To the Most Honourable John Lord Marquis of Normanby, etc.
An Essay on the East-India Trade My Lord Your Lordship was pleased, the other day, to intimate, that you would willingly know my opinion, in general, of the East-India trade; whether it is hurtful, or beneficial to this nation? and my thoughts, concerning the bill, for prohibiting the wearing all East-India and Persia wrought silks, bengals, and dyed, printed, or stained callicoes. What has occurred to my observation in these two points, I shall offer with great sincerity, having no interest, or engagement, to sway me, in the questions, one way or other.
But, before I begin, I must beg leave to say, I am very glad to see your lordship bend your excellent wit, and right understanding, to inquiries of this nature.
For nothing can be more important to a nobleman, than a true knowledge of the manufactures, trade, wealth, and strength of his country: nor can your eloquence be any way more usefully employed, than in discoursing skilfully upon this subject, in that great assembly of which you are so much an ornament.
Richlieu has left behind him an evidence how much he made these matters his care and study: which, however neglected by the ministers of the present age, are notwithstanding the only foundation of a solid and lasting greatness.
For who can give a prince sound advice, and under him steer the people rightly and well, either in peace or in war, that is ignorant of the posture, condition, and interest of the country where he lives? Is there any thing in the world, that should be more thought a matter of state than trade, especially in an island? And should not that which is the common concern of all, be the principal care of such as govern?
Can a nation be safe without strength? And is power to be compassed and secured but by riches? And can a country become rich any way, but by the help of a well-managed and extended traffick?
What has enabled England to support this expensive war so long, but the great wealth which for 30 years has been flowing into us from our commerce abroad?
The soil of no country is rich enough to attain a great mass of wealth, merely by the exchange and exportation of its own natural product.
The staple commodities that England exports, are the woollen manufactures, tin, lead, hides and sometimes corn.
But considering our luxury, and our great expence of foreign wares here at home, we could not have grown rich without other dealings in the world.
For set our own exported product in the balance with the imported product from France, Spain, Portugal, Italy, Germany, and the two northern kingdoms; at the foot of the account it will be found, that but 1/4th part of our riches arises from the vent of our own commodities.
Whoever looks strictly and nicely into our affairs, will find, that the wealth England had once, did arise chiefly from two articles: 1st, Our plantation trade. 2ndly, Our East-India traffic.
The plantation trade gives employment to many thousand artificers here at home, and takes off a great quantity of our inferior manufactures. The returns of all which are made in tobacco, cotton, ginger, sugars, indico, etc. by which we were not only supplied for our own consumption, but we had formerly wherewithal to send to France, Flanders, Hamburgh, the East Country and Holland, for 500,000l. per annum, besides what we shipped for Spain and the Streights, etc.
Since we were supplanted in the spice-trade by the Dutch, and since great part of the pepper-trade is gone by the lots of Bantam,our chief investments or importations from the East Indies have been in callicoes, wrought silks, drugs, saltpetre, raw silks, cottons, and cottn-yarn, goats wool, or carmania wool, and other products of those countries; part of which commodities are for our own use, but a much greater part, in times of peace, were brought up here for the consumption of France, Germany, Holland, Spain, Italy, and our plantations.
So that the means of our East and West-India trade, though we might lose by our dealings to some parts, yet we were gainers by the whole, and in the general balance.
The woollen manufacture, tin, lead, etc. are indeed the basis of all our traffic, and the first spring of our dealings abroad;but if, by carelessness or false measures, we should come to be confined only to deal in our own product, we must think no longer to preserve the dominion of the sea.
As bread is called the staff of life, so the woollen manufacture is truly the principal nourishment of our body politic. And as a man might possibly live only upon bread, yet his life would be ill sustained, feeble and unpleasant; so though England could probably subsist barely upon the exportation of its own product, yet to enjoy a more florid health, to be rich, powerful and strong, we must have a more extended traffic than our native commodities can afford us.
The woollen manufacture is undoubtedly by laws, and all possible care, to be encouraged; but it is its exportation abroad, and not the consumption of it at home, that must bring profit to the kingdom.
Some of our gentry have been for many years of opinion, that the intire welfare of England depends upon the high price of wool, as thinking thereby to advance their rents; but this proceeds from the narrow mind, and short view of such who have all along more regarded the private interest of land than the concerns of trade, which are full as important, and without which, land will soon be of little value.
Men in their private capacities may be allowed to prefer their single profit, but should consult only the general good in public councils.
In a trading nation, the bent of all the laws should tend to the encouragement of commerce, and all measures should be there taken, with a due regard to its interest and advancement.
Instead of this, in many particulars, our former laws bring incumbrances and difficulties to it, and some seem calculated for its utter ruin; so little has it been of late years the common care.
