Barilla, 36,585 cwts. at 10s. per cwt.  L.18,292 Lemons and oranges, 30,170 packages, at 30s. per packet, 45,255 Madder, 6174 cwts. at 30s per cwt. 9,261 Olive oil, 1,305,384 gallons, at L.45 per 252 gallons 233,100 Quicksilver, 2,157,823 lbs., at 4s. per lb., 431,564 Raisins, 166,505 cwts., at 40s. per cwt. 333,000 Brandy, 223,268 gallons, at 2s. 6d. per gallon, 27,900 Wines, 3,945,160, gallons, at L.20 per butt, 730,580 Wool, 1,266,900 lbs., at 2s. per lb., 126,690
          
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                                           L.1,965,642

The value of the other articles of import from Spain, which need not be enumerated here, amongst which corn, skins, pig-lead, bark for tanning, &c., would certainly swell this amount more by 200,000
          
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Total direct imports from Spain, L.2,165,642

On several of the foregoing commodities the average rates of price on which they are calculated may be esteemed as moderate, such as wines, brandies, raisins, &c.; and several are exclusive of duty charge, as where the averages are estimated at the prices in bond.  In other commodities the average rates are inclusive of duty.  Wines, brandies, quicksilver, barilla, are exclusive of duty, for example; the others, duty paid, but in some instances duties scarcely more than nominal.  On the other hand, it must be taken into the account, for the purpose of a fair comparison, that these average estimates of the prices of imported merchandise do include and are enhanced by the expense of freights and the profits of the importer, and therefore all the difference must be in excess of the cost price at which shipped, and by which estimated in Spain.  The “declared values” of British exports to Spain embrace but a small proportion, perhaps, of these shipping charges, and are altogether irrespective of duties levied on arrival in Spanish ports.  As not only a fair, but probably an outside allowance, let us, therefore, redress the balance by striking off 20 per cent from the total estimated values of imports from Spain to cover shipping charges, profits, and port-dues, whether included in prices or not.  The account will then stand thus:—­

Estimated imports from Spain in round numbers L.2,165,000
Deduct 20 per cent, 433,000
          
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Value of imports shipped, L.1,732,000
Deduct declared value of British exports to Spain, 554,000
          
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Excess of Spanish imports direct on equalized
estimates of values, L.1,178,000