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A41166 The East-India-trade a most profitable trade to the kingdom. And best secured and improved in a company, and a joint-stock. Represented in a letter written upon the occasion of two letters lately published, insinuating the contrary. Ferguson, Robert, d. 1714. 1677 (1677) Wing F736A; ESTC R213729 22,130 32

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also that it is our Interest neither to permit idleness nor profuseness but to give all encouragement to labour and industry to improve by manufacturing what we have of our own growth and to carry the Goods we sell and to fetch the Goods we need to and from the best Markets by our own Teem i. e. in our own Shipping c. Yet notwithstanding the said Rule as it is generally taken and straitned is not an adequate Rule to measure the whole extent of Foreign-Trade by for it supposeth only a Trading in Commodities and makes Money i. e. Gold and Silver to be the fixed Stock and Riches of the Kingdom and not improvable in the Trade but encreased or diminished as it supplys only to answer the Balance of the Trade of Commodities Whereas in truth the Stock and Riches of the Kingdom cannot properly be confined to Money nor ought Gold and Silver to be excluded from being Merchandise to be Traded with as well as any other sort of Goods It is true that usually the measure of Stock or Riches is accounted by Money but that is rather in imagination than reality A man is said to be worth Ten thousand pounds when possibly he hath not One hundred pounds in ready Money but his Estate if he be a Farmer consists in Land Corn or Cartel and Husbandry Implements If a Merchant in Goods and Merchandise at home or Adventures abroad or in Shipping in like manner the Stock or Riches of the Kingdom doth not only consist in our Money but also in our Commodities and Ships for Trade and in our Ships of War and Magazines furnished with all necessary Materials And if we consider the very notion before mentioned from whence the Rule is taken and suppose the person possessing and managing the Farm to have attained to a Stock of Money over and above what is necessary for the carrying on the Concern of his Farm Who would not count him a ridiculous fool to let his Money lie in his Chest idle that as he can vend more Goods from his Farm than will answer for the cost of what he needs to buy in he may add farther to it there to let it lie buried and useless whereas he might with his Money have bought Goods at one Market where they were cheap and carried them to another Market where they were dearer and so together with the benefit of the Carriage have added much more to his Stock Thus in reference to the Foreign-Trade of the Kingdom if Gold and Silver must be confined within our Walls i. e. the Seas that environ us it is rendred fruitless and yields no encrease to the Kingdom 's Capital Suppose a Foreign-place where Commodities cannot be purchased but with Money or Bullion and that 100 thousand pounds in Bullion laid out there should purchase such quantity of Goods as would yield on sale in some other Foreign-parts 200 to 250 thousand pounds to be returned to England were it not the Kingdoms Interest to embrace so gainful a Trade and should we not count him either ignorant or an enemy to his Country that did oppose it The Hollanders that did encrease to so great wealth glory and strength before this last War was it by imprisoning their Gold and Silver and confining their Foreign Trade to the Goods of their own Product and Manufacture No such matter for they had little or nothing of their own Product but by liberty of Transporting Bullion and by fetching Goods and Merchandise from one place and carrying them to another according to the proper Markets and seasons they did in a great measure obtain their Riches and Glory It is a great mistake though a common one to think that it is the plenty or scarcity of Money that is the cause of a good or a bad Trade It is true when the Trade is quick and good Money is more seen and changeth hands ten times for what it doth when the Trade is dull and dead so that One hundred pounds in a time of quick Trading makes as great an appearance as One thousand pounds in a time of dead Trading It is not so much the Money that influenceth the Trade as it is the Trade that discovers the Money which otherwise would lie hid I am confident there never was more Money in the Kingdom though by reason of the deadness of Trade in general and paucity of good Security it walks not so much abroad Having said thus much of Trade in general I now proceed particularly in answer to your desire to shew the profitableness of the India-Trade and that it is best managed in the way of a Company and a Joint-stock I. That the East-India-Trade is a most if not the most profitable and beneficial Trade to the Kingdom THE extraordinary Endeavours of most of the European Natitions to compass and gain the East-India-Trade to themselves or at least to have a great share in it together with the success of the Dutch therein and the vast advantage they have reaped from thence being a main cause of that Wealth and Grandeur which hath rendred them so redoubtable to and envied by all their Neighbors may give an undeniable testimony of the beneficialness of this Trade But it will be needless to insist thereon or to call in Witnesses from abroad for from the consideration of the Trade it self there will arise sufficient to evidence by Demonstration that it is so and in consequence That it is the Kingdoms Interest to uphold maintain and encourage the same It is a Trade That takes off a considerable quantity of our Native Commodities and Manufactures though not altogether so much as some other Trades do That supplys us with most necessary and useful Commodities for our Consumption at the cheapest rates That brings us some Commodities for further Manufacture That furnisheth us with large quantities of Goods for Foreign-Markets That gives employment to and so maintains great number of English Shipping That occasions the building of more Ships of burden and force fit for Warlike service and defence of the Kingdom than any other Trade That brings in a considerable Revenue to his Majesties Exchequer by Customs and the greatest addition to the Kingdoms Stock The better and more convincingly to manifest all which I shall with all candor and moderation give you a state of the said Trade both in the plain and direct course of it and also in the consequences depending upon it A State of the Trade of India in Reference to the Kingdoms Concern First in the plain and direct course of it THere are generally employed in this Trade in a direct course to and from India 30 to 35 great Ships from 300 to 600 Tuns burden and within six or seven years last past there hath been built new from the Stocks about 26 to 28 Ships from 350 to 600 Tuns burden purely on the hopes of the Companies Employment and the Encouragement the Company have propounded and given of 20 sh. per Tun