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TWO:As to the silk and wool trades, in the ten years preceding 1824 the quantity of raw and thrown silk used by our manufacturers was on an average of 1,882,311 lbs. per annum. In the ten succeeding years the average was nearly double, viz. 95 per cent. higher; and in the sixteen years which ended in 1849 there was an increase of 120 per cent. over the quantity used under the restrictive system. According to the report of the inspectors of factories, there were, in 1835, 231 silk factories in England, six in Scotland, and one in Ireland. The total number of females thus employed was over 20,000, and the total number of both sexes was about 31,000. The total number of woollen and worsted factories at work in 1835 was returned by the inspectors of factories as being 1,313, showing an increase of ten per cent. in four years. The total number of persons employed in them in 1835 was 71,274, on which there was an increase of twenty per cent. up to 1839. There was a general depression in the price of British wool, in consequence of which a Committee of the House of Commons was appointed to inquire into the causes. From the evidence which they received, it appeared that the actual number of sheep in England and Wales had increased one-fifth since the year 1800, when it was 19,000,000, yielding about 95,000,000 lbs. of wool, or about five pounds[419] for each fleet. It was estimated that the quantity used for manufacturing purposes increased during the first half of the nineteenth century by 115 per cent. Yorkshire is the chief seat of the woollen manufacture, and the best proof of its progress, perhaps, is presented in the state of the population, which in the whole of the West Riding increased during the first forty years of the century at the rate of 104 per cent. At the census of 1801 it was 563,953, while the census of 1841 showed it to be 1,154,101.The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] ��936,300; Wigan and Co., ��674,700; Wildes and Co., ��505,000; total acceptances, ��2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to ��1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampled��bankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubbles��the railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations��which had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.