All this time, too, the brave Tyrolese were in open revolt, so that the success of Austria would have instantly produced a universal rising of the country. But for six weeks the Austrians continued to allow Napoleon to keep open his communication with Vienna, whence he procured every material for building, not one bridge, but three; timber, cordage, iron, and forty engines to drive the piles, were procured from its ample magazines. Besides building the bridges, Buonaparte had quickly fortified the island, and placed batteries so as to prevent any successful attack upon him, whilst he was now furnished with the means of issuing from the island almost at pleasure. Since their being cooped up on Lobau, the French had received numerous reinforcements; and though the Archduke John was marching to join the Archduke Charles, Eugene Beauharnais was close at his heels, continually harassing him and compelling him to fight. On the frontiers of Hungary, the town of Raab ought to have enabled John to resist and retard Beauharnais, and have allowed the Archduke Regnier, who was organising another army in Hungary, to come up; but Raab only stood out eight days, and John was obliged to cross the Danube at Pressburg, to endeavour to advance and make a junction with the Archduke Charles. But Eugene Beauharnais managed to join Buonaparte still earlier, and the Emperor did not then allow John to unite with Charles; for, on the night of the 5th of July, he began to fire on the Austrians, on the left bank of the Danube, from gunboats; and whilst they were replying to this, he quietly put his forces across the river. At daylight the next morning the Archduke Charles was astonished to find the French army on the open land; they had turned his whole position, had taken the villages of Esslingen and Enzersdorf, and were already assailing him in flank and rear. The archduke retired upon Wagram, which was lost and taken several times during the day. Buonaparte attempted to break the centre of the Austrian line by a concentrated fire of grape-shot, but the Austrians replied vigorously with their artillery. The French were held in check, if not repulsed. The Saxons and other German troops displayed a disposition to break, and go over to the Austrians. Buonaparte spoke sharply to Bernadotte of the conduct of the Saxons, and the marshal replied that they had no longer such soldiers as they brought from the camp of Boulogne. When night closed the French were in confusion, and, in reality, worsted. The next morning, the 6th of July, the archduke renewed the attack on all the French lines, but is said to have left his centre too weak. Buonaparte again endeavoured to break it, but failed. Bernadotte, Massena, and Davoust were all in turn driven from their positions. Buonaparte, in a state of desperation, cried, "The Austrian centre must be battered with artillery like a fortress." He ordered Davoust to make a desperate charge on the left wing, and called on Drouet, the general of his artillery, to bring up all the artillery of the Guard, and support Davoust. Davoust directed the whole of his force on the left wing, which was broken, and then Buonaparte, forming a dense and deep column of all his best troops, old and new Guards, and his celebrated[591] Grenadiers cheval, under Macdonald and Beauharnais, drove against the centre with a fury that shattered it, and the battle was decided. But at what a price! The Austrians had twenty-six or twenty-seven thousand killed and wounded, and the French upwards of thirty thousand. Buonaparte lost three generals, and had twenty-one wounded. The Austrians had thirteen generals killed or wounded; but they had taken many more prisoners than they had lost. Whilst the battle was raging, the Archduke John was approaching from Pressburg; but Austrian slowness, or, as it is said, conflicting orders from his brother and the Aulic Council, did not permit him to come up in time, or he would assuredly have turned the day.
