But bad as the case may be, it is not quite so bad as these figures would represent. It must not be forgotten in this sort of calculation, that shipping, freights, insurances, and commissions, represent property quite as substantially in the commercial sense, as even Mr Cobden's printed calicos, or friend Bright's flannel pieces. Now, we think it might admit of proof, that as much as nine-tenths of all the produce brought to this country from Russia, is so brought in British bottoms, and so also of the exports to Russia; although in 1840, the last of the Board of Trade tables 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