2800. } 
much better adapted for the purpofe than 
they are, the juftnefs of the conclufions thus 
drawn fromthem would be very doubtful ; 
for it may be eafily made to appear that, in 
many cafes, if the imports even exceeded 
the exports there might, notwith{tanding, 
be a confiderable gain. Thus, fuppofing 
the merchants of this country to purchafe 
Britifh manufaétures, for exportation on 
their. own account, -to the value of 
20,000,000]. the nett proceeds thereof in 
the countries to which they are export- 
ed cannot be confidered as Jefs_ than 
22,000,0001. and this fum being in- 
vetted in foreign produce, and imported 
into this country, will amount, after re- 
paying the duties and all expences, to at 
leat 24,200,0001. returning the merchants 
the capital originally advanced, with a 
profit of 21 per cent.; in like manner, 
whenever the merchandize imported in re- 
turn for any quantity exported is of 
greater actual value in this country, or 
yields a greater price, after allowing for 
all charges and the intereft_of the capital 
employed, the furplus muft be an addition 
to the wealth of the country; and if the 
whole of the foreign trade were of this de~ 
feription, the excefs of the imports would 
thew the profit, er the wealth acquired by 
the exchange of commodities with other 
nations. A country carrying on a profi- 
‘table foreign trade may not always have 
occafion for a greater {upply of the pro- 
duce or manufa&tures of other countries, in 
which cafe the imports from fuch coun- 
tries will diminifh, and the difference mult 
be made up by coin or bullion, which, 
however, in a-commercial view, ought to 
e confidered in nearly the fame light with 
other articles of merchandize.. In confe- 
quence of an Aét of Charles IT. coin 
and bullion imported into this coun- 
try are exempted from entry at the cuftom- 
houfe; and therefore thefe articles cannot 
appear in the account of imports, though 
it is known, that, befides the bullion ufed 
in keeping up or increafing the coin, and 
in importation and exportation as a mer= 
shandize, great quantities are imported as 
ayaw material for the ufe of our manu- 
faétures.* The quantity fent out of the 
country legally is known ; the quantity 
imported muft be much greater: but fo 
Jong as there is no account of it, the real 
amount of the imports muft be very incom- 
plete, and confequently any conclufion, 
with refpect to the balance of trade, drawn 
from the official fatements of the exports 
and imports may be very erroneous. 
_* Mr, Irving’s Letter, Report of Commit- 
tee of Secrecy, 1797. 
Mr. Greilier inthe National Wealth, 
ci 
It cannot be denied, that if the country 
derives a profit from its foreign com- 
merce, the value of the raw materials and 
manufactures, and of the coin and bullion 
imported, mut, together, exceed that of its 
exports, particularly as a portion of the 
former is to be confidered rather as a re- 
miltance of property from abroad to its 
Owners in this country, than asa return of 
goads fent out; and though for a fhort 
period it might be otherwife, from our 
merchants giving longer or larger credit 
to their foreign correfpondents than is al- 
lowed to them, this would be merely a 
temporary fufpenfion of the returns, and 
would not affest the balance of profit : 
therefore as it'appears by the cuftom-houle 
accounts, that the value of the foreign 
produce and manufaCtures imported is 
confiderably lefs than that of our exports 3 
it would follow, upon the fuppofition 
that thefe valuations were correét, that the 
difference of the exports and imports, with 
a fum equal to the whole profits of foreign 
trade, is imported in cath and bullion 
which are not included in thofe accounts. 
If this was really the cafe, our ffack of 
the precious metals, either in the form of ° 
bullion, fpecie, or goods manufactured of 
gold and filver, muft have increafed not. 
only to an amount greater than we have 
any evidence to prove, but far beyond all 
probability ; in fat, however, this rapid 
flow of wealth into the country from com- 
merce, which is certainly great, but pro- 
bably lefs than it appears in the ufual 
way of eftimating it from the cuffom-houf 
accounts, has been counteracted very con- 
fiderably by our political conne@ions with 
other countries, by loffes at fea, and by 
all other circumftances which carry wealth 
out of the country without an adyan- 
tageous return; had this not been the 
cafe, the increafe both of the national ca- 
pital and income muft have been ftill much 
greater than it appears to have actually 
been. 
It has appeared that the total income of 
the country is at prefent upwards of 
¥30,000,000l. and that it cannot be lefs 
than this fum may likewife be proved by 
the general expenditure. Sir. W. Petty 
reckoned the average expence of men, 
women, and children, in England and 
Wales, at 61. 13s. 4d. pen annum for 
food, houfing, cloaths, and all other necef- 
faries ; Dr. Davenant took the average 
expence at 71. which, according to the 
difference in the value of money at the 
commencement of the century and at this 
time, is equal to upwards of x61. for each 
perfon at prefent. Mr. Jonas Hanway, 
Z about 
