per annum_ to our loss, must think me as mad as I think him for suggesting it; but if, on the contrary, I prove that as we traded then 850,000 l.

a year to our loss, we can trade now with them 600,000 l.

to our gain, then I will venture to draw this consequence, that we are distracted, speaking of our trading wits, if we do not trade with them." In a preface to the Eighth Volume of the _Review_ (July 29, 1712), Defoe announced his intention of discontinuing the publication, in consequence of the tax then imposed on newspapers.

We can hardly suppose that this was his real motive, and as a matter of fact the _Review_, whose death had been announced, reappeared in due course in the form of a single leaf, and was published in that form till the 11th of June, 1713.

By that time a new project was on foot which Defoe had frequently declared his intention of starting, a paper devoted exclusively to the discussion of the affairs of trade.