§ 17. That it might be said, that the giving of increased quantities for a lower money nomination of value, would not affect the nation, provided increased quantities were received in exchange at equally diminished prices. But it must be perceived, that if this were the case, that giving increased quantities for increased quantities of foreign wines or luxuries at diminished prices, however advantageous to the consumers of those wines and luxuries, would be quite otherwise to those who by their labour, and with reduced wages, produce those increased quantities. It will be seen, however, that no such equivalent has been obtained, comparing the Imports with the Exports; in doing which, both must be taken at official value, as the real value of the Imports is not stated.
§ 18. That our whole Exports, including foreign and colonial produce, and taking the whole period from 1798 to 1830, have increased from 27,000,000l. to 66,000,000l., being an increase of 39,000,000l.; while, during the same period, the Imports have increased from 25,000,000l. to 42,000,000l., being an advance of only 17,000,000l.
| Yearly Exports and Imports upon the following Averages. | ||||
| Ten Years, ending | Yearly Exports. | Yearly Imports. | Relative Decrease. | |
| £ | £ | £ | ||
| 5th Jan. | 1808 | 31,723,626 | 26,596,449 | 5,127,177 |
| — | 1819 | 44,441,502 | 30,013,295 | 14,423,207 |
| — | 1830 | 54,532,517 | 36,296,055 | 18,236,462 |
| Exports and Imports of the Year 1829–1830. | ||||
| Years ending | Exports. | Imports. | Difference. | |
| £. | £. | £. | ||
| 5th Jan. | 1829 | 61,948,383 | 43,536,187 | 18,412,196 |
| — | 1830 | 66,072,164 | 42,311,649 | 23,760,515 |
§ 19. That the deficiency of the Imports, compared with the Exports for the last year, is to the enormous amount of nearly 24,000,000l.
| £ | |
| 20. That it appears a most inexplicable circumstance, that the Exports of the last year should have exceeded the Exports of the preceding year | 4,123,378 |
| And that the Imports should have been less than those of the previous year | 1,225,539 |
| Being a relative deficiency in one year of | 5,349,317 |
| 21. That it is a further inexplicable circumstance, that of those decreased Imports there should have been less retained for home consumption, by | 1,902,324 |
§ 22. That the above facts seem still more extraordinary, when it is known, that the importations of corn alone amounted that year to 3,500,000l. sterling, and to above 9,000,000l. in the three last years; and when also the importations of wines, silks, &c. from France exceeded 2,000,000l. per annum.
§ 23. That it is, however, obvious, that a large portion of our Exports go to the payment of our establishments abroad, for which there are no 7 returns, but the payments are made by bills upon the Treasury at home, but which can go but a small way to account for an excess of 42,000,000l. in the Exports over the Imports in the last two years only.
§ 24. That it does, therefore, upon the whole, appear, that whatever causes may have influenced prices and depreciated value previous to the year 1819, that depreciation had been less rapid in its progress, and the Export trade had increased in actual amount of real value up to that period.
§ 25. That since 1819 an unexampled depreciation has, with accelerated movement, taken place in the value of all property not of a fixed and durable nature, to the extent of forty per cent, or more; the effect of which has been, to destroy all the then existing relative proportions of property; and, while it has thereby depressed the home trade, and deeply affected all the productive classes of the community, our foreign trade has, in actual amount, fallen off several millions a year.