The acceptation is so common, it has been so long received as a truism unquestionable as unquestioned, as well in Spain as in Great Britain, of British commerce being one-sided, and carrying a large yearly balance against the Peninsular state, that these figures of relative and approximate quantities can hardly fail to excite a degree of astonishment and of doubt also.  It will be, as it ought to be, observed at once, that the trade with Spain direct represents one part of the question only; that the indirect trade through Gibraltar, and elsewhere, might, in its results, reverse the picture.  The objection is reasonable, and we proceed to enquire how far it is calculated to affect the statement.

The total “declared value” of the exports of British and Irish produce, and manufactures to Gibraltar, for the year 1840, is stated at

L1,111,176
Of which, as more or less destined
for Spain, licitly or illicitly,
cotton manufactures,                  635,821
Linens, &c., &c.,                     224,061
Woollens,                              97,092

It may be asserted as a fact, for, although not on official authority, yet we have it from respectable parties who have been resident on, and well conversant with the commerce of that rock, that, of the cotton goods thus imported into Gibraltar, the exports to Ceuta and the opposite coast of Africa amount, on the average, to L.70,000 per annum.  Of linens and woollens a considerable proportion find their way there also, and to Italian ports.  Of British and colonial merchandise exported to Gibraltar in the same year, the following may be considered to be mainly, or to some extent, designed for introduction into Spain:—­

Cinnamon value, 77,352 lbs., say value L.21,000
Indigo 26,000 lbs., say 7,800
Tobacco 610,000 lbs., say 10,166

Some cotton piece-goods from India, and silk goods, such as bandannas, &c., pepper, cloves, &c., &c., were also exported there; say, inclusive of the quantities enumerated above, to the total value of L.100,000 of commodities, of which a considerable proportion was destined for Spain.  Assuming the whole of the cotton goods to be for introduction into Spain, minus the quantity dispatched to the African coast, we have in round numbers the value of

L.565,800
Say of linens one-third, 74,660
Of woollens, ib., 32,360
Of cinnamon, India goods,
and other articles, in
value L.90,000, minus
tobacco, one-half, 45,000
-------
L.717,820
Tobacco, the whole, 10,166
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Total indirect exports 727,986
To which add direct 554,000
---------
L.1,281,986

Again, however, various products of Spain are also imported into the United Kingdom via Gibraltar, such as—­

Bark for tanning or dyeing, 5,724 tons, say value, L.51,500 Wool, 292,730 lbs. ib., 29,270