"I have in my hand two accounts; one, a comparative statement of the export trade of England to its colonies, as it stood in the year 1704, and as it stood in the year 1772. The other, a state of the export trade of this country to its colonies alone, as it stood in 1772, compared with the whole trade of England to all parts of the world, (the colonies included,) in the year 1704. They are from good vouchers; the latter period from the accounts on your own table, the earlier, from an original manuscript of Davenant, who first established the Inspector General's Office, which has been, ever since his time, so abundant a source of Parliamentary information.
"The export trade to the colonies, consists of three great branches. The African, which, terminating almost wholly in the colonies, must be put to the account of their commerce; the West Indian, and the North American. All these are so interwoven, that the attempt to separate them would tear to pieces the contexture of the whole; and if not entirely destroy, would very much depreciate the value of all the parts. I, therefore, consider these three denominations to be, what in effect they are, one trade.
"The trade to the colonies, taken on the export side, at the beginning of this century, that is, in the year 1704, stood thus:
"Exports to North America and the West Indies $2,416,325 To Africa 433,325 ---------- $2,849,650
"In the year 1772, which I take as a middle year, between the highest and lowest of those lately laid on your table, the account was as follows:
"To North America and the West Indies $23,958,670 To Africa 4,331,990 To which, if you add the export trade from Scotland, which had, in 1704, no existence 1,820,000 ----------- $30,110,660
"From a little over two millions and three quarters, it has grown to over thirty millions.[107] It has increased no less than twelve fold. This is the state of the colony trade, as compared with itself at these two periods, within this century; and this is matter for meditation. But this is not all. Examine my second account. See how the export trade to the colonies alone, in 1772, stood in the other point of view, that is, as compared to the whole trade of England, in 1704.