IMPORTS AND EXPORTS.

I. Table exhibiting the different Countries to which Articles of the Produce or Manufacture of the United Kingdom have been exported during the Six Years ending with 1838, arranged in the Order of the Magnitude of the Exports to them; and specifying the average annual Amount of the Exports to each during the said Six Years, and the Portion of such Exports destined for each, supposing the whole Exports to be 1,000.

II. Account of the Quantities of the principal Articles of Foreign and Colonial Merchandise imported into, exported from, and retained for Consumption in, the United Kingdom, with Nett Produce of the Revenue accruing thereon, during the Years 1837 and 1838.

III. Account of the Value of the various Articles of the Produce and Manufacture of the United Kingdom exported to Foreign Ports, according to the real or declared Value thereof, in the Years 1836, 1837, and 1838.

IV. Account of the Declared Value of British and Irish Produce and Manufactures exported from the United Kingdom, specifying the various Countries to which the same were exported, and the Values sent to each, in 1838.

Remarks on the above Tables.-Foreign Competition.-The falling off in the exports in 1837, (see p. 36.) was almost entirely owing to the decline in the exports to the United States, which fell off from 12,425,6057. in 1836, to 4,695,2257. in 1837. But this extraordinary decline was wholly owing to accidental causes, or to the pecuniary difficulties in which the mercantile class in the United States were involved in the latter part of 1836 and 1837, through the previous abuse of credit, and the revulsion occasioned by the universal stoppage of the banks. It was clear, that how severe soever in the meantime, any check to commerce originating in such circumstances would be of a temporary description; and, in point of fact, its influence soon ceased to have any very perceptible operation, and our exports to the United States were, in 1838, almost as large as ever.

But this is not all. Since the foregoing tables were published, an account has been printed exhibiting the declared value of the principal articles of native produce and manufacture exported from the United Kingdom in 1839. We subjoin this account, and it is seen from it, that the increase in the value of the exports of the 19 articles which it embraces in 1839 over the value of the same articles exported in 1838, amounts to nearly 2,000,000%. (See p. 797.)

It is obvious, therefore, that the statements that have recently been put forth with so much misplaced confidence, as to the injurious influence of foreign competition on our trade, and the consequent decline of our exports, are not mere exaggerations, but are wholly without any real foundation. The competition of Saxony, Rhenish Prussia, and Belgium, is represented as the most formidable; and if we might credit the statements put forth at public

Account of the declared Value of the principal Articles of British and Irish Produce and Manufacture exported in the Years ending the 5th of January, 1839 and 1810.

meetings, and circulated by the press, as to the wonderful progress of manufactures in these countries, and the destructive influence of the Prussian League on our trade, it might be supposed that our exports to Germany had been reduced to little or nothing. But, how stands the fact? The declared value of our exports to Prussia, Germany, Holland, and Belgium, since 1830, has been

Prussia Germany Holland Belgium

Totals

5,918,304 8,116,951 7,568,049 7,903,915 8,258,128 7,973,349 8,874,498 9,761,562

It appears, therefore, that so far from there having been any falling off in our trade with Germany, and the countries through which Germany is supplied with manufactured goods, our exports to them have decidedly increased, and are greater at this moment than they were before the League was organised, or those improvements of which we have heard so much, had made any progress. It is not competition of the foreigner but of the home manufacturers against each other, that reduces prices and profits, and gives rise to perpetually recurring complaints of the decay of trade. Provided tranquillity be maintained at home, and Britain continue to be exempted from that political agitation that is the bane of industry and the curse of every country in which it prevails, we have nothing to fear from foreign competition. Our natural and acquired advantages for the prosecution of manufactures and trade, are vastly superior to those of every other country; and though foreigners do excel us in a few departments, and may come to excel us in others, so that the character and channels of our trade may, in consequence, be partially changed, there is not so much as the shadow of a foundation for supposing that its amount will be at all affected. On the contrary, it is all but certain that it will continue to augment with the augmenting wealth and population of the innumerable nations with which we have commercial relations.

But it has been said, that though the declared value of our exports in 1839 be considerably greater than in 1838, the quantities of raw cotton, foreign wool, &c. entered for home consumption in 1839 were decidedly less than in 1838; and that, consequently, the extension of the export trade has been owing to the decline of the home demand for manufactures, originating in the depressed state of the manufacturing population. But we doubt whether there be much in this. The quantity of any article entered for home consumption is a totally different thing from the quantity actually consumed, and it is this only that is of the least importance. Now it is plain, that to determine the quantity consumed, we must not only know the quantities entered for consumption, but we must further know the stocks on hand at the beginning and end of the year; and before it can be truly affirmed that there has been any decline in the consumption of cotton goods, it would be necessary to know whether the stocks of such goods in the manufacturers' and dealers' hands had increased or diminished.

