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 representative of Mr Edward Gibbon Wakefield's economics in the House of Commons, as Lord Durham was before his political disciple, and the victim of his schemes colonial, thus decisively disposes of adverse exchanges in the celebrated debate on Import Duties, taking Portugal for an example. "A large increase of importations from Portugal would necessarily be attended by a proportionate increase of our export trade. Was it not clear that every merchant who imported a pipe of wine would anticipate the bills drawn against him on account of it, and that, whatever would be the increase in the amount of imports, there would be a corresponding increase in the amount of the bills drawn against us? How were our merchants to provide for them? There would be no difficulty in it, whether the trade of Portugal increased legally or illegally. Suppose an increase of imports into Portugal, there would be an immediate demand for bills to Portugal. _The consequence would be, that if there was any other country from which Portugal received more than it exported, the bill-brokers would get bills from that country_, and our manufactures would be sent there instead of to Portugal. Admit that you could not find in any other country the means of discharging your debt by importation of your manufactures, bills on Portugal should then rise to a certain premium, and gold and silver would be sent to discharge the debt. The gold and silver would come from some other country, and the consequence would be that we should send our manufactures, not to Portugal, but to South America; while Portugal would be obliged to send the bullion to some other country that it might carry on a smuggling trade with its neighbour, Spain. It was impossible for the ingenuity of man to point out any different result."