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A TABLE showing the Value of Grain imported, and the Amount of Foreign Expenditure in each Year, from 1793 to 1818 inclusive, compared with the Rate of Exchange on Hamburgh for the same period.

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EXPLANATION OF THE TABLE

ON THE

AMOUNT OF FOREIGN EXPENDITURE, &e.

THE Exchanges are affected by two great principles of political economy, namely, by the Foreign Expenditure, and by the amount paid for grain imported. When, therefore, the importation of grain, and the Foreign Expenditure have been great, the Exchange has become unfavorable, and the latter has, vice versâ, increased nearly in the same ratio as the two former have diminished.

In the accompanying Table it will be seen, that each protruding line of demarkation, specifying the variation of the Exchange, has, with very trifling exceptions, a corresponding sinus in the two lines which designate the increase or diminution of the Foreign Expenditure and the amount paid for imported grain.

The result to be inferred is, that the Foreign Expenditure having now dropped from upwards of 26 millions annually down to 2 millions, the exchange will also most probably partake in a great measure of this counteraction, and become gradually higher, especially if the succeeding harvests should fortunately prove so abundant, as to render importation unnecessary.

END OF NO. XXIX.

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