A. D. 1760. 441 



notwithftanding the flucluation of prices, and the prodigious improve- 

 ments upon moft articles of Britifli manufacture, Hill fhipped under the 

 fame denominations which marked tlie inferior productions of the fe- 

 venteenth century *. As the accounts thus compiled muft convey a 

 very inadequate idea of the modern value of moll articles, they confe- 

 quently afford but an inaccurate ftandard for comparing the value of 

 one article with that of another ; but, with refpect to the comparifon of 

 the trade of one year with that of another, they certainly afford a 

 ftandard more correct, becaufe invariable, than any account, following 

 the frequent fluduations of prices, could poflibly do. Therefor, all 

 things confidered, the cuftom-houfe accounts, though they may have 

 been fometimes under-entered in the amount of goods charged with 

 duties, and probably often exaggerated in the amount of thofe that pay 

 none, undoubtedly contain the beft evidence that the nature of the cafe 

 admits of. But much caution is neceffary, and many circumflances muft 

 be duely confidered, before a judgement can be formed from them of the 

 advantages or difadvantages of any branch of the national commerce. 



It has been cuftomary to confider our trade with thole countries, 

 from which we import a greater value than we export to them, as un- 

 profitable ; and that with thofe, to which our exports exceed the value 

 of our imports, as profitable. But fuch a rule is hable to a great num- 

 ber of exceptions The apparent balance muft be frequently erroneous 



from the inaccuracy of the valuation. For example ; the Irifli linens 

 are all rated in the cuftom-houfe entries in England at 81^ a yard on an 

 average, whereas 1/4 a yard, the average price affumed in the Irifh cuf- 

 tom-houfc books, is rather under the value. As linens generally con- 

 ftitute above a half of the value of the imports from Ireland to England 

 and Scotland, the error in the value of that one article turns the balance 

 of trade with Ireland againft Great Britain : [Set Lo/J Sbcffiehrs Odjiy- 

 vatioiis on the 7riamifa6lures, \sc. of Ireland, p. 276, tljird ed. 1785] and 

 the valuations in many other branches of our commerce are not a whit 



more accurate Money brought into Great Britain is not fubjccl: to 



entry, and therefor does not appear in the cullom-houfe books, any 



more than bills of exchange Money carried out fwells the amount of 



export entries f, and coniequently enlarges the fuppoied general profit; 



* A pretty accuiatc ftaiidard fur cftimaling llic merchandize exported, under tlic title of Foreign 



proportion bctwcm the real, and the cullonihou(c, gold and bullion (being ^^884, 102 : 1 1 : 3 tor tlie 



valuation of any cargo, or any year's exportation, year lyf'o) which, being foreign, mull have been 



of which tlic particulars arc known, is furniflied previoufly imported, though the cullom-houfe 



by the declarations now made in compliance with takes no cognizance of the impoitation. In ex- 



thc convoy aA, which took place in the year trading the accounts for the years 1 760 — 1764 I 



179^. A good fpecimcn of thofe proportions, have omitted this article, which, as it llands in the 



drawn up by Mr. Irving, the infpedor-general, exports, appears to I'well the favourttblt balance ; 



will be given with the tranfaftions of that year. whereas it is in fad the nectffaiy payment of an 



f Till the year 1765 the gold and filver carried unfavourable balance. In time of peace, the bul- 



abroad were CQlcrcU iii Ui< cuiluiu-huufc bovki j.% lioP; which i; exported; goes moAly to Chiua. 



