The present is the proper occasion to remark upon and explain the system of official valuation pursued in Russia, by which it will be observed how the real value, both of imports and exports, is swelled, probably with a view to the vain display of a greater commerce than is really carried on. As the system is nearly the same for both imports and exports, it cannot, of course, materially interfere with, or impeach the accuracy of the general balance-sheet. It is desirable, however, that the facts should be fairly represented, for the guidance of those who may be in the habit of consulting and comparing the official documents of different countries; and they will serve moreover to explain, in some degree, the extraordinary discrepancies which have been found betwixt the declared values of British products and manufactures exported to Russia, as published in the Board of Trade tables, and the same exports as exhibited in Russian customhouse returns. In calculating the annual value of importations, it is the rule in the Russian customhouses to add the duties paid on the entry of goods to their original value. This practice in Russia, where the duties are so high, swells the value of imports far beyond their true amount, and gives a false and exaggerated view of them. With respect to the exports, nearly the same practice exists. In calculating their value, all the shipping charges are added to the cost of the article; and we are informed by merchants resident in Russia, that on comparing the annual Government statements of exports for their establishments, they are found to correspond with the invoices forwarded to their foreign correspondents, which, of course, include commission, and all the expenses attendant on the shipping of the goods. The law also requires that the shipper, on clearing merchandise for export through the customhouse, should declare its value. With a view of preserving uniformity, the Russian authorities, from time to time, fix a standard price at which particular articles shall be valued for export at the customhouse. To exemplify the evil of this system, it is necessary only to mention that oats, for example, could lately be purchased at a Baltic port at sixty silver rubles per last, while the latest customhouse standard values them at eighty silver rubles per last. This practice is no way injurious to the merchant, but only unnaturally swells the tables of exports when annually made up by the Russian Government. A shipper, therefore, of any of the articles included in the Russian standard, is compelled to state a much greater value at the customhouse than he furnishes to his foreign correspondent, who, of course, only pays the market price of the article, with the additional shipping expenses.