t in exchange for other
goods.

Colonial shipping is important through the trade with the Spanish and
French West Indies, the English Sugar islands, and the fisheries. It
deals with the regions south of Cape Finisterre, with Africa, the Canary
and other islands, and in British ships with Portugal, Cadiz, Malaga,
Marseilles, Leghorn and Naples, and it might deal with Turkey. It
carries the surplus products of the fisheries, grain, flour, timber,
sugar and rice. The trade with Portugal is restricted because all its
wine must be brought by way of England, so only salt as ballast is
brought back. Sugar is the only cargo which the Colonial shipping can
carry and sell through Europe. England reserves the right to import and
reship American products, yet it sells more than three million pounds
and Ireland and Scotland two million pounds sterling of products in
America. Hard money is rare in the Colonies, and is higher in price than
in England. An English shilling is 18 pence colonial, as against 12
pence in sterling. A Guinea is 34 shillings, on account of its
convenience for exchange for goods. Spanish pieces of eight, worth in
England 4 shillings 8 pence, are worth in the Colonies 7 shillings 6
pence, and gold pistoles have fallen to 27 shillings, because they are
so often filled with base metal. A credit on London costs 175 p. c.,
that is 1 English pound sterling 1-3/4 in Provincial currency, but the
price rises and falls, par is 133-1/3, but it often goes up to 166-2/3
p. c. During the late war par was as low as 125, because England spent
so much money and so much was brought over by English soldiers,--and it
varies in different Colonies. The Colonies have Paper-bills, Bills of
Credit and Currency, issued by the authority of the Assemblies which
bind themselves to redeem them,--from L5 down to 1 shilling, but they
are not good outside the Province that issues them. It is used to raise
large amounts for pressing needs, as in the French War to pay the
soldiers, arm and clothe and feed them in the field. Sometimes the money
is raised by currency bills which are taken in payment of taxes etc. and
are cancelled on return to the Treasury office. This was copied from the
English Exchequer Bills introduced in the reign of William Third by Act
of Parliament, but the English bills carry interest, and those of the
Colonies do not. Another sort of currency is issued to meet the demand
for money on loan at interest,--the current rate i