- Great Britain in 1775, and every Fifth Year thereafter; also the Year thereafter; also the Net Duties of Customs in 1775, and ulation on the 26th of February, 1800, and in the last Week of ce; also the Net Revenue of Great Britain in the Year 1790, and ulation Returns.

Chalmers's "Political Estimate;" and thereafter from fly the Finance Accounts.

All other articles.

†The amount of Bank notes in circulation, with the prices of gold, is taken from Vol. XVI. 1821; in 1825, from Vol. XVII. 1825; and in 1830, from Vol. V. 1830. Mem. No return has yet appeared of the amount in the last week of February in the present year, but it is understood not to have much exceeded 17,000,000l.! In April, 1815, the price of gold was 51. 7s. per oz. See Appendix to Bank Report, 1819.

The revenue from 1790 to 1820, is taken from Vol. XVI. 1824; the three last years from the Finance Accounts.

With a view to what I have to state relative to our money system, the amount of bank notes and bank post bills are given as they appear from parliamentary returns in the last week in February, 1800, and in the last week in February in every fifth year thereafter, with the market price of gold in bars, where that appears in such returns. As important, also, in forming an estimate of the situation of the country, the net revenue of Great Britain is given for the year 1790, and in every fifth year thereafter; with the numbers of the people, as these appear from the population returns.

Our shipping, which is affected by the revulsion occasioned by a transition from peace to war, recovers afterwards; and appears to increase in a course of years, whether we are at war or in peace. Though the tonnage fell off in the five years ending in 1780, it increased much more than the sum of this declension in the five years ending in 1785; and though it diminished in the five years ending in 1795, its amount in the five years ending in 1800 exceeded its amount in the five years ending in 1790. It has since greatly increased, with the exception of the five years ending in 1815; since which year it has steadily increased.

Dividing the period of the table into four equal parts, each representing fifteen years, though

every fifth year only is given, the amount of tonnage in each period is as follows:

There thus appears to have been a continuing increase of British shipping in each period of fifteen years; and the year 1831 gives us a reasonable assurance of a continuance of augmentation for the British tonnage which cleared outwards, in the year 1831, was 2,300,731, whereas in 1830 it was only 2,102,147 tons.

The tonnage of foreign ships frequenting our ports has also increased.

The foreign shipping thus has not increased in the same proportion with British shipping. Though its proportion of increase was greater than our own previous to 1815, yet the amount of foreign tonnage clearing outwards has not only not increased, but it has considerably diminished, since that year.

This fact alone may be sufficient to dispel the fears of those who alarmed themselves with

out cause, from their misapprehension of the operation of our reciprocity system.

Those fears may be still more completely dispelled, from the increasing amount of our exports since the year 1815.

In that year the amount of our exports, according to official value, was 41,712,002/.*; being by much the greatest amount which we had ever previously exported. The amount of that year, doubtless, was much increased by the greatness of our foreign expenditure required to support the numerous army which we then had to maintain upon the Continent; and, possibly, also by an expectation of demand upon the Continent, which appears to have been disappointed; for in the following year our exports, in official value, amounted only to 34,774,5017. Many well-informed persons believed, that we should not be able to maintain a competition with manufac

* Parl. Papers, 1830. No. 315. Official value is according to certain rates fixed in 1696, which never vary, and thus show quantity. These rates will be found in Vol. xxii. of the Sessional Papers of the House of Commons for 1826. Declared value, which was not required until 1797, is the value declared to be the value of the articles exported at the period of export. The difference between the official and declared value of each year, shows the fall or rise in the exchangeable value. The difference between official value in different years shows the difference of the quantity exported. + Parliamentary Papers, 1830. No. 315.

turers on the Continent; who, it was conceived, could bring the products of their industry to market at cheaper rates than we could. Such apprehension has proved to be altogether groundless. Our exports have greatly increased, particularly since 1822, when they amounted in official value to 43,558,488l., being greater than their amount in 1815; and last year they were in official value 60,090,123l., being, indeed, 402,514/. below their amount in the preceding year, but nearly a third more than their amount in 1815; which was 8,511,4221. in official value above that of the preceding year (1814).*

Our imports afford evidence upon which an equally firm reliance may be placed in proof of the increase of industry in Great Britain. Our export trade consists in the exchange of our commodities for the commodities of other countries. These foreign commodities so exchanged for ours are stated in the Custom House books, when they are imported, according to certain rates, which never vary. The official value of our imports thus shows the quantity of foreign commodities imported from time to time, as the official value of our exports shows the quantity of our commodities exported from time to time. The exchangeable value, or current prices, of both at the time are estimated in gold in this

* Parliamentary Papers, 1830. No. 315.