Peter the Great laid the foundations of Russian manufactures, as of the Russian empire itself. He founded manufactories in all the larger cities. But with his death they fell into decay until the reign of Elizabeth. With that epoch began their revival, and the more rigorous revival also of the prohibitory system. Their present imposing appearance and magnitude date, however, from the peace of 1815, the great parent and promoter of all continental manufactures. In 1812 no more than 2,332 manufacturing establishments in the whole empire were in existence, employing 119,000 work-people; in 1835 the number of the former had reached to 6,015, and of the latter to 279,673, the half of the free labourers. At the beginning of 1839, says the report of the department of manufactures and internal commerce—the last which, hitherto, has been made up or come to our hands—the number of factories and manufactories had risen to 6,855, an increase over the year preceding of 405, whilst the number of workmen employed in them was 412,931, an increase over the year before of 35,111. Thus, in the space of three years, from 1835 to the end of 1838, 810 new establishments had been organized, and the number of workmen augmented by one-half. These industrial establishments were non-inclusive of mining works, iron works, &c., and the people employed in them. They were classed as follows:—

Woollen manufactories, 606
Silk ib. 227
Cotton ib. 467
Linen ib. 216
Tanneries, 1918
Tallow works, 554
Candle ib. 444
Soap ib. 270
Hardware ib. 486

The seat of Russian manufactures is principally in the central portion of the empire, in its ancient capital Moscow, and the surrounding provinces. The progress of Moscow itself may be thus briefly sketched, after remarking that in the beginning of 1839 there existed in the government, of which it was the capital city, 1058 manufactories, employing 83,054 work-people. In the 315 manufactories of the neighbouring province of Vladimir, 83,655 work-people were employed; in the equally adjacent province of Kalouga, 164 manufactories gave work to 20,401 workmen. The population of Moscow, the Manchester of Russia, amounted in 1825 to 241,514; in 1827 it had risen to 257,694; in 1830 to 305,631; in 1833 to 333,260; in 1840 to 347,224. The principal manufactories were thus classed for the latter year.

Silk manufacture, 68 looms, 2217
Cotton ib. 139 ib. 7252
Woollen cloth ib. 51 ib. 2960
Other woollen stuff ib. 16 ib. 579
Shawl ib. 17 ib. 282

In thirteen of the chief factories there were 263 spinning machines; three cotton factories alone contained 138. Besides these larger establishments, 3122 workshops, not considerable enough to be ranked as manufactories, employed alone 19,638 work-people; and 142 industrial establishments, such as founderies, breweries, distilleries, tallow and soap works, &c., gave bread to thousands more.

The consumption of the principal raw materials of manufacture is thus stated as an average of that and recent preceding years.

Cotton for the twenty spinneries of Moscow, 100,000 poods per an.
Cotton yarn, 300,000 ...
Dyed cotton yarn 200 ...
Raw silk, 30,000 ...
Dye woods, 100,000 ...
Madder, 250,000 ...

The machinery for the manufactories is made for the most part in the founderies and machine-works of Vladimir, Tamboff, Kalouga, and Riazan, but, above all, in the city of Tula and the village of Parlovo. In McCulloch's Statistical Dictionary, the number of steam-engines in the government of Moscow is stated, for 1830, at about 100—in 1820, two only being in existence. On what authority the statement is given does not appear; our own documents, to 1841 inclusive, are silent on that head. For Moscow, with its immediate environs, the total number and the produce of the cotton looms are thus given:—

Cotton loom, 17,000  
Producing annually, 450,000 pieces of calico
Do. 400,000 do. of nankeen
Do. above, 2,000,000 do. of handkerchiefs
In the whole, inclusive of other goods, such as muslins, velvets, &c., &c., equal to above, 40,000,000 arschines of fabrics
Valued at 7,500,000 silver rubles.

The arschine is about twenty-eight English inches. The silk manufacture, of recent establishment only in Moscow, presented the following results, for that city and the surrounding districts:—

Number of common looms, 10,000  
Jacquard, more than 5,000  
Producing annually, 15,000,000 arschines of st
Valued at 10,000,000 silver rubles.

