But revenons a nos moutons. According to Mr Cobden’s new facts, borrowed from Porter’s Tables, so far as the figures, the superior importance and profit of foreign trade should be measured by the gross quantities, and be, say, as 35 to 16. We have shown that the relation of profit really stands as 31 to 23, starting from the same basis of total amounts as himself. The total profit upon a foreign trade of thirty-five millions, to place it on an equal rateable footing with colonial, should be, not three millions and an eighth, but upwards of five millions, or the colonial trade of sixteen millions, if no more gainful than foreign, should be, not L.2,300,000, but about one million less. And here the question naturally recurs, assuming the principle of Mr Cobden to be correct—as so, for his satisfaction, it has been reasoned hitherto—at what rate of charge nationally are these profits, colonial and foreign, purchased? Fortunately the materials for the estimates are already in hand, and here they are:
Colonial trade—cost in Army,
Navy,
Ordnance, &c.,
L.3,000,000
Colonial trade—profit to exporters,
2,302,000
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Deficit—loss
to the country, L.698,000
Foreign trade—cost in Army,
Navy,
Ordnance, &c.,
L.4,500,000
Foreign trade exporting profit,
3,125,000
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Deficit—loss
to the country, L.1,375,000
As nearly, therefore, as may be, foreign trade costs the country twice as much as colonial. Such are the conclusions, the rough but approximately accurate conclusions, to which the new facts of Mr Cobden and the old hobby of Joseph Hume, mounted by the new philosopher, have led; and the public exposition of which has been provoked by his ignorance or malevolence, or both. In order to gain less than 9 per cent average upon a foreign trade of thirty-five millions, the country is saddled, for the benefit of Messrs Brookes and Cobden, inter alios, with a cost of nearly 13 per cent upon the same amount; whilst the cost of colonial trade is about 18-3/4 per cent on the total of sixteen millions, but the profit nearly fifteen per cent. In the account of colonial profit, be it observed, moreover, no account is here taken of the supplementary advantage derived from the differential duties against foreign imports.