THE TRADE QUESTION
During this session important steps were taken towards a more unrestricted system of trade. One important measure consisted in a repeal of what were still left of the protecting duties between Ireland and Great Britain. Enactments were also passed tending to withdraw British silk manufacturers from the protection of laws which prohibited the importation of foreign silks. The plan adopted for this was to lower the import duties on raw and thrown silk; to repeal all bounties on the exportation of this article of manufacture; and to substitute a duty of thirty per cent, on foreign silks, instead of prohibiting their importation. This scheme met with the opposition of partial interests, but it was carried by a large majority. Among other important measures of relaxation passed this year was the immediate removal of all unequal restrictions on the import and export trade of wool, with a gradual approach to the same system in the linen manufactures. All these measures greatly tended to increase the trade and commerce of England, and to benefit the community at large. The British silk trade is increased two-fold since their enactment, although utter ruin was predicted by the silk manufacturers, and the articles manufactured, though lower in price, vie in beauty with the silks produced by and Indian looms.