convictions that more might be discovered than met the eye, or squared with the desire, should the component elements of those proportions be respectively submitted to the process of dissection, he preferred to leave the tale half told, the subject less than half discussed, rather than challenge the certain exposure of the fallacious assumptions on which he had reconstructed a seemingly plausible, but really shallow dogma.  A foreign export trade of thirty-five millions he wished the world to believe must represent, proportionally, a larger amount of profit, than sixteen millions of colonial export trade; that the difference, in fact, would be as thirty-five to sixteen, and so, according to his Cockerian rule of calculation, it should be.  But, it is said and agreed, that two and two do not always make four, as in the present case will be verified.  We may, indeed, place the matter beyond dispute, by a homely illustration level to every man’s capacity.  For example, a Manchester banker, dealing in money, shall turn over in discounts and accounts-current, with a capital of L.100,000, the sum of one million sterling per annum.  As he charges interest in current-account at the rate of 5 per cent, so he allows the same.  His profit, therefore, quoad the interest on current-accounts and balances in hand, is nil; but for the trouble of managing accounts and for discounts, his charge is five shillings per L.100.  In lending out his capital, he realises five per cent more upon that.  But the return upon capital embarked, say, in the cotton manufacture, is calculated, at the least, at an average of fifteen per cent.  What, then, are the relative profit returns upon the same sum-total of operations for the banker and manufacturer?

Manufacturer’s Balance Sheet. 
On Capital. 
Operations, L.1,000,000 Capital, L.100,000 Profit, 15 per cent, L.15,000

Banker’s Balance Sheet. 
Operations, L.1,000,000 Profit thereon, 5s. per L.100, L.2500 Capital, 100,000 Interest thereon, 5 per cent, 5000
Return on Capital, ------ 7,500
--------
Excess manufacturing profit, L.7500

That is, double the amount, or, as rateably may be said, 100 per cent greater profit for the manufacturer than the banker.  Now, what is true of banking and commerce, may be—­often is, true of one description of commerce, as compared with another.

It is not meant to be inferred, however, that applied to colonial trade, as compared with foreign trade, the analogy holds good to all the extent; but that it does in degree, there can be no doubt, and we are prepared to show.  It will, we know, be urged, that there can be no two sale prices for the same commodity in the same market, a dictum we are not disposed to impugn; but we shall not so readily subscribe to the doctrine, that the prices in the home and colonial markets are absolutely controlled and equalized by those of the foreign market.