With an empire so gigantic, a population so large, however disproportioned as compared with territory, and with resources so incalculable, it must appear extraordinary that foreign commercial relations are so limited. The total of exports and imports together for 1841, represents only, in round numbers, a commercial movement to the value of 165,811,000 silver rubles, or in sterling, about L.25,907,300. The matter which most concerns this country, is the very disproportionate interest which results to its share in the export and import trade of Russia. Taking the latest British returns of the value of Russian products imported into England, for the Board of Trade tables give quantities only, as we find them stated by Mr McGregor, the indefatigable secretary of that board, for 1838, at L.6,977,396, or say,

in round numbersL.7,000,000
And British exports at the declared value here of, say,1,700,000
—————
There would appear to result the very heavy difference against the United Kingdom ofL.5,300,000

But bad as the case may be, it is not quite so bad as these figures would represent. It must not be forgotten in this sort of calculation, that shipping, freights, insurances, and commissions, represent property quite as substantially in the commercial sense, as even Mr Cobden's printed calicos, or friend Bright's flannel pieces. Now, we think it might admit of proof, that as much as nine-tenths of all the produce brought to this country from Russia, is so brought in British bottoms, and so also of the exports to Russia; although in 1840, the last of the Board of Trade tables containing such particulars, no more than 1629 British vessels, of 340,567 tonnage, against 296 foreign, of 79,152 tonnage, entered British ports from Russia—the proportions being much the same outwards; but whether the foreign were all Russian vessels may be doubted. Let us assume, however, that no more than three-fourths of both imports and exports were so carried, and leaving three-fourths British freights outwards to balance Russian one-fourth freights inwards and outwards, let us in fairness estimate the worth of that freightage in reduction of the enormous balance against us. As for Spain, in our last Number, we took twenty per cent to cover all the freightage charges, before indicated, on her commodities of less bulk though more value in proportion, twenty-five per cent on the average will not be too much, certainly, to cover those charges on the more bulky products of Russia, more especially when the long, costly, and intricate navigation of the Baltic, and the White and Black Seas, are taken into account. The calculation will then stand thus:—

Imports from Russia, L.7,000,000
Deduct twenty-five per cent freightage, &c. as British property and profit, 1,750,000
————
Real value of imports as on board in Russia, L.5,250,000
Declared value of ex-British exports to Russia, L.1,700,000
Value of British freightage, &c., as above, 1,750,000
———— L.3,450,000
————
Real approximative balance in favour of Russia, L.1,800,000

or say two millions, as the three-fourths produce of outward freight would, perhaps, not quite compensate the one-fourth on inward and outward cargoes to the Russian shipping. Even such a balance is exclusively and unjustly large against a country which, like Great Britain, is a consumer of Russian products to the extent of seven-twelfths of the total exports of Russia to all the world. The consequence is, that the rate of exchange is almost invariably against this country. Lord Howick, indeed, most quixotically deals with adverse exchanges; he disposes of them summarily, and in a style that must have astonished the people on 'Change. This disciple and representative of Mr Edward Gibbon Wakefield's economics in the House of Commons, as Lord Durham was before his political disciple, and the victim of his schemes colonial, thus decisively disposes of adverse exchanges in the celebrated debate on Import Duties, taking Portugal for an example.

"A large increase of importations from Portugal would necessarily be attended by a proportionate increase of our export trade. Was it not clear that every merchant who imported a pipe of wine would anticipate the bills drawn against him on account of it, and that, whatever would be the increase in the amount of imports, there would be a corresponding increase in the amount of the bills drawn against us? How were our merchants to provide for them? There would be no difficulty in it, whether the trade of Portugal increased legally or illegally. Suppose an increase of imports into Portugal, there would be an immediate demand for bills to Portugal. The consequence would be, that if there was any other country from which Portugal received more than it exported, the bill-brokers would get bills from that country, and our manufactures would be sent there instead of to Portugal. Admit that you could not find in any other country the means of discharging your debt by importation of your manufactures, bills on Portugal should then rise to a certain premium, and gold and silver would be sent to discharge the debt. The gold and silver would come from some other country, and the consequence would be that we should send our manufactures, not to Portugal, but to South America; while Portugal would be obliged to send the bullion to some other country that it might carry on a smuggling trade with its neighbour, Spain. It was impossible for the ingenuity of man to point out any different result."

