in 1846,) and just in proportion as they beget a demand for our
manufactures, we must have importations of raw material. Large purchases
of hemp and flax are alleged to have been made in the north of Europe,
for spring shipment, and cotton from the United States is only delayed
by the want of ships. Wool from Spain, and the Mediterranean, saltpetre,
oil-seeds, &c., from India, and a host of minor articles, have also been
kept back by the same cause, and will pour in upon us to make up our
deficiencies directly any relaxation shall take place (if such could be
foreseen) of the universal influx of grain. In this way, just as one
cause of demand diminishes the other will increase, and the balance will
be kept up against us for a period to which at present it is impossible
to fix a limit.

"_We thus see that no call that can possibly arise for our manufactures
can have the effect of preventing a continuous drain of bullion_. That a
large trade will occur no one can doubt, but at present it is scarcely
even in prospect. From India and China each account comes less
favourable than before; from Russia we are told that 'no great demand
can be expected for British goods under the present high duties' in that
country; while even from the United States, the point from whence relief
will most rapidly come, we hear of a shrewd conviction that we are
approaching _a period of low prices_, and that, consequently, for the
present 'the less they order from us the better.'"--_Times_, March 10,
1847.

[13] _England in 1815 and 1845_, pp. v-vii. Preface to third edition,
published in _June_ 1846.

End of the Project Gutenberg EBook of Blackwood's Edinburgh Magazine, Volume
61, No. 378, April, 1847, by Various

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