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FORE:Some remarkable commercial reforms were introduced by Robinson and Huskisson in 1824. In the previous year the Chancellor of the Exchequer was able to boast of a very large surplus, and this year he had a surplus of ��1,050,000. Part of it was devoted to the repair and embellishment of Windsor Castle; ��40,000 were devoted towards the erection of rooms for the reception of the library of George III., which was presented to the British Museum by his successor, whose gift, however, was somewhat discounted by the fact that he was with difficulty dissuaded from selling the collection. With ��57,000 Government purchased Angerstein's collection of pictures, which became the nucleus of the National Gallery. But the main object of the Budget was not expenditure but economy. The Four per Cents. were redeemed or exchanged for Three-and-a-Half per Cent. Stock, and a death-blow was given to the old system of bounties by a reduction of that on the herring fishery and the immediate cessation of that on inferior kinds of linen, while that on the higher class of linen was annually decreased ten per cent. There was further a reduction of the duties on rum and coals, with the result, as Robinson prophesied, that lower prices considerably increased the consumption. His greatest innovations, however, concerned the wool and silk trades. In the former there prevailed a great conflict of interests. The agriculturists[241] wished for the prohibition of foreign wool; the manufacturers desired the retention of an export duty, together with free importation. The judicious Chancellor effected a compromise by which the duty on foreign wool was reduced from 6d. to 1d. per pound, while the exportation of English wool was sanctioned on a similar duty. The fear of a large exportation of English wool proved so groundless that by 1826 only 100,000 pounds in weight had been exported, while 40,000,000 pounds of foreign wool had been introduced.

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