We are far indeed, from undervaluing treaties of reciprocity; but to make them a sine qua non in the policy of a country whose condition is that of an overflowing population, a deficient supply of the first necessaries of life, and a contracted market for its artificial productions, is an error of the first magnitude. Therefore, though not attaching primary importance to the Budget of Colonel Torrens, or believing that it could ultimately have any great effect in retarding the effectual settlement of the great question, it was not without some feeling of satisfaction that we perused the able article in the last Edinburgh Review, in which his delusions are completely set at rest. We quite agree with the writer (Mr Senior, it is said) that "if the Budget were to remain unanswered, it would be proclaimed in all the strongholds of monopoly to which British literature penetrates—in Parliament, in Congress, in the Algemeine Zeitung, and in the councils of the Zollverein—that Adam Smith and the modern economists had been refuted by Colonel Torrens; that free trade is good only where reciprocity is perfect; that a nation can augment its wealth by restraining a trade that was previously free; can protect itself against such conduct on the part of its neighbours only by retaliation: and if it neglect this retaliatory policy, that it will be punished for its liberality by a progressive decrease of prices, of wages, and of profits, and an increase of taxation."
The identity of Colonel Torrens's propositions with the exploded "Mercantile Theory" is very satisfactorily established by the Edinburgh reviewer; and it is certainly humbling to see a man of his ability coming forward to revive doctrines which had well nigh gone down to oblivion. On the subject where Colonel Torrens conceives himself strongest, the distribution of the precious metals, the reviewer has given a very able reply, though some points are left for future amplification and discussion; and, as a whole, if there be any young political economist whose head the Budget has puzzled, the article in the Edinburgh Review will be found a very sufficient antidote. With this, and another able article on the same subject in the last Westminster Review (in fact, two articles of the Westminster relate to the subject—one is on Colonel Torrens, the other on Free Trade and Colonization), we may very safely leave the Budget to the oblivion into which it has sunk; and, meantime, the novice will not go far astray who adheres to the "golden rule" of political economy, propounded by the London merchants in 1820, and re-echoed by Sir Robert Peel in 1842: "The maxim of buying in the cheapest market, and selling in the dearest, which regulates every merchant in his individual dealings, is strictly applicable as the best rule for every nation. As a matter of mere diplomacy, it may sometimes answer to hold out the removal of particular prohibitions or high duties as depending on corresponding concessions; but it does not follow that we should maintain our restrictions where the desired concessions cannot be obtained; for our restrictions would not be the less prejudicial to our capital and industry, because other governments persisted in preserving impolitic regulations."
MISCELLANEA.
CAPTAIN JAMES CLARKE ROSS AND THE ANTARCTIC EXPEDITION.
All the newspapers have quoted an account from the Literary Gazette of the Antarctic Expedition, under the command of Captain James Ross. It was composed of two vessels, the Erebus, Captain Ross, and the Terror, Captain Crozier, and left England on the 29th of September, 1839. During the outward voyage to Australia, scientific observation was daily and sedulously attended to; experiments were made on the temperature and specific gravity of the sea; geological and geographical investigations were made at all available points, especially at Kerguelen's Land; and both here, as well as during the expedition, magnetic observation and experiment formed a specific subject of attention. This was a main object during 1840, the expedition remaining at the Auckland Islands for this purpose; and it was not till the 1st of January, 1841, that it entered the antarctic circle. Their subsequent adventures, deeply interesting as they are from the perils which they encountered, and the spirit and perseverance with which they were met, come hardly within our sphere to report. After an absence of four years, the expedition, as mentioned in last week's Economist, has returned to England, and the acquisitions to natural history, geology, geography, but above all towards the elucidation of the grand mystery of terrestrial magnetism, raise this voyage to a pre-eminent rank among the greatest achievements of British courage, intelligence, and enterprise.
Religious Worship.—Church Property.—The following Parliamentary Return has just been printed, entitled, "A Return of the amount applied by Parliament during each year since 1800, in aid of the religious worship of the Church of England, of the Church of Scotland, of the Church of Rome, and of the Protestant Dissenters in England, Scotland, and Ireland, respectively, whether by way of augmentation of the income of the ministers of each religious persuasion, or for the erection and endowment of churches and chapels, or for any other purposes connected with the religious instruction of each such section of the population of the United Kingdom, with a summary of the whole amount applied during the above period in aid of the religions worship of each of the above classes." The abstract of sums paid to the Established Church shows that the total was 5,207,546l. which is divided in the following manner:—Church of England, 2,935,646l.; Church of Scotland, 522,082l.; Church of Ireland, 1,749,818l. Church of Rome.—The total sum paid to the Church of Rome is set forth at 365,607l. 1s. 2d. comprised in the following two items;—Augmentation of incomes (including Maynooth College), 362,893l. 8s. 1d.; erection and repairs of chapels, 2,113l. 13s. 1d. Protestant Dissenters.—The total sum is 1,019,647l. 13s. 11d. in England and Ireland. The recapitulation shows the following three sums:—Established Church, 5,207,546l.; Church of Rome, 365,607l.; and Protestant Dissenters, 1,019,647l. The sums were advanced from 1800 to 1842.
Imperishable Bread.—On Wednesday, in the mayor's private room, at the Town hall, Liverpool, a box of bread was opened which was packed at Rio Janeiro nearly two years ago, and proved as sound, sweet, and in all respects as good, as on the day when it was enclosed. This bread is manufactured of a mixture in certain proportions of rice, meal, and wheat flour.