Lowe on the State of England. 
four years previous to 1797, in which our 
‘treasury was conducted as in former wars, 
without any innovation in, regard to. war 
taxes or paper money; 2d, the interval 
from. 1797, to 1805, in which we, had 
both war taxes and non-convertible papers 
but without greatly depreciating the one, 
-or carrying the other to.an extreme; 3d, 
the period from 1805 to 1815, in which 
the amount of the supplies raised within 
the year became enormous, and the de- 
preciation of our paper, particularly after 
1810, formed a very serious addition to 
our difficulties. 
‘THE SOURCES OF OUR FINANCIAL 
SUPPLIES. 
Total Exports from, Great Britain, compu- 
ted according) to the fixed Official Stan- 
dard of the Custom-house. 
Average of the nine years of the first 
war, viz. from the beginning of 1793 to 
that of 1802, 30,760,000/. 
Average of ten years of the second war, 
from 1803 to 1812, both inclusive, leaving 
out..1813, the records of which were de- 
stroyed by fire, and considering 1802 as a 
year of peace, 42,145,000/. 
But if we compare this with the seven 
years of peace, of which the returns have 
been made to Parliament, we shall find a 
considerable increase since 1814. 
Average of the total annual exports from 
Great Britain, computed officially for the 
seven years, from 1814 to 1820, both in- 
clusive, 53,922,000/. 
These returns being made on a uniform 
plan, and calculated: by the weight or di- 
mensions of the package, are conclusive as 
to the quantity of our exports; but it may 
be said, that in other respeets, they are less 
satisfactory ; and that although the bulk 
exported is at present greater, the value is 
less, in consequence of the general reduc- 
tion of prices. That prices were much 
higher during the war, particularly in the 
latter years, admits of no doubt, but in 
whatever way the calculation be made, the 
advantage is on the side of peace, thus :— 
Exports from Great Britain during the war, 
computed not by the Official or Custom- 
house valuation, but by the declaration 
of the Exporting Merchants; or, when 
there was no declaration, by a suitable 
addition to the official value. 
Average of the ten years from 1791, to. 
1801, both inclusive, 48,890,000/. 
Average of the ten years from 1801 to 
1810, 52,847,0002, 
Tn peace, our exports afford an average 
considerably larger, after making, (see 
Appendix,) an allowance for the reduced 
value of foreign and colonial goods, 
Average of annual exports from 1814 to 
615 
1820, valued by, the declaration. of the.ex- 
porting merchants, or by a.suitable addi- 
tion to the official value, 62,330,;428Z, . 
In both points of view, therefore, our fo- 
reign commerce is found.to have been Jess 
considerable.in war than in. peace;. it, is 
equally easy to shew, that its profits were 
wholly inadequate to the support of any 
large. addition to the public expenditure, 
Mr. Pitt, on proposing the income tax in 
1798, computed our foreign commerce. to 
yield to the various persons, merchants, 
and others, engaged in it, an annual in- 
come of 12,000,000/., a sum probably not. 
underrated at the time, but which, for the 
sake of giving those who differ.from us, the 
full benefit of argument, ought, we shall 
suppose, to have_been doubled, and taken 
during the war at an annual amount of 
24,000,000/. 
Our other sources of imagined. supply 
were the occupation of new colonies, the 
suspension of the navigation. of hostile 
states, and a supposed reduction of their ri- 
val manufactures. Of the conquered colo- 
nies, the principal were Trinidad, Deme- 
rara, Essequebo, Tobago, each little ad- 
vanced in cultivation, each requiring a 
large transfer of capital from this country, 
and each yielding little present revenue. 
Similar disadvantages characterized, though 
in a less degree, St. Lucia, Guadaloupe, 
Martinique. As to the East Indies, our 
acquisitions, vast in point of territory, and 
considerable in regard to internal revenue, 
are, as is well known, of very secondary 
importance in respect to commerce, though 
on the continent of Europe there prevails 
an opinion that India is the grand source 
of our national wealth. 
PROPORTION OF OUR BURDENS TO OUR 
RESOURCES. 
Our taxation is, forthe most part, levied, 
not as in France, on production, but on 
consumption; its proportion to our means 
is, consequently, to be calculated with re- 
ference to the aggregate of individual ex- 
penditure, We shall presently have occa- 
sion to observe, that the proportion of such 
expenditure which finds its way annually 
into the public treasury, has, since 1798, 
been very large, particularly in towns, on 
account of the great consumption of excise- 
able articles, Now, as the expenditure of 
government during the war, or, to speak 
more correctly, the increased expenditure 
of individuals, consequent on government: 
disburse, took place almost éntirely in: 
towns, we shall probably not exceed in 
caleulating that it returned into the Exche- 
quer a proportion approaching to 33 per 
cent., or a third of the amount that had is- 
sued 
