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Front Page arrow Titles (by Subject) arrow CHAP. XI.: The East-India Trade is the most likely way to inlarge the business in the present Manufactures. - A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others

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CHAP. XI.: The East-India Trade is the most likely way to inlarge the business in the present Manufactures. - John Ramsay McCulloch, A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others [1856]

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A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others, with a Preface and Index (London: Printed for the Political Economy Club, 1856).

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CHAP. XI.

The East-India Trade is the most likely way to inlarge the business in the present Manufactures.

MAnufactures are procur’d from the East-Indies by the labour of fewer Hands than the like can be made in England;The East-India Trade, if by this means any numbers of People are disabled to follow their former business, the East-India Trade has only disabled so many to work to no profit of the Kingdom; by the loss of such Manufactures, of such ways of imploying the People, the Publick loses nothing. Nevertheless, to the Labourer’s Objection of being driven from his imployment, it must be also answer’d, That the East-India Trade is the most likely way to make work for all the People, by inlarging their business in the present, by being the cause of setting on foot new imployments for the People.

It is very true,by abating the price of English Manufactures, that English Manufactures cannot be sold dear, as if as good shall be imported cheap from India; so that the importation of cheaper must needs abate the price of the same kind of English Manufactures. Of equal Labour in one and the same Country, the price will not be very different; and therefore, if the East-India Trade shall oblige Men to work cheaper in some kind of Manufactures, this very thing will have an influence upon others. Or thus, the East-India Trade will put an end to many of our English Manufactures; the Men that were imploy’d in these, will betake themselves to others, the most plain and easie; or to the single Parts of other Manufactures of most variety, because the plainest work is soonest learn’d: By the increase of Labourers, the price of work will be abated; and thus the East-India Trade must needs abate the price of English Manufactures.

If the price of English Manufactures shall be abated,and consequently by increasing their Vent, more People will be enabled to buy in the former Markets, the abatement of the price will pay for the Carriage into new Markets. Thus of Cloth, perhaps a Yard may be sold abroad for Ten Shillings, it were as easie to sell two if a fifth part of that price might be abated. It is certain, that more Stockings are sold since the Framework has reduc’d the price. For the same reason that more of the cheaper labour of Engines can be sold than of the dearer labour of Hands, more of Indian than of the dearer English Manufactures; for the very same, the cheaper English Manufactures can be sold, the more will be sold: Wherefore the East-India Trade by abating the price, must increase the vent of English Manufactures.

Again,and consequently by increasing the Manufactures, The more English Manufactures can be sold, the more of them will be made; consequently, the East-India Trade by increasing the vent, will also increase the English Manufactures.

Lastly,makes more work for the People. More People will be imploy’d to make Two hundred Yards of Cloth to produce as many Bushels of Wheat, to procure from the East-Indies as many pieces of Callicoe, and so of other things, than to procure but half the quantity of these things; more People are imploy’d to make a greater than a less quantity of Manufactures: Wherefore the East-India Trade, by causing an increase of our Manufactures, is the most likely way to increase the imployment of the People.