54 
tranfaCiions, including all items of rernit- 
tance, balance of trade, &e- has otcafton 
#0 tren{mit more than it is to Feceive, the 
expence of tranfmitting which furplus. it 
muit of courfe defray, and the exchange is 
of courle againft it; this expence (while 
guineas ean be fupplied by the debtor 
country), ought only to amount to the ac 
‘tual cot and commifhon on tranfporting 
fpecie from it to the other, and does not 
amouni tor per cent. between Dublin and 
London, including infurance} but any ex- 
cofs in the rates of exchangé beyond: this 
expence, forms a feparate sliders ions 
and muft arife from other caufes, which 
will be fated hereafter, as far as they 
have occurred to your Committee. The 
inference from this didinévion is, that the 
uniavourable exchange is generally a 
fymptom of a country having a balance to 
pay; but the rate of it is not the neceffary 
confequence of that balance, nor does it, 
or itsfu€tuations, neceflarily or exclufively 
fiepend on the amount of it. 
base real exchange, that is, where the 
bills of exchange are paid for in {pecie, as 
in Belfaf, having been {tated to be in fa- 
vour of Ireland, during the whele of the 
year ending 5th January, 1803, yeur Com- 
mittee will: proceed tovexamine into the 
a&iual ftate of pecuniary tranfactions be- 
tween the two couniries durreg that year 
(full documents for the Jaf&t year not hav- 
ing been delivered), in order to fee whe- 
ther, upon the whole of all accounts for 
that year, England was te remit a balance 
fo Irciana, or the reverfe ; and the invef- 
tigation will fatisfy thefe who think the 
fate of exchange depends on the badance 
of payments, that the rife in the Irifh ex- 
change cannot be accounted for on the 
principle of that balance. 
Your Committee find by Mr. Puget’s 
yeturn, that in that rte he after paying all 
Se and intereft on the public debt of 
Jreland, due in London, he remitted to 
the Irifh treafury the fum of-1,424,810l. 
on account of the furplus of 2,000,000). 
Bricifh, borrowed in England, of money 
¥_r lotteries, {mall re- payments for Kamen, 
and other articles. They find, alfo, that 
the tota] balance of trade in favour of Ire- 
Jand, calculated according to the cursent 
prices (and they donot think them over 
efimat ed), amounted in that-year to 
§17,2991. making together the whore fum 
to be remitted to Ireland 25342,1091, 
again& which there is to be fet the proba. 
ble amount of rents and income, ae other 
charges for abfentees, about 2,000,000). 
_to be remitted by Ireland, leaving a ciear 
 eftimated balance in favour of Ireland of 
4 
Report of the Comittee on the State of Treland. f Auguft 15 
42,109]; but if that balance of trade 
be computed upon the principle ftated by 
Mr. Marfhail as the proper one; it amounts 
ed, according to his acccount, 
to ba = = " ¥,316,814. ; 
inftead of - é 91 73299 
and the difference + $99,575 
being added, will leave the BaKitice fo ef- 
timated in favour of Ireland 1524.1,6241. 
Your Committee are therefore corroborat- 
ed: by thefe ftatements, in thé opinion 
which they have ventured to offer, that the 
real exchange rict only was, but ought te 
have been, favourable fo Lreland; and: up= 
on looking forward to the prefent yeary 
they fee every reafom to believe that it 
ought to be. ftill more faveurable duriig 
the courfe of if. 
They efimate that the account wilf 
ftand nearly as follows: —. 
Pt to be remitted from England; bea 
een sth Fanuaryy v304y and # Fanu- 
pus 1805; 
On account of a loan made in England 
for Ireland, of 4,500,6001. Britith, ot Jot= 
teries, and” eaall re- payments, to the Trith 
government, 5,000,000l. Irith. 
Sums to be remitted to England for fame 
time 
Interett of the Trith debt, and charges 
payable in London, about or rather un- 
= ¥,500,0001 For abfentees, about 
2,000,000l. Making together 39 Pn oool, 
Trith, and leaving a clear balance of 
1,500,000!, in favour of Hreland again 
England, exclufive of all conf. erations of 
balance of trade: but there ieemsno reafon — 
to fuppofe that the balance thereof, which 
was 917,2 9g! by one calculation, and 
1,816,314]. by another eftimate in Ire- 
land’s favour, in the year ftated, thould 
fo greatly differ, as not only to ceate to 
be favourable in that amount, but t> ab- 
forb aifo the other baiance of 342,rogl. or 
of 3,247,624]. 3-by the latter efimmate Mr. 
Coningham’s teftimony here has great 
weight; he thinks ‘¢ that Ireland has paid | 
every thing fhe owed, either in her ex- 
ports or bills of exchange, which fhe drew 
en account of thofe exports, and. that Free 
Jand owes as little upon her trade now, in 
proportion to its extent, as the has owed 
at any one period.’ Your Commitres, 
therefore, do not hefitate to expreis their 
convittion, that the real balance of pecu- 
ni: a tranfactions will be greatly in favour 
of Ireland this year, and cenfearen:ly 
that the real exchange is and ougat ro be 
under par 3 of courfe they feel themfelves 
compelled to feek, in other caufes th nthe 
balimet of debt, for the unfavourable ex- 
change 
