Commerce And Industry; a Historical Review of the Economic Conditions of the British Empire From the Peace of Paris in 1815 to the Declaration of War in 1914, Based On Parliamentary Debates

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" Ihid. cli, 98-110.
«' Ibid, cxxi, 593-9. See also Bright, in ibid, cli, 128-31. «' Ibid, cli, 124-8.
«» See speech by Lord Eavensworth (ibid, clii, 16-24). '» Ihid. 34-9.
" Ibid, eliii, 1257. " Ibid. 1306, 1898. " Ibid, cliv, 416. » Ibid. 423-31.
" 30 Nov. to 2 Dec, ihid. xcv, 374-413, 628^3.
" The cost of corn from June 1846 to Jan. 1847 was £5,139,000, from Jan. to July it was £14,184,000, from July to Oct. it was £14,240,000— a rapidly increasing ratio (ihid.
xcv, 389). During the last 15
...months over £80,000,000 had been absorbed by the railways.
204 COMMEBCE AND INDUSTBY [1847 trading on an unsound basis became insolvent. Large imports of food and decreased exports of manufactures continued the steady drain of gold, and up to January 1847 no step had been taken to check it. Wood, Eussell and Peel " were all of the opinion that the Bank of England had shown a want of caution in not beginning at an earher date to raise its rate of discount.'^ It raised its rate in April to 5 per cent., after alarm had been given by the publication of the Bank accounts, which showed how its gold reserve was falKng.'^ The pubhc mind, already uneasy, was still further disturbed by the raising of the Bank rate to 5J per cent, on 5 August, followed by the failure of Messrs.


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