Defeated in this object, the Patriots united all their force to embroil us with Spain. There were many causes in our commercial relations with Spain which led to violent discontent amongst our merchants. They found the trade with the Spanish settlements in America exceedingly profitable, but they had no right, beyond a very limited extent, to trade there. The Spaniards, though they winked at many encroachments, repressed others which exceeded these with considerable vigour. Their Coastguard insisted on boarding and searching our vessels which intruded into their waters, to discover whether they were bringing merchandise or were prepared to carry away colonial produce. By the treaty of 1670 Spain had recognised the British colonies in North America, and England had agreed that her ships should not enter the ports of the Spanish colonies except from stress of weather, or with an especial licence from the Spanish Government to trade. By the treaty of 1729 we had agreed to the old regulations regarding trading to the Spanish Main, namely, that we should have the Assiento, or right of supplying these colonies with slaves, and that, besides this, we should only send one ship annually to the Spanish West Indies and South America. As fast as that authorised ship discharged its cargo in a Spanish port, she received fresh supplies of goods over her larboard side from other vessels which had followed in her wake, and thus poured unlimited quantities of English goods into the place. Other English traders did not approach too near the Spanish coasts, but were met in certain latitudes by South American smugglers, who there received their goods and carried them into port. In short, such a system of contraband trade was carried on in these waters by our merchants, that English goods in abundance found their way all over the Spanish American regions, and the great annual fair for goods imported from or by Spain dwindled into insignificance.The introduction of the steam-engine, railroads, and canals enabled the coal-miners during this reign to extend the supply of coals enormously. In 1792 the coal-mines of Durham and Northumberland alone maintained twenty-six thousand two hundred and fifty persons, and employed a capital of three million one hundred and thirty thousand poundsa very small amount of both people and money as compared with the workers and capital engaged in the trade since the expansion of the manufacturing and steam systems. The coal-fields of Durham and Northumberland extend to nearly eight hundred square miles, but the beds in Northumberland, Durham, Yorkshire, the Midland Counties, South of Scotland, and Ireland, are still immense and not yet fully explored. Fresh strata are discovered as steam power enables us to go deeper. In 1817 Sir Humphry Davy perfected his safety-lamp, which, by means of a simple wire gauze, enabled the miner to work amid the most explosive gases. These lamps, however, were not able to protect the colliers from their own carelessness, and most horrible destruction, from time to time, took place amongst them from neglect.
ONE:"Doctor said air was best
ONE:The French hastened to comply with this condition, on the understanding that Ormonde would immediately draw off his troops from Quesnoy; and the duke was obliged to announce to Prince Eugene that he was under this necessity, in consequence of the terms agreed upon between France and England; in fact, that he must cease all opposition to the French. Ormonde, therefore, not only gave the command for the retirement of the English troops, but also of all those belonging to the German princes which were in British pay. Eugene and the Dutch field deputies protested most indignantly against this proceeding, and the mercenary troops themselves refused to follow Ormonde. In vain did he endeavour to move the officers of those troops; they despised the conduct of England in abandoning the advantageous position at which they had arrived for terminating the war gloriously, and releasing the common enemy of Europe from his just punishment to gratify party spirit in England.
Guiding our corporate vision for success
HKBN is steered by a Board of Directors that intermingles a range of expert abilities for visionary thinking. Our board consists of eight Directors, comprising two Executive Directors, three Non-executive Directors and three Independent Non-executive Directors.
Bradley Jay HORWITZ
Chairman and Independent Non-executive Director
Bradley Jay HORWITZ was appointed as the Chairman and an Independent Non-executive Director of the Company on 6 February 2015. In 2005, Mr. Horwitz founded Trilogy International Partners and has served as president and chief executive officer since it was established.
Bradley Jay HORWITZ was appointed as the Chairman and an Independent Non-executive Director of the Company on 6 February 2015. In 2005, Mr. Horwitz founded Trilogy International Partners and has served as President and Chief Executive Officer since it was established. Trilogy International Partners was established to acquire wireless international assets in Haiti and Bolivia and to develop additional international wireless assets, primarily in South America and the Caribbean. Prior to establishing Trilogy International Partners, Mr. Horwitz served as President of Western Wireless International, having founded the company in 1995 while also serving as an Executive Vice President of Western Wireless Corporation. Previously, he was a founder and Chief Operating Officer of SmarTone Mobile Communications Limited. Mr. Horwitz graduated from San Diego State University, U.S. with a Bachelor of Science Degree in 1978.
Chu Kwong YEUNG (William YEUNG)
Executive Director
Chu Kwong YEUNG is the Executive Vice-chairman of the Group and an Executive Director of the company. Mr. Yeung joined the Group in October 2005 as Chief Operating Officer and became Executive Vice-chairman in September 2018.
Chu Kwong YEUNG is the Executive Vice-chairman of the Group and an Executive Director of the company. Mr. Yeung joined the Group in October 2005 as Chief Operating Officer, responsible for overseeing customer engagement, relationship management and network development. In November 2008, he was appointed as Chief Executive Officer and became Executive Vice-chairman in September 2018. Prior to joining the Group, Mr. Yeung was Director of Customers Division at SmarTone Mobile Communications Limited, and served as a police inspector with the Hong Kong Police Force. Mr. Yeung holds a Bachelor of Arts Degree from Hong Kong Baptist University, a Master of Business Administration Degree from the University of Strathclyde, U.K., and a Master of Science Degree in Electronic Commerce and Internet Computing from The University of Hong Kong. Mr. Yeung was recognised as Champion of Human Resources by The Hong Kong HRM Awards 2010. Mr. Yeung is one of our proud Co-Owners.
