POLITICAL ARITPIMETIC. 
it appears, that at the time of the re-coinage 
the whole money in the country was rather 
above than under the sum just stated: and 
from the sums annually coined since that 
time, it might be presumed that the quantity 
in circulation at present was considerably 
greater,. Mr. Rose has stated it at no less 
than 44,000,000/. ; but though our commerce 
has .considerably increased, it will hardly be 
thought, considering the far greater quantity 
of small bank notes in circulation, that, if 20 
millions of coin was sufficient in 1776 or 
1786, we can at present have occasion for 
more than 25 millions at the utmost. 
Of the value of the merchandize and ma- 
nufactures usually in the hands of the mer- 
chants, wholesale dealers, shopkeepers, and 
manufacturers, it is very difficult to form a 
satisfactory idea. The eotal amount of the 
imports in the year 1804 was 29,201,490/., 
and of the exports, 34,451,367/., according 
to the customhouse accounts; but it has 
long been known that these accounts are con- 
siderably below the true value, and particu- 
larly since passing the convoy act, in the exe- 
cution of which it has appeared that the de- 
clared value of British manufactures exported 
is about 7 1 per cent, greater than the value 
in the inspector-general’s register ; and, with 
respect to the foreign merchandize imported, 
the difference on the whole may not be much 
less ; for it is certain that some of the articles 
are at present considerably more than 71 
per cent, above the value at which they are 
rated. Taking the whole, however, as rated 
only 60 percent, under the present values, 
the annual amount of foreign trade will be 
101,844,571/., to which some addition should 
be made for smuggled goods. It was the 
opinion of a numerous meeting of merchants 
in the year 1797, that there is at all times at 
the least two months supply of export and 
import merchandize in the custody of the 
merchants and traders, which, according to 
the above total, will amount to 16,974,095/. ; 
to which some addition should be made for 
property in the hands of foreign merchants, 
on account of the merchants of this country 
generally giving longer credit than they are 
allowed from other countries. But though 
the value of goods in the hands of merchants 
and wholesale dealers appears so considerable, 
it must be exceeded by the goods in the 
hands of the manufacturers and of retail 
traders: for though many of our principal 
manufactures depend greatly on foreign trade, 
their main support is the home consumption. 
The Official value of British produce and ma- 
nufactures exported in the year 1804, was 
23,935,793/. ; but the real value, as far as it 
can be ascertained, amounted to 40,349,642/. 
This, it may be presumed, cannot be more 
than half of the whole produce of our manufac- 
tures, which will thus amount to 80,699,284/., 
of which but a small proportion is included 
in the value before-mentioned in the hands 
of the merchants; which consists chiefly of 
foreign merchandize and materials for the 
different manufactures, as they can generally 
obtain manufactured goods for exportation 
at a short notice, deducting, however, 
3,000,000/. on this account : of the remain- 
der it is probable that there is much more 
than three months supply in the hands of the 
manufacturer, in different stages from the 
raw material to finished goods, and in the 
possession of retail traders, who, in many 
branches, are obliged to keep a large assort- 
ment ; but taking it only in this proportion it 
amounts to 19,424,821/. 
There still remains to be valued that part 
of the property of individuals which consists 
in household furniture, wearing apparel, 
plate, jewels and trinkets, books, provisions, 
fuel, carriages, &c. ; with respect to which 
the most that can be done is to form a con- 
jecture that shall be generally admitted as 
not exceeding the truth ; and certainly this 
general kind of property, of which every in- 
dividual must possess or enjoy the use of 
some share, will not be thought over-rated 
at three times the yearly rent of the bouses 
which contain it, or 33,262,500/. in all Great 
Britain. 
