104 
bullion exported on an average in 
the four laft years, being years of 
war, is nota third of what was an- 
nually exported on an average in 
the three preceding years of peace; 
and that the quantity of filver bul- 
lion exported in the four laft years, 
being years of war, is alfo not a 
third of what was annually export- 
ed on an average in the three pre- 
ceding years of peace; and this ac- 
count receives a certaim degree of 
confirmation, from the accounts de- 
livered in by the Eaft India Com- 
pany, of the amount of Spanifh 
dollars exported by the Company, 
or permitted by the Company to 
be exported by private perfons; 
which prove that in the laft three 
years the amount of Spanifh dollars 
exported has been lefs than ufual. 
The Committee wifhed to throw 
farther light on this fubjeét, by ob- 
taining an account of the amount of 
gold and filver coin or bullion im- 
ported into this kingdom in the be- 
fore-mentioned periods; but they 
find that, by a law paffed in the 
15th year of the reign of his late 
Majefty Charles II. ch. 7. fec. 12. 
coin and bullion are exempted from 
entry at the cuftom-houfe, on im- 
portation into this kingdom; fo 
that the officers of the cuftoms 
could not produce an account of 
any fuch importation. 
There are, however, other cir- 
cumftances in evidence before the 
Commitiee, which may have con- 
tributed to render lefs perceptible, 
hitherto at leaft, the advantages 
arifing from the influx of wealth 
into this kingdom, in confequence 
cf 2 favourable balance of trade, 
It was obferved by Henry Thorn- 
ton, Efa.. (and it is indeed felf-evi- 
dent) that in proportion as the:com- , 
merce of this country increafes, a 
APPENDIX TO 
‘greater capital is neceffary for care 
rying iton; and alfo, that any given 
quantity of commerce, in time of 
war, by the increafed expences of 
freight, infurance, and mercantile 
charges, requires a greater capital 
than the fame quantity of commerce 
in time of peace. Thefe two cir- 
cumftances muft have had confider- 
able influence, in the courfe of the 
laft three years upon the circulat- 
ing cafh and paper of the kingdom, 
efpecially when it is confidered, 
that, from caufes already affigned, 
the circulation of paper was confi- 
derably diminifhed; and Mr. Bo- 
fanquet, a Bank Direétor, in affign- 
ing the canfes of the great preflure 
on the Bank, for the want of cafh, 
in the year 1783, is of opinion that 
the drain of cafh at that time pro- 
ceeded from the great extenfion of 
commerce which followed the 
peace, and which occafioned fo 
large an export of the commodities 
of this country, that the circulation 
was hardly fuflicient to fupport it. 
It appears, laftly, by the evidence 
of the Bank Directors, that in con- 
fequence of the long credit given 
by our merchants, the payments for 
the great quantities of our manu- 
faétures, produce, and other merch- 
andize exported, do not take place 
till a confiderable time after their 
exportation, though a great addi- 
tional capital has been previoufly 
employed in providing the articles 
fo exported. The balance of pay- 
ments, which arifes out of the ba- 
lance of trade, is neceflarily pofte- 
vior to it; and in countries like 
Great Britain, where long credits 
are given, it may not produce its 
full effeét upon our circulation for 
a confiderable time. i 
The refult of all the various cir- 
cumftances before ftated, does not 
appear 
‘ 
