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part； almost the whole； they pretended； of this annual
importation of gold； was not on account of Great Britain； but of
other European nations； the fruits and wines of Portugal annually
imported into Great Britain nearly compensating the value of the
British goods sent thither。
Let us suppose； however； that the whole was on account of
Great Britain； and that it amounted to a still greater sum than
Mr。 Baretti seems to imagine； this trade would not； upon that
account； be more advantageous than any other in which； for the
same value sent out； we received an equal value of consumable
goods in return。
It is but a very small part of this importation which； it
can be supposed； is employed as an annual addition either to the
plate or to the coin of the kingdom。 The rest must all be sent
abroad and exchanged for consumable goods of some kind or other。
But if those consumable goods were purchased directly with the
produce of English industry； it would be more for the advantage
of England than first to purchase with that produce the gold of
Portugal； and afterwards to purchase with that gold those
consumable goods。 A direct foreign trade of consumption is always
more advantageous than a round…about one； and to bring the same
value of foreign goods to the home market； requires a much
smaller capital in the one way than in the other。 If a smaller
share of its industry； therefore； had been employed in producing
goods fit for the Portugal market； and a greater in producing
those fit for the other markets； where those consumable goods for
which there is a demand in Great Britain are to be had； it would
have been more for the advantage of England。 To procure both the
gold； which it wants for its own use； and the consumable goods；
would； in this way； employ a much smaller capital than at
present。 There would be a spare capital； therefore； to be
employed for other purposes； in exciting an additional quantity
of industry； and in raising a greater annual produce。
Though Britain were entirely excluded from the Portugal
trade； it could find very little difficulty in procuring all the
annual supplies of gold which it wants； either for the purposes
of plate； or of coin； or of foreign trade。 Gold； like every other
commodity； is always somewhere or another to be got for its value
by those who have that value to give for it。 The annual surplus
of gold in Portugal； besides； would still be sent abroad； and
though not carried away by Great Britain； would be carried away
by some other nation； which would be glad to sell it again for
its price； in the same manner as Great Britain does at present。
In buying gold of Portugal； indeed； we buy it at the first hand；
whereas； in buying it of any other nation； except Spain； we
should buy it at the second； and might pay somewhat dearer。 This
difference； however； would surely be too insignificant to deserve
the public attention。
Almost all our gold； it is said； comes from Portugal。 With
other nations the balance of trade is either against us； or not
much in our favour。 But we should remember that the more gold we
import from one country； the less we must necessarily import from
all others。 The effectual demand for gold； like that for every
other commodity； is in every country limited to a certain
quantity。 If nine…tenths of this quantity are imported from one
country； there remains a tenth only to be imported from all
others。 The more gold besides that is annually imported from some
particular countries； over and above what is requisite for plate
and for coin； the more must necessarily be exported to some
others； and the more that most insignificant object of modern
policy； the balance of trade； appears to be in our favour with
some particular countries； the more it must necessarily appear to
be against us with many others。
It was upon this silly notion； however； that England could
not subsist without the Portugal trade； that； towards the end of
the late war； France and Spain； without pretending either offence
or provocation； required the King of Portugal to exclude all
British ships from his ports； and for the security of this
exclusion； to receive into them French or Spanish garrisons。 Had
the king of Portugal submitted to those ignominious terms which
his brother…in…law the king of Spain proposed to him； Britain
would have been freed from a much greater inconveniency than the
loss of the Portugal trade； the burden of supporting a very weak
ally； so unprovided of everything for his own defence that the
whole power of England； had it been directed to that single
purpose； could scarce perhaps have defended him for another
campaign。 The loss of the Portugal trade would； no doubt； have
occasioned a considerable embarrassment to the merchants at that
time engaged in it； who might not； perhaps； have found out； for a
year or two； any other equally advantageous method of employing
their capitals； and in this would probably have consisted all the
inconveniency which England could have suffered from this notable
piece of commercial policy。
The great annual importation of gold and silver is neither
for the purpose of plate nor of coin； but of foreign trade。 A
round…about foreign trade of consumption can be carried on more
advantageously by means of these metals than of almost any other
goods。 As they are the universal instruments of commerce； they
are more readily received in return for all commodities than any
other goods； and on account of their small bulk and great value；
it costs less to transport them backward and forward from one
place to another than almost any other sort of merchandise； and
they lose less of their value by being so transported。 Of all the
commodities； therefore； which are bought in one foreign country；
for no other purpose but to be sold or exchanged again for some
other goods in another； there are none so convenient as gold and
silver。 In facilitating all the different round…about foreign
trades of consumption which are carried on in Great Britain
consists the principal advantage of the Portugal trade； and
though it is not a capital advantage； it is no doubt a
considerable one。
That any annual addition which； it can reasonably be
supposed； is made either to the plate or to the coin of the
kingdom； could require but a very small annual importation of
gold and silver； seems evident enough； and though we had no
direct trade with Portugal； this small quantity could always；
somewhere or another； be very easily got。
Though the goldsmith's trade be very considerable in Great
Britain； the far。 greater part of the new plate which they
annually sell is made from other old plate melted down； so that
the addition annually made to the whole plate of the kingdom
cannot be very great； and could require but a very small annual
importation。
It is the same case with the coin。 Nobody imagines； I
believe； that even the greater part of the annual coinage；
amounting； for ten years together； before the late reformation of
the gold coin； to upwards of eight