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Hence it the population of France is actually in the proportion of one to five to that of Europe, the quantity of precious metals which it contains is to that which is spread throughout Europe as 1 to 31. .

We have already seen that the mines of Asiatic Russia, and Europe, annually furnish a produce of 21 millions of livres or four millions of piastrés per annum *. We learn from the Dutch authors that from four to five thousand marcs of gold come annually in dust from Guinea into Erırope. We estimate the produce of the mines of Europe and the importation from Northern Asia and Africa, since the discovery of America, at only six millions of livres per annum t; and hence supposing the actual specie of Europe 8603 millions, and according to M. Gerboux that which existed in 1492 at 600 millions, it follows that 22,450 millions of livres have been carried out to the East Indies, converted into plate, and lost by melting. Dividing this sum among 213 years we find at an average, an annual loss in gold and silver of 72 millions of livres † (13,700,000 piastres). It has been already proved that the impor

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* £840,000 Sterling, Trans. Og nok nog
+ £244,897 Sterling. Trans.
* £2,938,774 Sterling. Trans.

tation from America during the same period, amounted to 92 millions of livres (17{ millions of piastres) per annum.

The time is yet so recent since statistical researches first began to be carried on, that it is impossible to know in detail, the value of the exportations of gold and silver into Asia in the sixteenth and seventeenth centuries. We shall merely then take a rapid view of, the present state of things, and observe the periodical Aux and reflux by which the precious metals are conveyed from one continent to the other. If we recollect that since the conclusion of the eighteenth century, Europe receives annually from Europe nearly 80,000 marcs of gold, and nearly four millions of inarcs of silver Castille weight, we must be surprised not to observe more sensible effects from the accumulation of the metals in the old world. · The gold and silver of Europe flow into Asia by three principal ways : Ist. By commerce with the Levant, Egypt and the Red Sea ; 2nd. By maritime commerce with the East Indies and China; and 3rd. by the commerce of Russia with China and Tartary.

The commerce of the Levant and the Northern coast of Africa requires a considerable quantity of ducats, piastres, and German

crowns, the exportation of which diminishes the specie of Europe. We cannot, however, bring ourselves to estimate this loss at more than four millions of piastres per annum *, because the balance of the trade of the Levant is at present in favour of England † to the amount of from two millions and a half to three millions of piastres. According to the tables published by M. Arnould f, the trade was in 1789 from three to four millions against France. Spain, the nations of the north, and especially Germany, are obliged to pay in specie in the ports of the Ottoman empire and the Barbary coast. The exportation of silver from the Austrian monarchy alone into Turkey and the Levant is estimated at a million and a half of piastres.

The East Indies and China are the countries which absorb the greatest part of the gold and silver, extracted from the mines of America. I cannot admit that before 1760, this absorption was eight inillions of piastres per annumş, and that from that period till

* £840,000 Sterling. Trans.

+ According to the tables of M. Playfair, Great Britain gained in 1800, in her trade with the Levant' £600,000 Sterling; and she lost in her trade with Turkey £60,000 Sterling (Commercial. Atlas) 1801. pl. xiii.

De la balance du commerce, T. iii, n. ïi. Ø £1,680,000 Sterling. Trans.

1803, it has gradually diminished to 5 mil. lions*. Although we generally, form exagge. rated ideas of the loss experienced by Europe, from the balance of trade with Asia, it is not the less certain that the exportation of specie, greatly exceeds the sum specified by the estimable author whom we have just now quoted.

The luxury of Europe at present, requires eleven times more tea than in 1721; but on the other hand, the commerce with the countries situated on this side the Ganges, has experienced a very considerable change, since the period when the English formed a great empire in India. The manufactories of Great Britain actually furnish to the commerce with southern Asia, goods to the value of more than 11,460,000 piastres per annumt. According to the valuable information contained in the Travels of Lord Macartneyt, the En

* Gerboux, p. 36 and 70. Consult also the researches of M. Garnier respecting the commerce of India, in his Commentary on Smith, t. V. p. 361–375, and Toze, p. 124-150.

+ Playfair's Chart. iii.

# Macartney's travels (French Edit.), vol. i. p. 47 and 58. By the table given, page 73, the importation of silver by the English East India Company would only have been from 1775 to 1795, £3,676,000 Sterling (I value the pound sterling at 4.4.0 piastres, or _463 sous

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glish imported into Canton, in 1725, in the produce of their own manufactories and Indian goods, to the value of 4,410,000 piastres. They received in return Chinese goods and produce to the value of 6,614,000 piastres. Supposing the balance of trade with China, to have been more unfavourable for the other nations of Europe, than for the English, we might estimate the importation of the precious metals into China, by Canton, Macao, and Emoui, at an average of 4 or 5 millions of piastres per annum*. In 1766 it only amounted to 2,688,000 piastrest. . ..

Let us examine more narrowly the state of the trade of Canton. Lord Macartney in 1795 valued the quantity of tea purchased by all the nations of Europe only at 34 millions of pounds, of which the English alone took 20 millions. But according to the interesting information communicated by M. de Sainte Croix 1, there was exported from Canton :

tournois). Author.'

The author in a note to page 16, estimates the English shilling at 25 sous : now 20 shillings=&l=500 sous. Trans.

* 6840,000, or $1,050,000 Sterling. Trans. + Raynal, t. i. p. 674.

I Voyage commercial et pojitique aux Indes Orientales par M. Felix Renouard de Sainte Croix, 1810, t. üi. p. 153, 161, and 170. The price of a pic or pickle of bou tea at Canton is from 12 to 15 taels (at 7 francs 41 cent.

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