  A new measurement of the proton structure function $F_2(x,Q^2)$ is reported
for momentum transfers squared $Q^2$ between 1.5 GeV$^2$ and 5000 GeV$^2$ and
for Bjorken $x$ between $3\cdot 10^{-5}$ and 0.32 using data collected by the
HERA experiment H1 in 1994. The data represent an increase in statistics by a
factor of ten with respect to the analysis of the 1993 data. Substantial
extension of the kinematic range towards low $Q^2$ and $x$ has been achieved
using dedicated data samples and events with initial state photon radiation.
The structure function is found to increase significantly with decreasing $x$,
even in the lowest accessible $Q^2$ region. The data are well described by a
Next to Leading Order QCD fit and the gluon density is extracted.
