taken in. In such cases they make the best of their bad bargain, and bear the evil in silence. But even were a merchant, from pure good-will to the public, candidly to tell of his ill success in some particular branch of commerce, from which much had been expected generally, and to endeavour to dissuade others from following his example, is it not probable that some would ascribe his failure to bad management, and that vanity or hope would whisper in their ears, that they might do better? Nay, some would not even give him credit for liberal or disinterested motives; but, on the contrary, perhaps, suspecting him of concealing known advantages from a desire to monopolize, by checking competition, would plunge headlong into the difficulties which he warned them to avoid.

'I therefore venture now to offer such information as I have been able to gather, respecting the commerce to South America, and, after stating a fact or two, shall leave it to those whom it may concern to draw their own inference.

'The British commerce in the Plata, when I left Buenos Ayres in December last, seemed to me to be in a deplorable state of stagnation. Vessels had been there fourteen months, and their prospects of getting cargoes no better than when they arrived.

'In consequence of the free trade allowed in 1809, at Buenos Ayres, the importation of British goods soon exceeded, in all proportion, the wants and consumption of its population. The Spanish

merchants, flattering themselves that this free trade would be but of short duration, eagerly invested their disposable capital in British goods, which they either stored up for better times, or sent to distant provinces; and, under various devices, even to such other viceroyalties as had not then admitted the British commerce. Owing to these circumstances, sales were made to a greater extent than could reasonably have been expected, but they soon ceased to operate with the same vigour.

Intestine political dissensions began, which would sooner have had a pernicious effect on our commerce, had not Chili, following the example of Buenos Ayres, opened its inlets to British commerce. Without considering the relative poverty and small consumption of Chili, goods were poured into that country as if it were an inexhaustible mine of wealth. The effect was soon evident. Sales could not be made in Chili, even at the prices of Buenos Ayres. At the close of the past year, 1811, the aspect of things entirely changed. Buenos Ayres lost its most valuable province, Upper Peru, which, containing all the metallic riches, not only contributed most effectually to the revenues of the state, but also consumed a large proportion of European goods. That country is separated from the Rio de la Plata by contending armies. But even if it were not, what resource can it hold forth, laid waste as it has been by military excesses, its wealthy population driven away, and its mines neglected?

Chili is overstocked, and Buenos Ayres can barely purchase sufficient for the consumption of the capital, or of its own immediate provinces. Many, indeed most, articles of British goods will not in these countries now realize the prime cost to the proprietors in England! In the present unsettled state of the provinces, a return of any sort is most precarious; and without stability in the ephemeral government, such as that at Buenos Ayres has been lately, I am not at all clear that even a British merchant would be always sure of meeting with protection and justice in cases of difficulty, or of avoiding oppression by its subordinate officers. Neither hides nor tallow are now to be had in any quantity; and the members of the present executive government of Buenos Ayres declared to me, notwithstanding my representations of its illiberality and impolicy, that they would never permit the exportation of specie or bullion. And although, since I sailed from Buenos Ayres, the government there has reduced the duties on British imports generally, one-third, its only probable effect will be, a reduction of prices to the consumer, in the same ratio as that of the duty. Those who are at Buenos Ayres may gain by this reduction; but to the proprietor in England, who sends his goods there, the advantage seems to be merely nominal, and calculated to deceive him with fallacious prospects.

'I remain, &c., &c.,

'P. H.'

6

Captain Heywood sent a copy of the foregoing to a friend, one of the Lords Commissioners of the Admiralty, in order to have the private opinion of that Board as to the propriety of sending it forth among the British merchants, but he was told that their Lordships were of opinion, that it would be improper in him to address himself immediately to the merchants, and was recommended to write any thing he had to say on the subject officially to the Board, when, if thought necessary, it would be communicated to the proper boards or departments of government. I saw, however,' says Captain Heywood, that to make such communication was considered by the Admiralty as of a sort likely to check the export trade, (as I indeed intended it should, locally, to La Plata,) and that if I wrote to the Admiralty officially, it would stop there. I did not think it necessary to make any such fuss about a matter that so little concerned me; and therefore, as I felt it a point of conscience not only not to lead others astray, but to put those in the right way who were, in my mind, out of it, I informed my friend, "that, as an officer, I should move no further publicly in this matter, but, with the impressions made on my mind respecting commerce to La Plata, I should still feel bound as a man to dissuade, privately, all my own friends from pursuing, at least for the present, a line of commerce which I believed had already proved ruinous to but too many in Great Britain."

Captain Heywood, whilst his ship was in dock, refitting, used his best endeavours to be sent out to the Mediterranean, at that time a scene of more active service. But a recent change of influence at the Admiralty proved unfavourable to his hopes. Many persons who had connexion with commerce to the Rio de la Plata, were desirous that he should be sent out to that station again, and even went so far as to say they would petition Lord Castlereagh for that purpose. In June 1812, he received a letter from his friend, Vice-Admiral Donnett, informing him that circumstances had occurred which induced government to send him back to S. America, in consequence of his local knowledge, and the very satisfactory manner in which he had conducted matters there before;' and on the third of the same month came the following from the first Lord of the Admiralty:

'SIR,

The public service appearing to require that a frigate, not exceeding the Nereus in size and draught of water, should be sent forthwith to the River La Plata, I have been reluctantly compelled to select her at the present moment; though I am afraid that you would have preferred employment in some of the European seas. I will fairly own to you also, that having great confidence in your experience on that station, and in your discretion in your intercourse with the Spanish Authorities, I have not