30. Fog's Journal of January 20, 1738 says, the Interest due to Foreigners upon the Publick Funds, may be put at 400,000 l. per Annum: If so, we must owe them at least 10 Millions; for that Sum at 4 per cent comes to but 400,000 l. and if we reckon the Interest lower, the Principal must be greater in such Proportion.
31. That the Trade of this Metropolis is so much worse than it formerly was, is ascribed to the Peace, which hath open'd the Trade of all the Ports of the Kingdom, so that they can carry on Foreign Trade in most of them, which during the War was chiefly carried on at this Port only, the Trade of the other Ports not being considerable enough to obtain Convoys, without which hardly any foreign Trade could be carried on in War time. In answer to which, I shall only observe, that all the Ports in the Kingdom whereas open and free to carry on foreign Trade, during most part of the Period, in which it hath been shewn the People in London, Westminister, and Suburbs doubled, as those Ports have been since the Utrecht Peace.
32. Let us see how many Gentlemen we may be supposed to have in the Kingdom, by dividing the whole Rental of 20 Millions into L.
500 per Annum, for each Gentlemen, at a Medium; which I am sure is cutting it into as Pieces as it can be reasonably imagin'd there are Gentlemen that subsist solely on their Estates. Now 20Millions divided by 500 gives 40,000, the Number of Gentlemen which, on this Supposition, live on their Estates in this Kingdom; But if we consider how many large Estates there are, and how few Gentlemen can subsist on L. 500 per annum, as the Prices of Things now go, it's very likely there are near this Number of Gentlemen that subsist solely on their Estates. And yet this Number, which, including their Families, with Servants and all, Ishall put at 8 souls at a Medium, is but 1/25 Part of 8 Millions of People, which are supposed to be the least we have in the Kingdom. the rest therefore, except such as have Places under the Government, must necessarily be subsisted by Trade or Labour; and their Number must, by this Rule, be more than 19/20 of all the People in the Kingdom, as I have asserted above.
33. Leghorn, Nov. 7. The Emperor hath strictly prohibited the Exportation of Corn from Naples and Sicily. -- Whence we hope the Demand for British Corn in Spain and Italy, will be so great, as to save our Farmers from the inevitable Ruin which must otherwise have attended them. London and Whitehall Evening Posts of Nov.
17, 1733.
34. If the Wants of the People are too much abridged, they must on that Account want Employment, and lose Time, which will made the rest of the Time they work more valuable, seeing they must have a whole Subsistence, tho' they shou'd be supposed to work but half their Time: Whence the Things they make will become too dear to answer, and turn to Account, because the Want of a sufficient Demand for, and Consumption of them, which are Consequences connected with these Circumstances, will at the same Time (that it inhances the Charge of ****** Things cheap, the People must, if possible, lose no Time; because only such full Employment can make every Thing cheap, and put it in the Power of the People to purchase, and consume all the Things they raise, and make. And hence only can the Demand become great enough, to make them answer, and turn to Account.
35. Dr John Lawrence, in his new System of Agriculture, Page 5, says, I can't but admire that the People of England should be so backward to enclose, which would be worth more to us than the Mines of the Indies to the King of Spain.
36. The Rent paid to such Parishes or Vestries, should be annually distributed to those who had a Right of Commoning on such Lands as may, from Time to Time, be enclosed and improv'd;and that in such Proportion as their several Rights may intitle them to; unless the Parliament should think it more useful and beneficial to apply such Rents to the Relief of the Poor, in those and other Parishes that may stand in need of Assistance and Relief, or direct its Application any other fitter Way; or unless those who have the Right of commoning, will enclose and improve it in such Parts, as their several Rights may intitle them to.
37. I look with Compassion upon the Hardships of the poor Artificers and Manufacturers. See his Majesty's most Gracious Speech of January 13, 1729.
38. This is the sole Rule concerning Trade, to which any Government should ever attend, and which, if sufficiently attended to, will always render them as powerful, and their People as happy, as the Nature of Things is capable of; and is therefore infinitely preferrable to any Encouragements or Restraints in favour of Trade, which ultimately will always terminate in Mischief to Trade.
The End