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