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to trade to those countries�察�was much higher than in Europe�察�and

it still continues to be so。 In rice countries�察�which generally

yield two�察�sometimes three crops in the year�察�each of them more

plentiful than any common crop of corn�察�the abundance of food

must be much greater than in any corn country of equal extent。

Such countries are accordingly much more populous。 In them�察�too��

the rich�察�having a greater superabundance of food to dispose of

beyond what they themselves can consume�察�have the means of

purchasing a much greater quantity of the labour of other people。

The retinue of a grandee in China or Indostan accordingly is�察�by

all accounts�察�much more numerous and splendid than that of the

richest subjects in Europe。 The same superabundance of food�察�of

which they have the disposal�察�enables them to give a greater

quantity of it for all those singular and rare productions which

nature furnishes but in very small quantities�察�such as the

precious metals and the precious stones�察�the great objects of the

competition of the rich。 Though the mines�察�therefore�察�which

supplied the Indian market had been as abundant as those which

supplied the European�察�such commodities would naturally exchange

for a greater quantity of food in India than in Europe。 But the

mines which supplied the Indian market with the precious metals

seem to have been a good deal less abundant�察�and those which

supplied it with the precious stones a good deal more so�察�than

the mines which supplied the European。 The precious metals��

therefore�察�would naturally exchange in India for somewhat a

greater quantity of the precious stones�察�and for a much greater

quantity of food than in Europe。 The money price of diamonds�察�the

greatest of all superfluities�察�would be somewhat lower�察�and that

of food�察�the first of all necessaries�察�a great deal lower in the

one country than in the other。 But the real price of labour�察�the

real quantity of the necessaries of life which is given to the

labourer�察�it has already been observed�察�is lower both in China

and Indostan�察�the two great markets of India�察�than it is through

the greater part of Europe。 The wages of the labourer will there

purchase a smaller quantity of food�察�and as the money price of

food is much lower in India than in Europe�察�the money price of

labour is there lower upon a double account�察�upon account both of

the small quantity of food which it will purchase�察�and of the low

price of that food。 But in countries of equal art and industry��

the money price of the greater part of manufactures will be in

proportion to the money price of labour�察�and in manufacturing art

and industry�察�China and Indostan�察�though inferior�察�seem not to be

much inferior to any part of Europe。 The money price of the

greater part of manufactures�察�therefore�察�will naturally be much

lower in those great empires than it is anywhere in Europe。

Through the greater part of Europe�察�too�察�the expense of

land´carriage increases very much both the real and nominal price

of most manufactures。 It costs more labour�察�and therefore more

money�察�to bring first the materials�察�and afterwards the complete

manufacture to market。 In China and Indostan the extent and

variety of inland navigation save the greater part of this

labour�察�and consequently of this money�察�and thereby reduce still

lower both the real and the nominal price of the greater part of

their manufactures。 Upon all those accounts the precious metals

axe a commodity which it always has been�察�and still continues to

be�察�extremely advantageous to carry from Europe to India。 There

is scarce any commodity which brings a better price there�察�or

which�察�in proportion to the quantity of labour and commodities

which it costs in Europe�察�will purchase or command a greater

quantity of labour and commodities in India。 It is more

advantageous�察�too�察�to carry silver thither than gold�察�because in

China�察�and the greater part of the other markets of India�察�the

proportion between fine silver and fine gold is but as ten�察�or at

most as twelve�察�to one�察�whereas in Europe it is as fourteen or

fifteen to one。 In China�察�and the greater part of the other

markets of India�察�ten�察�or at most twelve�察�ounces of silver will

purchase an ounce of gold�察�in Europe it requires from fourteen to

fifteen ounces。 In the cargoes�察�therefore�察�of the greater part of

European ships which sail to India�察�silver has generally been one

of the most valuable articles。 It is the most valuable article in

the Acapulco ships which sail to Manilla。 The silver of the new

continent seems in this manner to be one of the principal

commodities by which the commerce between the two extremities of

the old one is carried on�察�and it is by means of it�察�in a great

measure�察�that those distant parts of the world are connected with

one another。

     In order to supply so very widely extended a market�察�the

quantity of silver annually brought from the mines must not only

be sufficient to support that continual increase both of coin and

of plate which is required in all thriving countries�察�but to

repair that continual waste and consumption of silver which takes

place in all countries where that metal is used。

     The continual consumption of the precious metals in coin by

wearing�察�and in plate both by wearing and cleaning�察�is very

sensible�察�and in commodities of which the use is so very widely

extended�察�would alone require a very great annual supply。 The

consumption of those metals in some particular manufactures��

though it may not perhaps be greater upon the whole than this

gradual consumption�察�is�察�however�察�much more sensible�察�as it is

much more rapid。 In the manufactures of Birmingham alone the

quantity of gold and silver annually employed in gilding and

plating�察�and thereby disqualified from ever afterwards appearing

in the shape of those metals�察�is said to amount to more than

fifty thousand pounds sterling。 We may from thence form some

notion how great must be the annual consumption in all the

different parts of the world either in manufactures of the same

kind with those of Birmingham�察�or in laces�察�embroideries�察�gold

and silver stuffs�察�the gilding of books�察�furniture�察�etc。 A

considerable quantity�察�too�察�must be annually lost in transporting

those metals from one place to another both by sea and by land。

In the greater part of the governments of Asia�察�besides�察�the

almost universal custom of concealing treasures in the bowels of

the earth�察�of which the knowledge frequently dies with the person

who makes the concealment�察�must occasion the loss of a still

greater quantity。

     The quantity of gold and silver imported at both Cadiz and

Lisbon ��including not only what comes under register�察�but what

may be supposed to be smuggled�� amounts�察�according to the best

accounts�察�to about six millions sterling a year。

     According to Mr。 Meggens the annual importation of the

precious metals into Spain�察�at an average of six years�察�viz。��

from 1748 to 1753�察�both inclusive�察�and into Portugal�察�at an

average of seven years�察�viz。�察�from 1747 to 1753�察�both inclusive��

amounted in silver to 1��101��107 pounds weight�察�and in gold to

29��940 pounds weight。 The silver�察�at sixty´two shillings the

pound Troy�察�amounts to L3��413��431 10s。 sterling。 The gold�察�at

forty´four guineas and a half the pound Troy�察�amounts to

L2��333��446 14s。 sterling。 Both together amount to L5��746��878 4s。

sterling。 The account of what was imported under register he

assures us is exact。 He gives us the detail of the particular

places from which the gold and silver were brought�察�and of the

particular quantity of each metal�察�which�察�according to the

register�察�each of them afforded。 He makes an allowance�察�too�察�for

the quantity of each metal which he supposes may have been

smuggled。 The great experience of this judicious merchant renders

his opinion of considerable weight。

     According to the eloquent and�察�sometimes�察�well´informed

author of the Philosophical and Political History of the

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