Another glance at the statistical data given for the years 1697, 1700, 1716, 1730, and 1760, will show that the British _export_ trade to Russia was continually falling off, save in 1716, when Russia engrossed the whole Swedish trade on the eastern coast of the Baltic and the Gulf of Bothnia, and had not yet found the opportunity of subjecting it to her own regulations. From £58,884, at which the British exports to Russia stood during 1697-1700, when Russia was still precluded from the Baltic, they had sunk to £46,275 in 1730, and to £39,761 in 1760, showing a decrease of £19,123, or about 1/3rd of their original amount in 1700. If, then, since, the absorption of the Swedish provinces by Russia, the British market proved expanding for Russia raw produce, the Russian market, on its side, proved straitening for British manufacturers, a feature of that trade which could hardly recommend it at a time when the Balance of Trade doctrine ruled supreme. To trace the circumstances which produced the increase of the Anglo-Russian trade under Catherine II. would lead us too far from the period we are considering.
On the whole, then, we arrive at the following conclusions: During the first sixty years of the eighteenth century the total Anglo-Russian trade formed but a very diminutive fraction of the general trade of England, say less than 1/45th. Its sudden increase during the earliest years of Peter's sway over the Baltic did not at all affect the general balance of British trade, as it was a simple transfer from its Swedish account to its Russian account. In the later times of Peter I., as well as under his immediate successors, Catherine I. and Anne, the Anglo-Russian trade was positively declining; during the whole epoch, dating from the final settlement of Russia in the Baltic provinces, the export of British manufactures to Russia was continually falling off, so that at its end it stood one-third lower than at its beginning, when that trade was still confined to the port of Archangel. Neither the contemporaries of Peter I., nor the next British generation reaped any benefit from the advancement of Russia to the Baltic. In general the Baltic trade of Great Britain was at that time trifling in regard of the capital involved, but important in regard of its character. It afforded England the raw produce for its maritime stores. That from the latter point of view the Baltic was in safer keeping in the hands of Sweden than in those of Russia, was not only proved by the pamphlets we are reprinting, but fully understood by the British Ministers themselves. Stanhope writing, for instance, to Townshend on October 16th, 1716: