An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
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[14], 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.
Public-domain text, read in full here on John Shaqi.
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