and fishery to maintain their eftablishments. The company ftill continues according to the original charter, but by a ftat. 10 and 11 William, c. 6, every fubject may be admitted to its fellowship, on paying 51. Each member pays an additional guinea to the poor box; 55. to the fecretary, and 2s. 6d. to the beadle of the company, befides itamps; alfo a fmall rate fixed by the company, on all goods imported into England only, from Archangel, Onega, Petertburg and Narva. On this trade, after giving very ample details, Mr. Oddy makes the following obfervations. In taking a general view of the trade of Ruthia, we cannot help obferving how amazingly advantageous its trade is with the British dominions. Not only the amount of the fales is equal nearly to thofe of all other nations, but it is from Britain only that Ruffia receives a balance in cath. Were the trade fufpended, the importation of wines, brandies, and foreign produce and manufactures, from other countries, would totally abforb the monied capital of Ruffia; and it is not going too far to fay, that fuch an event would do it more harm than any other that could take place. Ruffia can only grow wealthy by internal induftry, and its connection with other nations; but thofe two things are, dependent upon each other. The introduction of foreign goods ftimulates the people to industry; but they could not be introduced in half the quantity they now are, if it were not for Britain. In the relation between nations, we are always obliged to ftate values nominally, but the reader fhould keep in mind that the nominal is not the real value, as compared with that in another country. In the cafe of Ruffia, money is certainly of three times the value that it is in England; fo that tallow, iron, timber, &c. produced by Ruffia, are fold at an immenfe price: when they receive 60s. a cwt. for tallow, it is as if we were receiving 9. and fo of other produce. While the Ruffians can produce things fo cheap, and fell them fo dear, they must be increafing in wealth; and it is not improbable that, as they certainly could afford to fell much cheaper than they do, as they increase in induftry and capital, they will reduce their prices. The great rife of the prices of Ruffia produce, that has taken place of late years, has arisen from the demand increafing fafter than the production; but this will ceafe, and the Ruffians, in order to obtain a more extenfive market, will be obliged to reduce their prices. This they will naturally do in the fame way with other nations; that is, they will come down to fuch a price as will merely afford a fair profit. We cannot fo well judge of productions in any thing eife as in iron, the value of which is regulated by the price of fuel and the wages of labour; yet, though both are three times as high, or more, we can produce iron here cheaper, than we

can

can import it from Ruffia. Though it is eafy to fee that many mistakes are committed by the Ruffian government in its endeavours to forward commerce, yet thofe endeavours are inceffant, and have already produced great effects; its immenfe extent, the line of politics that has been followed, and the opening of ports on the Black Sea, will tend to civilize the interior of the country, which, together with the canals that are carrying on, muft in a few years produce great changes. When we look at the past, we may anticipate the future. The rife of Petersburg, the general increafe of commerce, and the vaft augmentation of power; the rapid rife of Odeffa, and the numerous efforts made to haften the progrefs towards profperity, leave no doubt as to the important part that nation will foon act on the theatre of Europe.

EASTLAND COMPANY. In various periods of time, the merchants of England had charters from the crown for regulating their commerce into the caft country, a name of old, and still, given by mercantile people to the ports of the Baltic fea, but more efpecially in Pruffia and Livonia. In 1579, Queen Elizabeth, agreeable to the genius of the age, granted them a charter, exclusive of all who should not take up their freedom in their company, by the name of the Fellowship of Eaftland Merchants. Their privileges were, to enjoy the fole trade through the Sound, into Norway, Sweden, Poland, Lithuania, excepting Narva, (which was within the Ruffia company's charter,) Pruffia, and alfo Pomerania, from the river Oder eastward, Dantzic, Elbing, and Koningsberg; alfo to Copenhagen and Elfinore, and to Finland, (here called an ifle,) Gothland, Bornholm, • and Oeland; to have a governor, deputy or deputies, and twenty-four affiftants, who may make bye-laws, and impofe fines, imprisonments, &c. on all non-freemen trading to thofe parts.' It was principally defigned by the Queen for the encouragement of her own merchants, in oppofition to the Hanfeatics. This is what is called in England a regulated company, i.e. a company trading, not on a joint ftock, but every one on his feparate bottom, under certain regulations. This charter was farther confirmed by one from Charles I. in 1629; but the company have been frequently complained of by the English merchants, and were therefore curtailed by legal authority in 1672. And finally, being, with all other monopolizing companies, (not confirmed by parliament,) deemed illegal in times of true liberty, after the revolution, in confequence of the act called the declaration of rights, they do not now exift commercially, or otherwife, but in name only, which they ftill keep up, by continuing to elect their annual officers; and having (like the merchants of the staple, another company in fimilar circumftances) a little stock

ftock in the public funds. The intereft defrays the expenses of their yearly meetings, which are for no end but to commemorate their former existence.

TURKEY COMPANY. The commerce between Great Britain and Turkey began in the fixteenth century, when the Ottoman power was at its most formidable height. In 1581, the London Turkey Company had its charter granted, and fprang from a decayed company of merchants trading to Barbary; it was once a joint stock company, and has been fome time, as it now is, a regulated company, having its own, and bye-laws, which are contained in one hundred and thirty-eight articles. The admiffion into this company is by application to the governor, deputy-governor, treasurer or fecretary, paying twenty pounds, taking the oaths prescribed; and conforming to its bye-laws and regulations. The company confifts of a governor, a deputy, a treasurer, and a court of affiftants, eighteen in number. From them are formed two committees called government and quarantine committees. This company, which is also called the Levant Company, has a houfe in little St. Helen's, Bishopfgate-street.

