And, particular, as to the Coast and Bay, the company did usually send thither yearly 5 or 6 ships, of between 6 and 700tons each: the 1/5th part of which returns freighted with saltpetre; one other 5th part with fine muslins, floretta yar, and raw silks; the other 3 parts, with goods by the bill prohibited: the consequence of which must be, that the trade to the Coast and Bay, will prove so inconsiderable, that it must be abandoned, and England reduced to buy all its saltpetre from the Scots, Danes, or Hollanders.
I take our home consumption, which is 1/2 of the returns of the prime costs sent to India, to be the main foundation upon which the trade stands, especially in a time of war.
It is that alone can bear the incident charges at home and expences abroad, necessary for the support of so large a traffic;and it is that only can enable any company to endure losses at sea, by storm, or a foreign enemy.
What encouragement can there be to go on with so vast a business, if our merchants must singly depend upon the markets abroad? one country, to advance their own manufactures, may prohibit our goods, the Hollanders will buy them up at their own rates, when their use is forbidden here, and they will be a drug, and blown up, all over Europe.
There is great difference between a merchant's having a choice, or a necessity to sell his ware. In one case he may in some measure make his own price, in the other he must take what is offered.
To speak generally, the East-India trade is profitable to the adventurers in time of peace; but rarely so in seasons of war and trouble. In time of peace, they enrich their country by a foreign vent and exportation of their goods; and in time of war, the home consumption chiefly enables them to support and carry on their traffic.
Your lordship may see all along in this discourse, that it is my opinion, they do do not interfere with such manufactures as it is the interest of England to promote and encourage: but though the prohibited East-India goods did greatly prejudice our own product and manufacture, yet I do not think a prohibition of them at all advisable during the war, for these reasons:
1st, Our condition is so weak, that we cannot struggle with any the bad events, with which a new council may be attended.
2dly, If to their losses at sea, their misfortunes in India, on the score of Every's piracy, and their want of money, arising from the general want of species in the nation, a prohibition of the consumption of so many of their goods be likewise added; it is to be apprehended, that upon such a discouragement, the traders to those parts will by degrees withdraw from thence their effects and stock, and quite abandon the whole traffic.
3dly, If this should happen, and that either through fullenness, or because the prohibition does really bring insuperable difficulties, our merchants should actually quit the trade; the Dutch, our rivals in all other traffic, will certainly seize the derelict. And such an addition to their riches and power at sea, can by no means be consistent with the welfare and safety of this nation.
My lord, in this discourse (which proves much longer than Iintended) I have endeavoured to shew your lordship, 1st, That this trade is beneficial to the kingdom. 2dly, That it is not prejudicial to the generall woollen manufacture of England. 3dly, That it does not so interfere with our silk and linen manufactures, as to hurt the public. 4thly, That the intended prohibitions may probably occasion an utter loss of the whole traffic.
No alteration in so considerable a branch of our foreign commerce should be attempted, unless the whole matter had been for many months considered maturely, by a council of trade, composed of the ablest men in the kingdom: and I will venture to affirm, that no sound judgment can be made in things of this nature, without contemplating the universal posture and business of the nation: and when so important deliberations are afoot, the number of the people should be examined, their annual consumption, both of home and foreign materials, should be well stated, the ready-money, and other stock of the kingdom, should be enquired into; the sum of money, and hands employed in every distinct trade, should be duly contemplated; and upon such a general inspection and view of the whole, we might be ripe to deliberated on any single point.
And false measures and rash counsels in affairs so important, are hardly capable of a future remedy.
