Emigration from, to U.S.A., 233
Trade restraints imposed on, 262
Union of, with Great Britain, A.
Smith's views as to, 218-19

Johnson, Dr., cited, 2; quoted, 139
Labour-

Agricultural, advantages of, natural
and social, 46-8

"Annual produce of the land and
labour," modern corresponding
term for, 24, 34, 39

Broad significance of term, as used
by A. Smith, 26

Capital required by, auxiliary and
sustaining, 27-8, 37, 40, 104
Capital's interests in relation to, 39,
Combinations of-

Prohibition of, by law, 38
Townsmen's advantages regarding,
48, 72
Conditions of-

Misinterpretation of A. Smith's
views as to consideration of, 118-
119

Regulation of, in 19th century, 128
Consuming power of those engaged

in-

Magnitude of, in aggregate, 126-7
Reduction in, the same thing as

falling off in aggregate annual
produce, 127

Cost of, as affected by taxation of
necessaries, 122-3, 163

Nature, of, 47

Philosophy and speculation included
under, 26
Productive-

Employment of (see also Employ-
ment)-

Profit on capital a requisite
for, 92, 94

Test of economic advantage,
85, 92

Maintenance of, source of-
Capital, 35

Produce, annual, of land and
labour, 37

Nature of, 24-5
Unemployment, see that title
Unproductive-

Distinction of, from absence of
labour, 35

Importance and necessity of, 25-6
Maintenance of, source of

Produce, annual, of land and
labour, 37
Revenue, 35
Nature of, 25

Value added by, to national divi-
dend to be considered rather than
mere employment, 108-10
Vested interests of, 171-2, 254-6
Wages of, see Wages

Waste of, in "making work,"

M'Culloch's Introduction to Wealth of
Nations quoted, 41-2

Madox's Exchequer quoted, 243 n.2
Magna Charta quoted, 243 n.2
"Man within," A. Smith's appeal to, 4
Manufactures-

Colonial policy regarding, 196
Free importation of, A. Smith's
views as to probable effect of, on
home manufactures, 99 n., 145
(see also Free trade)

Hamilton's Report on Manufac-
tures cited, 84; quoted, 249
Materials of, exemption of, from
taxation, 122, 142

Underselling in, in near markets,
cause of, 199

Markets-

Home, see Home trade

Labour, for, organisation of, 128
Money fundamentally important in
connection with, 29-30

Situation of, conditions determin-
ing, 45

May, Erskine, Constitutional History

of England by, quoted, 227 and n.
Mercantilists-

"Balance of trade" theory held by,
64, 84, 129, 130

Monopoly the centre of system of,
83-4, 93, 140, 141, 151; desire
for monopoly of labour, 119
Smith's attack on, 29, 57, 64, 84, 89,

90, 93, 118-21, 129, 140, 141, 210,
216; his suspicion against, 131-2
Merchant shipping, non-British capital
in, 53-4
Merchants-

Interference of, in proper functions
of the State, disadvantages of,
177-84, 225

Monopoly chiefly of benefit to manu-
facturers and, 112-13, 140-3

Militarism, A. Smith's views on, 15-17
Mill, J. S., quoted, 103; cited, 104,
173, 255; Representative Govern-
ment by quoted, 263 n.

Money-

Capital, money attribute of, 31-2
Importance, fundamental, of, 29-30
Overestimation of, 79
Monopoly-

Agriculturists not actuated by spirit
of, in A. Smith's view, 144
Colonial trade, of, see under Colonies,
British-Trade of-British

Evils of, 89, 139, 141; reduction of
produce of the land and labour, 120;

sacrifice of productive labourers
and consumers, 120, 130, 131
Limited time, granted for, 176
Mercantilist system based on and
permeated with, 83-4, 93, 140, 141,
151

Merchants and manufacturers chiefly
benefited by, 112-13, 140-3
Protection necessarily conducive to,
93, 101

Smith's attack on, 72, 130, 131,

140, 141-4, 263, 266

State intervention in regard to, 134,
176

Taxation of gains of monopolists,
A. Smith's views on, 141, 205
Taxation to secure, A. Smith's views

on, 88, 121

Produce, annual, contd.-

Surplus of, advantageously exported,
66

Taxes all paid from, 55
Two divisions of, 34-5
Upkeep of, 39

"Producer," misinterpretation of A.
Smith's use of term, 118-20
Producers and consumers, interests

of-

Identity of, in the mass, 126, 132,
134-5

Wealth of Nations on, misconceptions
as to, 117-20

Production (see also Labour)—
Consumption the sole end of, 118
Cost of, raised by monopoly, 119
Money power the basis of, 30
Trade a part of, 28, 30, 45
Profit (see also Interest)——
Advantage-

Coincident with, 73-4, 75-6
Distinguished from, 49, 53 n.,
62-3, 71-2, 96, 176, 200, 224-
225, 235

