494 
form. He has also endeavoured to for- 
ward the object of the committee, by 
calculating how much should be deducted 
from the valué of goods imported, on 
account of articles in return for which 
nothing is exported. These deductions 
consist of the produce of fisheries, and of 
imports from the East and West. Indies, 
which are of the nature of rents, profits, 
Report of the Select Committee, 
[Jan re. r 
and capital, remitted to proprietors in this 
country. ‘The balance of trade in favour 
of this country, upon the face of the 
account thus made up, was 
In 1805 about - 6,616 000/. 
1806 - - - 10,437,000. 
1807 = «- « 5,866,0001, 
1808 © = - 12,48 1,000/. 
1809 - 14,854,0002. 
The following is an Account of the official Value of our iyhnieete and Exports with the 
Continent of Europe alone, in each of the last five Years: 
IMPORTS. 
23 
Tene ce ae oe 10,008,649 — 
1806 ad i) > 8,197,256 
mS UO 7,973,510 
Pep & =o 4,210,607 1- 
1809. - < = 9,551,857 
The balances with Europe alone in 
favour of Great Britain, as exhibited in 
this imperfect statement, are not far 
from corresponding with the general and 
more accurate balances before given. 
The favourable balance of 1809 with 
Europe alone, if computed according to 
the actual value, would be much more 
considerable than the value of the same 
year, in the former general statement. 
A favourable balance of trade on the 
face of the account of exports and im- 
ports, presented annually to parliament, 
is a very probable consequence of large 
drafts on government for foreign expen- 
ditare; an augmentation of exports, and 
a diminution of imports, being promoted, 
and even enforced, by the means of such 
drafts. For if the supply of bills drawn 
abread, either by the agents of govern- 
ment, or by individuals, is disproporti- 
onate to the demand, the price of them 
in foreign money falls, until it is so low as 
to invite purchasers; and the purchasers, 
who are generally foreigners, not wishing 
to transfer their property permanently to 
‘England, have a reference to the terms 
on. which the bills on England will pur- 
chase those British commodities which 
are in demand, either in their own coun- 
try, or in intermediate places, with 
which the ‘account may be adjusted. 
Thus, the price of the bills being regu- 
lated in some degree by that of British 
eommodities, and continuing tu fall cill it 
col 
Balance in favour of 
Great Britain, 
rie abnatit reckoned in 
‘Official Value. 
oF a 
15,465,430 5,456,781 
13,216,386 5,019,130 
12,689,590 4,716,080 
11,280,490 7,069,819 
23,722,615 14,170,758 
becomes so low as to be likely to afford a 
profit on the purchase and exportation of 
these commodities, an actual exportation 
nearly proportionate to the amount of 
the bills drawn can searcely fail to take 
place. . It follows, that there cannot ke, 
for any long period, either a highly fa- 
vourable or unfavourable balance of 
trade; for the balance no sooner affects 
the price of bills, than the price of bills, 
by its re-action on the state of trade, 
promotes an equalization of commercial 
exports and imports. Your committee 
have here considered cash and bullion as 
forming a part of the general mass of ex- 
ported or imported articles, and as trans« 
ferred according to the state both of the 
supply and the demand; forming, how- 
ever, under certain circumstances, and 
especially in the case of great fluctuations 
in the general commerce, a peculiarly 
commodious remittance. 
From the foregoing reasonings relative 
to the state of the exchanges, your com- 
mittee find it difficult to resist an infer= 
ence that a portion at least of the’ great 
fall which the exchanges lately suffered, 
must have resulted not from the state of 
trade, but from a’ change i in the relative 
value of our domestic currency. But 
when this deduction is joined with that. 
which your committee have stated, re- 
specting the chat se in the market price 
of gold, that — in erence appears te be 
demonstrated. 
“Ia 
