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labourer； it has already been observed； is lower both in China
and Indostan； the two great markets of India； than it is through
the greater part of Europe。 The wages of the labourer will there
purchase a smaller quantity of food； and as the money price of
food is much lower in India than in Europe； the money price of
labour is there lower upon a double account； upon account both of
the small quantity of food which it will purchase； 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； and in manufacturing art
and industry； China and Indostan； though inferior； seem not to be
much inferior to any part of Europe。 The money price of the
greater part of manufactures； therefore； will naturally be much
lower in those great empires than it is anywhere in Europe。
Through the greater part of Europe； too； the expense of
land…carriage increases very much both the real and nominal price
of most manufactures。 It costs more labour； and therefore more
money； to bring first the materials； 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； and consequently of this money； 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； and still continues to
be； extremely advantageous to carry from Europe to India。 There
is scarce any commodity which brings a better price there； or
which； in proportion to the quantity of labour and commodities
which it costs in Europe； will purchase or command a greater
quantity of labour and commodities in India。 It is more
advantageous； too； to carry silver thither than gold； because in
China； and the greater part of the other markets of India； the
proportion between fine silver and fine gold is but as ten； or at
most as twelve； to one； whereas in Europe it is as fourteen or
fifteen to one。 In China； and the greater part of the other
markets of India； ten； or at most twelve； ounces of silver will
purchase an ounce of gold； in Europe it requires from fourteen to
fifteen ounces。 In the cargoes； therefore； of the greater part of
European ships which sail to India； 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； and it is by means of it； in a great
measure； that those distant parts of the world are connected with
one another。
In order to supply so very widely extended a market； 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； 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； and in plate both by wearing and cleaning； is very
sensible； and in commodities of which the use is so very widely
extended； 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； is； however； much more sensible； as it is
much more rapid。 In the manufactures of Birmingham alone the
quantity of gold and silver annually employed in gilding and
plating； and thereby disqualified from ever afterwards appearing
in the shape of those metals； 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； or in laces； embroideries； gold
and silver stuffs； the gilding of books； furniture； etc。 A
considerable quantity； too； 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； besides； the
almost universal custom of concealing treasures in the bowels of
the earth； of which the knowledge frequently dies with the person
who makes the concealment； 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； but what
may be supposed to be smuggled） amounts； according to the best
accounts； to about six millions sterling a year。
According to Mr。 Meggens the annual importation of the
precious metals into Spain； at an average of six years； viz。；
from 1748 to 1753； both inclusive； and into Portugal； at an
average of seven years； viz。； from 1747 to 1753； both inclusive；
amounted in silver to 1；101；107 pounds weight； and in gold to
29；940 pounds weight。 The silver； at sixty…two shillings the
pound Troy； amounts to L3；413；431 10s。 sterling。 The gold； at
forty…four guineas and a half the pound Troy； 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； and of the
particular quantity of each metal； which； according to the
register； each of them afforded。 He makes an allowance； too； 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； sometimes； well…informed
author of the Philosophical and Political History of the
Establishment of the Europeans in the two Indies； the annual
importation of registered gold and silver into Spain； at an
average of eleven years； viz。； from 1754 to 1764； both inclusive；
amounted to 13；984；185 3/4 piastres of ten reals。 On account of
what may have been smuggled； however； the whole annual
importation； he supposes； may have amounted to seventeen millions
of piastres； which； at 4s。 6d。 the piastre； is equal to
L3；825；000 sterling。 He gives the detail； too； of the particular
places from which the gold and silver were brought； and of the
particular quantities of each metal which； according to the
register； each of them afforded。 He informs us； too； that if we
were to judge of the quantity of gold annually imported from the
Brazils into Lisbon by the amount of the tax paid to the King of
Portugal； which it seems is one…fifth of the standard metal； we
might value it at eighteen millions of cruzadoes； or forty…five
millions of French livres； equal to about two