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Security of, as compared with
that of investment in agri-
culture, 74-5

Smith's views on, xii, 65, 68,
77-8

Unproductive purposes, for, 81
Fixed, 31

Forms of, complexity and variety of,
28

Individual's most profitable invest-

ment of, in relation to national ad-
vantage, popular idea regarding v.
A. Smith's, xii (see also Individual-
ism-National interests)
Industry limited by, 103
Interest, at, 31-2

Labour's interests in relation to, 39
Labour's need of auxiliary and sus-
taining, 27-8, 37, 40, 104

Mental or immaterial, 32-3, 35-6

and n.

Mobility of, necessary for foreign
trade, xiii

Money attribute of, 30-31

Money fundamentally important in
creation and application of, 30
Parsimony and industry in relation
to, 36

Profit on, requisite for employment
of labour, 92, 94

Replacement of, out of annual pro-
duce, 34-5

Wages, proportion distributed in, 126

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Free trade argument from, 109-12;
countered by protectionist argu-
ment of employment, 117
Importance of, to the great body of
the people, 128-30

Reactions of, on employment and
conditions of labour, 128
Coal duties, 58 n.

Cobden, R., quoted, on Peel's econo-
mic policy, 135

Colonies, British. (For particular
colonies see their names)—
Abandonment of, A. Smith's views
on, 21, 206-7, 211-12, 225, 246
Advantages from possession of, as at
present, question as to, 229, 232,
236

Affection of, for mother country, 231
British public debt to be partly a
charge on, A. Smith's proposal as
to, 223-4

Capital desired by, 248
Chamberlain quoted on, 195
Crown, 227, 231

Defence, duty of, recognised by, v,
259

Emigration field for British popula-

tion, neglected as, 233-4

Expenses, not revenue, a source of,
194, 195, 204, 205, 211
Government of-

Abuses in, 227

Self-government, grants of, 227,
230, 231

Immigration to, of many nationalities,
233-4

Imperial federation scheme for, A.
Smith's, 208, 213-18, 219-25,
269 (see also Imperial Union)
Imperial sentiment among, 240
Labour immigration desired by, 248
Maritime supremacy of the Empire
to be contributed to by-
Fiscal union closely connected
with, 251-2

Method of, proposed, 240-2
Necessity for, 236-40

Revenue for, sources of, suggested,
244-5, 248, 261

Colonies, British, contd.--

Taxation, new, requisite for, 238
Military drain owing to, 193-5, 204
Navigation Act (1660) as affecting,
158 n.1, 203

North America, in (present U.S. A. )—
Development of, rapidity of, 191,
202, 216

Expenses of government in, 191
Freedom accorded to, 191-2, 201
Identity of interests of, with those
of mother country, assumption
as to, 203

Navigation Act as affecting, 203
Revolt of, 196, 205, 212, 226, 239
Origins of, 189 and n.

"Project of Empire," constituting,

rather than empire, 206, 231, 236
Reversal of policy regarding, 226-7
Taxation, British system of, A.
Smith's proposed extension of, to,

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195-7, 230-31
Colonies, effect on, 198, 202-4
Disadvantage of, real, 60,
199-201, 204, 210-11
Natural, advantages of, 76,
197-8
Preferential--

Former, 228 and n.2, 229
and n.2, 230

Modern proposed revival of,
disadvantages of, 256-8
Intercolonial, 228

Protective policy in, 173 n., 174, 196
Vested interests in, question as to
disturbance of, 254-6, 258

Colonies, French, 190
Colonies, German, 233

Colonies, Greek, 188-9, 193, 211, 231,
246

Colonies, new, causes of prosperity of,
189-92

Colonies, Roman, 188-9, 193, 213, 224
Colonies, Spanish and Portuguese, 194
Commerce, see Trade

Commercial union of the empire, see

Imperial union-Free Trade
Communication, importance of means
of, 46, 251

Congo State, 183, 232

Consumers and producers, interests of-
Identity of, in the mass, 126,
132, 134-5

Wealth of Nations on, miscon-
ceptions as to, 117-20

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Excise duties, contd.-

Countervailing, 263

Customs duties in relation to, see

under Customs

Experience, necessity of appeal to, 113,
133-4

Exports-

Bounties on, 79

Capital, of, see under Capital

Coal, of, A. Smith's attitude towards
duty on, 58 n.

Colonial, to mother country, bounties
on, 203

Drawbacks on, 165

Excess of, over imports, "balance of
trade" theory as to, see Trade-
Balance

Gladstone's duties on (1860-63),
156 n.1

Growth of, as a test of prosperity,
55

Imports paid for by, 51-2; value
affected by prices of imports,
125-6

Kinds of, relative advantages of 56
Profit, high rate of, in home market
as affecting, 199

Re-exports--

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Mun's England's Treasure by Foreign
Trade cited, 57, 200

Nearer, more advantageous than the
more remote, 52, 200, 267
Retaliation, see that title
Returns of, as compared with home
trade returns, 50-52
Security of, increased, 75
Simplicity of system of, advantages
of, 269

Varieties of, relative advantages of,
52-3, 55

Wealth of foreign nations advantage-
ous to, 131, 166, 268
France-

Aix-la-Chapelle Treaty (1748), 180
Colonies of, conditions in, 190
Commercial Treaty with (1784),

