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wealbk04-第26章

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company was erected; with a capital of five hundred thousand

pounds; to which the subscribers (over and above all other

encouragements; the tonnage bounty just now mentioned; the

exportation bounty of two shillings and eightpence the barrel;

the delivery of both British and foreign salt duty free) were;

during the space of fourteen years; for every hundred pounds

which they subscribed and paid in to the stock of the society;

entitled to three pounds a year; to be paid by the

receiver…general of the customs in equal half…yearly payments。

Besides this great company; the residence of whose governor and

directors was to be in London; it was declared lawful to erect

different fishing…chambers in all the different outports of the

kingdom; provided a sum not less than ten thousand pounds was

subscribed into the capital of each; to be managed at its own

risk; and for its own profit and loss。 The same annuity; and the

same encouragements of all kinds; were given to the trade of

those inferior chambers as to that of the great company。 The

subscription of the great company was soon filled up; and several

different fishing…chambers were erected in the different outports

of the kingdom。 In spite of all these encouragements; almost all

those different companies; both great and small; lost either the

whole; or the greater part of their capitals; scarce a vestige

now remains of any of them; and the white…herring fishery is now

entirely; or almost entirely; carried on by private adventurers。

     If any particular manufacture was necessary; indeed; for the

defence of the society; it might not always be prudent to depend

upon our neighbours for the supply; and if such manufacture could

not otherwise be supported at home; it might not be unreasonable

that all the other branches of industry should be taxed in order

to support it。 The bounties upon the exportation of British…made

sailcloth and British…made gunpowder may; perhaps; both be

vindicated upon this principle。

     But though it can very seldom be reasonable to tax the

industry of the great body of the people in order to support that

of some particular class of manufacturers; yet in the wantonness

of great prosperity; when the public enjoys a greater revenue

than it knows well what to do with; to give such bounties to

favourite manufactures may; perhaps; be as natural as to incur

any other idle expense。 In public as well as in private expenses;

great wealth may; perhaps; frequently be admitted as an apology

for great folly。 But there must surely be something more than

ordinary absurdity in continuing such profusion in times of

general difficulty and distress。

     What is called a bounty is sometimes no more than a

drawback; and consequently is not liable to the same objections

as what is properly a bounty。 The bounty; for example; upon

refined sugar exported may be considered as a drawback of the

duties upon the brown and muscovado sugars from which it is made。

The bounty upon wrought silk exported; a drawback of the duties

upon raw and thrown silk imported。 The bounty upon gunpowder

exported; a drawback of the duties upon brimstone and saltpetre

imported。 In the language of the customs those allowances only

are called drawbacks which are given upon goods exported in the

same form in which they are imported。 When that form has been so

altered by manufacture of any kind as to come under a new

denomination; they are called bounties。

     Premiums given by the public to artists and manufacturers

who excel in their particular occupations are not liable to the

same objections as bounties。 By encouraging extraordinary

dexterity and ingenuity; they serve to keep up the emulation of

the workmen actually employed in those respective occupations;

and are not considerable enough to turn towards any one of them a

greater share of the capital of the country than what would go to

it of its own accord。 Their tendency is not to overturn the

natural balance of employments; but to render the work which is

done in each as perfect and complete as possible。 The expense of

premiums; besides; is very trifling; that of bounties very great。

The bounty upon corn alone has sometimes cost the public in one

year more than three hundred thousand pounds。 

       DIGRESSION CONCERNING THE CORN TRADE AND CORN LAWS 

     I cannot conclude this chapter concerning bounties without

observing that the praises which have been bestowed upon the law

which establishes the bounty upon the exportation of corn; and

upon that system of regulations which is connected with it; are

altogether unmerited。 A particular examination of the nature of

the corn trade; and of the principal British laws which relate to

it。 will sufficiently demonstrate the truth of this assertion。

The great importance of this subject must justify the length of

the digression。

     The trade of the corn merchant is composed of four different

branches; which; though they may sometimes be all carried on by

the same person; are in their own nature four separate and

distinct trades。 These are; first; the trade of the inland

dealer; secondly; that of the merchant importer for home

consumption; thirdly; that of the merchant exporter of home

produce for foreign consumption; and; fourthly; that of the

merchant carrier; or of the importer of corn in order to export

it again。

     I。 The interest of the inland dealer; and that of the great

body of the people; how opposite soever they may at first sight

appear; are; even in years of the greatest scarcity; exactly the

same。 It is his interest to raise the price of his corn as high

as the real scarcity of the season requires; and it can never be

his interest to raise it higher。 By raising the price he

discourages the consumption; and puts everybody more or less; but

particularly the inferior ranks of people; upon thrift and good

management。 If; by raising it too high; he discourages the

consumption so much that the supply of the season is likely to go

beyond the consumption of the season; and to last for some time

after the next crop begins to come in; he runs the hazard; not

only of losing a considerable part of his corn by natural causes;

but of being obliged to sell what remains of it for much less

than what he might have had for it several months before。 If by

not raising the price high enough he discourages the consumption

so little that the supply of the season is likely to fall short

of the consumption of the season; he not only loses a part of the

profit which he might otherwise have made; but he exposes the

people to suffer before the end of the season; instead of the

hardships of a dearth; the dreadful horrors of a famine。 It is

the interest of the people that their daily; weekly; and monthly

consumption should be proportioned as exactly as possible to the

supply of the season。 The interest of the inland corn dealer is

the same。 By supplying them; as nearly as he can judge; in this

proportion; he is likely to sell all his corn for the highest

price; and with the greatest profit; and his knowledge of the

state of the crop; and of his daily; weekly; and monthly sales;

enable him to judge; with more or less accuracy; how far they

really are supplied in this manner。 Without intending the

interest of the people; he is necessarily led; by a regard to his

own interest; to treat them; even in years of scarcity; pretty

much in the same manner as the prudent master of a vessel is

sometimes obliged to treat his crew。 When he foresees that

provisions are likely to run short; he puts them upon short

allowance。 Though from excess of caution he should sometimes do

this without any real necessity; yet all the inconveniences which

his crew can thereby suffer are inconsiderable in comparison of

the danger; misery; and ruin to which they might sometimes be

exposed by a less provident conduct。 Though from excess of

avarice; in the same manner; the inland corn merchant should

sometimes raise the price of his corn somewhat higher than the

scarcity of the season requires; yet all the inconveniences which

the people can suffer from this conduct; which effectually

secures them from a famine in the end of the season; are

inconsiderable in comparison of what they might have been exposed

to by a more liberal way of dealing in the beginning of it。 The

corn merchant himself is likely to suffer the most by this excess

of avarice; not only from the indignation which it generally

excites against him; but; though he should escape the effects of

this indignation; from the quantity of corn which it necessarily

leaves upon his hands in the end of the season; and which; if the

next season happens to prove favourable; he must always sell for

a much lower price than he might otherwise have had。

     Were it possible; indeed; for one great company of merchants

to possess themselves of the whole crop of an extensive country;

it might; perhaps; be their interest to deal with it as the Dutch

are said to do with the spiceries of the Moluccas; to destroy or

throw away a considerable par
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