'Tis alledg'd, That the allowing the Wooll to be exported, occasioned the Exportation of the Money. That at one time 5000 lib.
was sent to England to buy Wooll. 'Tis askt what became of that Wooll?
They Answer, it was sent to France for Wine. Then, as 5000 lib. of English Wooll may be worth 8 or 10 Thousand Pound in France; So the 5000 lib. sent to England, saved the sending out of 8 or 10000 lib. to France.
To these who don't throughly Examine the State of this Country, it may seem odd that Wooll should be allowed by Law to be Exported:
But if the Product of Scotland cannot be Manufactur'd with less than 50000 People, and the Money that can be spar'd to Manufacture, be only capable to employ 25000, one half of the Product will be lost if it is not allowed to be Exported.
The 5th Branch, the Freighting of Hireing out of Ships, depends on the Money, and the other Branches of Trade. Where Ships are in use to be Freighted by Strangers, and supported by a great Demand for their own Trade; There are all sorts of Ships are to be hired Cheaper than in other places; And Merchants are sure of such Ships as are proper for the Goods they Load with, and the Countries they Trade to.
This Trade of Freighting brings the Goods of other Countries to Holland, tho design'd for Sale else where. If Woollen Manufacture from England to Portugal yields 25 per cent Profit, and to Holland 15; The English Merchant will choose to send such Goods to Holland for 15 per cent, rather than to Portugal for 25: And the Dutch Merchant who is able to Trade cheaper, from the Cheapness of Freight, etc. is satisfied for the other 10 to carry to Portugal.
Most Authors who have Wrote on Trade divide it into National and Privat. They say, A Merchant may gain where the Nation loses. If a 1000 Lib. is Exported to the Indies in Money or Bullion, and a 1000Lib. in Goods or Provisions; The return worth 8000 Lib. the Merchant gains 6000; But as these Goods are all consum'd in the Country, the Nation loses the 1000 Lib. Money or Bullion Exported.
They don't consider whether the 8000 Lib. of Goods imported (all suppos'd to be consum'd in the Country) does not lessen the Consumption of the Product or Manufacture of the Country, so as to occasion an addition to the Export, at least equal to the 1000 lib.
Money or Bullion Exported. But allowing they do not lessen the Consumption of the Goods of the Country, and the Use of them be not at all necessary; Yet these Goods being worth 8000 lib. at Home or Abroad, the Nation gains 6000. If the People consume them, and in extravagant Uses, that's not the fault of the Trade, nor for that Reason should that Trade be call'd Disadvantageous; It is the fault of the Government, who ought to hinder the too great Consumption of Forreign Goods; Especially, such as might be wanted without causing a greater Consumption of the Goods of the Country. That care being taken, by making the vent less profitable at Home, than Abroad;Merchants would Export them, or for the future lessen the Import.
If East-India Goods that Sell for a 1000 lib. in England, are only worth Abroad 800 Lib, the Duty payed at their entry being return'd, and more given as a draw-back to Encourage the Export, their Vent Abroad will be more Profitable than in England.
A People may consume more of their own or Forreign Goods, than the Value of the Product, Manufacture, and Profits by Trade; but their Trade is not disvantageous, it is their too great consumption: And the too great consumption of the Product and Manufacture of the Country, may be als hurtful as that of Forreign Goods; For, if so much is consumed, that the remainder Exported won't pay the Consumption of Forreign Goods, a Ballance will be due, and that Ballance will be sent out in Money or Bullion.
A Nation may gain where the Merchant loses, but wherever the merchant gains, the Nation gains equal, and so much more, as the Maintenance and Wages of the People employ'd and the Duty on the Goods amounts to. If a ship insur'd is lost, the Nation loses, and the Merchant loses nothing; But in that case the insurer is the Merchant, and loses equal to the Nation.
As Trade depends on Money, so the encrease or decrease of the People depends on Trade. If they have Employment at Home, they are kept at Home: And if the Trade is greater than serves to Employ the People, it brings more from places where they are not Employ'd. Sir William Petty Values a Man at 20 years Purchase, by that Computation a Seaman whose Wages is 40 shil. a Month, is Valued 430 lib.
Scotland has a very inconsiderable Trade, because she has but a very small part of the Money. There is a little Home Trade, but the Country is not Improv'd, nor the Product Manufactur'd. There is a little of the first Branch of Forreign Trade, and that is carried on with great Disadvantage to the People, who pay dearer for most Forreign Goods, and are worse serv'd, than other Nations: If they have any Cheaper, 'tis from the lower Duty on the Import. In Scotland low Prices are given for Goods Bought up to be Exported, the Merchants Profit being great: If a 100 Stone of Wool is worth in Holland 10Piece of Linen Cloth, these ten Pieces are Sold in Scotland for the Value of a 180 or 200 Stone of such Wool. Such Goods as do not yeild that great Profit; are not Exported; And these that do, are not Exported in any Quantity, the Merchants Stock being small. Scotland has no part of the other Branches of Forreign Trade, not being able to Trade so Cheap as other Nations.
Some think if Interest were lower'd by Law, Trade would increase, Merchants being able to Employ more Money and Trade Cheaper. Such a Law would have many Inconveniencies, and it is much to be doubted, whether it would have any good Effect; Indeed, if lowness of Interest wre the Consequence of a greater Quantity of Money, the Stock applyed to Trade would be greater, and Merchants would Trade Cheaper, from the easiness of borrowing and the lower Interest of Money, without any Inconveniencies attending it.