168

Commercial Treaty with (1860),

Gladstone's defence of, 124-5
Economists of, A. Smith's views in
harmony with those of, 148-9
Foreign investments of, 105 n.2
Revolution in, 185

War with Britain (1755-62), 180
Free trade-

Advantages of, needing demonstra-

tion, enumerated, 133-4
Byles's Sophisms of Free Trade cited,
4 n., 62-3
Cheapness, argument for, 109-12;
countered by protectionist argu-
ment of employment, 117
Colonies, etc., free trade between
Great Britain and—
Foreign trade policy, variety in,
compatible with, viii-ix, 246,

254

Imperial union, under, see Imperial
union-Free trade

Separation of colonies accompanied
by, suggestion as to, 207, 211,
225, 246
Dogmatic, weakness of, 42-3

Free trade, contd.-

Establishment of—

Complete, in Great Britain, A.
Smith's prophecy regarding,
falsified, 172

Gradual approach to, A. Smith's
advocacy of, 20, 99, 171-2,
254, 256
Exceptions to-
Cases of-

Customs to balance excise,
160-61; extensions of prin-
ciple, 163-6

Infant industries, 173-4
Navigation Act, 153-6
Retaliation, 166-70
Vested interests, 171-3
Extension of, possibilities as to,
137

Importance of, 150, 152, 174
Gradual approach to, see under sub-
heading Establishment of

Home manufactures, A. Smith's
views as to possible effect on,
99 n., 145

Negative argument for-

Differential duties, difficulties as
to, 164

Navigation Act (1660), a good ex-
ample of, 156-9

Present importance of, 150-2
Sidgwick's statement of, 136-7
Smith's statement of, 137-9,

144-7

United States Tariff Act (1909) a

good example of, 265 n.

Producers and consumers benefited
by, question as to, 133

Protection, difference from, one not
of principles but of methods, 86
Royal Commission on, suggestion as
to, xiv, 87, 114, 116

Smith's connection with, xi - xii;

his approval of, 133

Fund, A. Smith's use of term, 36-7

Germany-

Agricultural protection in, 160, 174
Defence method adopted by, vi
Expansion of, a necessity, 233
Foreign investments of, 105 n.o

Free trade, internal, with external
protection in, 246

Navigation Act, suggested revival of,
against, 170

Gladstone, W. E., export and import
duties levied and repealed by, 156
and n.1; quoted, on price of com-
modities compared with rate of
wages, 124-5

Great Britain-

Capital of, invested abroad-

Amount of, 105

Increase in rate of, 105

Magnitude of, xiii, 68, 93, 234
Profits of, 77

Colonies of, see Colonies, British
Emigration from, question as to,
233-4; of labour, see under
Labour

Expansion of, 233

Foreign and colonial trade of, com-
pared, 235-6

Industrial revolution in, 186, 229
Maritime supremacy of, imperial
preservation of, necessary, 236-40
(see also under Colonies, British-
Maritime supremacy)

May's Constitutional History of Eng-
land quoted, 227 and n.
Natural resources of, 47
Stubbs's Constitutional History cited
242 n.

Hamilton, Alexander, cited 56 n.2,

84, 173 n., 246; quoted, 249,
266; biography of, by F. S. Oliver,
cited, 212; quoted, 259 n.

Holland-

Carrying trade of, 67-8, 157
Decline of, 157

Government of, as affecting economic

conditions in, 69

Naval power of, 154

War of 1672-8, 167

Wealth of, 68, 69

Home trade-

Capital's employment in—

Advantages of

Investors', 2, 106

National, xi, xiii, 49-51, 57,

65, 80, 85-6, 97, 106, 198,
235, 267, 268

Bounties to induce, question as to,
113-14

Protective duties to induce, ques-
tion as to, 94, 113-14
Competition in, as modifying rise in
price through import duties,
165

Importance of, emphasised by A.
Smith, xi, xiii, 2, 56, 268

Limitation of, 70

Monopoly of, see Monopoly
Protection for, see Protection

Returns of, as compared with foreign
trade returns, 50-51

Hume, Smith's attitude towards, 12

n.

Huskisson, 14, 158

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Preferences by method of super-
taxes a substitute for, not a
means to, 258

Important functions of, other than
fiscal, vii., 270

Representation proportionate to taxa-
tion the basis of, 208, 213, 215,
219-20, 224

Revenue of

Amount of, A. Smith's estimate
of, 223

Contributions to, assessment of,
224

Expenditure of, control of, 224
Seat of empire, suggestion as to trans-
ference of, 186, 215-16

Taxation scheme for, 219-22, 224
Imports-

"Balance of trade" theory as to, see
Trade-Balance

Displacement of home industry by,
question of, 98-100

Duties on, see Customs and Protection
Exports necessary to pay for, 51-2;
value of exports as affected by
prices of imports, 125-6
Food stuffs, of, necessitated by growth
of population, 147-8
Free, see Free Trade

Gladstone's policy regarding (1860-

1863), 156 and n.1

Linen yarn, A. Smith's crucial in-
stance of, 142-3

Prices of, as affecting value of exports,
125-6

Raw materials, of, A. Smith's views

as to duties on, 122, 142
Taxes on, for revenue, see Customs
India-

East India Company, history and
abuses of, 180-4

Mercantilist policy in, condemned by
A. Smith, 216, 230
Present condition of, 182, 187
Individualism-

Erroneous charge of, against A.

Smith, 12-13

National interests in relation to-
Coincident, 73-4, 75-6

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