The woollen manufactories of Moscow, inclusive of the environs, employed apart smaller loom shops:—

Looms,   5,139    
Producing yearly, 30,000 pieces of superior quality
Do. more than 50,000 do. ordinary for the army
And do.   700,000  arschines of light cloths for China.

The values not given. The imports of merchandise from Moscow by water, of which alone exact and detailed particulars are stated, amounted in—

1837, to         22,881,000 rubles assignation
1838, 22,074,563 ...
1839, 17,467,391 ...
1840, 28,283,877 ...

Three and a half rubles assignation, are equal to one silver ruble. Moscow enjoys the advantage of being an internal bonded port, or port of intrepôt, a privilege now seeking by Manchester, so that importers of foreign merchandise are not called upon for the payment of duties until the moment when, withdrawing their imports, or any other portion of them as occasion requires, the payment becomes necessary. Formerly the duties had to be paid in the frontier ports, and often in bulk. The customhouse revenue resulting, amounted in—

1837, to         637,074 rubles assignation
1838, 614,464 ...
1839, 626,764 ...
1840, 776,021 ...
1841, 898,398 ...

These returns are proof indisputable of industrial and social progress. It is unnecessary further to remark upon the great and growing importance of other branches of industry in Moscow, or to extend the limits of this notice so far as to comprise a review of the iron and hardware manufactories, and the numerous tanneries of Tula and Perm. The active movement of internal commerce, may, however, be inferred from the returns of products exhibited and sold at twelve fairs held annually, with one thrice, and another twice, in the year, the total value of which exposed for sale in 1840, was stated at 101,551,000 silver rubles, and of the quantity actually sold at 64,326,700 rubles. Of which alone at—

  On Sale. Sold.  
Nijny Novgorod, for       47,264,967   38,828,984 silver rubles
Irbit, 12,232,286 7,682,000 ...
Romna, 2d fair 9,001,904 4,454,747 ...
Kharkoff, 1st fair, 5,743,280 2,944,390 ...
Koursk, 7,014,802 2,014,834 ...

The great fair of Nijny Novgorod may rival with Leipzig in the magnitude of its transactions. In 1841, the general movement of values at this fair is thus returned:—

Merchandise for sale, 50,506,606 silver rubles, or 176,773,121 rbls. ass.
Sold, 41,704,236 ... 145,964,826 ...

By decree of the government, within the last three years, the public accounts, before kept in rubles assignation, that is government paper money, were ordered to be reckoned in silver rubles. For purposes of comparison with former years, we state them in both. Of the mass of commodities thus in motion at the fair, there were of Russian manufactures and indigenous products, to the total value of 37,132,693 silver rubles exposed for sale, and for 29,762,473 sold; some other chief articles ranging thus;—

  For sale. Sold.
Cotton goods, 7,336,665 5,947,865 silver rubles.
Woollens, 3,448,295 2,620,175 ...
Linen and hempen fabrics, 3,126,736 2,375,736 ...
Silks, 3,220,489 2,239,989 ...
Leather, worked and not, 1,043,583 876,083 ...
Produce of mines and founderies, iron, copper, hardware, jewellery,   7,600,330   6,450,330 ...

Tea, for 7,107,500 rubles assignation, and other products of China, were brought to the fair; raw cotton, cotton-yarn, shawls, silks, skins, &c. from Persia and Asia, to the value of 29,796,819 roubles assignation, and chiefly sold. Of the products of Western Europe, which make but a miserable exhibit, the following are the chief:—

Woollen stuffs, for 256,455 silver rubles.
Cottons, 510,830 ...
Linens and hempen fabrics,   192,300 ...
Silks, 423,130 ...
Indigo, 918,000 ...

The growing magnitude of this fair will be appreciated by the following returns of former years:—

  Total commodities      
  for sale.   Rubles assignation.  
1829, 104,018,586 of which sold for 50,104,971 rbls. ass.
1831, 129,457,600 ... 98,329,520 ...
1833, 146,207,311 ... 117,210,670 ...
1835, 143,369,240 ... 117,743,340 ...
1837, 146,638,181 ... 125,507,881 ...
1838, 156,192,500 ... 129,234,500 ...
1839, 161,643,674 ... 137,100,774 ...
1840, 165,427,384 ... 135,901,454 ...

