Applying the same plan of calculation upon an average of the prices ruling in the London market, we arrive at the following approximate results:—
| Barilla, 36,585 cwts. at 10s. per cwt. | L.18,292 |
| Lemons and oranges, 30,170 packages, at 30s. per packet, | 45,255 |
| Madder, 6174 cwts. at 30s per cwt. | 9,261 |
| Olive oil, 1,305,384 gallons, at L.45 per 252 gallons | 233,100 |
| Quicksilver, 2,157,823 lbs., at 4s. per lb., | 431,564 |
| Raisins, 166,505 cwts., at 40s. per cwt. | 333,000 |
| Brandy, 223,268 gallons, at 2s. 6d. per gallon, | 27,900 |
| Wines, 3,945,160, gallons, at L.20 per butt, | 730,580 |
| Wool, 1,266,900 lbs., at 2s. per lb., | 126,690 |
| ————— | |
| L.1,965,642 | |
| The value of the other articles of import from Spain, which need not be enumerated here, amongst which corn, skins, pig-lead, bark for tanning, &c., would certainly swell this amount more by | 200,000. |
| ————— | |
| Total direct imports from Spain, | L.2,165,642 |
On several of the foregoing commodities the average rates of price on which they are calculated may be esteemed as moderate, such as wines, brandies, raisins, &c.; and several are exclusive of duty charge, as where the averages are estimated at the prices in bond. In other commodities the average rates are inclusive of duty. Wines, brandies, quicksilver, barilla, are exclusive of duty, for example; the others, duty paid, but in some instances duties scarcely more than nominal. On the other hand, it must be taken into the account, for the purpose of a fair comparison, that these average estimates of the prices of imported merchandise do include and are enhanced by the expense of freights and the profits of the importer, and therefore all the difference must be in excess of the cost price at which shipped, and by which estimated in Spain. The "declared values" of British exports to Spain embrace but a small proportion, perhaps, of these shipping charges, and are altogether irrespective of duties levied on arrival in Spanish ports. As not only a fair, but probably an outside allowance, let us, therefore, redress the balance by striking off 20 per cent from the total estimated values of imports from Spain to cover shipping charges, profits, and port-dues, whether included in prices or not. The account will then stand thus:—
| Estimated imports from Spain in round numbers | L.2,165,000 |
| Deduct 20 per cent, | 433,000 |
| ————— | |
| Value of imports shipped, | L.1,732,000 |
| Deduct declared value of British exports to Spain, | 554,000 |
| ————— | |
| Excess of Spanish imports direct on equalized estimates of values, | L.1,178,000 |
The acceptation is so common, it has been so long received as a truism unquestionable as unquestioned, as well in Spain as in Great Britain, of British commerce being one-sided, and carrying a large yearly balance against the Peninsular state, that these figures of relative and approximate quantities can hardly fail to excite a degree of astonishment and of doubt also. It will be, as it ought to be, observed at once, that the trade with Spain direct represents one part of the question only; that the indirect trade through Gibraltar, and elsewhere, might, in its results, reverse the picture. The objection is reasonable, and we proceed to enquire how far it is calculated to affect the statement.
The total "declared value" of the exports of British and Irish produce, and manufactures to Gibraltar, for the year 1840, is stated at
| £1,111,176 | |
| Of which, as more or less destined for Spain, licitly or illicitly, cotton manufactures, | 635,821 |
| Linens, &c., &c., | 224,061 |
| Woollens, | 97,092 |
It may be asserted as a fact, for, although not on official authority, yet we have it from respectable parties who have been resident on, and well conversant with the commerce of that rock, that, of the cotton goods thus imported into Gibraltar, the exports to Ceuta and the opposite coast of Africa amount, on the average, to L.70,000 per annum. Of linens and woollens a considerable proportion find their way there also, and to Italian ports. Of British and colonial merchandise exported to Gibraltar in the same year, the following may be considered to be mainly, or to some extent, designed for introduction into Spain:—
| Cinnamon value, 77,352 lbs., say value | L.21,000 |
| Indigo 26,000 lbs., say | 7,800 |
| Tobacco 610,000 lbs., say | 10,166 |
Some cotton piece-goods from India, and silk goods, such as bandannas, &c., pepper, cloves, &c., &c., were also exported there; say, inclusive of the quantities enumerated above, to the total value of L.100,000 of commodities, of which a considerable proportion was destined for Spain. Assuming the whole of the cotton goods to be for introduction into Spain, minus the quantity dispatched to the African coast, we have in round numbers the value of