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that the price has not been lowered in the home market in
consequence of the buss bounty。
When the undertakers of fisheries； after such liberal
bounties have been bestowed upon them； continue to sell their
commodity at the same； or even at a higher price than they were
accustomed to do before； it might be expected that their profits
should be very great； and it is not improbable that those of some
individuals may have been so。 In general； however； I have every
reason to believe they have been quite otherwise。 The usual
effect of such bounties is to encourage rash undertakers to
adventure in a business which they do not understand； and what
they lose by their own negligence and ignorance more than
compensates all that they can gain by the utmost liberality of
government。 In 1750； by the same act； which first gave the bounty
of thirty shillings the ton for the encouragement of the
white…herring fishery （the 23rd George II； c。 24）； a joint…stock
company was erected； with a capital of five hundred thousand
pounds； to which the subscribers （over and above all other
encouragements； the tonnage bounty just now mentioned； the
exportation bounty of two shillings and eightpence the barrel；
the delivery of both British and foreign salt duty free） were；
during the space of fourteen years； for every hundred pounds
which they subscribed and paid in to the stock of the society；
entitled to three pounds a year； to be paid by the
receiver…general of the customs in equal half…yearly payments。
Besides this great company； the residence of whose governor and
directors was to be in London； it was declared lawful to erect
different fishing…chambers in all the different outports of the
kingdom； provided a sum not less than ten thousand pounds was
subscribed into the capital of each； to be managed at its own
risk； and for its own profit and loss。 The same annuity； and the
same encouragements of all kinds； were given to the trade of
those inferior chambers as to that of the great company。 The
subscription of the great company was soon filled up； and several
different fishing…chambers were erected in the different outports
of the kingdom。 In spite of all these encouragements； almost all
those different companies； both great and small； lost either the
whole； or the greater part of their capitals； scarce a vestige
now remains of any of them； and the white…herring fishery is now
entirely； or almost entirely； carried on by private adventurers。
If any particular manufacture was necessary； indeed； for the
defence of the society； it might not always be prudent to depend
upon our neighbours for the supply； and if such manufacture could
not otherwise be supported at home； it might not be unreasonable
that all the other branches of industry should be taxed in order
to support it。 The bounties upon the exportation of British…made
sailcloth and British…made gunpowder may； perhaps； both be
vindicated upon this principle。
But though it can very seldom be reasonable to tax the
industry of the great body of the people in order to support that
of some particular class of manufacturers； yet in the wantonness
of great prosperity； when the public enjoys a greater revenue
than it knows well what to do with； to give such bounties to
favourite manufactures may； perhaps； be as natural as to incur
any other idle expense。 In public as well as in private expenses；
great wealth may； perhaps； frequently be admitted as an apology
for great folly。 But there must surely be something more than
ordinary absurdity in continuing such profusion in times of
general difficulty and distress。
What is called a bounty is sometimes no more than a
drawback； and consequently is not liable to the same objections
as what is properly a bounty。 The bounty； for example； upon
refined sugar exported may be considered as a drawback of the
duties upon the brown and muscovado sugars from which it is made。
The bounty upon wrought silk exported； a drawback of the duties
upon raw and thrown silk imported。 The bounty upon gunpowder
exported； a drawback of the duties upon brimstone and saltpetre
imported。 In the language of the customs those allowances only
are called drawbacks which are given upon goods exported in the
same form in which they are imported。 When that form has been so
altered by manufacture of any kind as to come under a new
denomination； they are called bounties。
Premiums given by the public to artists and manufacturers
who excel in their particular occupations are not liable to the
same objections as bounties。 By encouraging extraordinary
dexterity and ingenuity； they serve to keep up the emulation of
the workmen actually employed in those respective occupations；
and are not considerable enough to turn towards any one of them a
greater share of the capital of the country than what would go to
it of its own accord。 Their tendency is not to overturn the
natural balance of employments； but to render the work which is
done in each as perfect and complete as possible。 The expense of
premiums； besides； is very trifling； that of bounties very great。
The bounty upon corn alone has sometimes cost the public in one
year more than three hundred thousand pounds。
DIGRESSION CONCERNING THE CORN TRADE AND CORN LAWS
I cannot conclude this chapter concerning bounties without
observing that the praises which have been bestowed upon the law
which establishes the bounty upon the exportation of corn； and
upon that system of regulations which is connected with it； are
altogether unmerited。 A particular examination of the nature of
the corn trade； and of the principal British laws which relate to
it。 will sufficiently demonstrate the truth of this assertion。
The great importance of this subject must justify the length of
the digression。
The trade of the corn merchant is composed of four different
branches； which； though they may sometimes be all carried on by
the same person； are in their own nature four separate and
distinct trades。 These are； first； the trade of the inland
dealer； secondly； that of the merchant importer for home
consumption； thirdly； that of the merchant exporter of home
produce for foreign consumption； and； fourthly； that of the
merchant carrier； or of the importer of corn in order to export
it again。
I。 The interest of the inland dealer； and that of the great
body of the people； how opposite soever they may at first sight
appear； are； even in years of the greatest scarcity； exactly the
same。 It is his interest to raise the price of his corn as high
as the real scarcity of the season requires； and it can never be
his interest to raise it higher。 By raising the price he
discourages the consumption； and puts everybody more or less； but
particularly the inferior ranks of people； upon thrift and good
management。 If； by raising it too high； he discourages the
consumption so much that the supply of the season is likely to go
beyond the consumption of the season； and to last for some time
after the next crop begins to come in； he runs