activity to enterprise, and generated a spirit of headlong
speculation, which produced disastrous consequences in a subsequent
year. It was during this year, indeed, that the memorable era of
joint-stock schemes commenced, which ended in the ruin of many families.
They that will be rich often fall into a snare.

MEETING OF PARLIAMENT.

{A.D. 1824}

Parliament reassembled on the 3rd of February. It was opened by
commission, and one of the leading topics of the speech was, the general
prosperity of the country; which congratulations were echoed back in the
addresses of both houses.

ATTACK ON MINISTERS WITH REFERENCE TO SPAIN, ETC.

Early in this session the affairs of Spain occupied the attention of
both houses. In the upper house Lord Lansdowne deplored the fate of that
country, which was occupied by French troops, and thought that a greater
advance should have been made towards our complete recognition of South
American independence. In the commons, Mr. Brougham attacked the tyranny
and particular cruelties of the Austrians in one peninsula and of
Ferdinand in the other, and denounced the impotent efforts of government
to ward off the blow from the constitutionalists. Subsequently our
foreign policy was discussed, on motions made by Lords John Russell and
Nugent, but Mr. Canning successfully vindicated it. He showed that the
conduct of Great Britain had been regulated by a due regard for her
own interests and dignity, as well as by an honourable attention to
the first principles of international law; and that while we preserved
peace, we had by bold remonstrances paralysed schemes formed by the holy
alliance for extending their system of interference from the government
of Spain to the internal condition of her colonies. These explanations
were satisfactory to the house, and the motions were not pressed to a
division. Before the close of the year, ministers gave a pledge of their
sincerity by admitting the South American colonies into the rank of
independent powers. Treaties of amity and commerce were concluded with
Mexico, Columbia, and Buenos Ayres, which gave a fresh impetus to trade
and commerce.

FINANCIAL STATEMENTS

With the prosperity of the country the public revenue improved.
Taxes had been remitted last year to a considerable amount, but
notwithstanding this the revenue had increased. It produced L57,672,999,
leaving a clear balance of L1,710,985 over the expenditure, besides the
e