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Of Reftraints upon the Importation from foreign
Countries of fuch Goods as can be produced at


Y restraining, either by high duties, or by abfolute prohibitions, the importation of fuch goods from foreign countries as can be produced at home, the monopoly of the homemarket is more or lefs fecured to the domeftic industry employed in producing them. Thus the prohibition of importing either live cattle or falt provifions from foreign countries fecures to the graziers of Great Britain the monopoly of the home-market for butcher's-meat. The high duties upon the importation of corn, which in times of moderate plenty amount to a prohibition, give a like advantage to the growers of that commodity. The prohibition of the importation of foreign woollens is equally favourable the woollen manufactures. The filk manufacture, though altogether employed upon foreign materials, has lately obtained the fame advantage. The linen manufacture has not yet obtained it, but is making great ftrides towards it. Many other forts of manufactures have, in the fame manner, obtained in Great Britain, either altogether, or very nearly a monopoly against their countrymen. The variety of goods of which the importation into Great Britain is prohibited,


either abfolutely, or under certain circumstances, CHAP. greatly exceeds what can easily be suspected by thofe who are not well acquainted with the laws of the customs.

That this monopoly of the home-market fre quently gives great encouragement to that parti cular fpecies of industry which enjoys it, and frequently turns towards that employment a greater fhare of both the labour and stock of the fociety than would otherwife have gone to it, cannot be doubted. But whether it tends either to increase the general induftry of the fociety, or to give it the most advantageous direction, is not, perhaps, altogether fo evident.

The general induftry of the fociety never can exceed what the capital of the fociety can employ. As the number of workmen that can be kept in employment by any particular perfon muft bear a certain proportion to his capital, fo the num ber of those that can be continually employed by all the members of a great fociety, must bear a certain proportion to the whole capital of that fociety, and never can exceed that proportion. No regulation of commerce can increafe the quantity of induftry in any fociety beyond what its capital can maintain. It can only divert a part of it into a direction into which it might not otherwife have gone; and it is by no means certain that this artificial direction is likely to be more advantageous to the fociety than that into which it would have gone of its own accord.

Every individual is continually exerting himfelf to find out the most advantageous employ





BOOK ment for whatever capital he can command. It is his own advantage, indeed, and not that of the fociety, which he has in view. But the study of his own advantage naturally, or rather neceffarily leads him to prefer that employment which is most advantageous to the fociety.

First, every individual endeavours to employ his capital as near home as he can, and confequently as much as he can in the fupport of domestic industry; provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock.

Thus, upon equal or nearly equal profits, every wholesale merchant naturally prefers the home-trade to the foreign trade of confumption, and the foreign trade of confumption to the carrying trade. In the home-trade his capital is never fo long out of his fight as it frequently is in the foreign trade of confumption. He can

know better the character and fituation of the perfons whom he trufts, and if he should happen to be deceived, he knows better the laws of the country from which he muft feek redrefs. In the carrying trade, the capital of the merchant is, as it were, divided between two foreign countries, and no part of it is ever neceffarily brought home, or placed under his own immediate view and command. The capital which an Amfterdam merchant employs in carrying corn from Konnigsberg to Lisbon, and fruit and wine from Lisbon to Konnigfberg, muft generally be the one-half of it at Konnigsberg and the other half at Lifbon. No part of it need ever



come to Amfterdam. The natural refidence of C HA P. fuch a merchant fhould either be at Konnigfberg or Lisbon, and it can only be fome very particular circumftances which can make him prefer the refidence of Amfterdam. The uneafinefs, however, which he feels at being feparated fo far from his capital, generally determines him to bring part both of the Konnigfberg goods which he destines for the market of Lisbon, and of the Lisbon goods which he destines for that of Konnigsberg, to Amfterdam: and though this ne ceffarily fubjects him to a double charge of loading and unloading, as well as to the payment of fome duties and cuftoms, yet for the fake of having fome part of his capital always under his own view and command, he willingly fubmits to this extraordinary charge; and it is in this manner that every country which has any confiderable share of the carrying trade, becomes always the emporium, or general market, for the goods of all the different countries whofe trade it carries on. The merchant, in order to fave a fecond loading and unloading, endeavours always to fell in the home-market as much of the goods of all thofe different countries as he can, and thus, fo far as he can, to convert his carrying trade into a foreign trade of confumption. A merchant, in the fame manner, who is engaged in the foreign trade of confumption, when he collects goods for foreign markets, will always be glad, upon equal or nearly equal profits, to fell as great a part of them at home as he can. He faves himself the rifk and trouble of exportation, when,

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BOOK when, fo far as he can, he thus converts his foreign trade of confumption into a home-trade. Home is in this manner the center, if I may fay fo, round which the capitals of the inhabitants of every country are continually circulating, and towards which they are always tending, though by particular caufes they may fometimes be driven off and repelled from it towards more diftant employments. But a capital employed in the home-trade, it has already been shown, neceffarily puts into motion a greater quantity of domestic industry, and gives revenue and employment to a greater number of the inhabitants of the country, than an equal capital employed in the foreign trade of confumption and one employed in the foreign trade of confumption has the fame advantage over an equal capital employed in the carrying trade. Upon equal, or only nearly equal profits, therefore, every individual naturally inclines to employ his capital in the manner in which it is likely to afford the greatest fupport to domeftic industry, and to give revenue and employment to the greatest number of people of his own country.

Secondly, every individual who employs his capital in the support of domestic industry, neceffarily endeavours fo to direct that industry, that its produce may be of the greatest poffible value.

The produce of industry is what it adds to the fubject or materials upon which it is employed. In proportion as the value of this produce is great or fmall, fo will likewife be the profits of the employer. But it is only for the fake of profit that


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