In 1761, there was no entry of goods from any of the conquered places but Guadaloupe; in that year it stood thus:-- Imports from Guadaloupe, value, L482,179 -------- In 1762, when we had not yet delivered up our conquests, the account was, Guadaloupe L513,244 Martinico 288,425 -------- Total imports in 1762, value, L801,669 -------- In 1763, after we had delivered up the sovereignty of these islands, but kept open a communication with them, the imports were, Guadaloupe L412,303 Martinico 344,161 Havannah 249,386 ---------- Total imports in 1763, value, L1,005,850 ---------- Besides, I find, in the account of bullion imported and brought to the Bank, that, during that period in which the intercourse with the Havannah was open, we received at that one shop, in treasure, from that one place, 559,810_l._; in the year 1763, 389,450_l._; so that the import from these places in that year amounted to 1,395,300_l._ On this state the reader will observe, that I take the imports from, and not the exports to, these conquests, as the measure of the advantages which we derived from them. I do so for reasons which will be somewhat worthy the attention of such readers as are fond of this species of inquiry. I say therefore I choose the import article, as the best, and indeed the only standard we can have, of the value of the West India trade. Our export entry does not comprehend the greatest trade we carry on with any of the West India islands, the sale of negroes: nor does it give any idea of two other advantages we draw from them; the remittances for money spent here, and the payment of part of the balance of the North American trade. It is therefore quite ridiculous, to strike a balance merely on the face of an excess of imports and exports, in that commerce; though, in most foreign branches, it is, on the whole, the best method. If we should take that standard, it would appear, that the balance with our own islands is, annually, several hundred thousand pounds against this country.[45] Such is its aspect on the custom-house entries; but we know the direct contrary to be the fact. We know that the West-Indians are always indebted to our merchants, and that the value of every shilling of West India produce is English property. So that our import from them, and not our export, ought always to be considered as their true value; and this corrective ought to be applied to all general balances of our trade, which are formed on the ordinary principles.