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other　branches　a　part　of　the　British　capital　which　would

otherwise　have　been　employed　in　them；　so　it　has　forced　into　them

many　foreign　capitals　which　would　never　have　gone　to　them　had

they　not　been　expelled　from　the　colony　trade。　In　those　other

branches　of　trade　it　has　diminished　the　competition　of　British

capital；　and　thereby　raised　the　rate　of　British　profit　higher

than　it　otherwise　would　have　been。　On　the　contrary；　it　has

increased　the　competition　of　foreign　capitals；　and　thereby　sunk

the　rate　of　foreign　profit　lower　than　it　otherwise　would　have

been。　Both　in　the　one　way　and　in　the　other　it　must　evidently　have

subjected　Great　Britain　to　a　relative　disadvantage　in　all　those

other　branches　of　trade。

　　　　　The　colony　trade；　however；　it　may　perhaps　be　said；　is　more

advantageous　to　Great　Britain　than　any　other；　and　the　monopoly；

by　forcing　into　that　trade　a　greater　proportion　of　the　capital　of

Great　Britain　than　what　would　otherwise　have　gone　to　it；　has

turned　that　capital　into　an　employment　more　advantageous　to　the

country　than　any　other　which　it　could　have　found。

　　　　　The　most　advantageous　employment　of　any　capital　to　the

country　to　which　it　belongs　is　that　which　maintains　there　the

greatest　quantity　of　productive　labour；　and　increases　the　most

the　annual　produce　of　the　land　and　labour　of　that　country。　But

the　quantity　of　productive　labour　which　any　capital　employed　in

the　foreign　trade　of　consumption　can　maintain　is　exactly　in

proportion；　it　has　been　shown　in　the　second　book；　to　the

frequency　of　its　returns。　A　capital　of　a　thousand　pounds；　for

example；　employed　in　a　foreign　trade　of　consumption；　of　which　the

returns　are　made　regularly　once　in　the　year；　can　keep　in　constant

employment；　in　the　country　to　which　it　belongs；　a　quantity　of

productive　labour　equal　to　what　a　thousand　pounds　can　maintain

there　for　a　year。　If　the　returns　are　made　twice　or　thrice　in　the

year；　it　can　keep　in　constant　employment　a　quantity　of　productive

labour　equal　to　what　two　or　three　thousand　pounds　can　maintain

there　for　a　year。　A　foreign　trade　of　consumption　carried　on　with

a　neighbouring　country　is；　upon　this　account；　in　general　more

advantageous　than　one　carried　on　with　a　distant　country；　and　for

the　same　reason　a　direct　foreign　trade　of　consumption；　as　it　has

likewise　been　shown　in　the　second　book；　is　in　general　more

advantageous　than　a　round…about　one。

　　　　　But　the　monopoly　of　the　colony　trade；　so　far　as　it　has

operated　upon　the　employment　of　the　capital　of　Great　Britain；　has

in　all　cases　forced　some　part　of　it　from　a　foreign　trade　of

consumption　carried　on　with　a　neighbouring；　to　one　carried　on

with　a　more　distant　country；　and　in　many　cases　from　a　direct

foreign　trade　of　consumption　to　a　round…about　one。

　　　　　First；　the　monopoly　of　the　colony　trade　has　in　all　cases

forced　some　part　of　the　capital　of　Great　Britain　from　a　foreign

trade　of　consumption　carried　on　with　a　neighbouring　to　one

carried　on　with　a　more　distant　country。

　　　　　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