An Account of the Value of the Imports into, and of the Exports from, the United Kingdom, during cach of the Years from 1822 to 1850, both inclusive, calculated at the Official Rates of Valuation, and distinguishing the Amount of the Produce and Manufactures of the United Kingdom exported from the Value of the Foreign and Colonial Merchandise exported; exhibiting, also, the Real or Declared Value of the Produce and Manufactures of the United Kingdom annually exported therefrom.

N.B. The account of the declared or real value of the exports was first taken in 1798, having been introduced by the Convoy Act of that year.

Decline in the Real Value of the Exports.-The increase in the official, and the decline in the real, value of the exports since 1815, has given rise to a great deal of irrelevant discussion. It has been looked upon as a proof that our commerce is daily becoming less prosperous, whereas, in point of fact, a precisely opposite conclusion should be drawn from it. We have already stated (art. BALANCE OF TRADE) that the rates according to which the official values of the exports are determined were fixed so far back as 1696, so that they have long ceased to be of importance as affording any criterion of their actual value, their only use being to show the fluctuations in the quantities exported. To remedy this defect, a plan was formed in 1798 for keeping an account of the real value of the exports as ascertained by the declarations of the exporters. Those who believe that our trade is getting into a bad condition, contend that the great increase in the official value of the exports since 1815 shows that the quantity of the articles exported has been proportionally augmented; while the fall in their real value shows that we are selling this larger quantity of produce for a smaller price, a result which, they affirm, is most injurious. But the circumstance of a manufacturer or merchant selling a large or a small quantity of produce at the same price, affords no criterion by which to judge as to the advantage or disadvantage of the sale; for if, in consequence of improvements in the arts or otherwise, a particular article may now be produced for half the expense that its production cost 10 or 20 years ago, it is obvious that double the quantity of it may be afforded for the same price, without injury to the producers. Now this is the case with some of the most important articles exported from England. Cotton and cotton yarn form a full half or more of our entire exports; and since 1814 there has been an extraordinary fall in the price of these articles, occasioned partly by cotton wool having fallen from about 18. 6d. to about 54d. per lb., but more by improvements in the manufacture. To such an extent have these causes operated, that yarn No. 40., which cost, in 1812, 2s. 6d., cost, in 1843, 94d.; in 1812 No. 60. cost 3s. 6d., in 1843 it cost 1s. Ofd.; in 1812 No. 80. cost 4s. 4d., in 1843 it cost 1s. 4d., and so on; and in the weaving department the reduction has been similar. Hence, while the official value of the cotton goods and yarn exported has increased from about 18,000,000Z, in 1814, to above 113,000,000Z. in 1850, their real or declared value has only increased from about 20,000,0007, in 1814, to 28,244,0007. in 1850. This, however, is, if any thing can be, a proof of increasing prosperity: it shows that we can export and sell with a profit (for unless such were the case, does any one suppose the exportation would continue?) more than 3 times the quantity of cotton goods we exported in 1814, for not much more than the same price. In so far, therefore, as an abundant and cheap supply of cottons may be supposed to increase the comforts of society, it is plain they must be about trebled, not in this country only, but in all those countries with which we trade.

Owing to the fall that has taken place in the prime cost, and consequently in the price, of most of the principal articles of import, we obtain, at this moment, a much larger quantity of the produce of other countries in exchange for the articles we send abroad, than at any former period. The fall has been particularly sensible in the great articles of cotton and sheep's wool, corn, sugar, indigo, pepper, &c. The imports of all Borts of foreign merchandise have been increasing rapidly since 1815; and it is material to bear in mind, that we had no gold coin in circulation at that epoch, and that besides the greater quantities of other articles, we have imported, in the interve. ning period, from 35,000,000l. to 40,000,0001. of gold and sil

ver for currency only. The truth is, therefore, that instead of the decline in the real value of our exports having been in any degree prejudicial, it has been, in all respects, distinctly and completely the reverse. It has insured for our goods a decided superiority in every market, while, as the cost of the goods has fallen in an equal degree, their production continues to be equally advantageous. It appears, too, that a similar fall has been going on in other countries; so that while we send more goods to the foreigner, we get back more of his in return. Instead of being an evidence of decline, increased facilities of production and increased cheapness are the most characteristic and least equivocal marks of commercial prosperity.

Account of the real or declared Value of the various Articles of the Manufacture and Produce of the U. Kingdom exported to Foreign Countries during each of the 6 Years ending with 1849; specifying the Countries to which they were exported, and the Value of those Annually shipped for each; and showing also the Average Amount of Exports during the said 6 Years to each Country, and to each of the 5 great Divisions of the Globe; and the Average Proportion exported to each, supposing the whole Exports to be 1000.