the
pages of Maga for a year, and after all remain incomplete from the
inaccessibility or non-existence of some of the necessary materials. There
are, however, certain landmarks by which we may steer to something like
general conclusions.

The profits on exports, as on all other trade, exceptional cases apart,
which cannot impeach the general rule, are measured to a great extent by
the distance of the country to which the exports take place, and therefore
the length of period, besides the extra risk, before which capital can be
replaced and profits realized. Within the compass of a two months'
distance from England, we may include the Gulf of Mexico west, the Baltic
and White Seas north, the Black Sea south-east, the west coast of Africa
to the Gulf of Guinea, and the east coast of South America to Rio Janeiro.
We come thus to the limits within which the smaller profits only are
realized; and all beyond will range under the head of larger returns. It
is not necessary to determine the exact amount of the profit in each case,
the essential point being the ratio of one towards the other. An average
return in round numbers of seven and a half per cent many, therefore, be
taken for the export commerce carried on within the narrower circle, and
of twenty per cent for the _voyages a long cours_, say those to and round
the two Capes of Good Hope and Horn. It is making a large allowance to say
that each shipment to Holland, France, or even the United States, for
example, realizes seven and a half per cent clear profit, or that the
aggregate of the exports cited yields at that rate. Twenty per cent on
exports to China and the East Indies, in view of the more than double
distance, and increase of risk attendant, does not seem proportionally
liable to the same appearance of exaggeration. Under favourable
circumstances returns cannot be looked for in less than a year on the
average, and then the greater distance the greater the risk of all kinds.
Classifying the exports upon this legitimate system, we find that, in
round numbers, not very far from eight-ninths of the total amount of
foreign trade exports come under the denomination of the shorter voyage.
Thus of these total exports of thirty-five millions, less than four
millions belong to the far off traffic. The account will, therefore, stand
thus:--

Foreign trade profit of 7-1/2 per cent on L.31,000,000 L.2,325,000
Do. 20 do. 4,000,000