Ni Quiaque LAI (NiQ LAI)
Executive Director
Ni Quiaque LAI (NiQ LAI) is the Chief Executive Officer of the Group, and an Executive Director of the company. Mr. Lai joined the Group in May 2004. He has rich experience in the telecommunications, research and finance industries, and is passionate about developing HKBN Talents because he believes if you get the people right, the company will do great. Prior to joining the Group, Mr. Lai was an analyst and the Director and Head of Asia Telecom Research for Credit Suisse, where he was involved in numerous global fund raising initiatives for Asian telecom carriers.
Ni Quiaque LAI (NiQ LAI) is the Chief Executive Officer of the Group, and an Executive Director of the company. Mr. Lai joined the Group in May 2004. He has rich experience in the telecommunications, research and finance industries, and is passionate about developing HKBN Talents because he believes if you get the people right, the company will do great. Prior to joining the Group, Mr. Lai was an analyst and the Director and Head of Asia Telecom Research for Credit Suisse, where he was involved in numerous global fund raising initiatives for Asian telecom carriers. Mr. Lai holds a Bachelor of Commerce Degree from the University of Western Australia, and an Executive Master of Business Administration Degree from Kellogg-HKUST, Hong Kong. He is a Fellow member of the Hong Kong Institute of Certified Public Accountants (HKICPA) and CPA Australia. In March 2016, he was recognised as Best CFO by FinanceAsia Survey of Asia's Best Companies 2016 (Hong Kong). Mr. Lai is one of our proud Co-Owners.
Deborah Keiko ORIDA
Non-executive Director
Deborah Keiko ORIDA was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 20 November 2015. Ms. Orida is the Senior Managing Director & Global Head of Active Equities at Canada Pension Plan Investment Board (“CPPIB”), a substantial shareholder (as defined in Part XV of the Securities and Futures Ordinance) of the Company.
Deborah Keiko ORIDA was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 20 November 2015. Ms. Orida is the Senior Managing Director & Global Head of Active Equities at Canada Pension Plan Investment Board (“CPPIB”), a substantial shareholder (as defined in Part XV of the Securities and Futures Ordinance) of the Company. Ms. Orida joined CPPIB in 2009 in Toronto and has held senior leadership roles, including Managing Director, Head of Relationship Investments International, covering Europe and Asia, and was most recently Managing Director and Head of Private Equity Asia. Ms. Orida is responsible for leading Active Fundamental Equities, Relationship Investments, Thematic Investing, Fundamental Equities Asia and Sustainable Investing. Prior to joining CPPIB, Ms. Orida was an investment banker at Goldman Sachs & Co. in New York and Toronto where she advised management teams and boards on mergers and acquisitions and financing transactions. Prior to Goldman Sachs & Co., Ms. Orida was a securities lawyer at Blake, Cassels & Graydon in Toronto. Ms. Orida previously served on the Board of Directors of Nord Anglia Education and the Board of Directors of the Investment Committee of the Bridgepoint Health Foundation and was the Chair of the Board of Directors of Vitalhub Corp., a mobile healthcare startup company. Ms. Orida holds a Master of Business Administration from The Wharton School and a Bachelor of Laws and a Bachelor of Arts from Queen’s University, Canada.
Zubin Jamshed IRANI
Non-executive Director
Zubin Jamshed IRANI was appointed as a Non-executive Director, a member of the Audit Committee and a member of Remuneration Committee of the Company on 30 April 2019. Mr. Irani is a Partner with TPG Capital and leads the Asia Operations Group. He brings over 20 years' experience in building strong teams, driving performance and managing change within businesses.
Zubin Jamshed IRANI was appointed as a Non-executive Director, a member of the Audit Committee and a member of Remuneration Committee of the Company on 30 April 2019. Mr. Irani is a Partner with TPG Capital and leads the Asia Operations Group. He brings over 20 years' experience in building strong teams, driving performance and managing change within businesses. At TPG Capital, Mr. Irani has worked in the consumer, healthcare, financial services, telecom and technology sectors. Prior to TPG Capital, Mr. Irani was with United Technologies Corporation ("UTC") where he led the business in India which included Carrier Air-conditioning and Refrigeration, Otis Elevators and UTC Fire & Security. Mr. Irani started his career at McKinsey & Company and worked in the Cleveland, Detroit, Copenhagen and Mumbai offices, serving several multi-national clients with a focus on automotive, industrial and post merger management. Mr. Irani holds a Masters in Materials Science and Engineering from Massachusetts Institute of Technology, U.S. and a Bachelor of Technology in Materials Engineering from Indian Institute of Technology Kanpur, India.
