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now let us endeavour to draw a few practical deductions from the foregoing discussion:—

1. That the fact of a nation's imports exceeding in value the exports, indicates, other things being equal, that this nation is a creditor of some other country.

2. And, conversely, that an excess of exports, other things being equal, indicates that the nation is an indebted nation.

3. That, among the older States, those who are advancing in wealth are gradually increasing their excess of imports, while in those which are economically decaying, there exists either an excess of exports, or a gradual decrease in excess of imports; and that in proof of this we have only to examine the following figures, and to apply them to what is within common knowledge concerning the countries named:—

4. That, among the younger nations, the United States stands out, at the present moment, as a great exporter on balance; but that, as she is a heavily indebted nation, she cannot avoid exporting on balance until she has redeemed her obligations, and has recovered her share of the ocean-carrying trade; and that, consequently, to point, as Protectionists do, to her 52 millions of excess exports as, ipso facto, a proof of the virtues of their system, is to draw an unwarranted and mischievous conclusion.

5. That the term "Balance of Trade," as commonly used, is a misleading expression, calculated to give rise to the most absurd fallacies.

6. That the "Balance of Trade," if there be such a thing, is in favour of, and not adverse to, Great Britain.

7. That this "Balance" is likely to be more and more in our favour.