1792. on the balance of trade, and exchanges. 93 



of the plainest points of natural liistory, for the sake of 

 others equally ill-informed, and equally desirous of 



receiving instruction as 



A You7ig Observer. 



ON THE BALANCE OF TRADE, AND 

 EXCHANGES. 

 For the Editor of the Bee. 

 Much has been said, and many books have been 

 written on the balance of trade, very little to the pur- 

 pose. Authors, in general, have had recourse to cus- 

 tom-house books, to obtain the amount of imports, 

 and exports betvv-een particular countries,- from the va- 

 lue of which they have pleased themselves by strickmg 

 the balance of trade. Nothing surely can be m9re fal- 

 lacious than this mode of judging. All the articles 

 that are smusigled on either side, never make an 

 appearance there. If duties are paid, the quandty of 

 goods appearing, will be considerably dimmifhed. If 

 these duties are rated by the value of the goods, that 

 value will be stated much below the truth. If no du- 

 ties are paid, the entries will be much greater than tlie 

 reality. Hence, nothing is more common than to see . 

 two nations making out a state of the same account, 

 so as to represent the balance as greatly each in their 

 own favour-, yet though this absurdity be apparent, 

 the practice, from habit, has been persisted in. 



To ascertain the balance of trade between two na- 

 tions, so many particulars require to be adverted to, 

 %vhich elude the observation of the most attentive ob- 

 server, as to render the attempt fruitlefb. If it could 