The convenience of these fairs for the purposes of interchange, both between different industries and the populations of different provinces of the same empire, and with contiguous countries from which so great an affluence of merchants with their merchandise for exchange was attracted, has induced the government to decree the establishment of eleven new fairs in different towns, and fifty-nine others in as many large villages, which, in growing size, may be already compared with towns.

The internal commercial communications of Russia are chiefly carried on by means of those innumerable rivers and canals, that network of natural and artificial canals, by which she is intersected through all her extent, and which, taking their rise in various central parts of the empire, pursue their course singly, or falling into each other, and so constituting mighty streams, to the White sea and the Baltic, or fall into the Black sea and the Caspian. The total movement of this internal navigation in all the rivers, presented the following results:—

Departures from the different ports in the interior in 1839, 60,277 barques.
(   do. 24,421 rafts.
Arrivals at (   do. 46,850 barques.
(   do. 17,469 rafts.
They were the convoys of merchandise dispatched from the ports to the value of 737,814,276 rubles ass.
Of merchandise forwarded to do. 538,921,730 ...
In 1837 the values dispatched from, ascended only to 618,990,306 ...
Do. forwarded to 490,505,940 ...

The various and many basins of river and water communication, scientifically arranged, and showing how all parts of that vast empire are connected with each other through all and nearly every portion of its territorial extent, as in the report before us, is a document worthy of study and more minute analysis, but our limits forbid.

The foreign commerce of Russia presents the following results for 1841:—

Exports to foreign countries,   86,382,179 silver rubles.
Imports from do. 79,429,490 ...

The Russian official tables include, under the head of foreign commerce, the exports and imports with Finland and Poland; but as they fall within the range, in reality, of internal commerce, the accounts are better simplified by their exclusion. The system of separate returns results, doubtless, from the political arrangements and conventions by which Russia acquired the possession of those two countries.

The progress of exports and imports may be thus indicated:—

  1838. 1839. 1840.
Exports,   85,718,930   94,857,788   82,731,386  silver rubles.
Imports, 69,693,824 69,993,589 76,726,490 ...

The remarkable excess of exports in 1839 resulted from the large demand for, and shipments of, corn in that year—the official value of which is stated at 25,217,027 silver rubles; the smallest export, so far as value, being that of 1841, valued at 10,382,509 silver rubles only. Exclusive of corn, the exports would stand thus:—

1838 for       70,562,252   silver rubles.
1839 69,640,761 ...
1840 68,704,971 ...
1841 75,999,670 ...

Gold and silver, in bars or specie, are not comprised in these returns.

For 1841 the values thus exported were,   4,023,728  silver rubles.
  ... imports, 9,347,867 ib.

It is necessary, however, to travel more backwards in order to a right appreciation of the progress of the foreign trade of Russia. This comparison is here instituted with earlier years, premising that the exports to Poland and Finland, amounting to some ten or twelve millions of rubles assignation, and imports from, amounting to about three millions, are included, and therefore swell the amount of the imports and exports of the following years. However, to facilitate the comparison, the silver ruble values of 1841 are multiplied into corresponding ruble assignation values:

    Exportations. Importations. Balance  
        in favour  
        of Russia.  
In 1830     268,887,342     197,115,340     71,772,002 rb. as.
  1836 283,748,233 237,251,204 13,733,196  
  1837 264,485,160 251,757,177 12,727,983  
  1841 302,337,626 378,003,215 24,334,411  

Add 11,808,743 rubles assignation for exports to, and 4,792,346 imports from, Poland and Finland in 1841, and the real comparison would be, for 1841, exports 314,146,349, imports 282,795,561; balance in favour of 1841, 31,350,688 rubles assignation.