Agriculture, from, 74-5

Capital, investment of, determined
by, 113, 199

"Equal or nearly equal," A. Smith's
proviso as to, 74, 75, 92, 97, 106-
107, 113

High rate of-

Cost of production and export
trade in relation to, 199
Understocking indicated by, 76,
198

Increase of stock in relation to
amount of, 40

Monopoly of home market managed
merely for, instance of, 141-3

Protection-

Australia, in, 91-2

Bounty system compared with, 94
Capital retained in home trade by,

94-5

Colonies, in, 91-2, 173 n., 174, 196
Employment argument of, against
free trade argument of cheapness,
117
Exports increased under, argument
as to, 102-3

Free trade, difference from, one not
of principles but of methods, 86
Gladstone's import duties (1860-63),
156 n.1

Hamilton's use of term, 84

Increasing tendency to, among
foreign states, xiii

Infant industries, of, 89, 178-4;
supposed to be temporary, 255-6;

Protection, contd.-

Mediæval towns' individualism as
to, 247

Monopoly, the result of, 93
Natural existence of, 106

Objects of, primary and ultimate,
91

Particular industries' benefit under,
as against general disadvantage,
101 et seq.

Political power exercised by pro-

tected interests, 258
Popular view regarding, 136
Practical difficulties of, 137 (see also

Free Trade-Negative argument)
Preferential, see under Colonies,
British-Trade of-British
Prevalence of, in A. Smith's time,
100-101

Prices necessarily raised by, 92-5
Produce, annual, of land and labour

as affected by, 107-11
Ricardo's views on, cited, 263 n.
Royal Commission on, suggestion as
to, xiv, 87, 114, 116
Sidgwick's views on, 136-7

Smith alleged to be founder of, xi;
his non-use of the term, 83; his
equivalent phrase, 87; his view
of, xiii, 60, 88-9, 100, 133
Socialism the logical outcome of, 95-6
Temporary, question as to, 173,
255-6

United States, in, see under United
States

Public school education, A. Smith's
views on, 7-8

Rent, 34, 70; monopoly as affecting, 200
Retaliation-

Countervailing duties the principle
of, 166

Dangers of, 152, 167
Difficulties of, 168-9
Effective methods of, 170

Imperial customs union as weapon
for, 265

List quoted on, 171

Object of, 79-80, 99, 168-70, 267
Revenge, in, dangers of, 167
Smith's attitude towards, 79-80, 99,
167-70

Vested interests arising out of, 171
Revenue-

Ad valorem duty on imports con-
sidered as source of, 170

Four principal branches of, in A.
Smith's time, 221

Gross and net, relations between,

91

Tariff wars, lessons from, 169
Taxation-

Bounties a form of, 94

British system of, proposed extension

of, to whole empire, 219-20, 261
Colonies, of, for maritime defence,
necessity for, 238

Commodities suitable for exemption
from, 122

Employment reduced by all taxation
on commodities, 125-6
Incidence of, 164-6

Land, of, see Land taxes
Monopolists' gains, of, A. Smith's
views on, 141, 205
Necessaries, of—

Articles now classed as necessaries
formerly luxuries, 127 and n.
Cost of labour and of consumption,
effect on, 122-3, 163
Revenue, for, as distinguished from
taxation to secure monopoly, 87-
89, 120-21

Substitutes of taxed commodities, of,

difficulties as to, 162-3

Theory of the Moral Sentiments—
Additions to, in final edition, quoted,
4, 16-17

Basis of, 3-4

Nationalism vindicated in, x

Trade-

Balance of, exploded theory as to,
64 and n., 84, 129, 130
Capital required for, 30 (see also
Capital)

Carrying, see that title

Cities' growth due to, 45, 250
Colonial, see under Colonies, British
Commercial Federation and Colonial
Trade Policy (Davidson), cited,
228 and nn., 229 and n.o

Exports, see that title
Foreign, see Foreign trade
Free, see Free trade

Home, see Home trade
Imports, see that title

Intercolonial, 228 (see also under
Colonies, British-Trade)
Monopoly, see that title

Organisation of, money necessary to,
29-30

Philanthropic affections regarding,
A. Smith's views on, 138

Modern preoccupation with, 128
Old poor law ineffective regarding,
151

Smith's precautions against, 20, 99,
171-2, 256

United States of America-
Agriculture in, 147 and n., 250
Ashley's Economic Surveys as re-
lating to, cited, 158 n.1, 201-
202

British colonial trade with, restric-
tions on, 228, 229

Canadian trade with, advantageous
to Canada, 267

Colonies, British, as, see Colonies,
British-North America
Declaration of Independence, date
of, 185

Economic conditions in, 72

Economic History of the United
States (Bogart), quoted, 259 n.
Free trade in, internal, establishment
of, viii, 246, 259 n.