There is a British conful general at Conftantinople, entirely for commercial purposes; and there are confuls at Smyrna, Salonica, Alexandria and Aleppo; vice confuls at Patras, Scio, and the Dardanelles, and an agent at Cyprus, who are appointed by the Levant company, or by their recommendation. An act paffed in 1780, allowing the Irish the fame privileges as the British merchants in this trade, fo that it is open to all British fubjects becoming members of this company; and, that every one trading there fhould become fuch is good policy; for fome difcoveries, leading to fuch a regulation, were made, arifing from French products and manufactures being imported into Turkey, under the former British privileges. An act was paffed, in 1753, for regulating the company, and authorizing them to make bye-laws. The French account of the British Levant trade, given in 1787, is interefting; and, to this day, they view it with a moft envious and wifhful eye. According to the fluctuating politics of Divan, and the afcendancy or failure of French intrigue, the British commerce with Turkey has been more or less extenfive and flourishing. That it may be productive of great and permanent national advantage is indifputable, that under fuch circumstances it ever will, is much to be doubted.

Some other companies established for the profecution of foreign trade will be mentioned in other divifions of the work; as the African, the Sierra Leone, and the Hudson's Bay companies.

Q4

HOME TRADE.

In this divifion will be reviewed the internal commerce, comprising the principal manufactures and produce of the country, with obfervations on many regulations and circumftances, from which are derived facility and fecurity to those engaged in trade, and thofe who have transactions with them. Many reafons may be affigned for the prevailing error by which perfons fpeculating on the nature of commerce are induced to confider foreign as of far fuperior importance to home trade.

The illufions created by theories drawn from the balance of commerce, the defire to render profit more acceptable by reprefenting it as gained at the expenfe of fome political opponent, and above all, the inclination prevalent in the human mind to eftimate moft highly that which feems to be produced with the greateft labour and rifque, and to undervalue the acquifitions which are copious, conftant and filent, when compared with thofe which prefent to the mind ideas of enterprise, danger and achievement; all thefe motives concur with many others in giving rife to calculations fo erroneous. That the foreign trade of Great Britain is attended with immenfe advantages cannot be doubted; and that portion of it which arifes from colonies is alfo of the higheft value; but thefe together cannot be put in competition with the home trade, including the internal and coafting navigation, which constitute the real riches and ftrength of the empire, and which may yet be extended to a degree far exceeding its prefent amount. On the abfurdity of expecting greater advantages from foreign or colonial, than from domeftic commerce, Lord Sheffield made the following obfervations, at the time when that peace was concluded which bereft the British nation of the fovereignty of America; an event which many perfons, lefs enlightened than his lordship, confidered as the forerunner of England's ruin : "Had America been fettled by any other nation, it is more

than probable that Great Britain had been more populous " and powerful; that her taxes had been much lighter, and "her debt much lefs. Had the emigrants been retained at "home, whofe progeny now (1784) form a people of nearly "two millions, in a climate no ways fuperior, and in most

parts inferior, to that of Britain and Ireland: had the "lands at home, which ftill continue wafte, been given them "on condition of cultivation, and bounties been added to encourage new products of agriculture; had they been planted on the banks of our rivers and our bays with a view

❝ to`

be

"to fisheries; they would have increafed the people and aug«mented the opulence of Great Britain, in the fame propor❝tion as the colonists have for many years formed a balance to "our population, and to our power. Nothing can be more "impolitic, at least in a commercial nation, than a fondness "for foreign dominions, and a propensity to encourage diftant "colonization, rather than promote domeftic industry and po"pulation at home. The internal trade of Great Britain is much "greater than its external commerce. The best customers of the ma nufacturers of Britain are the people of Britain. Every emi"grant confequently, from being the best customer, becomes may "the worlt; and from being a foldier or failor, who "brought forward on the day of danger, ceafes to be of any " fervice to the ftate in any fhape. Let confiderations of ad"vantage and protection hereafter go hand in hand together. "In most cafes the expenfe of protection and civil government " is much greater than the prevention of competition is worth; "a prevention which is very feldom complete. The fuperior "ftate of British manufactures in general does not require "other means of monopoly than what their fuperiority and "cheapnefs will give. If we have not purchased our experi"ence fufliciently dear, let us derive a leilon of wisdom from "the misfortunes of other nations, who, like us, purfucd the "phantom of foreign conqueft and diftant colonization, and " who, in the end, found themfelves lefs populous, opulent and "powerful."

WOOL. As the woollen manufacture is deemed the staple commodity of England, it is judged most fit to notice that firft among the objects of home trade, intended here to be defcribed. It cannot be doubted, that as the inhabitants of Britain and Ireland, fo the sheep alfo, came originally from fome other country, and probably from Spain; but the report that Henry II. or fome other prince, fent for rams or fleep from thence, in order to improve our breed, is confidered fabulous. At what period the manufacture was first introduced, is not afcertained; but that England poffeffed it, at least in fome degree, about the beginning of the twelfth century, is indifputable. There feems to be but fmall, if any, foundation for the tale of Edward IV. fending over fome Englifh fheep from Cotfwold to Spain, and thus conferring on that country, its excellent breed of theep. The Spaniards themfelves attribute the great improvement of their wool to the care of Cardinal Ximenes, who brought over from Africa, rams bred by the Arabians; 1 a practice by no-means new in Spain, where the management and improvement of their flocks has always been the favoured point of their economy,

As