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A58726 The profit and loss of the East-India-trade stated, and humbly offer'd to the consideration of the present Parliament. T. S. (Thomas Smith) 1700 (1700) Wing S175; ESTC R32336 7,691 28

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from England by our Merchants 20000 Besides what Advantage we have by an Export of Thirty or Forty Thousand Pounds per Annum in Manufactures 40000 In all 560000 We will next consider what Loss comes to the Nation by this Trade to India and I will do it under these Heads as it hinders our Exportation and as it prevents the Emylopment of our own People and as it hinders the Improvement of our own Manufactures and the Consumption of our own Wool As to our Exportation it has been a great hindrance of our Exports to Holland and our West-India Colonies that we have enjoyed to the one for more than one Hundred Years and to the other for a long time it is known to many Merchants and others that we have had a very considerable Trade to these Places in Commodities made of Wool and Silk and Wool for Womens Ware and Use and that no European Merchants or Manufactures could ever get this Trade from us these being natural to England we have out-sold and under-sold all our Neighbours but since the Improvement and Increase of the Importation of Cotten and Silk and Cotten and Herba Commodities from India which Increase our Merchants almost alone have caused We have wholly lost our Trades to these Places for our Manufactures that are proper for Women's Consumption that are fine and above the value of Twelve Pence per Yard our West-Indies that us'd formerly and still might be cloathed with our own Manufactures for the Female Sex will now touch none unless such as are very Cheap at eight Pence ten Pence or twelve Pence per Yard and to that Degree is this Trade lost that of all those several Species of fine Goods that use to be made in and Exported out of England upon the best Inquiry I can make there is not now one Hundred Looms at Work in the whole Nation upon Stuffs for Women to the value of Eighteen Pence per Yard made of Wool or Silk and Wooll and Grogram Yarn and those that be occasion'd by an Accident of the present Mourning whereas formerly this Nation us'd to abound with different kinds of these Manufactures from twelve Pence per Yard to five or six Shillings and that this Dammage may be the surer fastened upon us a Draw-back is allowed to our own Collonies that they may be Cloathed Cheaper than the Inhabiants of England with India Manufactures and that our own Commodities may be shut out tho' the Inhabitants of those Collonies are obliged to use only what they have from us which must be a great loss to this Nation both in the Materials and Workmanship which both to Holland and to these Plantations cannot amount to less than Two hundred Thousand Pound per An. and this Loss must come by the India Trade no Manufactures standing in opposition to these of our own but India We will now consider our Turky and Italian Trades and tho' I acknowledge the present Traders to these Places are more competent Judges of what Dammage come to them in their Exports yet I cannot but take notice they are much less then formerly the Reasons may be various I shall only hint what is obvious from the East-India-Trade This Account I have had of Matter of Fact from known Persons with respect to their Aleppo Trade that before our Cloth was carried directly by Sea to Persia great Numbers of Carravans use to come through a long Tract of Land many hundreds of Miles with Silk and other Commodities to Aleppo and buy our Cloth of our Factors that resided there and in their Return in the great Towns and Villages as they passed us'd to sell our Cloth to the Inhabitants of those Countries in very large quantities and that since the India Merchants have supplyed the Persians these Carravans have ceased to come and though we may have kept part of our Persia Trade we have lost the Trade of those large Countries through which these Carriers have formerly passed which have not only been if true a loss to our Export of Cloth but a further Loss to this Nation by keeping our Poor unemploy'd in the Silk that us'd to be brought in exchange for this Cloth and here I think it convenient to mention how profitable to this Nation our Turky Traders have been who us'd not only to Export our Product but this Product Employed great numbers of People and the Returns of these Commodities being Materials Unmanufactured afford an Employment in England for more than one hundred thousand People and the great difference between these and the India Merchant who bring his Returns fully Manufactured As to our Italian Merchants it is apparent their little Trade for their Returns have hinder'd their Exports and I think it highly reasonable to conclude the loss of the Use and Consumption of our Turky and Italian Effects in the many Manufactures That they use to be wrought up in both London and Canterbury have been a very great cause that our Exports to Turkey and Italy have been so low and the great Loss that have come to the Nation by the want of Employment for so many Thousand People in London and Canterbury is very difficult to compute besides the Damage that this Nation sustains by so many of its Artists going to Ireland New-England and other Places the Effects we do not yet find and whatever Loss comes to us these Ways must be attributed to the Increase of India Manufactures that in such a degree have unhinged all these Trades and in all its Parts cannot amount to less than one hundred Thousand Pound per Ann. as it may have hindred the Export of Cloth and Serges and to as much as it hath hindred the Employment of our Poor in working up the Returns of those Commodities it being common to pay more for the working of Silk and Grogram-Yearn than the Material cost The next thing to be consider'd is what Loss there comes by the India Trade as it hinders the Employment of the Poor and the Employment of People being more advantagious to any Nation than any other Trade and Experience shewing that all Nations in the World are Rich or Poor according as their People are employed I conceive what Loss comes this way to be irreparable and no Equivalent to be found for it Many assert this India Trade to be very Advantagious as it makes Two of One in Three Years but though this be great yet not to be compared to the Profit that comes by the Labour of the People Take one Instance our fine Manufactures of Wool will in one Month's time bring ten thousand Pound worth of Wool by Labour and Art to be worth one hundred thousand Pound which is Ten of one in a Month and so go on throughout the Year And if the Trade to India hinder the Employment of our People to any degree it must necessarily be so far a great Loss to England now let any Man cast his Eye about the English Nation especially those Places