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part　of　the　last　century　those　two　nations　divided　the　most

considerable　part　of　the　East　India　trade　between　them；　the　trade

of　the　Dutch　continually　augmenting　in　a　still　greater　proportion

than　that　of　the　Portuguese　declined。　The　English　and　French

carried　on　some　trade　with　India　in　the　last　century；　but　it　has

been　greatly　augmented　in　the　course　of　the　present。　The　East

India　trade　of　the　Swedes　and　Danes　began　in　the　course　of　the

present　century。　Even　the　Muscovites　now　trade　regularly　with

China　by　a　sort　of　caravans　which　go　overland　through　Siberia　and

Tartary　to　Pekin。　The　East　India　trade　of　all　these　nations；　if

we　except　that　of　the　French；　which　the　last　war　had　well　nigh

annihilated；　had　been　almost　continually　augmenting。　The

increasing　consumption　of　East　India　goods　in　Europe　is；　it

seems；　so　great　as　to　afford　a　gradual　increase　of　employment　to

them　all。　Tea；　for　example；　was　a　drug　very　little　used　in　Europe

before　the　middle　of　the　last　century。　At　present　the　value　of

the　tea　annually　imported　by　the　English　East　India　Company；　for

the　use　of　their　own　countrymen；　amounts　to　more　than　a　million

and　a　half　a　year；　and　even　this　is　not　enough；　a　great　deal　more

being　constantly　smuggled　into　the　country　from　the　ports　of

Holland；　from　Gottenburgh　in　Sweden；　and　from　the　coast　of　France

too；　as　long　as　the　French　East　India　Company　was　in　prosperity。

The　consumption　of　the　porcelain　of　China；　of　the　spiceries　of

the　Moluccas；　of　the　piece　goods　of　Bengal；　and　of　innumerable

other　articles；　has　increased　very　nearly　in　a　like　proportion。

The　tonnage　accordingly　of　all　the　European　shipping　employed　in

the　East　India　trade；　at　any　one　time　during　the　last　century；

was　not；　perhaps；　much　greater　than　that　of　the　English　East

India　Company　before　the　late　reduction　of　their　shipping。

　　　　　But　in　the　East　Indies；　particularly　in　China　and　Indostan；

the　value　of　the　precious　metals；　when　the　Europeans　first　began

to　trade　to　those　countries；　was　much　higher　than　in　Europe；　and

it　still　continues　to　be　so。　In　rice　countries；　which　generally

yield　two；　sometimes　three　crops　in　the　year；　each　of　them　more

plentiful　than　any　common　crop　of　corn；　the　abundance　of　food

must　be　much　greater　than　in　any　corn　country　of　equal　extent。

Such　countries　are　accordingly　much　more　populous。　In　them；　too；

the　rich；　having　a　greater　superabundance　of　food　to　dispose　of

beyond　what　they　themselves　can　consume；　have　the　means　of

purchasing　a　much　greater　quantity　of　the　labour　of　other　people。

The　retinue　of　a　grandee　in　China　or　Indostan　accordingly　is；　by

all　accounts；　much　more　numerous　and　splendid　than　that　of　the

richest　subjects　in　Europe。　The　same　superabundance　of　food；　of

which　they　have　the　disposal；　enables　them　to　give　a　greater

quantity　of　it　for　all　those　singular　and　rare　productions　which

nature　furnishes　but　in　very　small　quantities；　such　as　the

precious　metals　and　the　precious　stones；　the　great　objects　of　the

competition　of　the　rich。　Though　the　mines；　therefore；　which

supplied　the　Indian　market　had　been　as　abundant　as　those　which

supplied　the　European；　such　commodities　would　naturally　exchange

for　a　greater　quantity　of　food　in　India　than　in　Europe。　But　the

mines　which　supplied　the　Indian　market　with　the　precious　metals

seem　to　have　been　a　good　deal　less　abundant；　and　those　which

supplied　it　with　the　precious　stones　a　good　deal　more　so；　than

the　mines　which　supplied　the　European。　The　precious　metals；

therefore；　would　naturally　exchange　in　India　for　somewhat　a

greater　quantity　of　the　precious　stones；　and　for　a　much　greater

quantity　of　food　than　in　Europe。　The　money　price　of　diamonds；　the

greatest　of　all　superfluities；　would　be　somewhat　lower；　and　that

of　food；　the　first　of　all　necessaries；　a　great　deal　lower　in　the

one　country　than　in　the　other。　But　the　real　price　of　labour；　the

real　quantity　of　the　necessaries　of　life　which　is　given　to　the

labourer；　it　has　already　been　observed；　is　lower　both　in　China

and　Indostan；　the　two　great　markets　of　India；　than　it　is　through

the　greater　part　of　Europe。　The　wages　of　the　labourer　will　there

purchase　a　smaller　quantity　of　food；　and　as　the　money　price　of

food　is　much　lower　in　India　than　in　Europe；　the　money　price　of

labour　is　there　lower　upon　a　double　account；　upon　account　both　of

the　small　quantity　of　food　which　it　will　purchase；　and　of　the　low

price　of　that　food。　But　in　countries　of　equal　art　and　industry；

