Peel would command a stronger and more efficient majority, than had supported any minister in parliament for a long period.

We subjoin in a note an abstract of the election returns, with an analysis which may prove interesting to our readers.*

On the 19th of August the new session of parliament was opened by commission, and on the 24th the Lord Chancellor read in the House of Lords the following royal Speech:

"My Lords and Gentlemen, "We are commanded by her Majesty to acquaint you, that her

Majesty has availed herself of the earliest opportunity of resorting to your advice and assistance after the dissolution of the last Parliament.

"Her Majesty continues to receive from Foreign Powers gratifying assurances of their desire to maintain with her Majesty the most friendly relations.

"Her Majesty has the satisfaction of informing you, that the objects for which the Treaty of the 15th July, 1840, was concluded between her Majesty, the Emperor of Austria, the King of Prussia, the Emperor of Russia,

and the Sultan, have been fully accomplished; and it is gratifying to her Majesty to be enabled to state, that the temporary separation which the measures taken in the execution of that treaty created between the contracting parties and France has now ceased. "Her Majesty trusts that the union of the principal Powers upon all matters affecting the great interests of Europe, will afford a firm security for the maintenance of peace.

Her Majesty is glad to be able to inform you, that in consequence of the evacuation of Ghorian by the Persian troops, her Majesty has ordered her Minister to the Court of Persia to return to Teheran.

"Her Majesty regrets that the negotiations between her Plenipotentiaries in China and the Chinese Government have not yet been brought to a satisfactory conclusion, and that it has been necessary to call into action the forces which her Majesty has sent to the Chinese seas; but her Majesty still trusts that the Emperor of China will see the justice of the demands which her Majesty's Plenipotentiaries have been instructed to make.

"Her Majesty is happy to inform you, that the differences which had arisen between Spain and Portugal about the execution of a treaty concluded by those Powers in 1835, for regulating the navigation of the Douro, have been adjusted amicably, and with honour to both parties, by the aid of her Majesty's mediation.

"The debt incurrred by the Legislature of Upper Canada, for the purposes of public works, is a serious obstacle to further improvements, which are essential to the prosperity of the United Province.

Her Majesty has authorized the Governor-general to make a communication on the subject to the Council and Assembly of Canada. Her Majesty will direct the papers to be laid before you, and [she] trusts that your earnest attention will be directed to matters so materially affecting the welfare of Canada and the strength of the empire.

"Gentlemen of the House
of Commons,

"We have to assure you that her Majesty relies with entire confidence on your loyalty and zeal to make adequate provision for the public service, as well as for the further application of sums granted by the last Parliament.

"My Lords and Gentlemen, "We are more especially commanded to declare to you, that the extraordinary expenses which the events in Canada, China, and the Mediterranean have occasioned, and the necessity of maintaining a force adequate to the protection of our extensive possessions, have made it necessary to consider the means of increasing the public revenue. Her Majesty is anxious that this object should be effected in the manner least burdensome to her people; and it has appeared to her Majesty, after full deliberation, that you may at this juncture properly direct your attention to the revision of duties affecting the productions of foreign countries. It will be for you to consider whether some of these duties are not so trifling in amount as to be unproductive to the revenue while they are vexatious to commerce. You may further examine whether the principle of protection, upon which others of these duties are founded, be not carried to an extent injurious alike to the

income of the State and the interests of the people.

"Her Majesty is desirous that you should consider the laws which regulate the trade in corn. It will be for you to determine whether these laws do not aggravate the natural fluctuations of supply -whether they do not embarrass trade, derange the currency, and by their operation diminish the comfort and increase the privations of the great body of the community.

"Her Majesty, feeling the deepest sympathy with those of her subjects who are now suffering from distress and want of employment, it is her earnest prayer that all your deliberations may be guided by wisdom, and may conduce to the happiness of her beloved people."

Earl Spencer rose to move the Address, and said, that he was sure their Lordships would join with him in an expression of satisfaction that this country was in friendly communication with the other powers of Europe. They must all too feel rejoiced at the renewal of our amicable relations with Persia. On the subject of China, also, but one opinion was likely to prevail: he admitted that it was a point of great difficulty; but he apprehended that a great majority of their lordships would think that itwas impossible to avoid the course that had been taken. The matter was still pending and he earnestly hoped would be brought to a happy conclusion. There were other points in the Speech which were highly gratifying-such as the peaceable adjustment of the dispute which had arisen between Spain and Portugal, effected through the mediation of her Majesty. What was said respect

ing Canada was also a subject of sincere congratulation. The next topic to which his Lordship adverted was the effect of the treaty of July 1840. They all must rejoice that the objects of that treaty have been accomplished without involving Europe in war. He confessed, when he saw that England had entered into a negotiation, with three powers to the exclusion of France, he had entertained the most serious apprehensions. He saw that a great national calamity might be the result, and felt great regret that his noble friend, the secretary of state for foreign affairs, had entered into it; he was afraid that his noble friend had abandoned the wise policy which seemed to have guided the course of his administration, and which hitherto had secured the peace of Europe--since then, however, the candid avowal of M. Thiers of what was his intention, the unexpected weakness of the Pacha of Egypt, and, indeed the whole course of events, had shown him that he was mistaken and her Majesty's Ministers in the right. He was quite ready and not at all disinclined to admit his error, and was now most happy to find that we were again connected with France in a great political union. Such a bond, and perfectly good understanding were essential to the peace of Europe, and with that, he could hardly see how it could be disturbed. The noble earl went on to say, that the wealth of this country had increased in a greater proportion than her debt; but in order to give this state of things full effect;-that the wealth of the country might tell as it ought on the prosperity of the people ;-that it might tend to the lightening of taxation, it was necessary that they

