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its own supply； and that new produce would constitute a new
capital for carrying on the new employment； which in the same
manner would draw nothing from the old one。
The monopoly of the colony trade； on the contrary； by
excluding the competition of other nations； and thereby raising
the rate of profit both in the new market and in the new
employment； draws produce from the old market and capital from
the old employment。 To augment our share of the colony trade
beyond what it otherwise would be is the avowed purpose of the
monopoly。 If our share of that trade were to be no greater with
than it would have been without the monopoly； there could have
been no reason for establishing the monopoly。 But whatever forces
into a branch of trade of which the returns are slower and more
distant than those of the greater part of other trades； a greater
proportion of the capital of any country than what of its own
accord would go to that branch； necessarily renders the whole
quantity of productive labour annually maintained there； the
whole annual produce of the land and labour of that country； less
than they otherwise would be。 It keeps down the revenue of the
inhabitants of that country below what it would naturally rise
to； and thereby diminishes their power of accumulation。 It not
only hinders； at all times； their capital from maintaining so
great a quantity of productive labour as it would otherwise
maintain； but it hinders it from increasing so fast as it would
otherwise increase； and consequently from maintaining a still
greater quantity of productive labour。
The natural good effects of the colony trade； however； more
than counterbalance to Great Britain the bad effects of the
monopoly； so that； monopoly and all together； that trade； even as
it carried on at present； is not only advantageous； but greatly
advantageous。 The new market and the new employment which are
opened by the colony trade are of much greater extent than that
portion of the old market and of the old employment which is lost
by the monopoly。 The new produce and the new capital which has
been created； if one may say so； by the colony trade； maintain in
Great Britain a greater quantity of productive labour than what
can have been thrown out of employment by the revulsion of
capital from other trades of which the returns are more frequent。
If the colony trade； however； even as it is carried on at
present； is advantageous to Great Britain； it is not by means of
the monopoly； but in spite of the monopoly。
It is rather for the manufactured than for the rude produce
of Europe that the colony trade opens a new market。 Agriculture
is the proper business of all new colonies； a business which the
cheapness of land renders more advantageous than any other。 They
abound； therefore； in the rude produce of land； and instead of
importing it from other countries； they have generally a large
surplus to export。 In new colonies； agriculture either draws
hands from all other employments； or keeps them from going to any
other employment。 There are few hands to spare for the necessary；
and none for the ornamental manufactures。 The greater part of the
manufactures of both kinds they find it cheaper to purchase of
other countries than to make for themselves。 It is chiefly by
encouraging the manufactures of Europe that the colony trade
indirectly encourages its agriculture。 The manufactures of
Europe； to whom that trade gives employment； constitute a new
market for the produce of the land； and the most advantageous of
all markets； the home market for the corn and cattle； for the
bread and butcher's meat of Europe； is thus greatly extended by
means of the trade to America。
But that the monopoly of the trade of populous and thriving
colonies is not alone sufficient to establish； or even to
maintain manufactures in any country； the examples of Spain and
Portugal sufficiently demonstrate。 Spain and Portugal were
manufacturing countries before they had any considerable
colonies。 Since they had the richest and most fertile in the
world； they have both ceased to be so。
In Spain and Portugal the bad effects of the monopoly；
aggravated by other causes； have perhaps nearly overbalanced the
natural good effects of the colony trade。 These causes seem to be
other monopolies of different kinds； the degradation of the value
of gold and silver below what it is in most other countries； the
exclusion from foreign markets by improper taxes upon
exportation； and the narrowing of the home market； by still more
improper taxes upon the transportation of goods from one part of
the country to another； but above all； that irregular and partial
administration of justice； which often protects the rich and
powerful debtor from the pursuit of his injured creditor； and
which makes the industrious part of the nation afraid to prepare
goods for the consumption of those haughty and great men to whom
they dare not refuse to sell upon credit； and from they are
altogether uncertain of repayment。
In England； on the contrary； the natural good effects of the
colony trade； assisted by other causes； have in a great measure
conquered the bad effects of the monopoly。 These causes seem to
be： the general liberty of trade； which； notwithstanding some
restraints； is at least equal； perhaps superior； to what it is in
any other country； the liberty of exporting； duty free； almost
all sorts of goods which are the produce of domestic industry to
almost any foreign country； and what perhaps is of still greater
importance； the unbounded liberty of transporting them from any
one part of our own country to any other without being obliged to
give any account to any public office； without being liable to
question or examination of any kind； but above all； that equal
and impartial administration of justice which renders the rights
of the meanest British subject respectable to the greatest； and
which； by securing to every man the fruits of his own industry；
gives the greatest and most effectual encouragement to every sort
of industry。
If the manufactures of Great Britain； however； have been
advanced； as they certainly have； by the colony trade； it has not
been by means of the monopoly of that trade but in spite of the
monopoly。 The effect of the monopoly has been； not to augment the
quantity； but to alter the quality and shape of a part of the
manufactures of Great Britain； and to accommodate to a market；
from which the returns are slow and distant； what would otherwise
have been accommodated to one from which the returns are frequent
and near。 Its effect has consequently been to turn a part of the
capital of Great Britain from an employment in which it would
have maintained a greater quantity of manufacturing industry to
one in which it maintains a much smaller； and thereby to
diminish； instead of increasing； the whole quantity of
manufacturing industry maintained in Great Britain。
The monopoly of the colony trade； therefore； like all the
other mean and malignant expedients of the mercantile system；
depresses the industry of all other countries； but chiefly that
of the colonies； without in the least increasing； but on the
contrary diminishing that of the country in whose favour it is
established。
The monopoly hinders the capital of that country； whatever
may at any particular time be the extent of that capital； from
maintaining so great a quantity of productive labour as it would
otherwise maintain； and from affording so great a revenue to the
industrious inhabitants as it would otherwise afford。 But as
capital can be increased only by savings from revenue； the
monopoly； by hindering it from affording so great a revenue as it
would otherwise afford； necessarily hinders it from increasing so
fast as it would otherwise increase； and consequently from
maintaining a still greater quantity of productive labour； and
affording a still greater revenue to the industrious inhabitants
of that country。 One great original source of revenue； therefore；
the wages of labour； the monopoly must necessarily have rendered
at all times less abundant than it otherwise would have been。
By raising the rate of mercantile profit； the monopoly
discourages the improvement of land。 The profit of improvement
depends upon the difference between what the land actually
produces； and what； by the application of a certain capital； it
can be made to produce。 If this difference affords a greater
profit than what can be drawn from an equal capital in any
mercantile employment； the improvement of land will draw capital
from all mercantile employments。 If the profit is less；
mercantile employments will draw capital from the improvement of
land。 Whatever； therefore； raises the rate of mercantile profit；
either lessens the superiority or increases the inferiority of
the profit of improvement； and in the one case hinders capital
from going to improvement； and in the other draws capital from
it。 But by discouraging improvement； the monopoly necessarily
retards the nat