No. 170. FRIDAY, SEPTEMBER 25, 1713.

Timeo Danaos, et dona ferentes.

VIRG. En. ii. 49.

I fear your Greeks, with presents in their hands.

MOST VENERABLE NESTOR,

London, Sept. 22.

THE plan laid down in your first paper gives me a title and authority to apply to you in behalf of the trading world. According to the general scheme you proposed in your said first paper, you have not professed only to entertain men of wit and polite taste, but also to be useful to the trader and artificer. You cannot do your country greater service than by informing all ranks of men amongst us, that the greatest benefactor to them all is the merchant. The merchant advances the gentleman's rent, gives the artificer food, and supplies the courtier's luxury. But give me leave to say, that neither you, nor all your clan of wits, can put together so useful and commodious a treatise for the welfare of your fellow-subjects, as that which an eminent merchant of this city has lately written. It is called General Maxims of Trade, particularly applied to the Commerce between Great Britain and France. I have made an extract of it, so as to bring it within the compass of your paper, which take as follows.

I. That trade, which exports manufactures made

of the product of the country, is undoubtedly good; such is the sending abroad our Yorkshire cloth, Colchester bays, Exeter serges, Norwich stuffs, &c. Which being made purely of British wool, as much as those exports amount to, so much is the clear gain of the nation.

II. That trade, which helps off the consumption of our superfluities, is also visibly advantageous; as the exporting of alum, copperas, leather, tin, lead, coals, &c. So much as the exported superfluities amount unto, so much also is the clear national profit.

III. The importing of foreign materials to be manufactured at home, especially when the goods, after they are manufactured, are mostly sent abroad, is also, without dispute, very beneficial; as, for instance, Spanish wool, which for that reason is ex-. empted from paying any duties.

IV. The importation of foreign materials, to be manufactured here, although the manufactured goods are chiefly consumed by us, may be also beneficial; especially when the said materials are procured in exchange for our commodities; as raw silk, grogramyarn, and other goods brought from Turkey

V. Foreign materials, wrought up here into such goods as would otherwise be imported ready manufactured, is a means of saving money to the nation: such is the importation of hemp, flax, and raw silk; it is therefore to be wondered at, that these commodities are not exempt from all duties, as well as Spanish wool.

VI. A trade may be called good which exchanges manufactures for manufactures, and commodities for commodities. Germany takes as much in value of our woollen and other goods, as we do of their linen: by this means numbers of people are employed on both sides, to their mutual advantage.

VII. An importation of commodities, bought

partly for money and partly for goods, may be of national advantage, if the greatest part of the com modities thus imported, are again exported, as in the case of East India goods; and generally all imports of goods which are re-exported, are beneficial to a

nation.

VIII. The carrying of goods from one foreign country to another, is a profitable article in trade. Our ships are often thus employed between Portugal, Italy, and the Levant, and sometimes in the East Indies.

IX. When there is a necessity to import goods which a nation cannot be without, although such goods are chiefly purchased with money, it cannot be accounted a bad trade, as our trade to Norway and other parts, from whence are imported naval stores, and materials for building.

But a trade is disadvantageous to a nation:

1. Which brings in things of mere luxury and pleasure, which are entirely, or for the most part, consumed among us; and such I reckon the wine trade to be, especially when the wine is purchased with money, and not in exchange for our commodities.

2. Much worse is that trade which brings in a commodity that is not only consumed amongst us, but hinders the consumption of the like quantity of ours. As in the importation of brandy, which hinders the spending of our extracts of malt and molasses; therefore very prudently charged with excessive duties.

3. That trade is eminently bad, which supplies the same goods as we manufacture ourselves, especially if we can make enough for our consumption: and I take this to be the case of the silk manufacture; which, with great labour and industry, is brought to perfection in London, Canterbury, and other places.

The importation upon easy terms of such manufactures as are already introduced in a country, must

be of bad consequence, and check their progress; as it would undonbtedly be the case of the linen and paper manufactures in Great Britain (which are of late very much improved), if those commodities were suffered to be brought in without paying very high duties.

Let us now judge of our trade with France by the foregoing maxims.

I. The exportation of our woollen goods to France, is so well barred against, that there is not the least hope of reaping any benefit by this article. They have their work done for half the price we pay for ours. And since they send great quantities of woollen goods to Italy, Spain, Portugal, Turkey, the Rhine, and other places, although they pay a duty upon exportation, it is a demonstration, that they have more than is sufficient for their own wear, and consequently no great occasion for any of ours. The French cannot but be so sensible of the advantage they have over us in point of cheapness, that I do not doubt they will give us leave to import into France, not only woollen goods, but all other com. modities whatsoever, upon very easy duties, provided we permit them to import into Great Britain wines, brandies, silks, linen, and paper, upon paying the same duties as others do. And when that is done, you will send little more to France than now you do, and they will import into Great Britain ten times more than they now can.

II. As to our superfluities, it must be owned the French have occasion for some of them, as lead, tin, leather, copperas, coals, alum, and several other things of small value, as also some few of our plantation com modities; but these goods they will have whether we take any of theirs or no, because they want them. All these commodities together, that the French want from us, may amount to about 200,000l. yearly.

III. As to materials; I do not know of any one sort useful to us that ever was imported from France into England. They have indeed hemp, flax, and wool in abundance, and some raw silk; but they are too wise to let us have any, especially as long as they entertain any hopes we shall he so self-denying as to take those materials from them after they are inanufactured.

.. IV. Exchanging commodities for commodities (if for the like value on both sides) might be beneficial; but it is far from being the case between us and France. Our ships went constantly in ballast (except now and then some lead) to St. Malo, Morlaix, Nantes, Rochelle, Bordeaux, Bayonne, &c. and ever came back full of linen, wines, brandy, and paper; and if it was so before the revolution, when one of our pounds sterling cost the French but thirteen livres, what are they like to take from us (except what they of necessity want) now that for each pound sterling they must pay us twenty livres, which enhances the price of a 11 British commodities to the French above fifty per cent.?

V. Goods imported to be re-exported, is certainly a national advantage; but few or no French goods are ever exported from Great Britain, except to our plantations, but all are consumed at home; therefore no benefit can be reaped this way by the French trade.

VI. Letting ships to freight cannot but be of some profit to a nation: but it is very rare if the French ever make use of any other ships than their own; they victual and man cheaper than we, therefore nothing is to be got from them by this article.

VII. Things that are of absolute necessity cannot be reckoned prejudicial to a nation; but France produces nothing that is necessary, or even conve