Having thus valued the different descrip- 
tions of stock, or actual capital, its total 
amount will appear as follows: 
Value of the land of Great Bri- 
tain - - - of 828,660,000 
Houses - 199,575,000 
Cattle, and all kinds of farming 
stock - - - 102,500,000 
Shipping: navy and merchant 
ships - - 20,000,000 
Money . - - 25,000,000 
Goods in the hands of mer- 
chants and wholesale dealers 16,974,000 
Goods in the hands of manu- 
facturers and retail traders 19,424,000 
Furniture, apparel, &c. - 33,262,000 
Total - - <£.1245,395,000 
Upon this capital all other species of wealth, 
whether consisting in the securities of govern- 
ment or individuals, or of any other descrip- 
tion, ultimately depends ; for private and 
public loans, in which mode a great part of 
the property of many persons is invested, 
implying an obligation on the part of the 
borrower to repay at a future period a certain 
sum of money which is the measure and re- 
presentative of all other species of property, 
or to pay an income arising from this sum 
till the capital is repaid, the borrower is no 
otherwise richer than by the greater income 
he can make from the money than what he 
agrees to pay for it: as the capital, in what- 
ever manner he invests it, still belongs to the 
lender, who, though he may not by the laws 
of the country be permitted to take posses- 
sion of the property into which his money has 
been converted, may, if necessary, bring it 
to sale, for the purpose of re-converting it 
into the sum equivalent to what he had lent. 
If therefore, the whole of the land, houses, 
cattle, and all other articles composing the 
wealth of the country, was in the hands of 
.one half of the inhabitants, who had borrowed 
the above sum of 1245,395,000/. from the 
other half, it is evident that the whole real 
capita] of the country would in fact be the 
property, not of those in possession of it, but 
of those to whom they were indebted. This 
is the case with respect to a considerable part 
of the capital of Great Britain ; and the debts 
of the government have greatly contributed 
to bring it into this state: for though these 
debts are not contracted under an obligation 
to repay the principal at any fixed period, 
they rest on the right which the government 
possesses, to claim, if it should ever be neces- 
sary, a portion of the general property suffi- 
cient for this purpose, and till that time to 
477 
raise sufficient contributions to pay an an' 
unity equivalent in value to such principal. 
The above estimate shews, that, notwith- 
standing the expensive wars in which the 
country has been engaged, which, by draw- 
ing much money out of the country, has 
greatly diminished the profits that would 
otherwise have remained, there has been a 
great accumulation ; though, at the same 
time, the people in general appear to live in 
a much more expensive manner than their 
ancestors. We have seen that in the year 
1664, the whole national capital did not ex- 
ceed 700,000,000/., according to the present 
value of money : there has therefore been an 
average gain since that time of nearly four 
millions per annum, a very considerable part 
of which must have arisen from foreign com- 
merce ; for commerce would not be carried 
on without gain ; and whatever profits have 
been saved or converted into stock, must 
appear in the foregoing account: even the 
increased value of the land and houses is in a 
great measure owing to the assistance of ca- 
pitals acquired in trade. 
r l lie great increase of the annual income is 
a further proof that there must have been 
such an accumulating surplus as is here 
stated. Sir W. Petty computed the whole 
income of the country to be 42,000,000/. ; 
Mr..G. King estimated it at 43,500,000/.; 
Dr. Daveliant, in 1 70 1, stated itat 49,000,000/. 
These accounts are exclusive of Scotland ; 
but after making a sufficient addition on this 
account, it will appear that there has been a 
very considerable increase. Sir John Sinclair, 
in 1783, observed that the income of the 
country arising from lands, commerce, and 
manufactures, was commonly calculated at 
100,000,000/., which he considered rather a 
low valuation ; and there can be little doubt 
that of late years the profit derived from 
each of these sources has been greatly aug- 
mented. 
A part of the national stock or capital pro- 
duces no income; such as the money in cir- 
culation, furniture, apparel, &c. ; and on the 
contrary much income arises without capi- 
tal, being solely the recompence of labour. 
A very considerable proportion arises from 
capital and labour united, such as that of 
most farmers, merchants, and retail traders, 
and the difficulty of distinguishing, in many 
cases, that part of the income of individuals 
which is the wages of their labour, from the 
part which should be considered as the pro- 
fits of their capital, must render every attempt 
to particularize the amount of the different 
branches of income liable to objections. The 
following statement is, however, presumed to 
be not very inaccurate : 
From rent of lands - £“ 29 , 595,000 
From rent of houses - - 11 , 087,000 
Profits of farming, or the occupa- 
tion of the land - - 6,120,000 
Income of labourers in agricul- 
ture - - - 18 , 000,000 
Profits of mines, collieries, and 
inland navigation - 2,000,000 
Profits of shipping in the mer- 
chants’ service, and small craft 1,000,000 
Income of stockholders - 18 , 925,000 
From mortgages and other mo- 
ney lent on private securities 2 , 500,000 
Carried over 
£ 89 , 227,000 
