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or beans。
By the same law； too； the exportation of wheat is prohibited
so soon as the price rises to forty…four shillings the quarter；
that of rye so soon as it rises to twenty…eight shillings； that
of barley so soon as it rises to twenty…two shillings； and that
of oats so soon as they rise to fourteen shillings。 Those several
prices seem all of them a good deal too low； and there seems to
be an impropriety； besides； in prohibiting exportation altogether
at those precise prices at which that bounty； which was given in
order to force it； is withdrawn。 The bounty ought certainly
either to have been withdrawn at a much lower price； or
exportation ought to have been allowed at a much higher。
So far； therefore； this law seems to be inferior to the
ancient system。 With all its imperfections； however； we may
perhaps say of it what was said of the laws of Solon； that；
though not the best in itself； it is the best which the
interests； prejudices； and temper of the times would admit of。 It
may perhaps in due time prepare the way for a better。
CHAPTER VI
Of Treaties of Commerce
WHEN a nation binds itself by treaty either to permit the
entry of certain goods from one foreign country which it
prohibits from all others； or to exempt the goods of one country
from duties to which it subjects those of all others； the
country； or at least the merchants and manufacturers of the
country； whose commerce is so favoured； must necessarily derive
great advantage from the treaty。 Those merchants and
manufacturers enjoy a sort of monopoly in the country which is so
indulgent to them。 That country becomes a market both more
extensive and more advantageous for their goods： more extensive；
because the goods of other nations being either excluded or
subjected to heavier duties； it takes off a greater quantity of
theirs： more advantageous； because the merchants of the favoured
country； enjoying a sort of monopoly there； will often sell their
goods for a better price than if exposed to the free competition
of all other nations。
Such treaties； however； though they may be advantageous to
the merchants and manufacturers of the favoured； are necessarily
disadvantageous to those of the favouring country。 A monopoly is
thus granted against them to a foreign nation； and they must
frequently buy the foreign goods they have occasion for dearer
than if the free competition of other nations was admitted。 That
part of its own produce with which such a nation purchases
foreign goods must consequently be sold cheaper； because when two
things are exchanged for one another； the cheapness of the one is
a necessary consequence； or rather the same thing with the
dearness of the other。 The exchangeable value of its annual
produce； therefore； is likely to be diminished by every such
treaty。 This diminution； however； can scarce amount to any
positive loss； but only to a lessening of the gain which it might
otherwise make。 Though it sells its goods cheaper than it
otherwise might do； it will not probably sell them for less than
they cost； nor； as in the case of bounties； for a price which
will not replace the capital employed in bringing them to market；
together with the ordinary profits of stock。 The trade could not
go on long if it did。 Even the favouring country； therefore； may
still gain by the trade； though less than if there was a free
competition。
Some treaties of commerce； however； have been supposed
advantageous upon principles very different from these； and a
commercial country has sometimes granted a monopoly of this kind
against itself to certain goods of a foreign nation； because it
expected that in the whole commerce between them； it would
annually sell more than it would buy； and that a balance in gold
and silver would be annually returned to it。 It is upon this
principle that the treaty of commerce between England and
Portugal； concluded in 1703 by Mr。 Methuen； has been so much
commended。 The following is a literal translation of that treaty；
which consists of three articles only。
ART。 I。
His sacred royal majesty of Portugal promises； both in his
own name； and that of his successors； to admit； for ever
hereafter； into Portugal； the woollen cloths； and the rest of the
woollen manufactures of the British； as was accustomed； till they
were prohibited by the law； nevertheless upon this condition：
ART。 II。
That is to say； that her sacred royal majesty of Great
Britain shall； in her own name； and that of her successors； be
obliged； for ever hereafter； to admit the wines of the growth of
Portugal into Britain； so that at no time； whether there shall be
peace or war between the kingdoms of Britain and France； anything
more shall be demanded for these wines by the name of custom or
duty； or by whatsoever other title； directly or indirectly；
whether they shall be imported into Great Britain in or
hogsheads； or other casks； than what shall be demanded for the
like quantity or measure of French wine； deducting or abating a
third part of the custom or duty。 But if at any time this
deduction or abatement of customs； which is to be made as
aforesaid； shall in any manner be attempted and prejudiced； it
shall be just and lawful for his sacred royal majesty of
Portugal； again to prohibit the woollen cloths； and the rest of
the British woollen manufactures。
ART。 III。
The most excellent lords the plenipotentiaries promise and
take upon themselves； that their above named masters shall ratify
this treaty； and within the space of two months the ratifications
shall be exchanged。
By this treaty the crown of Portugal becomes bound to admit
the English woollens upon the same footing as before the
prohibition； that is； not to raise the duties which had been paid
before that time。 But it does not become bound to admit them upon
any better terms than those of any other nation； of France or
Holland for example。 The crown of Great Britain； on the contrary；
becomes bound to admit the wines of Portugal upon paying only
two…thirds of the duty which is paid for those of France； the
wines most likely to come into competition with them。 So far this
treaty； therefore； is evidently advantageous to Portugal； and
disadvantageous to Great Britain。
It has been celebrated； however； as a masterpiece of the
commercial policy of England。 Portugal receives annually from the
Brazils a greater quantity of gold than can be employed in its
domestic commerce； whether in the shape of coin or of plate。 The
surplus is too valuable to be allowed to lie idle and locked up
in coffers； and as it can find no advantageous market at home； it
must； notwithstanding any prohibition； be sent abroad； and
exchanged for something for which there is a more advantageous
market at home。 A large share of it comes annually to England； in
return either for English goods； or for those of other European
nations that receive their returns through England。 Mr。 Baretti
was informed that the weekly packet…boat from Lisbon brings； one
week with another； more than fifty thousand pounds in gold to
England。 The sum had probably been exaggerated。 It would amount
to more than two millions six hundred thousand pounds a year；
which is more than the Brazils are supposed to afford。
Our merchants were some years ago out of humour with the
crown of Portugal。 Some privileges which had been granted them；
not by treaty； but by the free grace of that crown； at the
solicitation indeed； it is probable； and in return for much
greater favours； defence and protection； from the crown of Great
Britain had been either infringed or revoked。 The people；
therefore； usually most interested in celebrating the Portugal
trade were then rather disposed to represent it as less
advantageous than it had commonly been imagined。 The far greater
part； almost the whole； they pretended； of this annual
importation of gold； was not on account of Great Britain； but of
other European nations； the fruits and wines of Portugal annually
imported into Great Britain nearly compensating the value of the
British goods sent thither。
Let us suppose； however； that the whole was on account of
Great Britain； and that it amounted to a still greater sum than
Mr。 Baretti seems to imagine； this trade would not； upon that
account； be more advantageous than any other in which； for the
same value sent out； we received an equal value of consumable
goods in return。
It is but a very small part of this importation which； it
can be supposed； is employed as an annual addition either to the
plate or to the coin of the kingdom。 The rest must all be sent
abroad and exchanged for consumable goods of some kind or other。
But if those consumable goods were purchased directly with the
produce of English industry； it would be more for the advantage
of England than first to purchase with that produce the gold of
Portugal； and afterwar