All the European exports, carried by England in the year 1773, either to India, Africa, or America, including the exports for which she held an exclusive privilege in the part of America now independent, amounted to 4,975,192l. we shall say 5 millions:—if you value at 10 millions of the same currency, the exports of all the other nations of Europe to those parts of the world, we shall find a capital of 15 millions sterling in goods annually exported from Europe:—but the yearly expence of a navy, which cannot be dispensed with for the protection of those exports, is valued at 8 millions sterling, 4 of which fall to the share of England and France.
Exclusive of those 8 millions sterling, the interest paid by England to acquire, preserve, and protect that part of European exports that concerns her, amounts to about 6,500,000l. including that of the last war; the interest paid by France, comes nearly to the same sum; the interest paid by Spain could not be computed, were the depopulation of that country to be taken into the account; but estimate them at 4 millions, including those which other European nations have sacrificed to the same Idol: let us say nothing about Holland, who for many years (except the few last) has made some figure Europe, only by her good luck in alleviating the distresses of others, her sole motive for which was her own advantage: and we shall sum up, at last, an annual expenditure of 25 millions sterling, in interest and naval expences, incurred by Europe, in order to preserve the exclusive privilege, 1st, of exporting every year 15 millions sterling in European goods to her colonies, both in India and America; and, 2dly, of establishing in those colonies the system of government best calculated to prevent that exportation from becoming more considerable.
10thly,
We have observed, that the exports from England to the colonies of America, and to India, amounted, in 1773, to 4,900 and some thousand pounds sterling, suppose 5 millions: now her importation of commodities from those various countries is about 5,900,000l. (see Sir Charles Whitworth); but we have also noticed, that she left yearly in North America 1,282,000l. more than she received therefrom. This matter, considered in the most favourable light, that is, as a balance of trade, ought to be added to the former; and the whole together will give us a total of 7 millions, shewing an annual benefit of 2 millions some hundred thousand pounds sterling.
It appears then, that an annual benefit of 2 millions some hundred thousand pounds sterling costs England annually 6,500,000l. interest for her debt, and 2 millions for the support of her navy.
11thly,
We have seen, that the annual and general exportation of European goods to America and India amounted to about 15 millions sterling.—If 5 millions of English exports return no more than 2 millions some hundred thousand pounds annual benefit to England, that England, who sets the highest price on her goods of all kinds, the general exportation of 15 millions, to which England contributes only one third, cannot, of course, afford to the whole of Europe, a profit of above 6 millions and some hundred thousand pounds;—but it seems that a benefit of 6 millions and some hundred thousand pounds is dearly bought at the rate of 25 millions laid out annually by Europe, both in paying the interest of their respective national debts, and for the support of the European navies designed to preserve, protect, and secure such a benefit.
12thly,
If it were very true, as it is to this day asserted, that those 25 millions of annual and indisputable expenditure, are in reality so many yearly losses to the nations who sustain it, might it not be reasonably concluded, would it not be impossible not to conclude, that all the colonies of Europe were established only for her ruin?—If we only attend to the last war, which in fact loads the different nations who took a share in it, with an annual interest of 9 or 10 millions,—9 or 10 millions to be paid every year, partly to preserve the right, partly to obtain the permission of exporting European commodities into a country, of which the inhabitants, besides their own importation, consume annually to the amount of only 2,491,230l. of those same commodities which are exported to them by others—who (to assume the trader’s phrase) cannot clear by that exportation, a greater annual profit than 3, 4, or even 500,000l.! ... it seems indeed that one cannot see without surprise and concern, the shocking disproportion between the end proposed, and the sole means of obtaining it.