gers." "6. That they are not, (or need not be if properly constructed,) nuisances to the public." That they will become a speedier and cheaper mode of " 8. conveyance than carriages drawn by horses." That as they admit of greater breadth of tire than other carriages, and as the roads are not acted on so injuriously as by the feet of horses in common draught, such carriages will cause less wear of roads than carriages drawn by horses." "9. That rates of toll have been imposed on steam carriages which would prohibit their being used on several lines of roads, were such charges permitted to remain unaltered."

In the mean time, besides the horses at present working in the transport of goods, the number of labourers employed on canals, rivers, rail-roads, &c., cannot be less than 100,000 for the United Kingdom; whose wages, estimated at 407. a year, would yield 4,000,000l. The labour and profits of capital invested, after deducting wear and tear, wages and charges, of all the barge proprietors, and owners of small craft employed on the rivers, canals, &c., in transporting merchandise, coals, &c., cannot be stated at less than 1,600,000l. The labour and profits of coach and cart proprietors engaged in the conveyance of goods, and of persons employed in repairing roads, canals, and rail-ways, collecting tolls, &c., &c., cannot be estimated under 3,000,000. Several small items, which would considerably increase the estimate, are left out from a desire to make it rather lower than otherwise: nevertheless, it produces a result of 48,425,000/.

COASTING TRADE.

This trade, one of the most important to all nations, is particularly valuable to a maritime nation like Eng

309 land. An idea of its vast extent may be formed from the official declaration of P. Thompson in the House of Commons (1832), that no less than 9,800,000 tons are annually entered inwards and outwards!!! The profits of capital, and labour of the proprietors of this immense tonnage, after deducting the wear and tear of the vessels, the insurance, and several other charges, cannot be less than 2,500,000. But the wages of about 35,000 men employed on board these vessels, and in the multifarious operations relating to this trade, cannot be estimated under 30%. a year: altogether producing a total for the coasting trade of 3,550,000l.

FISHERIES.

The British fisheries round the coasts are very productive, although not to the extent that several writers have calculated. The abundance, however, of herrings, cod, haddock, whitings, oysters, lobsters, soles, turbot, &c., &c., is equal to the superior quality of the articles. The produce of these fisheries, taking the export as well as the immense home consumption, after deducting the wear and tear, &c., may be estimated at 1,900,000l. By the last official account for the year ending 5th of April, 1830, the total quantity of herrings cured in Great Britain was 329,557 barrels, and the exported was 181,654 barrels; of which 89,680 went to Ireland, 67,672 to places out of Europe, chiefly the West Indies, and 24,302 to places in Europe. The river fisheries of Great Britain are equally excellent. They produce a variety of fish-perch, pike, eels, trout, &c., and perhaps the best salmon in Europe. Several thousand people are employed in them; and, making deductions for all fishing implements and charges, their produce cannot be

estimated under 900,000l. The "fisheries far distant from the British coasts," as those of Greenland, the South Seas, &c., produced, in 1811, according to the official returns, after deducting all the expenses of out-fits, seamen's wages, insurance, &c., 600,000l. net. This estimate may be considered far under the mark at present, as the colonial fisheries are not included in it. Thus the total for the coasting, river, and sea fisheries, of Great Britain, would be 3,400,000%.

SHIPPING AND FOREIGN TRADE.

If the productions, the fisheries, the inland and coasting trade of a country, are any measure of its shipping and foreign commerce, it would certainly be difficult to calculate the property annually raised by the combination of industry, labour, and capital, in these considerable branches. But in order to come to an approximate estimate, let us take the value of the imports into Great Britain in the year ending 5th January, 1832, which are perhaps inferior to some preceding ones: these amounted to 48,161,6007.; and the real or declared value of the exports, was 36,652,600l., making together 84,814,2007. (Table IX.) Charging only 12 per cent. for the profits of capital employed, and for the merchants' commissions for buying and selling, (which is 4 per cent. for both operations, exclusive of " del credere",) would produce the sum of 10,177,7047. The profits and labour of underwriters on the value of shipping, and of goods exported and imported, (calculating three-fourths as insured in England,) at the rate of 24 per cent. upon the whole, would yield 2,120,355l. The amount of British shipping entered inwards, on an average of the years 1829-30

31, has been officially stated at 2,930,000 tons; and that entered outwards, for the same period, at 2,243,000 tons. Calculating the ship-owners' freights upon this tonnage, and estimating the net profits upon the immense sum produced by them, the amount cannot be under 3,800,000l. The profits of ship and colonial brokers, factors, and agents, engaged in the sale of all the imports, exports, and shipping, may be stated at 1,600,000l. The wages of the clerks concerned in mercantile affairs, whose number probably exceeds 50,000, and of the labourers employed in shipping and landing merchandise, keeping and managing goods, &c., whose number exceeds 70,000, calculating both at 607. a year, will give a sum of 7,200,000l. The wages of 210,000 sailors employed in vessels carrying on foreign commerce, estimating them at the rate of 30l. per year, amount to 6,300,000l. For the wages and profits on capital, of the ship-chandlers, block makers, sail and rope makers, and the various other artificers employed in fitting and equipping the mercantile marine, say 2,200,000. For miscellaneous charges on account of the dock companies, harbour, pier, and port dues, and for the people concerned in these branches, and employed in keeping them in repair, &c., 1,000,000l. Thus the total amount for the foreign commerce and shipping is 34,398,0597. (Table XV.)

BANKERS, AND FOREIGN INCOME.

But without money, or the means of facilitating the exchange of commodities, foreign commerce could not exist. What the circulation of the blood is to the human body, the circulating medium is to the mercan

The

tile one as the former promotes all human functions, so in commerce the latter facilitates all operations. The bankers and chartered banks of the United Kingdom, are the agents and promoters of this circulation; and they must derive profits for their labour and capital so employed. An idea of these profits, as well as of the immensity of the transactions of these powerful agents, may be formed from the demi-official statement, that the amount of the accounts balanced every day in London by these bankers, is eight millions sterling!!! profits annually arising from this source cannot be estimated under 4,500,000l. The income resulting from interest on foreign loans, money contracts, &c., and from property possessed by British subjects in all parts of the world, (particularly in the East Indies, whence the annual remittances on account of individuals have been calculated at two millions, but which are here reduced to 1,500,000l.,) constitute an annual item of 4,500,000l. The total income, therefore, from all these sources will amount to 9,000,000%.

An idea may be formed of what the profits of this branch must be, by contemplating the many large establishments of this kind, particularly the colossal one of the Bank of England, whose circulation in August, 1832, was 30,250,000l., and the public and private securities and bullion amounted, at the same date, to 33,130,000l., besides 2,880,000l. of "rest"; making a grand total of 66,260,000l. ! The deposits in the Banks of Ireland are very considerable; and those of Scotland exceed 24,000,000l.; making altogether a grand total of 105,000,000l. The private bankers are very numerous throughout the kingdom. In Scotland there are thirty-four banks (Table VIII). The number of licenses granted in 1831 was no less than 641. The profits of these establishments undoubtedly exceed the estimate.