It appears from the Parl. Paper, No. 80. sess. 1840, that the cotton entered for consumption, in 1838, amounted to 460,756,013 lbs., whereas in 1839 it only amounted to 355,781,960 lbs., being a decline of about 105,000,000 lbs. But the actual consumption did not fall off in any thing like this proportion: on the contrary, it is stated in the most valuable document published on the state of the cotton trade-the annual circular of Messrs. Holt & Co. of Liverpool, for the 31st of December, 1839 (vol. i., p. 522.)-that the consumption of cotton in 1838 amounted to about 416,700,000 lbs., and in 1839 to about 381,700,000 lbs., being a decline of only 35,000,000 lbs., which was wholly owing to the increase in the price of raw cotton; and we have been assured by those well acquainted with

the facts, that this diminution of the consumption has been fully balanced by a proportionate diminution of the stocks of manufactured goods held by the manufacturers and dealers; so that it would appear that the supposed decrease of the home demand is about as visionary as the supposed disastrous influence of Prussian and Saxon competition. The decline in the entries of foreign sheep's wool in 1839, as compared with 1838, is too inconsiderable to deserve notice; but, such as it is, it is certainly to be accounted for in the same manner.

No doubt, however, there has been considerable mercantile and manufacturing distress during the last twelve months; but its extent has been ridiculously exaggerated, and it is besides clear that foreign competition had nothing to do with it. The distress that has existed is wholly, or almost wholly, ascribable to domestic causes-to the rise in the rate of interest, and the pressure on the money market, occasioned by the abuses that periodically and necessarily grow out of our vicious banking system, and to the indifferent harvests of 1838 and 1839. But the reader may be assured that there is nothing in the situation of the manufactures and commerce of the country that should excite any alarm.

Although, however, we attach no weight to the exaggerated and unfounded statements that have been so perseveringly circulated as to the decay of trade, we are not certainly of the number of those who think that no change should be made in the commercial policy of the country, or that it may not be very materially improved. Restrictive regulations and oppressive duties, though much diminished of late years, still continue to exert a very powerful and mischievous influence over many departments of industry; and are, in fact (supposing tranquillity to be preserved), the only thing from which it is at all reasonable to apprehend any serious injury. It is in all respects of the utmost importance that every practicable effort should be made for their modification and reduction. They not only diminish exportation, by diminishing importation, but inflict a grievous injury on the consumer, without producing any corresponding advantage to the revenue, to which, indeed, they are decidedly hostile. Perhaps, however, their worst effect consists in the handle and pretence which they afford for all sorts of misrepresentation and abuse. This has been strikingly evinced in the recent discussions as to the Corn Laws. All parties, manufacturers, and agriculturists, seem generally to entertain the most erroneous notions as to the influence of these statutes. The truth is, that, in ordinary years, it is now, thanks to the spread of agricultural improvement, all but imperceptible. During the six years ending with 1837, the average price of wheat in Great Britain was 50s. 2d. a quarter; and we are bold to say, that not a tittle of evidence has been, or can be produced, to show that this price would have been reduced 5s. a quarter had the ports been all the while open to unconditional importation from abroad. Hence, were our manufactures really declining, or in a perilous state, which happily they are not, it is idle to suppose that this decline or danger could be obviated by the repeal of the Corn Laws. The influence of the latter is now little felt, except in unfavourable years, when the home crops are deficient; but then it is extremely injurious. This arises not only from the restrictions which they lay on importation at the time, but also from the discouragement which they give to warehousing in ordinary years, and, consequently, forcing the required supply to be suddenly introduced, to the great derangement of the ordinary channels of trade and of the currency. Such a state of things should not be allowed to exist; and seeing that the agriculturists have really nothing to fear from the opening of the ports, sound policy would suggest that foreign corn should be admitted at all times for home consumption, under such a reasonable constant duty (5s. or 6s. on wheat, and other grain in proportion) as may be required to countervail the burdens peculiarly affecting the land. The exclusion of foreign sugar, and the regulations as to the timber trade, are productive of nothing but mischief, and have not, in fact, a single redeeming quality about them: their effect is to add very materially to the price of a most important necessary of life, and of our houses, ships, and machinery, and to deprive the Treasury of at least 1,500,000l. a year of revenue. But were the corn laws and those relating to timber and sugar placed on a proper footing, and some of the more oppressive duties in our tariff, as those on brandy and hollands, adequately reduced, the foreign competition to which we might be exposed would be productive of nothing but advantage. Such competition is, in reality, the vivifying principle of industry, curis acuens mortalia corda. It gives a new stimulus to the inventive powers, at the same time that it supplies new products and new modes of enjoyment to reward the labour of the industrious. It must ever be borne in mind, that the amount of the exports from a country always depends upon, and is, in fact, measured by, the amount of its imports; and while the magnitude of the latter continues to increase, and we freely open our ports to the products of all countries and climates, we may be sure that our exports will equally increase, and be found in every market.-S.

[LIGHT-HOUSE.-The following six new light-houses have been erected on the coast

of France:

1. Island of St. Marcouf, in latitude of 49 deg. 29 min. 55 sec., longitude 3 deg. 29 min. west of Paris; *he light situated on the fort, about 55 feet above the level of the sea, and may be perceived, in fine weather, at the distance of three leagues.

2. Port Navalo, on the right side of the entrance of the Morbihan; the light situated on the point, about 70 feet above the sea, and is visible, in fine weather, at the distance of 3 leagues.