Observe what you export thither; a little spirits, provision, fishing-lines, and fishing-hooks. Is this _export_ the true idea of the Newfoundland trade in the light of a beneficial branch of commerce? Nothing less. Examine our imports from thence; it seems upon this vulgar idea of exports and imports, to turn the balance against you. But your exports to Newfoundland are your own goods. Your import is your own food; as much your own, as that you raise with your ploughs out of your own soil; and not your loss, but your gain; your riches, not your poverty. But so fallacious is this way of judging, that neither the export nor import, nor both together, supply any idea approaching to adequate of that branch of business. The vessels in that trade go straight from Newfoundland to the foreign market; and the sale there, not the import here, is the measure of its value. That trade, which is one of your greatest and best, is hardly so much as seen in the custom-house entries; and it is not of less annual value to this nation than 400,000_l._ 6thly. The quality of your imports must be considered as well as the quantity. To state the whole of the foreign import _as loss_, is exceedingly absurd. All the iron, hemp, flax, cotton, Spanish wool, raw silk, woollen and linen-yarn, which we import, are by no means to be considered as the matter of a merely luxurious consumption; which is the idea too generally and loosely annexed to our import article. These above mentioned are materials of industry, not of luxury, which are wrought up here, in many instances, to ten times, and more, of their original value. Even where they are not subservient to our exports, they still add to our internal wealth, which consists in the stock of useful commodities, as much as in gold and silver. In looking over the specific articles of our export and import, I have often been astonished to see for how small a part of the supply of our consumption, either luxurious or convenient, we are indebted to nations properly foreign to us. These considerations are entirely passed over by the author; they have been but too much neglected by most who have speculated on this subject. But they ought never to be omitted by those who mean to come to anything like the true state of the British trade. They compensate, and they more than compensate, everything which the author can cut off with any appearance of reason for the over-entry of British goods; and they restore to us that balance of four millions, which the author has thought proper on such a very poor and limited comprehension of the object to reduce to 2,500,000_l._