A Discourse on Trade, and Other Matters Relative to it

by John Cary

It is not to be doubted, whether the vending our Manufactures, and encouraging our Navigation, on advantagious Terms, are the true Interest of this Kingdom, and that all Foreign Commerce, as it advances either, is more or less profitable to us; but the confining this Trade to an exclusive Company could promote neither; and I believe ’tis one great Reason, why we know so little of that great Continent, because the Company, finding Ways enough to employ their Stock amongst those few Settlements they had made on the Sea-Coast, never endeavoured a farther Inland Discovery; whereas, now the Trade is laid open, the busy Merchant, that industrious Bee of the Nation, will not leave any Creek or River untraded to, from whence he may hope to make Advantage.

’Tis to Trade and Commerce we are beholding for what knowledge we have of foreign Parts, and it is observable, that the more remote People dwell from the Sea, the less they are acquainted with Affairs abroad. Africa is a large Country, and doubtless the Trade to it, may be much enlarged to our Advantage: Use and Experience, make us by degrees, Masters of every thing, and tho’ the first Undertakers of a Design may fall short of answering their private Ends, yet they often lay open beaten Paths, wherein Posterity do tread with Success, though they miscarried: Now that all Places are permitted freely to send Ships, and to have the Management of their own Affairs, Industry is encouraged, and Peoples Heads are set at work how they may out-do each other, by getting first into a new Place of Trade. Besides, the more Traders, the more Buyers at home, and Sellers abroad, and by this means, our Plantations on the large Continent of America, are better furnished with Negroes, for want of which the Inhabitants there could never arrive to those Improvements they have done on the Islands, the Company having given them little or no Supply, but chose rather to send their Negroes to the latter, because they were able to make them better Payments; but the Free-traders have since done it, to the great Advantage of those Plantations, and of the Nation in general.

As for the other Commodities brought in returns from Africa, viz. Wax and Teeth, one serves for a foreign Export, without any Disadvantage to our own Product; and the other is manufactured at home, and afterwards carried to Markets abroad: And as for the Gold brought thence, I need not mention how much it doth advance our Wealth, all allow it to be a good Barter.

On the whole, I take the African Trade, both for its Exports and Imports, and also, as it supplies our Plantations, and advances Navigation, to be very beneficial to this Kingdom, and will every Year grow more so, if it remains open.

Ireland.I come now to discourse of Ireland, and of the Trade we interchangeably drive with that Kingdom, with whom it is necessary to maintain a good Correspondence, which must be done on such Terms, as may be profitable to us both; and I think nothing is more likely to answer this End, than the encouraging the Linnen Manufacture there, which it is highly our Interest to promote, and theirs to set upon, being for the most Part of another Nature, than what is made either in the North or South-Britain; for, besides the Employment it will give to the Poor, large Tracts of Land will be taken up for raising Hemp and Flax, both which thrive well in many Parts of that Kingdom; on the other Hand, the low Labour of Ireland being employed on that Manufacture, will no way prejudice ours, but make them better able to trade with us, for such things wherewith they are supplied hence, it being undoubtedly the Interest of this Kingdom, that all those Nations we trade with should grow rich, by any Methods that do not make us Poor; and more-especially Ireland, whose Profits are generally spent here.

But then, how shall this Manufacture be carried on? Truly, the first Step must be, by furnishing Money on reasonable Interest, and receiving it again by such Payments as the Borrowers can make, and buying up the Linnens when made, and then the landed Men will encourage it, on their own Estates, and thereby enable their Tenants to pay their Rents better; which last Effect it hath already had in the North of Ireland, where by spinning the Yarn in the Winter Nights, and getting their Cloth ready, and fit for Sale, early in the Year, they provide for their May Rents, without being constrained to sell their Cattle whilst they are lean, and their November Payments do not become due, till they are fat, and their Harvest is over.

Now these Loans must be made, either by a Joint-Stock raised for that Purpose, of by the Bank of England, which will be attended with good Security; for by reason of the Register settled there by Act of Parliament, I take the Securities of Ireland, to be rather better than those in England: and this way of lending Money, must likewise be very acceptable to all those whose Estates are under different Incumbrances, which may by this means be reduced into one, and paid off, as they can spare the Money by degrees.

Nor can I see how any ill Consequences will attend the bringing the Money to Par in both Kingdoms, I know it had none when the Crown-piece was some Years since reduced from six Shillings to pass at five Shillings and five Pence, and all other Money in Proportion; it neither caused an Alteration in the Rents to the Landlords, nor in the Price of the Product to the Tenants; and I cannot see why the falling it to five Shillings (as it passes here) should carry with it any ill Effect; the Lands of Ireland would thereby be more worth to the Proprietors, who would then be more willing, and better able, to spend their Money here, when they were freed from such high Exchanges; besides the Advantage to the King in his Revenue.

The Commodities we have thence are, Wool, Hides, Tallow, and Skins, all useful in our Manufactures; as also some Herrings, which we export again; and we ship from thence for other Markets, Beef, Pork, Salmon and Butter; we likewise supply them with Tobacco, Sugar, and other Plantation Goods; also with fine Broad-Cloth, Silk Manufactures, and several other things made here; and with sundry of our Products, as Lead, Tin, Coal, &c. of which last, so great Quantities are carried thither yearly, that it will scarce be credited, how much they say there it amounts unto; besides Muslins, Callicoes, China-Ware, Tea, Coffee, and other East-India Goods: They have indeed, discouraged the Importation of Callicoes, by loading them with a great Duty, but I wonder they do not totally prohibit them, for that single Commodity doth more Injury to their Manufactures, both of Linnen and Wollen, than all the Things they import besides.

I should be very glad to see the Linnen Manufacture there brought to a good Perfection; and I am sure if the Government were at some Charge in doing it, ’twould not be ill laid out.