It will doubtless be objected to our calculations, that the freights to Australia being on an average only 50 to 60 _fr._ per ton on merchandize, if the 32 _fr._, which we show as an advantage presented by the Canal, were forestalled in the freight, there would only remain 20 to 30 _fr._ per ton for the shipowner, who would evidently suffer loss. It will thence be concluded that our valuations are exaggerated. But at present the shipowner who despatches his vessel to Australia at the rate of 60 _fr._ per ton, is equally at a loss by the merchandize; and if he consents to make the speculation, it is for the advantage that he finds in the freight of the passengers. Well, the speculation will not be altered by opening the Canal; the shipowner will still lose on the merchandize and gain by the passengers: only he will lose less than at present by the one, and gain more by the other. It is the same for China and the other parts of the extreme East. The freights are so low in relation to the distance and the chances of navigation, that loss appears to result from them. But it is clear that then the shipowners are interested in those operations of commerce that are very lucrative, and are moreover indemnified by the passage of numerous emigrants, functionaries, &c. &c. The opening of the Maritime Canal, far from being hurtful to these operations, will, on the contrary, be eminently advantageous to them, and the shipowners will find their ultimate profits increased by it. Our calculations, therefore, remain intact, since they are based upon practical data, known to every one, and which are, moreover, according to the general usages of commerce. Let us now endeavour to give an idea of the commerce in imports and exports, which is carried on between Europe and India, China, &c. Trade has so much increased for a period of ten years, and especially during the last three years, in consequence of the discovery of gold in Australia; and every year its developement is such, in relation to the preceding year, that it is impossible to settle its statistics even approximately. For the figures given for one year are already erroneous before they make their appearance. It is, however, possible to throw some light upon this question, which has been the subject of so much controversy, and to give a _minimum_ figure. Mac Culloch, in his statistics of 1842, gives the following figures for the tonnage of merchandize imported and exported by the commerce of England.