REMOVAL OF RESTRICTIONS ON FOttEIGN WOOL. ^^' 



but wnen the value of tbreign wool was under Is., the 

 duty was reduced to a halfpenny per pound. A boon 

 was at the same time conferred ui)on the agriculturists, 

 by the introduction of a new system with respect to the 

 exportation of British wool, the growers of which were 

 allowed, for the first time, to send it to foreign markets, 

 on payment of a penny per pound. 



(59.) Removal of the Restrictions on Foreign Wool. 

 — The importation of wool was, by these reductions, 

 speedily increased, and with it the consumption of our 

 woollens by foreign nations. The wool of our own 

 gradually augmented flocks being inadequate to the de- 

 mand, and that of Spain having been absorbed by our 

 manufactories, large quantities were imported from Prus- 

 sia, Saxony, and mauy parts of the continent of Europe, 

 from which, antecedent to this run, little had been 

 drawn. The average annual import of wool during 

 1765-66-67 was 4,241,364 pounds — the average an- 

 nual export of woollens during the same period was 

 ^4,630,384 ; while the average annual import of wool 

 for the years 1822-23-24 was 18,884,876 pounds, and 

 the average annual export of woollens during the same 

 time, amounted to £6,200,548, showing that the im- 

 portation of foreign wool was absolutely necessary for 

 the well-being of our manufactures. The importation 

 of forty-four millions of pounds weight, in the year end- 

 ing 5th January, 1826, must be ascribed as much to 

 the spirit of over-trading, which then affected every 

 branch of industry, as to the reduction of the duty ; 

 but the large importations during 1827, afforded an ad- 

 ^tional proof of the necessity of foreign wool to the 

 successful formation of a most important article of com- 



