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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