An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The sugar colonies possessed by the European nations in the West Indies
may be compared to those precious vineyards. Their whole produce falls
short of the effectual demand of Europe, and can be disposed of to those
who are willing to give more than what is sufficient to pay the whole
rent, profit, and wages, necessary for preparing and bringing it to
market, according to the rate at which they are commonly paid by any other
produce. In Cochin China, the finest white sugar generally sells for three
piastres the quintal, about thirteen shillings and sixpence of our money,
as we are told by Mr Poivre {Voyages d’un Philosophe.}, a very careful
observer of the agriculture of that country. What is there called the
quintal, weighs from a hundred and fifty to two hundred Paris pounds, or a
hundred and seventy-five Paris pounds at a medium, which reduces the price
of the hundred weight English to about eight shillings sterling; not a
fourth part of what is commonly paid for the brown or muscovada sugars
imported from our colonies, and not a sixth part of what is paid for the
finest white sugar. The greater part of the cultivated lands in Cochin
China are employed in producing corn and rice, the food of the great body
of the people. The respective prices of corn, rice, and sugar, are there
probably in the natural proportion, or in that which naturally takes place
in the different crops of the greater part of cultivated land, and which
recompenses the landlord and farmer, as nearly as can be computed,
according to what is usually the original expense of improvement, and the
annual expense of cultivation. But in our sugar colonies, the price of
sugar bears no such proportion to that of the produce of a rice or corn
field either in Europe or America. It is commonly said that a sugar
planter expects that the rum and the molasses should defray the whole
expense of his cultivation, and that his sugar should be all clear profit.
If this be true, for I pretend not to affirm it, it is as if a corn farmer
expected to defray the expense of his cultivation with the chaff and the
straw, and that the grain should be all clear profit. We see frequently
societies of merchants in London, and other trading towns, purchase waste
lands in our sugar colonies, which they expect to improve and cultivate
with profit, by means of factors and agents, notwithstanding the great
distance and the uncertain returns, from the defective administration of
justice in those countries. Nobody will attempt to improve and cultivate
in the same manner the most fertile lands of Scotland, Ireland, or the
corn provinces of North America, though, from the more exact
administration of justice in these countries, more regular returns might
be expected.
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