employ'd in Trade, ought to make so large a Gain as about 40 per cent per ann. all necessary Means should be used, to make as large a Consumption of all Kinds of Goods, as the Nature of Things is well capable of; which, as hath been before sufficiently shewn, can hardly ever be equal to the Wants of the People, according to their several Ranks and Stations only, will necesarily require. And this should also be done, for the sake of returning the Capitals employed in Trade, as frequently as possible; since the quicker the Returns are made, the cheaper will the Goods come to the Consumer; and the slower the Returns are made, so much larger should the Profits always be, that is, so much dearer ought the Goods to be sold to the Consumer. If this is not the Case, the Tradesman must suffer, which is very unreasonable, since all Trade is carried on solely for the Use and Benefit of the Consumer.
Again, this Estimate shews, how unfit it is to give or take long Credit in Trade; since the Advance of the Price of goods sold on time, ought not to be reckon'd with any Regard to the Interest of Money on Securities, but by the Rates of the Profits which the Capitals employ'd may require to answer the End of Trade, which is not only the continual Support of Families, but such a Provision for them as may, at least, leave the Children in Condition to fill up the same, if not better Stations in Life, than their Parents were in. For as all below this Point approach so much nearer Poverty, so, if such Descent towards Poverty to be general amongst the trading People, the Rents in general will not only fall, but be lost; and this, I imagine, is both seen and felt too at this Time.
And therefore, I think, giving long Credit in Trade, which is now become much too general, ought to be remedied; since it must affect the Landed-Men, either in the high Price of their Consumables, or in their Rents, or perhaps in both.
The last Thing I shall mention, to shew that our Trade really is, and hath been, for some considerable Time past, growing into a much worse State than it formerly was, shall be the acknowledged Dearness of the Labour of the People in England, to the Price of Labour in most of our Neighbour Nations; the Effect of which hath been so detrimental to our Trade, that the Nations round us have, in less than half a Century, enter'd on, and set up the Fabricating many Manufactures, which they before that Time had from us only: Which hath not been observed, but lamented by many of our Merchants and Tradesmen, etc. And at length, as is notoriously know, the Dearness of Labour hath been found so burthensome to our Farmers, that the Gentry and Justices of the Peace, in their open Quarter Sessions, have lately, in several Places in the Kingdom, attempted to redress this Evil, by regulating the Rates of Servants Wages. Now this attempt, though it be unnatural, and impossible to answer the End, is however a publick Acknowledgment, that our Trade is in a very bad State.
For if our Labour be really too dear, as it most certainly is, then all our Commodities must be so too; which must necessarily greatly lessen the Vend and Consumption of them. And hence it will follow, that this publick Attempt to reduce the Rates of Labour, amounts to a publick Declaration that our Trade is in a very bad State.
But after all I have offer'd, which I think abundantly sufficient to prove that our Trade is in a much worse State than it formerly was, I know it will be objected, that we have, at this Time, as much Trade amongst us in the Nation as we ever had;and that therefore our Trade is not so bad, as I have shewn it to be. Now, tho' I should allow the Objectors their Assertion, yet, I think, I can notwithstanding produce several Reasons, to shew that our Trade is in a much worse State than it formerly was; as, First, That the People in this Kingdom have increased considerably within the last half Century: For I have before shewn that this Town is increased about 1/7 part, in the Space of about forty Years. And Sir William Pettis says, A Nation will double itself in 200 Years, if it be free from War, Pestilence, or Draining for distant Colonies. Now 40 Years being 1/5 of the Period he asserts a Nation will double in, it follows, by this Authority, that the People in this Kingdom must be increas'd 1/5within the last forty Years: If therefore our Trade be not 1/5Part greater than it was about forty Years ago, which I am sure cannot be shewn, it follows, that as our Trade is less, in Proportion to this Increase of People, than it formerly was, it therefore must be so much worse.
I am sensible it may be objected, that we have, within half a Century, had two Wars with France, as well as one in Ireland upon King William's coming in; and that therefore this Authority will not support so great an Increase as I have deduced from it. But Ianswer, That we had so good a Trade about the Revolution, and during both those Wars with France, as drew more People from abroad to us, than these Wars did probably destroy.
Again, Secondly, allowing that we have now as much Trade in this Kingdom as we formerly had, yet it must also be allow'd, that if Trade be now carried on for less Profit, than it formerly was, as it undoubtedly is; and this I fear now will be generally granted; besides, that I think, what I have said under the last Estimate, doth sufficiently prove as much: I say, if Trade be now carried on for less Profits; and if the Charge of Living be likewise grown much greater than it formerly was, which I know will easily be allow'd me too, surely then Trade must necessarily be much worse than it formerly was, notwithstanding we may have as much Trade is certainly in a much worse State than it formerly was, especially in this Metropolis, I think it will not be unnecessary to shew how Trade stands in the Country in this respect.