The bulk of Russian exportations consists of raw or first materials, such as flax, hemp, flax-seed, oil, tallow, leather, woad, metals, and of which to the aggregate value in 1841, of 59,773,354 silver rubles was exported; an amount nearly stationary as compared with the three previous years. But the export of Russian manufactures, viz. woollens, cottons, linens, candles, cordage, and cloths for China, had improved in aggregate amount from,—

  Silver Rubles.
In 1838, 6,527,222
To, in 1841, 10,259,209

It was the trade with China by Kiachta, and latterly also by the line of Siberia, which, however, had perhaps taken the most remarkable extension, and was held to be most promising of future progress and profit. The imports, and therefore the consumption, of tea in Russia, are growing annually larger; and the exports of Russian products and manufactures to China, equally in proportion. For by mutual convention, as dictated by China, for regulating the commercial intercourse between the two countries strictly limited to that frontier river port, although now indirectly countenanced by Siberia, the trade is exclusively one of barter; tea and silks for leather, furs, cottons, woollens, and linens. A condition, be it observed, which serves to place beyond all doubt the fact, that it was not the introduction and consumption, with the deterioration to the health of the population resulting, physically and morally, from the use of opium, which had so much effect with the celestial Emperor in provoking the late war with Great Britain, as the abstraction by export in payment, and the drain so constant, of Sycee silver. The imports of tea in—

    Poods.   Silver Rubles.
1838, By Kiachta, were, of good and ordinary quality,   127,645   value 2,015,189
  By the line of Siberia, 10 ... 600
    ———   ————
    127,655 ... 2,015,789
    ———   ————
1841, By Kiachta, 168,218 ... 6,976,363
  By the line of Siberia and Caspian Sea, 1,364 ... 66,293
    ———   ————
    169,582 ... 7,012,656

Besides which, the imports of an inferior tea, called brick tea, amounted to the value of 359,223 silver rubles in 1841. In three years, the general trade, China silks inclusive, had therefore more than trebled so far as value; for it is remarkable, that though larger quantities of tea are imported, yet prices, so far from declining, had actually considerably advanced; which proves that the commodity was becoming a favourite beverage, and gaining into more general consumption, in Russia. The values of the Russian merchandise, such as stated, which passed in barter, are said to have been equally sustained. It may be noted, indeed, as an extraordinary fact, that whilst, as the official report of the department of commerce observes, the prices and values of almost all foreign raw products and manufactured wares imported into Russia, during the three or four years preceding 1841, and including 1841, entered constantly, and some at considerably depreciated rates, in the reverse the products of Russia, exported to Europe and elsewhere during the same period, quantity for quantity, generally improved in prices and ascended in value.

The foreign commerce of Russia by sea was carried on, during the year

1841, by
  2,596 vessels, inwards loaded, tonnage,       452,760
  2,174 do. in ballast, do. 410,164
  ———     ————
Totals, 4,770     862,924
  ———     ————
  4,582 do. outwards loaded, do. 819,232
  312 do.  do. in ballast, do. 58,046
  ———     ————
Totals, 4,894     877,278

In the coasting trade in the Northern seas, the number of vessels dispatched from port to port was 2007, in the Black Sea, 5,275.

The revenue from customs in 1841 amounted to 27,387,494 silver rubles, or upwards of two-fifths in excess of the receipts of 1830.

In order to exemplify the nature of the trade betwixt Great Britain and Russia, and exhibit it in its most disadvantageous aspect, we shall add here, from statements verified as authentic by competent authorities on the spot, the returns of British trade and shipping with certain Russian ports for 1842, which we have recently received direct. They will assist us to a conception of the relative importance of each place in respect of its commercial connexion with this country.

The commerce of the port of Archangel, omitting from the table Onega, Kola, Kemi, and Soumsk, the other ports in the White Sea, their traffic being inconsiderable, is thus represented.

1842.—Total shipping outward, 212, of which, British, 153, tonnage, 31,704

Total imports, (exclusive of L.13,816 by Norway coasters,) L.18,384
Of which from Great Britain, L.801
Total exports, (omitting L.22,236 to Norway,) L.427,789
Of which to Great Britain, L.305,823
In 1841, 176 vessels exported for Great Britain the value, L.408,077
Exclusive of cargoes by 2 other vessel, to the amount of L.7,208, for the Hanse towns and Holland.  
In 1840, 250 vessels, tonnage 48,249, exported to Great Britain the value of L.442,381
Exclusive of 6 British vessels which carried cargoes to the Hanse towns, France, and Italy, of the aggregate value of L.12,858.  

