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     It has; in all cases; forced some part of that capital from

the trade with Europe; and with the countries which lie round the

Mediterranean Sea; to that with the more distant regions of

America and the West Indies; from which the returns are

necessarily less frequent; not only on account of the greater

distance; but on account of the peculiar circumstances of those

countries。 New colonies; it has already been observed; are always

understocked。 Their capital is always much less than what they

could employ with great profit and advantage in the improvement

and cultivation of their land。 They have a constant demand;

therefore; for more capital than they have of their own; and; in

order to supply the deficiency of their own; they endeavour to

borrow as much as they can of the mother country; to whom they

are; therefore; always in debt。 The most common way in which the

colonists contract this debt is not by borrowing upon bond of the

rich people of the mother country; though they sometimes do this

too; but by running as much in arrear to their correspondents;

who supply them with goods from Europe; as those correspondents

will allow them。 Their annual returns frequently do not amount to

more than a third; and sometimes not to so great a proportion of

what they owe。 The whole capital; therefore; which their

correspondents advance to them is seldom returned to Britain in

less than three; and sometimes not in less than four or five

years。 But a British capital of a thousand pounds; for example;

which is returned to Great Britain only once in five years; can

keep in constant employment only one…fifth part of the British

industry which it could maintain if the whole was returned once

in the year; and; instead of the quantity of industry which a

thousand pounds could maintain for a year; can keep in constant

employment the quantity only which two hundred pounds can

maintain for a year。 The planter; no doubt; by the high price

which he pays for the goods from Europe; by the interest upon the

bills which he grants at distant dates; and by the commission

upon the renewal of those which he grants at near dates; makes

up; and probably more than makes up; all the loss which his

correspondent can sustain by this delay。 But though he may make

up the loss of his correspondent; he cannot make up that of Great

Britain。 In a trade of which the returns are very distant; the

profit of the merchant may be as great or greater than in one in

which they are very frequent and near; but the advantage of the

country in which he resides; the quantity of productive labour

constantly maintained there; the annual produce of the land and

labour must always be much less。 That the returns of the trade to

America; and still more those of that to the West Indies are; in

general; not only more distant but more irregular; and more

uncertain too; than those of the trade to any part of Europe; or

even of the countries which lie round the Mediterranean Sea; will

readily be allowed; I imagine; by everybody who has any

experience of those different branches of trade。

     Secondly; the monopoly of the colony trade has; in many

cases; forced some part of the capital of Great Britain from a

direct foreign trade of consumption into a round…about one。

     Among the enumerated commodities which can be sent to no

other market but Great Britain; there are several of which the

quantity exceeds very much the consumption of Great Britain; and

of which a part; therefore; must be exported to other countries。

But this cannot be done without forcing some part of the capital

of Great Britain into a round…about foreign trade of consumption。

Maryland and Virginia; for example; send annually to Great

Britain upwards of ninety…six thousand hogsheads of tobacco; and

the consumption of Great Britain is said not to exceed fourteen

thousand。 Upwards of eighty…two thousand hogsheads; therefore;

must be exported to other countries; to France; to Holland; and

to the countries which lie round the Baltic and Mediterranean

Seas。 But that part of the capital of Great Britain which brings

those eighty…two thousand hogsheads to Great Britain; which

re…exports them from thence to those other countries; and which

brings back from those other countries to Great Britain either

goods or money in return; is employed in a round…about foreign

trade of consumption; and is necessarily forced into this

employment in order to dispose of this great surplus。 If we would

compute in how many years the whole of this capital is likely to

come back to Great Britain; we must add to the distance of the

American returns that of the returns from those other countries。

If; in the direct foreign trade of consumption which we carry on

with America; the whole capital employed frequently does not come

back in less than three or four years; the whole capital employed

in this round…about one is not likely to come back in less than

four or five。 If the one can keep in constant employment but a

third or a fourth part of the domestic industry which could be

maintained by a capital returned once in the year; the other can

keep in constant employment but a fourth or fifth part of that

industry。 At some of the out…ports a credit is commonly given to

those foreign correspondents to whom they export their tobacco。

At the port of London; indeed; it is commonly sold for ready

money。 The rule is; Weigh and pay。 At the port of London;

therefore; the final returns of the whole round…about trade are

more distant than the returns from America by the time only which

the goods may lie unsold in the warehouse; where; however; they

may sometimes lie long enough。 But had not the colonies been

confined to the market of Great Britain for the sale of their

tobacco; very little more of it would probably have come to us

than what was necessary for the home consumption。 The goods which

Great Britain purchases at present for her own consumption with

the great surplus of tobacco which she exports to other

countries; she would in this case probably have purchased with

the immediate produce of her own industry; or with some part of

her own manufactures。 That produce; those manufactures; instead

of being almost entirely suited to one great market; as at

present; would probably have been fitted to a great number of

smaller markets。 Instead of one great round…about foreign trade

of consumption; Great Britain would probably have carried on a

great number of small direct foreign trades of the same kind。 On

account of the frequency of the returns; a part; and probably but

a small part; perhaps not above a third or a fourth of the

capital which at present carries on this great round…about trade

might have been sufficient to carry on all those small direct

ones; might have kept in constant employment an equal quantity of

British industry; and have equally supported the annual produce

of the land and labour of Great Britain。 All the purposes of this

trade being; in this manner; answered by a much smaller capital;

there would have been a large spare capital to apply to other

purposes: to improve the lands; to increase the manufactures; and

to extend the commerce of Great Britain; to come into competition

at least with the other British capitals employed in all those

different ways; to reduce the rate of profit in them all; and

thereby to give to Great Britain; in all of them; a superiority

over other countries still greater than what she at present

enjoys。

     The monopoly of the colony trade; too; has forced some part

of the capital of Great Britain from all foreign trade of

consumption to a carrying trade; and consequently; from

supporting more or less the industry of Great Britain; to be

employed altogether in supporting partly that of the colonies and

partly that of some other countries。

     The goods; for example; which are annually purchased with

the great surplus of eighty…two thousand hogsheads of tobacco

annually re…exported from Great Britain are not all consumed in

Great Britain。 Part of them; linen from Germany and Holland; for

example; is returned to the colonies for their particular

consumption。 But that part of the capital of Great Britain which

buys the tobacco with which this linen is afterwards bought is

necessarily withdrawn from supporting the industry of Great

Britain; to be employed altogether in supporting; partly that of

the colonies; and partly that of the particular countries who pay

for this tobacco with the produce of their own industry。

     The monopoly of the colony trade besides; by forcing towards

it a much greater proportion of the capital of Great Britain than

what would naturally have gone to it; seems to have broken

altogether that natural balance which would otherwise have taken

place among all the different branches of British industry。 The

industry of Great Britain; instead of being accommodated to a

great number of small markets; has been principally suited to one

great market。 Her commerce; instead of running in a great number

of small channels; has been

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