profit, and the risk of lofs; the advantages or difadvantages of which cannot, in common justice, be confined to one fide only, but must be reciprocal throughout. But in order to constitute a partnership, and make a perfon liable as a partner, there must be an agreement between him and the oftenfible perfon to fbare in all risks of profit or loss, or he must have permitted the other to have used his credit, and to hold him out as jointly liable with himself. A man entering into an agreement, and afterwards fubdividing his beneficial intereft under it, among others, is alone liable to the performance, and the fubcontract does not constitute a partnership. If two or more engage in a joint undertaking in the way of trade, or enter into copartner fhip, it is not neceffary to provide against survivorship; for by a maxim of the common law, jus accrefcendi inter mercatores locum non habet; and this is for the benefit of trade and commerce, that the fruits of each perfon's labour and industry fhould defcend to his children and family. By the custom of England, where there are two joint traders, and one accepts a bill, drawn on both for him and partner, it binds both, if it concerns the trade; otherwife, if it concerns the acceptor only in a distinct intereft and refpect. Although a moiety of a joint stock may be taken in execution on a judgment against one partner; yet, if copartners become bankrupts, the joint estate is to difcharge the joint debts in the first place, and the feparate eftate to pay the feparate debts; and if there be no separate eftate, then the refidue of the joint eftate, after the joint creditors are fatisfied, to be applied among the feparate creditors, and fo vice verfa; for the commiffioners of bankrupts are intrusted both with a legal and equitable jurifdiction, and may therefore marthal the different effects, and apply them in difcharge of the different creditors according to equity and juftice.

COMPANIES. The word company fignifies perfons affociated for the purpose of carrying on a particular branch of trade, or for fome particular purpose, and implies, in a general ́sense, that they do fo with a joint ftock. The traders in a regulated company do not properly form a company at all; it is only a fubfcription, and the fubfcribers at Lloyd's might as well and properly be termed a company, (for they act independently, though fubject to certain regulations,) as the Ruffia and Turkey merchants are. The meaning of the word would be of littleimportance, were it not that the idea of a company carries with it the idea of monopoly, of restraint, of high prices, and high profits, thereby exciting prejudice against those who belong to fuch focieties or regulated companies. This has gone fo far, that it may lead fome time or other to the

abolishing

abolishing entirely the form of fuch companies; it may therefore be well to obferve, that when the trade to country is fuch as to require fome general expenfes and regulations for its convenience, it is always well to have a regulated company. Thus it is to Turkey and Ruffia, but it would be totally ufelefs to the United States of America. New branches of trade require in many cafes a general concurrence and effort to make them profper, and this is beft effected by a regulated company. When the trade is of great national importance, fuch as the Weft India trade, government finds itself under the neceffity of providing funds for general purpofes, and the merchants find it neceflary for their intereft to meet in affemblies, and act in concert. The owners of fhipping have found it neceflary alfo to affemble, and to contribute funds for certain general purposes, which is, in fact, (though without any authority from government,) acting as a regulated company; and as this is done, of their own free will, by men who beft understand their own interefts, there can be no doubt of the advantage and utility. The trading companies in Great Britain are very numerous, and wealthy, and fome of them will be noticed in the enfuing details refpecting external and internal commerce. They are generally under the controul and fuperintendance of governors, directors, and other offcers, and are either voluntary, founded on fome deed, or fanctioned by act of parliament or by charter.

SHOPKEEPERS. This clafs of perfons, fo numerous, and fo effentially neceflary in all towns, are more feparate in their tranfactions than merchants, dealing to a fmaller amount, and generally by retail, not forming commercial companies, but limiting their undertakings to fuch objects as can be managed by a principal and his partners or affiftants. In former times, diftinctions were made between merchants and shopkeepers, which are not now in any manner preferved, except with reference to the magnitude of their dealings, their honour, and their punctuality.

ARTIFICERS. In this defeription is included the whole manufacturing clafs of the community; a most useful body, who by their industry and ingenuity have contributed to the wealth of their country, and raised its reputation to the highest pitch in all parts of the world.

Such are the principal divifions of perfons by whofe enterprize and activity wealth is circulated, and induftry made productive. On the feparate utility of each claís, Dr. Adam Smith makes the following obfervations. A capital may be employed in four different ways: either, firft, in procuring the rude produce annually required for the ufe and consumption of

the

the fociety; or, fecondly, in manufacturing and preparing that rude produce for immediate ufe and confumption; or, thirdly, in tranfporting either the rude or manufactured produce from the places where they abound to thofe where they are wanted; or, laftly, in dividing particular portions of either into fuch fmall parcels as fuit the occafional demands of those who want them. In the firit way are employed the capitals of all those who undertake the improvement or cultivation of lands, mines, or fisheries; in the fecond, thofe of all master manufacturers; in the third, thofe of all wholesale merchants; and in the fourth, thofe of all retailers. It is difficult to conceive that a capital fhould be employed in any way which may not be claffed under fome one or other of those four.

