In 1823 he was appointed President of the Board of Trade and Treasurer of the Navy, and shortly afterwards he received a seat in the cabinet. In the same year he was returned for Liverpool as successor to Canning, and as the only man who could reconcile the Tory merchants to a free trade policy. Among the more important legislative changes with which he was principally connected were a reform of the Navigation Acts, admitting other nations to a full equality and reciprocity of shipping duties; the repeal of the labour laws; the introduction of a new sinking fund; the reduction of the duties on manufactures and on the importation of foreign goods, and the repeal of the quarantine duties.