Teck Chien KONG
Non-executive Director
Teck Chien KONG was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 30 April 2019. Mr. Kong is a Partner at MBK Partners and is based in Hong Kong. With extensive investment experiences in both the telecommunication and media industries, he has led MBK Partners’ investments in WTT Holding Corp, China Network Systems Co., Ltd. and Gala TV Corp.
Teck Chien KONG was appointed as a Non-executive Director and a member of the Nomination Committee of the Company on 30 April 2019. Mr. Kong is a Partner at MBK Partners and is based in Hong Kong. With extensive investment experiences in both the telecommunication and media industries, he has led MBK Partners’ investments in WTT Holding Corp, China Network Systems Co., Ltd. and Gala TV Corp. Prior to MBK Partners, Mr. Kong spent five years at Carlyle Asia Partners, where he was Vice President and co-head of the Singapore office, and three years in the investment banking division at Salomon Smith Barney in New York and Hong Kong. Mr. Kong currently serves on the Board of Directors of Apex International Corporation, Teamsport Topco Limited and Siyanli Co. Ltd., and has experience serving on Board of Directors of Beijing Bowei Airport Support Limited, China Network Systems Co., Ltd., Gala TV Corp., GSE Investment Corporation, Luye Pharma Group Ltd and WTT HK Limited. Mr. Kong holds a Bachelor of Business Administration from the University of Michigan Business School, U.S., and has completed an executive management programme at Harvard Business School, U.S..
Stanley CHOW
Independent Non-executive Director
Stanley CHOW was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Chow has over 21 years of experience as a corporate lawyer in Hong Kong and Canada, including more than 18 years of expertise in dealing with the Stock Exchange's Listing Rules during his time in private practice and as a senior manager at the Stock Exchange's Listing Division.
Stanley CHOW was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Chow has over 21 years of experience as a corporate lawyer in Hong Kong and Canada, including more than 18 years of expertise in dealing with the Stock Exchange's Listing Rules during his time in private practice and as a senior manager at the Stock Exchange's Listing Division. Mr. Chow was a partner in the Hong Kong office of Latham & Watkins, an international law firm, from March 2009 to February 2014. Prior to joining Latham & Watkins, Mr. Chow practised law with Allen & Overy, from November 1996 to January 2009 where he was a partner in its Hong Kong office for over 8 years. As a corporate lawyer in Hong Kong, Mr. Chow has advised on a broad range of corporate finance and mergers and acquisitions transactions. Prior to his time in private practice, he was a senior manager in the Stock Exchange's Listing Division from May 1995 to October 1996 and also practised law with Canadian law firms in Hong Kong and Canada. Mr. Chow is a member of The Law Society of Hong Kong's Company Law Committee and was admitted as a solicitor in Hong Kong in 1995 and in England and Wales in 1994. He was also admitted as a barrister and solicitor in British Columbia, Canada in 1994 and in Ontario, Canada in 1991. Mr. Chow graduated from Queen's University, Canada with a Bachelor of Commerce (Honours) Degree and holds a Juris Doctor from the University of Toronto, Canada.
Quinn Yee Kwan LAW, SBS, JP
Independent Non-executive Director
Quinn Yee Kwan LAW, SBS, JP, was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Law currently serves as the Deputy Chairman of Professional Conduct Committee of the Hong Kong Institute of Certified Public Accountants, and is an advisor of the Hong Kong Business Accountants Association.
