ADVERTISEMENT.

THE Statute by which the Professorship of Political Economy is founded, requires the Professor to publish a Lecture every year. In compliance with this requisition I have selected from the course delivered in June, 1827, the portion which appeared to me least unfit for separate publication. As a fragment it is necessarily imperfect. My apology for presenting it to the Public is the necessity imposed on me by the Statute.

MAGDALEN COLLEGE,

March 20, 1828.

N. W. SENIOR.

LECTURE I.

TRANSMISSION OF THE PRECIOUS METALS FROM

COUNTRY TO COUNTRY.

I PROPOSE, in the present Lecture, to consider the effect of the actual transmission of the precious metals from one country to another. An inquiry peculiarly interesting at present, as it leads to conclusions decisive of the controversy now eagerly maintained on Free Trade. The argument runs generally in the following form.

The advocate of freedom dwells on the benefit of making full use of our own peculiar advantages of situation, wealth, and skill, and availing ourselves to the utmost of those possessed by our neighbours. He asks whether

B