But revenons á nos moutons. According to Mr Cobden's new facts, borrowed from Porter's Tables, so far as the figures, the superior importance and profit of foreign trade should be measured by the gross quantities, and be, say, as 35 to 16. We have shown that the relation of profit really stands as 31 to 23, starting from the same basis of total amounts as himself. The total profit upon a foreign trade of thirty-five millions, to place it on an equal rateable footing with colonial, should be, not three millions and an eighth, but upwards of five millions, or the colonial trade of sixteen millions, if no more gainful than foreign, should be, not L.2,300,000, but about one million less. And here the question naturally recurs, assuming the principle of Mr Cobden to be correct—as so, for his satisfaction, it has been reasoned hitherto—at what rate of charge nationally are these profits, colonial and foreign, purchased? Fortunately the materials for the estimates are already in hand, and here they are:
Colonial trade—cost in Army, Navy, Ordnance, &c., L.3,000,000
Colonial trade—profit to exporters, 2,302,000
————————————
Deficit—loss to the country, L.698,000
Foreign trade—cost in Army, Navy, Ordnance, &c., L.4,500,000
Foreign trade exporting profit, 3,125,000
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Deficit—loss to the country, L.1,375,000
As nearly, therefore, as may be, foreign trade costs the country twice as much as colonial. Such are the conclusions, the rough but approximately accurate conclusions, to which the new facts of Mr Cobden and the old hobby of Joseph Hume, mounted by the new philosopher, have led; and the public exposition of which has been provoked by his ignorance or malevolence, or both. In order to gain less than 9 per cent average upon a foreign trade of thirty-five millions, the country is saddled, for the benefit of Messrs Brookes and Cobden, inter alios, with a cost of nearly 13 per cent upon the same amount; whilst the cost of colonial trade is about 18-3/4 per cent on the total of sixteen millions, but the profit nearly fifteen per cent. In the account of colonial profit, be it observed, moreover, no account is here taken of the supplementary advantage derived from the differential duties against foreign imports.
In the national point of view, the profitableness of the foreign export trade, as compared with colonial, would seem more dubious still, when the values left and distributed among the producing classes are taken into calculation. Of the total foreign exports of thirty-five millions, considerably above one-fifth—say, to the value of nearly seven and a half millions sterling—were exported in the shape of cotton, linen, and woollen yarns in 1840, the year selected by Mr Cobden, of which, in cotton yarn alone, to the value of nearly 6,200,000. According to Burn's Commercial Glance for 1842, the average price of cotton-yarn so exported, exceeds by some 50 per cent the average price of the cotton from which made. Applying the same rule to linen yarn as made from foreign imported flax, and to woollen yarn as partly, at least, from foreign wool, we come to a gross sum of about L.3,750,000 left in the country, as values representing the wages of labour, and the profits of manufacturing capital in respect of yarn. The quantity of yarn, on the contrary, exported colonially, does not reach to one-sixteenth of the total colonial exports. In order to manifest the immense superiority nationally of a colonial export trade in finished products, over a foreign trade in quasi raw materials, we need only take the article of "apparel." Of the total value of wearing apparel exported in 1840, say for L.1,208,000, the colonial trade alone absorbed the best part of one million. Now, it may be estimated with tolerable certainty, that the average amount, over and above the cost of the raw material, of the values expended upon and left in the country, in the shape of wages and profits, upon this description of finished product, does not fall short of the rate of 500 per cent. So that apparel to the total value of one million would leave behind an expenditure of labour, and a realization of profits, substantially existing and circulating among the community, over and above the cost of raw material, of about L.800,000, upon a basis of raw material values of about L.160,000. Assuming for a moment, that yarns were equally improved and prolific in the multiplication of values, the seven millions and a half of foreign exports should represent a value proportionally of forty-five millions sterling. The colonial exports comprise a variety of similar finished and made-up articles, to the extent of probably about four millions sterling, to which the same rate of home values, so swelled by labour and profits, will apply.
It remains only to add, that the foreign export trade gave employment in 1840—the date fixed by Mr Cobden, but to which, in some few instances, it has been impossible to adhere for want of necessary documents, as he himself experienced—to 10,970 British vessels, of 1,797,000 aggregate tonnage outwards, repeated voyages inclusive, for the verification of the number of which we are without any returns, those made to Parliament by the public offices bearing the simple advertence on their face, with official nonchalance, that "there are no materials in this office by which the number of the crews of steam and sailing vessels respectively (including their repeated voyages) can be shown." And yet a "statistical department" has now been, for some years, founded as part of the Board of Trade, whose pretensions to the accomplishment of great works have hitherto been found considerably to transcend both the merit and the quantity of its performances. The proportion of foreign vessels sharing in the same export traffic in 1840, was little inferior to that of the British. Thus, 10,440 foreign vessels, of 1,488,888 tonnage, divided the foreign export trade with 10,970 British vessels. The returns for 1840 give 6663 as the number of British vessels, and 1,495,957 as the aggregate tonnage, carrying on the export trade with the colonies; thus it will be seen that the exportation of thirty-five millions of pounds' worth of British produce and manufactures to foreign countries, employed only about 300,000 tons of British shipping more than the export to the colonies of sixteen millions of pounds' worth of products, or say, less than one half. Proportions kept according to values exported respectively, foreign trade should have occupied about 3,250,000 tons of British shipping, against the colonial employment of 1,496,000 tons.
