In the last three years the whole of our exports was between 44 and 45 millions.  In the three years preceding the war, it was no more than from 35 to 36 millions.  The average balance of the former period was 3,706,000_l._; of the latter, something above four millions.  It is true, that whilst the impressions of the author’s destructive war continued, our trade was greater than it is at present.  One of the necessary consequences of the peace was, that France must gradually recover a part of those markets of which she had been originally in possession.  However, after all these deductions, still the gross trade in the worst year of the present is better than in the best year of any former period of peace.  A very great part of our taxes, if not the greatest, has been imposed since the beginning of the century.  On the author’s principles, this continual increase of taxes must have ruined our trade, or at least entirely checked its growth.  But I have a manuscript of Davenant, which contains an abstract of our trade for the years 1703 and 1704; by which it appears that the whole export from England did not then exceed 6,552,019_l._ It is now considerably more than double that amount.  Yet England was then a rich and flourishing nation.

The author endeavors to derogate from the balance in our favor as it stands on the entries, and reduces it from four millions, as it there appears, to no more than 2,500,000_l._ His observation on the looseness and inaccuracy of the export entries is just; and that the error is always an error of excess, I readily admit.  But because, as usual, he has wholly omitted some very material facts, his conclusion is as erroneous as the entries he complains of.

On this point of the custom-house entries I shall make a few observations. 1st.  The inaccuracy of these entries can extend only to FREE GOODS, that is, to such British products and manufactures, as are exported without drawback and without bounty; which do not in general amount to more than two thirds at the very utmost of the whole export even of our home products.  The valuable articles of corn, malt, leather, hops, beer, and many others, do not come under this objection of inaccuracy.  The article of CERTIFICATE GOODS re-exported, a vast branch of our commerce, admits of no error, (except some smaller frauds which cannot be estimated,) as they have all a drawback of duty, and the exporter must therefore correctly specify their quantity and kind.  The author therefore is not warranted from the known error in some of the entries, to make a general defalcation from the whole balance in our favor.  This error cannot affect more than half, if so much, of the export article. 2dly.  In the account made up at the Inspector-General’s office, they estimate only the original cost of British products as they are here purchased; and on foreign goods, only the prices in the country from whence they are sent.  This was the method established by Mr. Davenant; and as far as it goes, it certainly