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Pennsylvania； Georgia； and Nova Scotia were not planted。
Virginia； Maryland； and New England were planted； and though they
were very thriving colonies； yet there was not； perhaps； at that
time； either in Europe or America； a single person who foresaw or
even suspected the rapid progress which they have since made in
wealth； population； and improvement。 The island of Barbadoes； in
short； was the only British colony of any consequence of which
the condition at that time bore any resemblance to what it is at
present。 The trade of the colonies； of which England； even for
some time after the Act of Navigation； enjoyed but a part （for
the Act of Navigation was not very strictly executed till several
years after it was enacted）； could not at that time be the cause
of the great trade of England； nor of the great naval power which
was supported by that trade。 The trade which at that time
supported that great naval power was the trade of Europe； and of
the countries which lie round the Mediterranean Sea。 But the
share which Great Britain at present enjoys of that trade could
not support any such great naval power。 Had the growing trade of
the colonies been left free to all nations； whatever share of it
might have fallen to Great Britain； and a very considerable share
would probably have fallen to her； must have been all an addition
to this great trade of which she was before in possession。 In
consequence of the monopoly； the increase of the colony trade has
not so much occasioned an addition to the trade which Great
Britain had before as a total change in its direction。
Secondly； this monopoly has necessarily contributed to keep
up the rate of profit in all the different branches of British
trade higher than it naturally would have been had all nations
been allowed a free trade to the British colonies。
The monopoly of the colony trade； as it necessarily drew
towards that trade a greater proportion of the capital of Great
Britain than what would have gone to it of its own accord； so by
the expulsion of all foreign capitals it necessarily reduced the
whole quantity of capital employed in that trade below what it
naturally would have been in the case of a free trade。 But； by
lessening the competition of capitals in that branch of trade； it
necessarily raised the rate of profit in that branch。 By
lessening； too； the competition of British capitals in all other
branches of trade； it necessarily raised the rate of British
profit in all those other branches。 Whatever may have been； at
any particular period； since the establishment of the Act of
Navigation； the state or extent of the mercantile capital of
Great Britain； the monopoly of the colony trade must； during the
continuance of that state； have raised the ordinary rate of
British profit higher than it otherwise would have been both in
that and in all the other branches of British trade。 If； since
the establishment of the Act of Navigation； the ordinary rate of
British profit has fallen considerably； as it certainly has； it
must have fallen still lower； had not the monopoly established by
that act contributed to keep it up。
But whatever raises in any country the ordinary rate of
profit higher than it otherwise would be； necessarily subjects
that country both to an absolute and to a relative disadvantage
in every branch of trade of which she has not the monopoly。
It subjects her to an absolute disadvantage； because in such
branches of trade her merchants cannot get this greater profit
without selling dearer than they otherwise would do both the
goods of foreign countries which they import into their own； and
the goods of their own country which they export to foreign
countries。 Their own country must both buy dearer and sell
dearer； must both buy less and sell less； must both enjoy less
and produce less； than she otherwise would do。
It subjects her to a relative disadvantage； because in such
branches of trade it sets other countries which are not subject
to the same absolute disadvantage either more above her or less
below her than they otherwise would be。 It enables them both to
enjoy more and to produce more in proportion to what she enjoys
and produces。 It renders their superiority greater or their
inferiority less than it otherwise would be。 By raising the price
of her produce above what it otherwise would be； it enables the
merchants of other countries to undersell her in foreign markets；
and thereby to jostle her out of almost all those branches of
trade； of which she has not the monopoly。
Our merchants frequently complain of the high wages of
British labour as the cause of their manufactures being undersold
in foreign markets； but they are silent about the high profits of
stock。 They complain of the extravagant gain of other people； but
they say nothing of their own。 The high profits of British stock；
however； may contribute towards raising the price of British
manufactures in many cases as much； and in some perhaps more；
than the high wages of British labour。
It is in this manner that the capital of Great Britain； one
may justly say； has partly been drawn and partly been driven from
the greater part of the different branches of trade of which she
has not the monopoly； from the trade of Europe in particular； and
from that of the countries which lie round the Mediterranean Sea。
It has partly been drawn from those branches of trade by the
attraction of superior profit in the colony trade in consequence
of the continual increase of that trade； and of the continual
insufficiency of the capital which had carried it on one year to
carry it on the next。
It has partly been driven from them by the advantage which
the high rate of profit； established in Great Britain； gives to
other countries in all the different branches of trade of which
Great Britain has not the monopoly。
As the monopoly of the colony trade has drawn from those
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
Mediter