The British Press; or, Morning Literary Advertiser.
London, England, 1810-08-15 00:00:00

BULLION MUM! lEEE.

REPORT, TOGIITHIR WITU MINUTRI OF EVIDSNCE,
AND ACCOUNTS, FROM TUE SELECT COMMITTER
ON THE NIGH PRICR OF GOLD RULLIOIL
!Continued boas our Paper of yesterday.]
It appears to your Committee to have been long
fettled and understood as • principle, that the
difference of exchange resulting from the state of
trade and payments between two countries, is limit-
ed by the expense of conveying and insuring the
precious metals from one couutry to the other ; at
least, that it cannot, for any considerable length of
time, exceed that limit. The real difference sif
exchange, resulting from the state of trade and
payments, never can fall lower thaw the amount of
such exiseisse of carriage. including the lusurance.
The truth of this position is so plain. end it is se
uniformly agreed to by all the practical authorities.
both commercial and political, that your Coat-
. =ince will assume it as indisputable.
It occurred however to your Committee, that the
amount of tile! charge cud premium of insurance
might be increased above what it has been in ordi-
nary periods even of war. by the peculiar circum-
stances which at present obstruct the commercial
intercourse between this country and the Continent
of Europe ; and that as such an increase would
place so much lower than areal the limit to which our
exchanges might fall, an explanation might thereby
be furnished of their present unusual fall. Your
Committee accordingly directed their itiquiries to
this point.
It wee stated to your Committee, by the merchant
who hos been already mentioned, as being ultimately
acqueiuted with the trade between this country and
the Continent, that the present expense of trans-
porting gold from London to Haraliurgh, indepen-
dent or the premium of insurance, is from I S to per
tent.; that the risk is very variable from day to
try, so that there is no fixed premintn; but he con-
es eed the average risk, for the fifteen months pre.
ceding the time when he spoke. to have hero about
4 per cent. ; making the whole cost of betiding
gold front London to Hasahurgh for thew fifteen
months, at such average of the risk.. from 51 to
6 par cent.-11r. Abraham Goldsund stated, that
in the last five nr six months of the year 1809, the
expense of wending gold to Holland varied exceed-
ingly, from 4 to 7 per cent. for all charges, cover-
ing the risk as well as the costs of transportation.
By the evidence which was taken before the Com.
mattes upon the Bank affairs in 1797, it appears,
that the cost of sending specie from London to
Hrouborgh in that time of wur,melotling all charges
us well as an average insurance. was figligligit d at •
hale more than 31 per cent. It is clear, Ili-refute,
that in consequence of the peculiar circumstances
of the present state of the war, and the increased
diffsexilties of intercourse with the Continent, the
eft of transporting the precious mortals thither
from this country, has not only been rendered more
fluctuating than it used so be, hut, upon the whole,
is very considerably increased. It would appear.
however, that upon an average of the rick for that
period Nitro it seems to have been highest, the last
half of the last year, the cost am' insurance of
trinsporring gold to Huniburgh or to Holland did
not exceed 7 per tent. It was of course greater at
particular time., when the tick was shove that ave-
rage. .It is evident also that the risk, final coose.
fluently the whole coat of transporting it to an in-
land :woke' (to Vans, for example) would. 117,011
an average, be higher than that of carrying it to
Amsterdam or Hrinshorgh. It follows, that the
limit to which the exchanges, as resulting from the
•tete of trade, might fell end continue unfavonr.
able fore romederable length of time, bus, dune;;
the permit in msestion, being a good deal lower
than fartiler cf war; but it appear. also.
th•tt the espouse ft: reroitung specie has not been
in - • I so moeti; end that the limit, by which
tot depression of live exchanges is bounded, has
not laws, lowered re much, as to afford an adequate
estplusiatoni of a fall of the esteoengrs to great as
to torte fu ro t.O per cent. below per. The in-
reviews" cost of such reraitt-sec,: walla explain, at
those titoments when the riot was greatest. a fall of
pornething more than 7 retr.cent. la the exchange
wins tlaushorgli or Holland, and • roil still greater
perhaps So the etehatige with Paris; but the rest
..f the fall, winch ha.l actually taken 'slate, remmisa
to lie eit:ilairiti insoine other matinee.
Your Committee are iliepored to think, from the
resole of the whole reastrote, contrwtctury us it is.
visa my Orr:on:stances og the trutic of this emu-dry,
to tip, roomy of tel. last year, were 1.11..11 as to ucce-
-8.0 fall of oor elieh•liigir *inn the Continent
t.. extant; arwl i.fir,iapi et one irrioil al-
• law - br heed by • of re-
souses
of ins.
though
at in
,wow the
e
mon Or
' along

credit being ',liven epos the exports to other ports
of the wortd. .