The commerce with Riga exhibits a somewhat more favourable proportion between imports and exports, and we are induced, therefore, to give the return of imports for 1842 in same detail as received.

Nature and value of merchandise imported into Riga from Great Britain during the year 1842:—

Coffee, L.2,500 0 0
Cotton, 11,011 0 0
Cotton twist, L.21,159, 10s; do. goods, L.1135, 22,294 0 0
Woollen goods, 4,100 16 8
Woollen twist, 19,057 3 4
Indigo and other dyes, 13,764 0 0
Dye-woods, 2,718 6 8
Salt, 53,269 3 4
Sugar, 24,882 10 0
Wines and brandies, 19,200 13 4
Iron and steel wares, 7,025 0 0
Spices and drugs, 13,440 6 8
Non-enumerated articles, 12,527 10 0
  ——————
Total, L.205,791 0 0

Countries from whence British vessels have arrived at the port of Riga during the year 1842:—

  No. of vessels. Tonnage. Remarks.
United Kingdom, 387 59,629 With cargoes and in ballast.
Hamburg, 6 1,261 In ballast.
Denmark, 21 3,730 ...
Norway, 13 2,438 ...
France, 5 670 ...
Belgium, 1 484 ...
Holland, 6 1,018 ...
Prussia, 4 562 ...
Sweden, 3 669 ...
  —— ———  
Total, 446 70,461  
1842 exports. Tons. Total value of exportations to Great Britain. Countries to whence exported.
British vessels, 446 70,461 L.1,527,810 5 4 United Kingdom.

The commerce of Odessa represents a closer approximation still between imports and exports; and they would perhaps nearly balance, but for the large shipments of wheat to this country, which contribute to swell the exports.

In 1842, 174 British ships entered, tonnage 44,428, sailed 176 tonnage, 44929

Total value of imports by them, L.185,870
Of which, from the United Kingdom, 184,370

The remainder by 64 British vessels entering from Leghorn, Turkey, Algiers, Amsterdam, mostly in ballast.

Total average of exports, 784,865
Of which, to the United Kingdom, 776,995

The remainder to the countries above named.

1841, Total imports by British ships, 147,950
  Do. exports do. 590,570
1840, Total imports by British ships, 130,660
  Do. exports do. 859,090

The commerce of St Petersburg is stated, for 1812, imports and exports together, at the value of 97,795,415 silver rubles. And of 1147 foreign vessels which left that port and Cronstadt with cargoes, more or less, 515 were British, of 117,793 tonnage—being a rather considerably less number than in either 1840 or 1841.

The present is the proper occasion to remark upon and explain the system of official valuation pursued in Russia, by which it will be observed how the real value, both of imports and exports, is swelled, probably with a view to the vain display of a greater commerce than is really carried on. As the system is nearly the same for both imports and exports, it cannot, of course, materially interfere with, or impeach the accuracy of the general balance-sheet. It is desirable, however, that the facts should be fairly represented, for the guidance of those who may be in the habit of consulting and comparing the official documents of different countries; and they will serve moreover to explain, in some degree, the extraordinary discrepancies which have been found betwixt the declared values of British products and manufactures exported to Russia, as published in the Board of Trade tables, and the same exports as exhibited in Russian customhouse returns.

In calculating the annual value of importations, it is the rule in the Russian customhouses to add the duties paid on the entry of goods to their original value. This practice in Russia, where the duties are so high, swells the value of imports far beyond their true amount, and gives a false and exaggerated view of them.

