.243,839, and L.262,231, exclusive of fluctuations downwards in
previous years, it will be more satisfactory to take the averages for
five years each, of the term. Thus from--

1831 to 1835, both inclusive, the average was L.442,916
1836 to 1840, 320,007

The average decline in the latter term, was therefore above 27-1/2 per
cent.

Of the Foreign and Colonial merchandise re-exported within the same
period it is difficult to say what proportion was for British account,
and, as such, should therefore be classed under the head of trade with
Spain. It may be assumed, however, that the following were the products
of British colonial possessions, whose exports to Spain are thus stated
in quantities:--

1831. 1835. 1840.
Cinnamon, 284,201 123,590 144,291 lbs.
Cloves, 15,831 9,470 23,504 ...
India Cottons, 38,969 3,267 10,067 pieces
India Bandannas, 17,386 11,864 16,049 ...
Indigo, 16,641 5,231 8,623 lbs.
Pepper, 227,305 69,365 194,254 ...

To which may be added--

Tobacco, 64,851 2,252,356 1,729,552 ...

The tobacco, being of United States' growth, may, to a considerable
extent, be bonded here for re-exportation on foreign account merely. The
foregoing, though the heaviest, are not the whole of the foreign and
colonial products re-exported for Spain, but they constitute the great
bulk of value. Taking those of the last year, their value may be
approximatively estimated in round numbers, as calculated upon what may
be assumed a fair average of the rates of the prices current in the
market, as they appear quoted in the London _Mercantile Journal_ of the
4th of April. It is only necessary to take the more weighty articles.

Cinnamon, 144,290 lbs. at 5s. 6d. L.39,679
Indigo, 8,620 -- at 6s. 2,586
Pepper, 194,250 -- at 4d. 3,232
Tobacco, 1,729,550 -- at 4d. 28,825
Indian Bandannas, 16,049 pieces at 25s. 20,061

It may, we conceive, be assumed from these citations of some few of the
larger values exported to Spain under the head of "Foreign and Colonial
Merchandise," that the total amount of such values, inclusive of all the
commodities non-enumerated here, would not exceed L.150,000, which,
added to the L.404,252 already state