Nor is this all the difference, large as it is, in favour of colonial over foreign trade, with respect to the employment of shipping. For it may be taken for granted that, in fact, so far as the amount of tonnage, repeated voyages not included, the colonial does actually employ a much larger quantity relatively than foreign trade. It may be fairly assumed that, on the average, the shipping in foreign trade make one and a half voyages outwards—that is, outwards and inwards together, three voyages in the year; for, upon a rough estimate, it would appear that not one-tenth of this shipping was occupied in mercantile enterprise beyond the limits of that narrower circle before assigned, ad within which repeated voyages of twice and thrice in the year, and frequently more often, are not practicable only but habitually performed. Taking one-tenth as representing the one voyage and return in the year of the more distant traffic, and one and a half outward sailings for the other nine tenths of tonnage, we arrive at the approximative fact, that the foreign trade does in reality employ no more (repeated voyages allowed for as before stated) than the aggregate tonnage of 1,258,000, instead of the 1,797,000 gross tonnage as apparent. Applying the same rule, we find that the long or one year's colonial voyage traffic is equal to something less than two-ninths of the whole tonnage employed in the colonial trade, and that, assuming one and a half voyages per annum for the remainder trafficking with the colonies nearer home, the result will be, that the colonial traffic absorbs an aggregate of 1,113,000 actual tonnage, exclusive of repeated voyages of the same shipping. Here, for the satisfaction of colonial maligners, like Mr Cobden, we place the shipping results for foreign and colonial traffic respectively.
The registered tonnage of the 13,927 British vessels above fifty tons burden, stood, on the 31st of December 1841, (the returns for 1840 or 1839, we do not chance to have,)
Tons.
At 2,578,862
Of which foreign trade, in
the export of products
and manufactures to the
value of thirty-five millions
sterling, absorbed 1,258,000
Colonial trade in the transport
of sixteen millions
only of values, 1,113,000
Considering the greater
mass of values transported,
the foreign trade
should have employed,
to have kept its relative
shipping proportion and
importance with colonial
trade, above 2,400,000
We are, however, entirely satisfied, and it would admit of easy proof, were time and space equally at our disposal for the elaborate development of details, not only that the colonial trade gives occupation to an equal, but to a larger proportion of registered British shipping than the foreign trade. But we have been obliged to limit ourselves to the consideration of such facts as are most readily accessible, so as to enable the general reader to test at once the approximative fidelity of the vindication we present, and the falsehood, scarcely glozed over with a coating of plausibility, of the vague generalities strung together as a case against the colonies by Mr Cobden and the anti-colonial faction. We have, moreover, to request the reader to observe, that we have proceeded all along on the basis of the wild assumptions of Mr Cobden's own self created and unexplained calculations; that by his own figures we have tried and convicted his own conclusions of monstrous exaggeration, and ignorant, if not wilful, deception. The three fourths charge of army expenditure upon the colonies, is a mere mischievous fabrication of his own brain. In ordinary circumstances the colonial charge would not enter for more than half that amount; and even with the extraordinary expenditure rendered necessary by Gosford and Durham misrule in Canada, the colonial charge is not equal to the amount so wantonly asserted. We have likewise not insisted with sufficient force, and at suitable length of evidence, upon the fact of the infinitely greater values proportionally left in the country, in the shape of the wages of labour, and the profits upon capital, by colonial than by foreign trade. It would not, however, be too much to assume, and indeed the proposition is almost self-evident, that whereas about 150 per cent may be taken as the average improved value of the products absorbed by the foreign trade, over and above the first cost of the raw material from which fabricated, where such material is of foreign origin, the similarly improved excess of values absorbed by the colonial trade, would not average less than from 250 to 300 per cent. Other occasions may arise, hereafter, more convenient than the present, for throwing these truths into broader relief; we are content, indeed, now to leave Mr Cobden to chew the cud of reflection upon his own colonial blunders and misrepresentations.
Here, therefore, we stay our hand; we have redeemed our pledge; we have more than proved our case. Various laborious researches into the real values of colonial and foreign exported commodities, have amply satisfied our mind, as they would those of any impartial person capable of investigation into special facts, of the superior comparative value, in the mercantile and manufacturing, or individual sense, as well, more specially, as in the economical and social, or national sense, of colonial over foreign trade. Do we therefore seek to disparage foreign trade? Far from it: our anxious desire is to see it prosper and progress daily and yearly, fully impressed with the conviction that it is, as it long has been, one of the sheet-anchors of the noble vessel of the State, by the aid of which it has swung securely in, and weathered bravely, many a hurricane—and holding fast to which, the gallant ship is again repairing the damage of the late long night of tempest. But we deprecate these invidious attacks and comparisons by which malice and ignorance would depreciate one great interest, for the selfish notion of unduly elevating another; as if both could not equally prosper without coming into collision; nay, as if each could not contribute to the welfare of the other, and, in combined result, advance the glory and prosperity of the common country.