The "bill-brokers" will be greatly amused with the new line of business chalked out for them, of "getting bills" from other countries when short in this. There are two descriptions of "bill brokers," but the class bearing that designation purely deal with domestic bills only. The other class are known as "exchange brokers," because they meddle only with foreign bills; but as to "getting bills" from abroad when bills are wanting here, that trustworthy and respectable description of agents certainly never dreams of such an occupation. Lord Howick would seem to imagine that manufactories of bills existed specially abroad, and that people could draw with as much nonchalance from Paris or from Hamburg, upon Jack Nokes and Tom Styles at Amsterdam or Frankfort, as here Lord Huntingtower accepted for his dear friend the Colonel values uncared for, or as folks familiarly talk of valuing an Aldgate pump when an accommodation bill is in question. May we venture to hint to the member for commercial Sunderland, the ex for Northumberland, that the functions of "exchange brokers" extend no further than to ask A if he has any bills to sell, and B if he is a buyer; whereupon he has only further to learn what rate the one will purchase and the other sell at; that knotty point arranged, the bargain is concluded, and he receives his very small percentage. The operations are carried on every day, more or less, but on Tuesdays and Fridays, being especially "post days" on London 'Change, where Lord Howick any day may be initiated in the mystery, if not punctilious about being unceremoniously elbowed and jostled about.

In the principle of protection, we hold Russia to be perfectly in her right and her interest; in the abuse of it, she damages herself. Prohibition is not protection; restrictive duties equal to absolute prohibition, like the 85 per cent prohibitory tax, formerly levied here on Indian cotton fabrics, in favour of Lancashire, are not protection in the legitimate sense. The late Emperor Alexander hit the true nail of principle on the head when, in 1819, he reformed the Russian tariff on the calculation of imposts ranging from fifteen to forty per cent. We are, nevertheless, bound to say, that, even as protection is understood in its exaggerated sense by the Autocrat, the system has worked well for Russia, as indeed we have shown. She has accumulated wealth by that system; she has secured by it the possession of a large proportion of those precious metals, which are indispensable no less as the medium of foreign exchanges and balances, than as the means by which, above all other means, the operations of industry, and the employment of labour, are facilitated at home. How would industry progress, and wages be dispensed, if the master manufacturer could offer payment of wages only in yards or pieces of cloth, the iron-master in ore, or the land-proprietor in oxen, sheep, corn, hay, or cabbages? In respect of commercial balances, that of Great Britain against Russia is liquidated probably, to some extent, by the yearly balance resulting against Russia in her dealings with Persia; for the policy of Russia is to favour the commerce of Asia, whilst oppressing that with Europe, and Persia is always indebted to Great Britain. She has, however, the game in her own hands. Can we wonder that she plays it to her own advantage, half-political, half-commercial? She knows as well as we feel keenly, that the raw materials, in which she is so rich, are indispensable for our use; she charges accordingly. The time may come when we shall be more independent of her, and then, then only, she will conform to altered circumstances. The able and distinguished diplomatist at her court, Lord Stuart de Rothesay, who succeeded in the arduous task of negotiating the recent treaty of navigation with that crafty Government, is the man also who will not be slow to avail himself of any favourable conjuncture for turning circumstances to account, and redressing the adverse balance now against this country.

As before said, our intention, on this occasion, is not to dissect principles or theories, but to present facts. We have still more in store for the absolute theory men. But, in concluding, we may be allowed to observe, that the causes why a restrictive and exclusive system does answer for Russia, and, on the contrary, tends to the ruin of Spain, are simply these:—The raw materials of Russia are indispensable for this and other manufacturing countries, because cheaper and more abundant than can be elsewhere procured, and the price of labour is low. The raw products of Spain necessary for manufactures are, on the reverse, dear priced; her products of luxury, even, are dear; her rates of labour are higher than in this or any other country of Europe. Two shillings and sixpence a-day, or fifteen shillings a-week; with, besides Sundays, a hundred saints' days or holidays in the year, put her labour and produce quite hors de combat in the race of competition. A Spanish operative would no more toil on a dia de dos cruces, (two saints on one day,) than he would fast on a feast-day, with an odorous olla podrida before him on the table.