SUMMARY OF THE COMMERCE OF THE UNITED KINGDOM OF GREAT

The real or declared value of British products was, how-
ever, instead of 654,382,045 liv. sterling, only .
And, allowing for the foreign merchandise the official
value aforesaid-

Francs. 16,490,427,534 2,703,759,937

19,194,187,471

Liv. sterl.

402,583,100

107,292,061

509,875,161

Total, (which is more in accordance with the importations,) 12,848,853,057 The precious metals and specie are not included in the above.

SUMMARY OF THE COMMERCE OF THE UNITED STATES.

Decennial Period from 1827 to 1836.

SHIPPING ENTERED, AND IMPORTATIONS.

American products,.

Or in francs, 4,799,126,015

Dollars.

Francs.

708,615,251 or 3,720,232,587

Foreign merchandise, . 205,503,510 or 1,078,893,428

The American documents include bullion and specie, which amount to—

AVERAGE YEAR OF THE DECENNIAL PERIOD, 1827 TO 1836.

SHIPPING ENTERED.

644,505

SECTION II.-STANDARD OF VALUATION.

In France the standard of official valuation, as applied by the customhouse, has been adopted after a long inquiry, and is founded upon the estimate of average prices during the time of the discussion. It was applied for the first time to commercial tables in 1825, and in comparing the results of that year with those that should have been produced by the old standards of value that had been used anterior to that time, there was found a difference of seventy-four millions of francs less in the value of importations, and sixty-four millions more in the value of exportations. One sees from this to what errors we were exposed in the pretended deductions respecting the balance of commerce, since, by the old method of estimating, there was an error in one year of one hundred and thirty-eight millions. The present official standard has since been applied to all the following years. It expresses vaguely enough some points, and unfortunately keeps no account of those changes of value which are constantly taking place.

Great Britain employs, for its official valuation, a rate that dates as far back as 1696, and which has been properly increased only upon those articles which have been produced since then. It is necessary, therefore, for a correct estimate, to institute a comparison between the declared and the real value.

Neither France or Great Britain comprise, in their commercial tables, the exportation or importation of bullion or coin.

The United States employ, for a rate of valuation, the price current of the foreign port from whence the merchandise arrives, when they have reference to importation; and the price current at the American port where the cargo is embarked, when they have reference to goods exported. The precious metals are included in the estimates of imports as well as exports; but in this last case, when speaking of American coins, they are included in the statement of native manufactured articles.

It is easy to see, from what we have said, that the amounts we are about to compare are very far from having a mathematical certainty. They only serve as an indication of the backward or forward movement of the commerce of the three powers.

(1) Inclusive of precious metals and specie, 50,188,251 francs.

SECTION III.-COMMERCE OF FRANCE FOR THE DECENNIAL PERIOD.

We will now proceed to examine more in detail the proportion in which it is distributed throughout the decennial period of the commerce of which we have presented the general summary. The period from 1827 to 1836 offers peculiarities which induce us to divide it into successive groups of three years each, leaving by itself the year 1836, during which occurred an extraordinary commercial excitement which can hardly be considered a fair standard of comparison.

France has a land trade which includes not only its own proper affairs, but the business of other nations who borrow her territory as a means of transit. This last, the facilities for which has only been recently granted, is on the increase, and tends to swell the amount of trade. As to the maritime commerce, one part is made in conjunction with foreign shipping under the restriction of customhouse laws, which, except in those cases where mutual reciprocity has been guarantied, give to the French flag the preference in the importation of nearly all the articles of trade. The other part of our commerce prohibited to foreign vessels, includes the carrying trade with our colonies, our coasting trade, and fisheries.

In all our statements we shall use only round numbers, and shall express values in francs even for foreign commerce.

In the trade by land, France shows

Thus, as we have said, we do not consider the trade of the country under the same point of view that has been adopted in the classifications of the customhouse. We do not think that the official classifications are always calculated to fulfil the purpose intended, and we find it difficult to understand how a list of materials of the first necessity to industry can include race-horses and hunting-dogs, and not sheep; drugs and wool used without preparation in beds, and not raw sugar which is used in so many ways, and the products of which exported are classified as manufactures; and we cannot regard brandy, or tanned and dressed skins as natural products. The misfortune of such classifications is, that they serve as the ground for false reasonings in relation to the relative importance of some branches of our foreign commerce. In the present case we shall confine ourselves to an enumeration of some of the principal articles, and their official value.