ing in the midst of depression around, and whilst secure
against intrusion in his own special monopoly of home supply, commanding
also a superiority in foreign markets for his surplus wares, in the event
of stagnation in home consumption, over the less finished and reputed
products of his less-skilled brethren of the craft.

In the enquiry into the advantages relatively of foreign and colonial
export trade, it is not pretended literally to build upon the premises
here established; the analogy would not always be strictly in point, but
the fact resulting of the greater gainfulness of one description of trade
over another is incontestable, and in the national sense perhaps much more
than the individual. We shall take it for granted that British and Irish
products and manufactures enjoy a preference on import into the colonies,
over imports from foreign countries, of at least five per cent, resulting
from differential duties in favour of the parent state: it may be more,
and we believe it will be found more; but such is the preference. This
profit must be all to the account of the British exporter; for it is not
received by the colonial custom-house, and whatever the reduction of
prices by excess of competition, it is clear prices would be still more
deranged by the introduction of another element of competition in more
cheaply produced foreign products at only equal rates of duty. Take, for
examples, Saxon hose, French silks, American domestics, but more
especially all sorts of foreign made up wares, clothes, &c. _Quoad_ the
foreigner, the preferential duties make two prices therefore, by the very
fact of which he is barred out. We shall now proceed to assess the
mercantile profits respectively upon the sums-total of foreign and
colonial trade by the correct standard; and then we shall endeavour to
arrive at a rough but approximate estimate of the value respectively of
foreign and colonial export trade in respect of the descriptions of
commodities exported from this country, classified as finished or partly
finished, in cases where the raw material is wholly or partially of
foreign origin, and measured accordingly by the amount of profit on
capital, and profit in the shape of wages, which each leave respectively
in the country. It will be understood that no more than a rough estimate
of leading points is pretended; the calculation, article by article, would
involve a labour of months perhaps, and the results in detail fill