With respect to the exports, nearly the same practice exists. In calculating their value, all the shipping charges are added to the cost of the article; and we are informed by merchants resident in Russia, that on comparing the annual Government statements of exports for their establishments, they are found to correspond with the invoices forwarded to their foreign correspondents, which, of course, include commission, and all the expenses attendant on the shipping of the goods. The law also requires that the shipper, on clearing merchandise for export through the customhouse, should declare its value. With a view of preserving uniformity, the Russian authorities, from time to time, fix a standard price at which particular articles shall be valued for export at the customhouse. To exemplify the evil of this system, it is necessary only to mention that oats, for example, could lately be purchased at a Baltic port at sixty silver rubles per last, while the latest customhouse standard values them at eighty silver rubles per last. This practice is no way injurious to the merchant, but only unnaturally swells the tables of exports when annually made up by the Russian Government. A shipper, therefore, of any of the articles included in the Russian standard, is compelled to state a much greater value at the customhouse than he furnishes to his foreign correspondent, who, of course, only pays the market price of the article, with the additional shipping expenses.

The difficulty, such as it is, might be obviated, were the masters of British merchantmen compelled by law to submit their ship's papers, on arrival and departure, to the British consuls at each port, who would then be placed on the same footing with the consuls of other countries, and be enabled to communicate much important statistical information to their Government, of the opportunity for acquiring and transmitting which they are now deprived.

Our review of Russian commerce and industry would be more incomplete than it is, if we were to omit all notice of the vast mining wealth of that empire. But our limits, already nearly reached, do not admit of more than a passing reference. Suffice it, that in coal, both bituminous and anthracite, in iron and other metals, and salt, constituting the raw materials, Russia is rich enough for all her wants, and indeed supplies the great bulk of those wants within herself, with to spare in some of these products for her neighbours and other countries. Her mines are annually increasing in productiveness and number, as enterprise is extended and capital invested in them, and as domestic manufactures and improving agriculture increasingly absorb their produce. The treasure-yielding progress of her gold mines is one of the extraordinary events of the age. The existence of gold in Siberia was scarcely suspected till 1829. The first researches of adventuring individuals were attended with no success. Feodot Popoff, one of the earliest, succeeded at length in that year, when all others had abandoned the undertaking as hopeless, in discovering traces, and procuring some inconsiderable specimens, of gold—not in quantity, however, to repay the working; and the doubts before existing seemed confirmed as to the fruitlessness of further perseverance in the search. Major-General Kovalevsky, of the engineers of mines, having been appointed governor of Tomsk, renewed the attempt in 1830; and, at the close of that year, his indefatigable labours, and more methodical plan of operations, were rewarded with the discovery of a first considerable stratum of auriferous sands, which was designated Yégorievsky, (St George.) Adventurers flocked into the district forthwith, and in numbers, upon the widespreading news; and excellently did renewed labours recompense the zeal of the more fortunate; numerous were the discoveries of layers of golden sands. In one of these, last year, a massive piece of native gold, weighing 24½ pounds Russian, (the Russian pound is about 1½ oz. less than the English,) was discovered embedded in a fragment of quartz, and is now deposited in the museum of the School of Mines at St Petersburg. The yield of the Siberian mines has since been at the following rate of progression—omitting the intermediate years for brevity, although in every year there was an increase of quantity upon the preceding:—

1830   5 poods,   32 lbs.,   59-1/2   zdotnicks.
1832 21 34 68-3/4
1834 65 18 90-3/8
1836 105 9 41
1838 193 6 47-1/2
1840 255 27 26-3/8
1842 631 5 21-1/4

The total of the thirteen years has been 2093 poods, 38 lbs., 46 zd. The pood, be it remembered, is equal to (rather more than) 36 lbs. avoirdupois.

The total general yield of the older worked mines of the Oural mountains for 1842, was, besides, 149 poods, 18 lbs., 58 zd.
And of platina, 53 33 67

On a rough estimation, the produce of all the gold, platina, and silver from the silver mines, could not have amounted to less, perhaps, for the year 1842, than three millions sterling.

According to the learned academician Köppen, of St Petersburg, in a lengthened memoir upon the subject, the total population of Russia, inclusive of Poland, Finland, and Trans-Caucasian provinces, ascended in 1839 to 65,000,000. Or of Russia Proper alone, 55,500,000.

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 numbers L.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 of L.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.