We have now another process to attempt, and that is to make BAR IRON with pit coal; and it is for that purpose we have made, or rather are making, alterations at Donnington Wood, Ketley, and elsewhere, which we expect to complete in the present year, but not at a less expense than twenty thousand pounds, which will be lost to us, and gained by nobody, if this tax is laid upon our coals." He would not, however, have it understood that he sought for any PROTECTION for the homemade iron, notwithstanding the lower prices of the foreign article.

"From its most imperfect state as pig-iron," he observed to Lord Sheffield, "to its highest finish in the regulating springs of a watch, we have nothing to fear if the importation into each country should be permitted without duty." We need scarcely add that the subsequent history of the iron trade abundantly justified these sagacious anticipations of Richard Reynolds.
He was now far advanced in years.

His business had prospered, his means were ample, and he sought retirement.

He did not desire to possess great wealth, which in his opinion entailed such serious responsibilities upon its possessor; and he held that the accumulation of large property was more to be deprecated than desired.

He therefore determined to give up his shares in the ironworks at Ketley to his sons William and Joseph, who continued to carry them on.