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Front Page arrow Titles (by Subject) arrow CHAP. XVIII.: The Fishing-Trade is not so profitable as the importation of Irish Cattel, or of Indian Manufactures; and is more likely than either to abate the Rents of England. - A Select Collection of Early English Tracts on Commerce from the Originals of Mun, Roberts, North, and Others

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CHAP. XVIII.: The Fishing-Trade is not so profitable as the importation of Irish Cattel, or of Indian Manufactures; and is more likely than either to abate the Rents of England. - 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. XVIII.

The Fishing-Trade is not so profitable as the importation of Irish Cattel, or of Indian Manufactures; and is more likely than either to abate the Rents of England.

TO illustrate a Reason or two of this Discourse, instances were taken from the Fishing-Trade, from the importation of Irish Cattel, and of Indian Manufactures. Men are all fond of a Fishery; certain Landholders are jealous of the Irish Cattel, but every one is afraid of Indian Manufactures. Wherefore, it may not be altogether improper to make a comparison of these things, that it may be seen with how little reason Men take up Aversions and Inclinations, how easily they mistake their Country’s Interest and their own. The comparison may farther recommend the Indian Manufactures.

First then, The Fishing-Trade is not so profitable to the Kingdom as the importation of Irish Cattel, or of Indian Manufactures. It procures no greater value of Herrings, but with greater Labour than is necessary to procure so much value of Irish Cattel, or of Indian Manufactures. Herrings are not catch’d and cur’d with so little labour as will procure the same value of Irish Cattel or of Indian Manufactures.

Let any quantity of Herrings be taken of any value whatsoever, of these the King has no Customs, the King is to pay a Reward upon their exportation, and he has no increase of Tonnage and Poundage upon the Returns: Yet with all this Encouragement, the Merchant does not fit out busses. Wherefore, no part of the price is the share of the Merchant; when he shall have paid for the Labour by which the Fish were taken, there will be nothing left for himself. The whole price of the Herrings will do no more than pay the Labour.

It is not so in the case of Irish Cattel of the same price or value; if the Merchant were to have no part of the price, he wou’d not import, there wou’d be no need of Prohibitions, but the contrary is evident; wherefore, the whole price of the Irish Cattel did not go to pay the Labour by which they were procur’d.

Of Indian Manufactures of the same value; the King has great Customs, the Merchant and Retailer have great Gains; a small part of the price is sufficient to pay the Labour by which they were procur’d. Wherefore, Herrings are purchac’d by Labour of greater price than the same value of Irish Cattel, or of Indian Manufactures.

And, because Labour is proportionable to the price, and Labour of greater price is greater Labour, they are also procur’d by greater Labour.

Lastly, Since to procure the same value of things with greater Labour than is necessary, does not leave so many Hands at liberty to purchase other Benefits to the Commonwealth, it is not therefore so profitable; it follows, that to procure any value of Herrings with greater Labour than were sufficient to procure the same value of Irish Cattel, or of Indian Manufactures, is by no means so profitable to the Kingdom.

Again, The Fishing-Trade is more likely to abate Rents than the importation of Irish Cattel, or of Indian Manufactures; it is natural to believe, That it must take up more of the People’s Labour, and leave a great deal less to the Plough, to the Loom, to the Manufacture of the rest of the Produce of the Landholder’s Estate; whence it is also natural to believe, That it is more likely to raise the price of Labour, and consequently to abate the value of the Produce of the Estate than the importation of Irish Cattel, or of Indian Manufactures.