should take into consideration the mode in which our taxes are imposed. It was our duty to ascertain whether by some alteration and revision they might not make them press with less severity on the people than at present. Our taxation was now upon a principle of limitation. Undoubtedly of late years, they had to a certain degree relieved the country from restrictions; but they had a great deal more to do, before they can be justified in saying, that they had done what they could to make taxation as little burdensome as possible. In arguing this point, the noble Earl said, he did not find that "anybody objects to the general principle; every one admits that the best policy is to give commerce its free course; not to interfere with the distribution of capital, in order that a man may employ his means in the way best calculated to promote his interests. Individuals, however, tell us that these general principles are excellentincontrovertible; but that England is so peculiarly circumstanced that they cannot be applied to her or to them. Now what is the peculiarity of her situation? It is peculiar in having to pay the public creditor an enormous amount of interest in the shape of an annuity, in having to raise by taxation a sum equal to pay that annuity. After expressing his approval of the ministerial propositions with respect to timber and sugar-and denying that there was any danger of retarding a general manumission of the negro population by a reduction of the sugar duties-the noble earl said that the last ques tion to which he felt himself bound to refer, was one specifically recommended to their attention by her Majesty's Speech-the state of the

law respecting the introduction of foreign corn. On this subject the grossest misrepresentations had been spread abroad both on one side and the other. He was himself entirely dependent on agriculture and could not believe that the price of corn would fall in consequence of the proposed change, so as to throw thousands of acres out of cultivation. Nothing in his opinion could be more lamentable than this, but he had no hesitation in saying that the present Cornlaws were no protection to the farmer. He did not believe that by their abolition the price of corn would be materially altered. The price must always be fixed in proportion to the expense incurred in the cultivation, and the trade price must be settled generally by the price in this country. It was a complete mistake to suppose that the worst lands would be thrown out of cultivation, for they could only become a barren waste. If any were uncultivated it would be that arable land which could be turned into pasture. Taking all these things into consideration, it was quite impossible to conceive that the price of corn would be very much diminished. It was generally his fate to be in a minor. ity; but he had seen that minority gradually decrease, and felt confident that the question of freedom of trade, and of opening an intercourse with other countries to the greatest possible degree would eventually be carried. He might be asked why he advocated the repeal of the Corn-laws, if the change would not cause an alteration iu the price? What he wanted to alter was the price on the continent, in order that the manufac turer there might be less able to compete with our manufacturer.

Opening the trade would be of great advantage to every interest in the country. It would increase its prosperity, because there was no doubt that on the prosperity of the manufacturer depended in a great degree that of the agriculturist. But what had the Corn-laws done? It was not when prices were high that persons engaged in agriculture wanted any assistance but when they were low. Under the present system, however, when prices were low, the Corn-laws depressed them still more. In conclusion, the noble earl said, that he should feel deep regret if the House did not agree to the Address which he was about to propose. With most of her Majesty's ministers he had long been in the habit of acting. He felt confidence in them when they came into office, and sanguine as to the policy which they would pursue, and he was glad to say that he feltevery confidence in them still. He must add too, that he was still as deeply attached as ever to the party to which he belonged. The noble earl then read the address which was as usual a mere echo of the royal Speech.

The Marquess of Clanricarde at considerable length seconded the Address. He said that in his opinion the present Corn-laws most injuriously affected the landed interest. He admitted that if corn became cheaper wages would undoubtedly fall; but if the workman for a certain sum of money was able to obtain a larger supply of food and clothing when corn became cheaper than he could before, then his condition would most undoubtedly be bettered, and to all intents and purposes would he be a richer man. He objected to the principle of the sliding-scale, for the effect of it was to interfere

with and derange the currency.

The Earl of Ripon then rose for the purpose of moving an amendment, and after a few preliminary observations, said, that many of their Lordships would do him the honour to recollect that for the last few years he had called the attention of the House to the state of the revenue, and had shown that, for the last five years, the expenditure had exceeded the income, and that, for four years of that time, the Government had continued to fill up that deficiency in a most objectionable manner. In the case of a single and sudden emergency the course they had adopted might not have been so objectionable, but their objectionable course was continued through a series of years, and without the sanction of Parliament; in fact, it was not publicly known till last year, when it appeared in some papers which were laid before the House. The course to which he objected was the tampering with the savings' banks, and changing them for Exchequer-bills, which they added to the funded debt. He would admit that they had a right to do so to some extent; but to prop up a falling revenue by the application of the savings' banks, and that without the knowledge of Parliament, was, he must contend, most unconstitutional. What did those savings' bank funds consist of? They were the savings of years of vast numbers of poor and industrious individuals who deposited them with the Government for greater security. But if Government used them to prop up a failing revenue, must it not weaken the confidence of the people in that security, and deter them from vesting them so in future? In every point of view this application