"Sundry goods debtors to X, 200,000 francs, for purchases of different commodities despatched by the ship N.
"Profit and loss debtors to sundry goods, 200,000 francs, in consequence of definitive and total loss of the cargo."
At the same time, the Customhouse books bore an entry of 200.000 francs in the list of exportations; and as there was no corresponding entry to make in the list of importations, it follows that M. Lestiboudois and the Chamber will see in this shipwreck a clear and net profit for France of 200,000 francs.
There is still another inference to be deduced from this, which is, that according to the theory of the balance of trade, France has a very simple means of doubling her capital at any moment. It is enough to pass them through the Customhouse, and then pitch them into the sea. In this case the exports will represent the amount of her capital, the imports will be nil, and even impossible, and we shall gain all that the sea swallows up.
This is a joke, the protectionists will say. It is impossible' we could give utterance to such absurdities. You do give utterance to them, however, and, what is more, you act upon them, and impose them on your fellow-citizens to the utmost of your power.
The truth is, it would be necessary to take the balance of trade backwards [au rebours], and calculate the national profits from foreign trade by the excess of imports over exports. This excess, after deducting costs, constitutes the real profit. But this theory, which is true, leads directly to free trade. I make you a present of it, gentlemen, as I do of all the theories in the preceding chapters. Exaggerate it as much as you please—it has nothing to fear from that test. Suppose, if that amuses you, that the foreigner inundates us with all sorts of useful commodities without asking anything in return, that our imports are infinite and exports nil, I defy you to prove to me that we should be poorer on that account.
VII. OF THE MANUFACTURERS
OF CANDLES, WAX-LIGHTS, LAMPS, CANDLESTICKS, STREET LAMPS, SNUFFERS, EXTINGUISHERS, AND OF THE PRODUCERS OF OIL, TALLOW, ROSIN, ALCOHOL, AND, GENERALLY, OF EVERYTHING CONNECTED WITH LIGHTING.