the　money　price　of　the　greater　part　of　manufactures　will　be　in

proportion　to　the　money　price　of　labour；　and　in　manufacturing　art

and　industry；　China　and　Indostan；　though　inferior；　seem　not　to　be

much　inferior　to　any　part　of　Europe。　The　money　price　of　the

greater　part　of　manufactures；　therefore；　will　naturally　be　much

lower　in　those　great　empires　than　it　is　anywhere　in　Europe。

Through　the　greater　part　of　Europe；　too；　the　expense　of

land…carriage　increases　very　much　both　the　real　and　nominal　price

of　most　manufactures。　It　costs　more　labour；　and　therefore　more

money；　to　bring　first　the　materials；　and　afterwards　the　complete

manufacture　to　market。　In　China　and　Indostan　the　extent　and

variety　of　inland　navigation　save　the　greater　part　of　this

labour；　and　consequently　of　this　money；　and　thereby　reduce　still

lower　both　the　real　and　the　nominal　price　of　the　greater　part　of

their　manufactures。　Upon　all　those　accounts　the　precious　metals

axe　a　commodity　which　it　always　has　been；　and　still　continues　to

be；　extremely　advantageous　to　carry　from　Europe　to　India。　There

is　scarce　any　commodity　which　brings　a　better　price　there；　or

which；　in　proportion　to　the　quantity　of　labour　and　commodities

which　it　costs　in　Europe；　will　purchase　or　command　a　greater

quantity　of　labour　and　commodities　in　India。　It　is　more

advantageous；　too；　to　carry　silver　thither　than　gold；　because　in

China；　and　the　greater　part　of　the　other　markets　of　India；　the

proportion　between　fine　silver　and　fine　gold　is　but　as　ten；　or　at

most　as　twelve；　to　one；　whereas　in　Europe　it　is　as　fourteen　or

fifteen　to　one。　In　China；　and　the　greater　part　of　the　other

markets　of　India；　ten；　or　at　most　twelve；　ounces　of　silver　will

purchase　an　ounce　of　gold；　in　Europe　it　requires　from　fourteen　to

fifteen　ounces。　In　the　cargoes；　therefore；　of　the　greater　part　of

European　ships　which　sail　to　India；　silver　has　generally　been　one

of　the　most　valuable　articles。　It　is　the　most　valuable　article　in

the　Acapulco　ships　which　sail　to　Manilla。　The　silver　of　the　new

continent　seems　in　this　manner　to　be　one　of　the　principal

commodities　by　which　the　commerce　between　the　two　extremities　of

the　old　one　is　carried　on；　and　it　is　by　means　of　it；　in　a　great

measure；　that　those　distant　parts　of　the　world　are　connected　with

one　another。

　　　　　In　order　to　supply　so　very　widely　extended　a　market；　the

quantity　of　silver　annually　brought　from　the　mines　must　not　only

be　sufficient　to　support　that　continual　increase　both　of　coin　and

of　plate　which　is　required　in　all　thriving　countries；　but　to

repair　that　continual　waste　and　consumption　of　silver　which　takes

place　in　all　countries　where　that　metal　is　used。

　　　　　The　continual　consumption　of　the　precious　metals　in　coin　by

wearing；　and　in　plate　both　by　wearing　and　cleaning；　is　very

sensible；　and　in　commodities　of　which　the　use　is　so　very　widely

extended；　would　alone　require　a　very　great　annual　supply。　The

consumption　of　those　metals　in　some　particular　manufactures；

though　it　may　not　perhaps　be　greater　upon　the　whole　than　this

gradual　consumption；　is；　however；　much　more　sensible；　as　it　is

much　more　rapid。　In　the　manufactures　of　Birmingham　alone　the

quantity　of　gold　and　silver　annually　employed　in　gilding　and

plating；　and　thereby　disqualified　from　ever　afterwards　appearing

in　the　shape　of　those　metals；　is　said　to　amount　to　more　than

fifty　thousand　pounds　sterling。　We　may　from　thence　form　some

notion　how　great　must　be　the　annual　consumption　in　all　the

different　parts　of　the　world　either　in　manufactures　of　the　same

kind　with　those　of　Birmingham；　or　in　laces；　embroideries；　gold

and　silver　stuffs；　the　gilding　of　books；　furniture；　etc。　A

considerable　quantity；　too；　must　be　annually　lost　in　transporting

those　metals　from　one　place　to　another　both　by　sea　and　by　land。

In　the　greater　part　of　the　governments　of　Asia；　besides；　the

almost　universal　custom　of　concealing　treasures　in　the　bowels　of

the　earth；　of　which　the　knowledge　frequently　dies　with　the　person

who　makes　the　concealment；　must　occasion　the　loss　of　a　still

greater　quantity。

　　　　　The　quantity　of　gold　and　silver　imported　at　both　Cadiz　and

Lisbon　（including　not　only　what　comes　under　register；　but　what

may　be　supposed　to　be　smuggled）　amounts；　according　to　the　best

accounts；　to　about　six　millions　sterling　a　year。

　　　　　According　to　Mr。　Meggens　the　annual　importation　of　the

precious　metals　into　Spain；　at　an　average　of　six　years；　viz。；

from　1748　to　1753；　both　inclusive；　a