  It has been said but small profits were made upon the manufacture of this immense quantity of produce, but that appears to me to have no connection with the question of the corn laws.  The fact is, the improvements in the machinery, and the introduction of steam, have enabled the manufacturers to manufacture with very little cost.  They do not make the profit now they did fifty years ago; but they still make profits, although diminished by competition—­not by competition with the foreigner, but by competition at home.  Other manufacturers who were aware that profits were to be made, although not so large as formerly, entered the field, built new manufactories, established machinery, and thus introduced fresh competition.

May 25, 1841.

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Grounds of Complaint against the Whigs in 1841.

These grounds are neglect and mismanagement of the finances of this country by her majesty’s government, the future consequence of which, as has been stated, it is impossible to foresee, and the improper, impolitic and unconstitutional means which they took to recover themselves.  These things were proved by reference to the actual state of the finances, when it was found necessary to review them in the last parliament; and it was shewn that, in point of fact, after a period of about five years, a debt had not alone been accumulated of five millions, but there had also been a vast deficiency in the public revenue.  This debt and deficiency are to be attributed to the practice adopted by her majesty’s government of carrying on extensive operations, of which nobody approves, mind you, more than I do when done as they should be, and at the same time not making due provision for the increased expenditure, occasioned by their carrying on war in several places with a peace establishment, being the most crying of these evils, and neglecting to employ the proper means for meeting the increased charge, and putting an end to the impending danger.  The next allegation against them, my lords, is for not making financial provision in the way of ways and means for the expense and charge incurred by the country from the exertions made to put an end to the danger which menaced it.  A noble lord has stated that, though a large amount of army and ordnance was kept on foot after 1831, no provision had been made for the additional expenditure in the usual way of an application to parliament, but that irregular and unconstitutional modes were adopted by her majesty’s government for finding means of defraying those expenses.  In this, my lords, my noble friend spoke but the simple truth.  In one case the whole charge of a war had been thrown on the East India Company, and then converted into a debt on this country; in another the