The consumer in those days was probably allowed, as is still the custom, a twelve-month’s credit upon half the articles purchased. Some of them took a longer time, if others a shorter one; but the stock of credit being then equal only to 35 millions, and now raised to 70 millions, we have clearly another mass of savings of—35,000,000.
Then, as in the present time, the preparing, manufacturing, and delivering, required six, twelve, or eighteen months. Let us suppose the year, upon an average of the slowness of one operation, and the celerity with which another was performed, we shall find again, in the difference of the flock, a third saving of 35,000,000.
If we suppose the value of manufactories, dwellings, warehouses, and all kinds of establishments, necessary to answer all the exigencies of a stock of industry and commerce of 35,000,000, to have amounted then to 25,000,000, we must admit that the objects in the same manner necessary to a stock of 70,000,000, do likewise present us with a fourth clear saving of—25,000,000.
In order to employ those hands by whose labour the annual sum of 35,000,000 was produced, 10,000,000 were probably sufficient; whereas 20,000,000 are now required. This shews a fifth clear saving of—10,000,000.
The annual returns from the American islands was computed, 90 years ago, at about 330,000, (Sir Charles Whitworth’s State of Trade). Half of this produce was, in all likelihood, mortgaged to commerce; but it only supposed a stock of 3,000,000 at most lent, it matters not at what interest. The yearly produce of those colonies, added to that of the ceded islands, amounts, at present, to more than 2,900,000; more than one-third of which belongs to the trader, either as purchaser or mortgagee, and exhibits a sum of about 20,000,000, from which we shall substract the former 3,000,000; and considering (for a moment) those colonies as being foreign to the State, we shall find a sixth clear saving of—17,000,000, (the petition of the merchants in 1775, supposes it to be 30,000,000.)
The English might perhaps be out of humour with me, were I to suppose that the continent of America, stands on the debtor side, for no more than 4,000,000; I shall therefore set down this article as—Memorandum.
Eighty years ago the amount of exportation from England, was estimated at 5,612,085l. In 1773, upon a medium of three years, the same was increased to 16,027,937: of the exceeding 9 or 10 millions, one part appropriated to the commerce in Europe, another to the American, a third to the East-India trade, remain one, two, and sometimes three years, before they can be applied to the same objects. These 10,000,000 therefore suppose a stock more than double the same sum, and ought, in consequence, to be set down as a seventh clear saving of—10,000,000.
The English ships, employed eighty years ago in carrying on the national trade, presented only a sum of 289,318 tons burden; the number of tons is now rated at 775,078. This increase of 485,760, together with the expence attending the fitting out, going and coming, produce a stock of 5,000,000, which must be doubled, by compensating the voyages of six and eight months, by those which require two or three years: here, therefore, appears an eighth clear saving of—10,000,000.