is a good one.  But the profits of the merchant at home, and of our factories abroad, are not taken into the account; which profit on such an immense quantity of goods exported and re-exported cannot fail of being very great:  five per cent, upon the whole, I should think, a very moderate allowance. 3dly.  It does not comprehend the advantage arising from the employment of 600,000 tons of shipping, which must be paid by the foreign consumer, and which, in many bulky articles of commerce, is equal to the value of the commodity.  This can scarcely be rated at less than a million annually. 4thly.  The whole import from Ireland and America, and from the West Indies, is set against us in the ordinary way of striking a balance of imports and exports; whereas the import and export are both our own.  This is just as ridiculous, as to put against the general balance of the nation, how much more goods Cheshire receives from London than London from Cheshire.  The whole revolves and circulates through this kingdom, and is, so far as regards our profit, in the nature of home trade, as much as if the several countries of America and Ireland were all pieced to Cornwall.  The course of exchange with all these places is fully sufficient to demonstrate that this kingdom has the whole advantage of their commerce.  When the final profit upon a whole system of trade rests and centres in a certain place, a balance struck in that place merely on the mutual sale of commodities is quite fallacious. 5thly.  The custom-house entries furnish a most defective, and, indeed, ridiculous idea of the most valuable branch of trade we have in the world,—­that with Newfoundland.  Observe what you export thither; a little spirits, provision, fishing-lines, and fishing-hooks.  Is this export the true idea of the Newfoundland trade in the light of a beneficial branch of commerce?  Nothing less.  Examine our imports from thence; it seems upon this vulgar idea of exports and imports, to turn the balance against you.  But your exports to Newfoundland are your own goods.  Your import is your own food; as much your own, as that you raise with your ploughs out of your own soil; and not your loss, but your gain; your riches, not your poverty.  But so fallacious is this way of judging, that neither the export nor import, nor both together, supply any idea approaching to adequate of that branch of business.  The vessels in that trade go straight from Newfoundland to the foreign market; and the sale there, not the import here, is the measure of its value.  That trade, which is one of your greatest and best, is hardly so much as seen in the custom-house entries; and it is not of less annual value to this nation than 400,000_l._ 6thly.  The quality of your imports must be considered as well as the quantity.  To state the whole of the foreign import as loss, is exceedingly absurd.  All the iron, hemp, flax, cotton, Spanish wool, raw silk, woollen and linen-yarn, which we import, are by no means to be considered