Quinn Yee Kwan LAW, SBS, JP, was appointed as an Independent Non-executive Director of the Company on 6 February 2015. Mr. Law currently serves as the Deputy Chairman of Professional Conduct Committee of the Hong Kong Institute of Certified Public Accountants, and is an advisor of the Hong Kong Business Accountants Association which he was previously the Director and the Vice President of such Association. Mr. Law is currently an Independent Nonexecutive Director of Bank of Tianjin Co., Ltd. (stock code:1578) and ENN Energy Holdings Limited (stock code: 2688), both of which are listed on the Main Board of the Stock Exchange. From 1 August 2012 to 31 July 2018, Mr. Law was a council member cum Audit Committee Chairman at the Hong Kong University of Science and Technology. From 1 March 2008 to 28 February 2013, Mr. Law was the Deputy Chairman and the Managing Director of the Urban Renewal Authority, a statutory organisation in Hong Kong. Mr. Law is a Fellow of the Hong Kong Institute of Certified Public Accountants and is also a Fellow of the Association of Chartered Certified Accountants. He was admitted as an Associate of the Institute of Chartered Secretaries and Administrators on 11 November 1980. In view of Mr. Law’s experience in reviewing or analysing audited financial statements of private and public companies, the Directors believe that Mr. Law has the appropriate accounting or related financial management expertise for the purposes of Rule 3.10 of the Listing Rules.
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In the interval, the character and conduct of the Prince of Wales came prominently before the public. The two great friends of the prince were Fox and Sheridan. If the intellectual qualities of these two remarkable men had been equalled by their moral ones, no fitter companions for a young prince could have been found. But, unfortunately, they were as distinguished for their drinking and dissipation, and Fox for his reckless gambling, as for their talents. Pitt and they were in violent opposition, and as Pitt, with his cold, unimpulsive nature, stood firmly by the king, Fox and Sheridan were, as matters of party, warmly the advocates of the prince. Hence the king and his son, sufficiently at strife on the ground of the prince's extravagance and debauchery, were rendered doubly so by the faction fire of their respective adherents. Pitt, who might have softened greatly the hostile feeling between the royal father and son, by recommending less parsimony on the part of the king, and kindly endeavouring to induce the prince to exhibit more respect for his father, never displayed the slightest disposition to act so generous and truly politic a part. Sheridan and some others of the Whig party mentioned the prince's debts, and urged the propriety of something being done to save the honour of the Heir Apparent; but Pitt turned a deaf ear, and the king informed the prince that he could not sanction the payment of his debts by Parliament, nor was he disposed to[337] increase his allowance from the Civil List. On this the prince determined to break up his household, which had been appointed by the king, and cost the prince twenty thousand pounds, to sell his horses and carriages, and to live in a few rooms like a private gentleman. This he did; his fine horses were paraded through the streets on their way to Tattersall's to be sold, and he stopped the building of Carlton House. All this would have been admirable had it proceeded from a real desire to economise on the part of the prince, in order to satisfy his clamorous creditors, and to commence a real reform of his habits; but the whole was only a mode of mortifying the king and Court party by thus exhibiting the Heir Apparent as compelled, by the refusal of a proper allowance, to abandon the style befitting his rank, and sink himself into that of a mere lodger of scanty means. If this grand man?uvre did not accomplish its object at Court, it, however, told on his own party, who resolved in the next Session to make a grand effort for the liquidation of his debts.It would seem that the law officers of the Crown despaired of proceeding in the old way, but they, or the Ministers themselves, hit on a new and more daring one. On the 27th of March the Secretary of State addressed a circular letter to the lords-lieutenant of counties, informing them that the Law Officers were of opinion that a justice of the peace may issue warrants to apprehend persons charged with the publication of political libels, and compel them to give bail; and he required the lords-lieutenant to communicate this opinion to the ensuing Quarter Sessions, that all magistrates might act upon it. This was the most daring attack on the liberty of the subject which had been made in England since the days of the Stuarts. Lord Grey, on the 12th of May, made a most zealous and able speech in the House of Lords against this proceeding, denouncing the investment of justices of the peace with the power to decide beforehand questions which might puzzle the acutest juries, and to arrest and imprison for what might turn out to be no offence at all. He said:"If such be the power of the magistrate, and if this be the law, where, I ask, are all the boasted securities of our independence and freedom?" But it appears from the correspondence of Lord Sidmouth, that he was at this moment glorying in this expedient and triumphing in its imagined success. He said the charge of having put such power into the hands of magistrates, he would do his best and most constant endeavour to deserve; and that already the activity of the dealers in libellous matter was much diminished. He had, in truth, struck a deadly terror to the hearts of the stoutest