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the united navies of France and Holland。 Its superiority；
perhaps； would scarce appear greater in the present times； at
least if the Dutch navy was to bear the same proportion to the
Dutch commerce now which it did then。 But this great naval power
could not； in either of those wars； be owing to the Act of
Navigation。 During the first of them the plan of that act had
been but just formed； and though before the breaking out of the
second it had been fully enacted by legal authority； yet no part
of it could have had time to produce any considerable effect； and
least of all that part which established the exclusive trade to
the colonies。 Both the colonies and their trade were
inconsiderable then in comparison of what they are now。 The
island of Jamaica was an unwholesome desert； little inhabited；
and less cultivated。 New York and New Jersey were in the
possession of the Dutch： the half of St。 Christopher's in that of
the French。 The island of Antigua； the two Carolinas；
Pennsylvania； Georgia； and Nova Scotia were not planted。
Virginia； Maryland； and New England were planted； and though they
were very thriving colonies； yet there was not； perhaps； at that
time； either in Europe or America； a single person who foresaw or
even suspected the rapid progress which they have since made in
wealth； population； and improvement。 The island of Barbadoes； in
short； was the only British colony of any consequence of which
the condition at that time bore any resemblance to what it is at
present。 The trade of the colonies； of which England； even for
some time after the Act of Navigation； enjoyed but a part （for
the Act of Navigation was not very strictly executed till several
years after it was enacted）； could not at that time be the cause
of the great trade of England； nor of the great naval power which
was supported by that trade。 The trade which at that time
supported that great naval power was the trade of Europe； and of
the countries which lie round the Mediterranean Sea。 But the
share which Great Britain at present enjoys of that trade could
not support any such great naval power。 Had the growing trade of
the colonies been left free to all nations； whatever share of it
might have fallen to Great Britain； and a very considerable share
would probably have fallen to her； must have been all an addition
to this great trade of which she was before in possession。 In
consequence of the monopoly； the increase of the colony trade has
not so much occasioned an addition to the trade which Great
Britain had before as a total change in its direction。
Secondly； this monopoly has necessarily contributed to keep
up the rate of profit in all the different branches of British
trade higher than it naturally would have been had all nations
been allowed a free trade to the British colonies。
The monopoly of the colony trade； as it necessarily drew
towards that trade a greater proportion of the capital of Great
Britain than what would have gone to it of its own accord； so by
the expulsion of all foreign capitals it necessarily reduced the
whole quantity of capital employed in that trade below what it
naturally would have been in the case of a free trade。 But； by
lessening the competition of capitals in that branch of trade； it
necessarily raised the rate of profit in that branch。 By
lessening； too； the competition of British capitals in all other
branches of trade； it necessarily raised the rate of British
profit in all those other branches。 Whatever may have been； at
any particular period； since the establishment of the Act of
Navigation； the state or extent of the mercantile capital of
Great Britain； the monopoly of the colony trade must； during the
continuance of that state； have raised the ordinary rate of
British profit higher than it otherwise would have been both in
that and in all the other branches of British trade。 If； since
the establishment of the Act of Navigation； the ordinary rate of
British profit has fallen considerably； as it certainly has； it
must have fallen still lower； had not the monopoly established by
that act contributed to keep it up。
But whatever raises in any country the ordinary rate of
profit higher than it otherwise would be； necessarily subjects
that country both to an absolute and to a relative disadvantage
in every branch of trade of which she has not the monopoly。
It subjects her to an absolute disadvantage； because in such
branches of trade her merchants cannot get this greater profit
without selling dearer than they otherwise would do both the
goods of foreign countries which they import into their own； and
the goods of their own country which they export to foreign
countries。 Their own country must both buy dearer and sell
dearer； must both buy less and sell less； must both enjoy less
and produce less； than she otherwise would do。
It subjects her to a relative disadvantage； because in such
branches of trade it sets other countries which are not subject
to the same absolute disadvantage either more above her or less
below her than they otherwise would be。 It enables them both to
enjoy more and to produce more in proportion to what she enjoys
and produces。 It renders their superiority greater or their
inferiority less than it otherwise would be。 By raising the price
of her produce above what it otherwise would be； it enables the
merchants of other countries to undersell her in foreign markets；
and thereby to jostle her out of almost all those branches of
trade； of which she has not the monopoly。
Our merchants frequently complain of the high wages of
British labour as the cause of their manufactures being undersold
in foreign markets； but they are silent about the high profits of
stock。 They complain of the extravagant gain of other people； but
they say nothing of their own。 The high profits of British stock；
however； may contribute towards raising the price of British
manufactures in many cases as much； and in some perhaps more；
than the high wages of British labour。
It is in this manner that the capital of Great Britain； one
may justly say； has partly been drawn and partly been driven from
the greater part of the different branches of trade of which she
has not the monopoly； from the trade of Europe in particular； and
from that of the countries which lie round the Mediterranean Sea。
It has partly been drawn from those branches of trade by the
attraction of superior profit in the colony trade in consequence
of the continual increase of that trade； and of the continual
insufficiency of the capital which had carried it on one year to
carry it on the next。
It has partly been driven from them by the advantage which
the high rate of profit； established in Great Britain； gives to
other countries in all the different branches of trade of which
Great Britain has not the monopoly。
As the monopoly of the colony trade has drawn from those
other branches a part of the British capital which would
otherwise have been employed in them； so it has forced into them
many foreign