Your Committee, observing how entirely the
present depression of oar exchange with Europe is
referred by many persons to • great excess or our
imports above our exports, have called far an ac-
count of the actual value of those for the last five

year.; and Mr. living, the Inspector-Genersl of
Costume, has accordingly furnished the must seen-
rate estimate of both that be hes been enabled to
farm. lie h.r el.o endeavoured to forward the
obj•ct of the Committee, by calculating how mud,
should be deducted from the value of goods im-
ported, on account of irrticles in return fbr which
nothing is exported. These deductions tonsist of
the pri,fits of fisheries, and of imports from the
East awl %Vest Wier, which are of the nature of
rent,, profits, and cspitel remitted to proprietors
in this country. The balance of trade in favour of
this country, upon the faze of the account thus
wade up, was
la lens about L 6,616,00 s

Id'b
taw
mos
tie.o
So far, therefore, as any ihferenee is to he drawn
from the balance thus exhibited, the exchanges
during the present year, in which many payments
to this country on account of the very advantageous
balances of the two former years may be expected
to take place, ought to .4e peculiarly favourable.
Your Committee, however, place little confi-
dence in deductions mode even from the improved
documents which the industry and intelligence of
the Inspector-General has enabled him to furnish.
It is defective, as Mr. trying has himself stated, in-
somuch as it supplies no account of the sum drawn
by Foreigners (which is lit the present period pecu-
liarly 'erte) on account of freight due to them for
the employment of their shipping, nor, on the other
hsud, of the sum receivable front them (and form-
ing on addition to the value of our exported ar-
ticles) on account of freight sri g from the em-
ployment of British shipping. It leaves cut of
consideration all interest on capital in England
possessed by foreigners, and on reins' abroad be-
longing to inhabitants of Great Britain, as well sa
the pecuniary transactions between the Govern-
menW of England and Ireland. It takes no cog-
nisance of contraband trade, and of exported and
imported bullion, of which no recount se rendered
at the Custoin-house. It likewise omits a most im-
portant article, the variations of which, if correctly
stated, would probable he found to correspond in
a great degree with the fluctuations of the appa-
tautly favourable balance; namely, the bills drew.,
on doverutuent for our naval, military, and other
expenses in foreign parts. Your Committee had
hoped to receive an account of these froM the table
of the House ; bet there
,has been some difficulty
and constquent delay in executing a matenul part
of the orJer made for them. .It appeals from an
account, as fir as ii could be made on of sums
paid for expensts abroad in 1793,-4,-s, awl 6,"
inserted in the Appendix of the Lords' Report on
the occasion of the B ink Restriction Bill, that the
sums so paid were—

_ .
In 1791.... L 4,745,211
4 4,335,591
5 .. -.... 11,440,130
6 14119,9.6
The following i ow amount of toe Official value
of our Imports and Exports with the Cuntiue..4. of
Europe alloue, in each of the last five years:—
I Balattee in favour
of (4.. in at Britain,
111POSTI. triremes. reekonett in ulfi-
nal value.
1110 s.. .. L. 10,008,640 L.t 5,465,4 30 L.8,416,781
1806.... 4,197,456 13,0100,10 -5,019,190
1407 .... I 7,973,..."10 • e.6eg,r.ge 1 4,7 Iti,oso
_ .

1001....

I Soy . ...

510:671 f I 1,,i47.,4i0

19

'9,541,114

8J,742.4 I 3

1i;17;J,73i

The balances with Europe alone in favour of
Great Britain, as exhibited in er is imperfect state-
ment, ate not far front correspondmg with the gene-
ral and more acceanie balances before given. The
favourable balance of 1809 with France alone, if
computed according to the actual value. would be
much more considerable thao the valor, of the same
year, is the former general statement.
A favourable balance of trade on the face of the
account of Exports and Imports. presented annually
to Parliament, is a very probable consequence of
large drafts on Government fur foreign expendi.
turf; 411 augmentation of exports, ands a diminu-
tion of imports, being promoted and even et :;'reed
by the means of such drafts. For if the supply of
bills drawn abroad, either by the agents of Govern-
ment, or by individuals, is disproportionate to the
demand, the price of them in foreign money falls,
emit it is so. low as to invite purchasers; and the
purchaatni, who are generally foreigners. not wish-
' lug to transfer their property permanently to Eng-
land, bare a ri fen ime to the terms os which the
bills on England will purchase those British com-
modities which are in demand. either in their own
country, or in intermediate piece.. with which the
account may be adjusted. Thus, the price of the
bills beim regulated its some degree hy that of
British commodities, and continuing to fall till it
becomes so low as to be likely to afford a profit Out
the purchase sod exportation of these commodities,
an actual oxpriitation nearly proporttotiate to the
amount of the bills-drawn can scarcely fail to take
place. It follows, that there cannot Le, for any
long period, either a highly favourable or unfavour-
able balance of trade; for the balance no sooner
affects the price of bills, than the price of bills,
by its re-action on the state of trade, promotes an
espial :ration of commercial exports and import...—
Your Committee liars bare considered cash and
bullion as forming a port of the general mass of
exported or imported articles, and as transferred
according to the state both of the supply sod the
demand; forming however, under certinu cireuni.
'homes, and edpecially to the case of great Buctua.
tions in the general commerce, a peculiarly com-
modious remittance.

Your Committee have enlarged on the &cu.
raring supplied by .Ir. Irving, for the sake of
throwing further light on the general question of
the balance of tr.uie, and the czchanges. and of
diaaapating some .erg• prvvaleat erroro which have
a gnat practical influence on the sulijort 1a41%,
under consideration.

[To Ist coatinui al
011 Wednesday tom, ht, Hignuees the Duke of
01.11UCEIIT6R arrived at SeattiaitiptOu, an • tour to
the 14e of Wight.

snot 811 tow no the bout fixed by the evifente II
!WA (704 trout hence to the re,:tertive to tr
A ii veor nquttee is inch:wed to thuf ffilu
b .fh hp :bet it stated regardfiii; the eeets+ al
;ats Crl the eivlttoent ilbore repor'N,tht
thit Is 4, part of the +object %bid& a left rw.
tiwolit; Mall %leo by *hot is statea reyertio;
tnNir wh.,‘..11 the payment• in our ila.ie IP.Vr
latter; rattled. so if. •sore twine paid (toot
%imports (tom the Cortimul or Rorores sad a