The profits on exports, as on all other trade, exceptional cases apart, which cannot impeach the general rule, are measured to a great extent by the distance of the country to which the exports take place, and therefore the length of period, besides the extra risk, before which capital can be replaced and profits realized.  Within the compass of a two months’ distance from England, we may include the Gulf of Mexico west, the Baltic and White Seas north, the Black Sea south-east, the west coast of Africa to the Gulf of Guinea, and the east coast of South America to Rio Janeiro.  We come thus to the limits within which the smaller profits only are realized; and all beyond will range under the head of larger returns.  It is not necessary to determine the exact amount of the profit in each case, the essential point being the ratio of one towards the other.  An average return in round numbers of seven and a half per cent many, therefore, be taken for the export commerce carried on within the narrower circle, and of twenty per cent for the voyages a long cours, say those to and round the two Capes of Good Hope and Horn.  It is making a large allowance to say that each shipment to Holland, France, or even the United States, for example, realizes seven and a half per cent clear profit, or that the aggregate of the exports cited yields at that rate.  Twenty per cent on exports to China and the East Indies, in view of the more than double distance, and increase of risk attendant, does not seem proportionally liable to the same appearance of exaggeration.  Under favourable circumstances returns cannot be looked for in less than a year on the average, and then the greater distance the greater the risk of all kinds.  Classifying the exports upon this legitimate system, we find that, in round numbers, not very far from eight-ninths of the total amount of foreign trade exports come under the denomination of the shorter voyage.  Thus of these total exports of thirty-five millions, less than four millions belong to the far off traffic.  The account will, therefore, stand thus:—­

Foreign trade profit of 7-1/2 per cent on L.31,000,000 L.2,325,000
           Do. 20 do. 4,000,000 800,000
          
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                               Total mercantile profit, L.3,125,000

The quantities colonial would range thus:—­

Colonial trade profit, long voyage, of 20 per cent
    on L.8,820,000 L.1,764,000
Colonial trade profit, short voyage, of 7-1/2 per cent
    on L.7,180,000 538,000
          
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                                 Total colonial profit, L.2,302,000