Security of, as compared with Smith's views on, xii, 65, 68, Unproductive purposes, for, 81 Forms of, complexity and variety of, Individual's most profitable invest- ment of, in relation to national ad- Labour's interests in relation to, 39 Mental or immaterial, 32-3, 35-6 and n. Mobility of, necessary for foreign Money attribute of, 30-31 Money fundamentally important in Profit on, requisite for employment Replacement of, out of annual pro- Wages, proportion distributed in, 126 Free trade argument from, 109-12; Reactions of, on employment and Cobden, R., quoted, on Peel's econo- Colonies, British. (For particular Affection of, for mother country, 231 Capital desired by, 248 Defence, duty of, recognised by, v, Emigration field for British popula- tion, neglected as, 233-4 Expenses, not revenue, a source of, Abuses in, 227 Self-government, grants of, 227, Immigration to, of many nationalities, Imperial federation scheme for, A. Method of, proposed, 240-2 Revenue for, sources of, suggested, Colonies, British, contd.-- Taxation, new, requisite for, 238 North America, in (present U.S. A. )— Expenses of government in, 191 Navigation Act as affecting, 203 "Project of Empire," constituting, rather than empire, 206, 231, 236 195-7, 230-31 Former, 228 and n.2, 229 Modern proposed revival of, Protective policy in, 173 n., 174, 196 Colonies, French, 190 Colonies, Greek, 188-9, 193, 211, 231, Colonies, new, causes of prosperity of, Colonies, Roman, 188-9, 193, 213, 224 Commercial union of the empire, see Imperial union-Free Trade Congo State, 183, 232 Consumers and producers, interests of- Wealth of Nations on, miscon- Excise duties, contd.- Countervailing, 263 Customs duties in relation to, see under Customs Experience, necessity of appeal to, 113, Exports- Bounties on, 79 Capital, of, see under Capital Coal, of, A. Smith's attitude towards Colonial, to mother country, bounties Drawbacks on, 165 Excess of, over imports, "balance of Gladstone's duties on (1860-63), Growth of, as a test of prosperity, Imports paid for by, 51-2; value Kinds of, relative advantages of 56 Re-exports-- Mun's England's Treasure by Foreign Nearer, more advantageous than the Varieties of, relative advantages of, Wealth of foreign nations advantage- Aix-la-Chapelle Treaty (1748), 180 168 Commercial Treaty with (1860), Gladstone's defence of, 124-5 War with Britain (1755-62), 180 Advantages of, needing demonstra- tion, enumerated, 133-4 254 Imperial union, under, see Imperial Separation of colonies accompanied Free trade, contd.- Establishment of— Complete, in Great Britain, A. Gradual approach to, A. Smith's Customs to balance excise, Infant industries, 173-4 Importance of, 150, 152, 174 Home manufactures, A. Smith's Negative argument for- Differential duties, difficulties as Navigation Act (1660), a good ex- Present importance of, 150-2 144-7 United States Tariff Act (1909) a good example of, 265 n. Producers and consumers benefited Protection, difference from, one not 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 Free trade, internal, with external Navigation Act, suggested revival of, Gladstone, W. E., export and import Great Britain- Capital of, invested abroad- Amount of, 105 Increase in rate of, 105 Magnitude of, xiii, 68, 93, 234 Colonies of, see Colonies, British Expansion of, 233 Foreign and colonial trade of, com- Industrial revolution in, 186, 229 May's Constitutional History of Eng- Hamilton, Alexander, cited 56 n.2, 84, 173 n., 246; quoted, 249, Holland- Carrying trade of, 67-8, 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, Bounties to induce, question as to, Protective duties to induce, ques- Importance of, emphasised by A. Limitation of, 70 Monopoly of, see Monopoly Returns of, as compared with foreign Hume, Smith's attitude towards, 12 n. Huskisson, 14, 158 Preferences by method of super- Important functions of, other than Representation proportionate to taxa- Revenue of Amount of, A. Smith's estimate Contributions to, assessment of, Expenditure of, control of, 224 Taxation scheme for, 219-22, 224 "Balance of trade" theory as to, see Displacement of home industry by, Duties on, see Customs and Protection Gladstone's policy regarding (1860- 1863), 156 and n.1 Linen yarn, A. Smith's crucial in- Prices of, as affecting value of exports, Raw materials, of, A. Smith's views as to duties on, 122, 142 East India Company, history and Mercantilist policy in, condemned by Erroneous charge of, against A. Smith, 12-13 National interests in relation to- |