patriots, who saw no prospect but ruin and incarceration if they dared to speak the truth. Cobbett then fled, and got over to America. In taking leave of his readers, in his Register of March 28th, he gave his reasons for escaping from the storm:"Lord Sidmouth was 'sorry to say' that I had not written anything that the Law Officers could prosecute with any chance of success. I do not remove," he continued, "for the purpose of writing libels, but for the purpose of being able to write what is not libellous. I do not retire from the combat with the Attorney-General, but from a combat with a dungeon, deprived of pen, ink, and paper. A combat with the Attorney-General is quite unequal enough; that, however, I would have encountered. I know too well what a trial by special jury is; yet that, or any sort of trial, I would stand to face. So that I could be sure of a trial of whatever sort, I would have run the risk; but against the absolute power of imprisonment, without even a hearing, for time unlimited, in any gaol in the kingdom, without the use of pen, ink, and paper, and without communication with any soul but the keepersagainst such a power it would have been worse than madness to attempt to strive."No sooner had Collot d'Herbois, Barrre, and that party triumphed over Robespierre than they summoned the members of the tribunal to their baray, on the very morning of the day of his executionand voted them honours amid much applause. The tribunal replied, that though a few traitors like Coffinhal and Dumas had found their way into the tribunal, the majority of them were sound and devoted to the Convention. Accordingly, the next day the Convention handed over to Fouquier-Tinville and his colleagues a list of fresh proscriptions of sixty-nine municipals, and a few days afterwardsnamely, the 12th of Thermidor, being the 30th of Julythey added twelve more, completing eighty-one victims! These were all executed within twenty-four hours. The Convention then fell into new divisions, some members contending for its being time to cease these tragedies, others insisting on maintaining them. Billaud-Varennes, Barrre, and Collot d'Herbois defended the guillotine and Fouquier-Tinville, but the greater number of the enemies of Robespierre denounced them, declared themselves the overthrowers of Robespierre, and assumed the name of Thermidorians, in honour of the month in which they had destroyed him. For the Thermidorians saw that the better part of the public had become sick of blood, and they set about contracting the Reign of Terror. They reduced the powers of the two governing Committees; they decreed that one-fourth of the members should go out every month; they reduced the revolutionary sections of Paris from forty-eight to twelve, and abolished the forty sous a day to the sansculotte patriots for their attendance. A month after the execution of Robespierre, Tallien made a fierce onslaught on the Terrorist system, and declared that there were numbers yet living who had been equally merciless with Robespierre, Couthon, and St. Just; and the next day Lecointre denounced by name Barrre, Billaud-Varennes, and Collot d'Herbois. To put an end to the Jacobin resistance, the Convention closed the Jacobin Club altogether, which had thus only survived the fall of Robespierre about four months. Thereupon the Jacobins began to denounce the Thermidorians as anti-Republicans, but they retorted that they were Republicans of the purest schoolthat of Marat.The debate on Mr. Villiers's annual motion, on June 10, produced still further evidences of the decline of Protectionist principles. On that occasion Sir James Graham, who was currently believed to be better acquainted with the feelings of the Premier than any other of the Ministers, said, "He would not deny that it was his opinion, that by a gradual and cautious policy it was expedient to bring our system of Corn Laws into a nearer approximation to those wholesome principles which governed legislation with respect to other industrial departments. But it was his conviction that suddenly and at once to throw open the trade in corn would be inconsistent with the well-being of the community, and would give such a shock to the agricultural interest as would throw many other interests into a state of convulsion. The object of every Government, without distinction of party, for the last twenty years, had been to substitute protecting duties for prohibitory duties, and to reduce gradually protecting duties, where it had them to deal with. He approved of this as a safe principle, and showed that it was the keystone of the policy of Sir Robert Peel.... If they could show him that Free Trade with open ports would produce a more abundant supply to the labourer, they would make him [Sir James] a convert to the doctrine of Free Trade in corn. He confessed that he placed no value on the fixed duty of four shillings lately proposed; it would be of no avail as a protection, whilst it would be liable to all the obloquy of a protecting duty; and he therefore thought that if they got rid of the present Corn Law, they had better assent to a total repeal." Sir Robert Peel spoke more cautiously; but he began by striking away a favourite maxim of his party, in observing that experience proved that the high price of corn was not accompanied by a high rate of wages, and that wages did not vary with the price of corn. He said that he "must proceed, in pursuance of his own policy, to reconcile the gradual approach of our legislation to sound principle on this subject, with the interests which had grown up under a different state of things;" but he admitted that it would be "impossible to maintain any law on the ground that it was intended to keep up rents."