Each of thofe four methods of employing a capital is effentially neceffary either to the exiftence or extenfion of the other three, or to the general conveniency of the fociety. Unless a capital was employed in furnishing rude produce to a certain degree of abundance, neither manufactures nor trade of any kind could exift. Unlefs a capital was employed in manufacturing that part of the rude produce which requires a good deal of preparation before it can be fit for use and confumption, it would either never be produced, because there could be no demand for it; or if it was produced fpontaneoufiy, it would be of no value in exchange, and could add nothing to the wealth of the fociety. Unless a capital was employed in tranfporting, either the rude or manufactured produce, from the places where it abounds to thofe where it is wanted, no more of either could be produced than was neceflary for the confumption of the neighbourhood. The capital of the merchant exchanges the furplus produce of one place for that of another, and thus encourages the induftry and increases the enjoyments of both. Unless a capital was employed in breaking and dividing certain portions either of the rude or manufactured produce, into fuch small parcels as fuit the occafional demands of those who want them, every man would be obliged to purchafe a greater quantity of the goods he wanted, than his immediate occafions required. If there was no fuch trade as a butcher, for example, every man would be obliged to purchase a whole ox or a whole fheep at a time. This would be generally inconvenient to the rich, and much more fo to the poor. If a poor workman was obliged to purchafe a month's or fix months' provifions at a time, a great part of the ftock which he employs as a capital in the inftruments of his trade or in the furniture of his thop, and which yields him a revenue, he would be forced to place in that part of his ftock which is referved for immediate confumption, and which yields him no revenue. Nothing can be more convenient for fuch a

perfon

perfon than to be able to purchase his fubfiftence from day to day, or even from hour to hour, as he wants it. He is thereby enabled to employ almoft his whole ftock as a capital. He is thus enabled to furnish work to a greater value, and the profit which he makes by it in this way, much more than compenfates the additional price which the profit of the retailer impofes upon the goods. The prejudices of fome political writers against fhopkeepers, and tradefmen, are altogether without foundation. So far is it from being neceffary, either to tax them, or to restrict their numbers, that they can never be multiplied fo as to hurt the public, though they may fo as to hurt one another. The quantity of grocery goods, for example, which can be fold in a particular town, is limited by the demand of that town and its neighbourhood. The capital, therefore, which can be employed in the grocery trade cannot exceed what is fufficient to purchase that quantity. If this capital is divided between two different grocers, their competition will tend to make both of them fell cheaper, than if it were in the hands of one only; and if it were divided among twenty, their competition would be just so much the greater, and the chance of their combining together, in order to raise the price, juft fo much the lefs. Their competition might perhaps ruin fome of themselves; but to take care of this is the bufinefs of the parties concerned, and it may be fafely trufted to their difcretion. It can never hurt either the confumer, or the producer; on the contrary, it must tend to make the retailers both fell cheaper and buy dearer, than if the whole trade was monopolized by one or two perfons. Some of them, perhaps, may fometimes decoy a weak cuftomer to buy what he has no occafion for. This evil, however, is of too little importance, to deserve the public attention, nor would it neceffarily be prevented by reftricting their numbers. It is not the multitude of ale-houfes, to give the most suspicious example, that occafions a general difpofition to drunkennefs among the common people; but that difpofition arifing from other caufes neceffarily gives employment to a multitude of alehoufes. The perfons whofe capitals are employed in any of those four ways are themfelves productive labourers. Their labour, when properly directed, fixes and realizes itself in the fubject or vendible commodity upon which it is bestowed, and generally adds to its price the value at leaft of their own maintenance and confumption. The profits of the farmer, of the manufacturer, of the merchant, and retailer, are all drawn from the price of the goods which the two firft produce, and the two laft buy and fell.

All wholefale trade, the fame profound author adds, all buying in order to fell again by wholefale, may be reduced to three dif

ferent

ferent forts: The Home Trade, the Foreign Trade of Confumption, and the Carrying Trade. The home trade is employed in purchafing in one part of the fame country, and felling in anther the produce of the industry of that country. It comprehends both the inland and the coafting trade. The foreign trade of confumption is employed in purchasing foreign goods for home confumption. The carrying trade is employed in tranfacting the commerce of foreign countries, or in carrying the furplus produce of one to another.

Under the two general heads here described, Foreign and Home Trade, the details to be afforded on the fubject of commerce will be claffed, and a few circumstances fuperadded, applying to each.

FOREIGN TRADE.

The objects for which Great Britain trades to the various countries of the globe, what produce of her foil and of her induftry the tranfmits, and what articles fhe receives in return, will appear by the following table, extracted from Macpherson's Annals of Commerce, where it is intitled,

"Specification of the chief articles of merchandise which compofe the trade with different countries, extracted from the books in the custom house; thofe which are first introduced into Great Britain from foreign countries and afterward exported being printed in Italics."

DENMARK Imports-Oak-bark; cordage; corn (an unusual article); indigo 10,000 lbs.; cotton 34,666 lbs.; hides of horfes and oxen; bar iron; kelp; rock mofs; fome falted beef, pork and butter; furs and peltry; tar, timber and boards of great variety of kinds.

Exports-Alum; wrought brass, copper and iron; lead; tin; tinned plates; coals; grindstones; painters' colours; earthen ware; glafs; falt; cotton goods; woollen goods of all kinds; hats; Scottish linens above bounty, 1,250 yards; tanned leather; refined fugar, melaffes; train oil.

Drugs, indigo, logwood, and other dye ftuffs; coffee; cinnamon, and other fpices; fugar; tobacco; cotton.

RUSSIA Imports-Pearl-afhes, pot-afhes, and weed-ashes; briftles; cordage; fome corn; ifinglass, rhubarb, and some other drugs; flax and hemp; bar iron; caft iron; wrought iron, 24 tons; linens, diaper, drilling and fheeting; pitch and tar; bacon; beef; tongues; bread; rags only 28 tons; lintfeed; fome fkins of hares, feals and calves; bees wax, tallow 410,260 tons; timber, boards, ftaves.

Exports