England takes from them fine lace, fine cambrics, and cambric-lawns,
Flanders whited linens, threads, tapes, incles, and divers other
commodities, to a very great value.
To Holland the merchants export broad-cloth, druggets, long-ells,
stuffs of a great many sorts, leather, corn, coals, and something of
almost every kind that this kingdom produces; besides all sorts of
India and Turkey re-exported goods, sugars, tobacco, rice, ginger,
pitch and tar, and sundry other commodities of the produce of our
American plantations.
England takes from Holland great quantities of fine Holland linen,
threads, tapes, and incles; whale fins, brass battery, madder,
argol, with a large number of other commodities and toys; clapboard,
wainscot, &c.
To Ireland are exported fine broad-cloth, rich silks, ribbons, gold
and silver lace, manufactured iron and cutlery wares, pewter, great
quantities of hops, coals, dyeing wares, tobacco, sugar, East India
goods, raw silk, hollands, and almost everything they use, but
linens, coarse woollens, and eatables.
England takes from Ireland woollen yarn, linen yarn, great
quantities of wool in the fleece, and some tallow.
They have an extraordinary trade for their hides, tallow; beef,
butter, &c., to Holland, Flanders, France, Portugal, and Spain,
which enables them to make large remittances.
To the sugar plantations are exported all sorts of clothing, both
linen, silks, and woollen; wrought iron, brass, copper, all sorts of
household furniture, and a great part of their food.
They return sugar, ginger, and several commodities, and all the
bullion and gold they can meet with, but rarely carry out any.
To the tobacco plantations are exported clothing, household goods,
iron manufactures of all sorts, saddles, bridles, brass and copper
wares; and notwithstanding they dwell among the woods, they take
their very turnery wares, and almost everything else that may be
called the manufacture of England.
England takes from them not only what tobacco is consumed at home,
but very great quantities for re-exportation.
To Carolina are exported the same commodities as to the tobacco
plantations. This country lying between the 32nd and 36th degrees
of northern latitude, the soil is generally fertile. The rice it
produces is said to be the best in the world; and no country affords
better silk than has been brought from thence, though for want of
sufficient encouragement the quantity imported is very small. It is
said both bohea and green tea have been raised there, extraordinary
good of the kind. The olive-tree grows wild, and thrives very well,
and might soon be improved so far as to supply us with large
quantities of oil. It is said the fly from whence the cochineal is
made is found very common, and if care was taken very great
quantities might be made. The indigo plant grows exceedingly well.
The country has plenty of iron mines in it, and would produce
excellent hemp and flax, if encouragement was given for raising it.
To Pennsylvania are exported broad-cloth, kerseys, druggets, serges,
and manufactures of all kinds.
To New England are exported all sorts of woollen manufactures,
linen, sail-cloth and cordage for rigging their ships, haberdashery,
&c. They carry lumber and provisions to the sugar plantations; and
exchange provisions for logwood with the logwood-cutters at
Campeachy. They send pipe and barrel-staves and fish to Spain,
Portugal, and the Straits. They send pitch, tar, and turpentine to
England, with some skins.
Having considered the trading companies, and other branches of
foreign trade, I shall now inquire into the establishment of the
Bank of England.
The governor and company of the Bank of England, &c., are enjoined
not to trade, or suffer any person in trust for them to trade, with
any of the stock, moneys or effects, in the buying or selling of any
merchandise or goods whatsoever, on pain of forfeiting the treble
value. Yet they may deal in bills of exchange, and in buying and
selling of bullion, gold or silver, or in selling goods mortgaged to
them, and not redeemed at the time agreed on, or within three months
after, or such goods as should be the produce of lands purchased by
the corporation. All bills obligatory and of credit under the seal
of the corporation made to any person, may by endorsement be
assigned, and such assignment shall transfer the property to the
moneys due upon the same, and the assignee may sue in his own name.
There is at present due to this Bank
from the Government on the original
fund at 6 pounds per cent. 1,600,000 (pounds)
For cancelling of Exchequer bills,
3 George I 1,500,000
Purchased of the South Sea Company 4,000,000
Annuities at 4 pounds per cent. charged
on the duty on coals since
Lady Day, 1719. 1,750,000
Ditto, charged on the surplus of
the funds for the lottery of 1714 1,250,000
Total due to the Bank of England 10,100,000 (pounds)
Give me leave to observe here, that most of the foreign trade of
this town is transacted by brokers, of which there are three sorts,
viz., 1st, Exchange-brokers, 2ndly, brokers for goods and
merchandise, and 3rdly, ship-brokers.
The exchange-brokers, who are versed in the course of exchange,
furnish the merchant with money or bills, as he has occasion for
either.
The broker of goods lets the merchant know where he may furnish
himself with them, and the settled price; or if he wants to sell,
where he may meet with a chapman for his effects.
The ship-broker finds ships for the merchant, when he wants to send
his goods abroad; or goods for captains and masters of vessels to
freight their ships with.
If it be demanded what share of foreign trade London hath with
respect to the rest of the kingdom; it seems to have a fourth part
of the whole, at least if we may judge by the produce of the
customs, which are as three to twelve, or thereabouts.
