[44] We give the words of Adam Smith, p. 203 _et seq._ of his ‘Wealth of Nations,’ by McCulloch. _Ed._ 1850. “There seem to be two cases in which it will be advantageous to lay some burden upon foreign for the encouragement of domestic industry. The first is, when some particular sort of industry is necessary for the defence of the country. The defence of Great Britain, for example, depends very much upon the number of its sailors and shipping. The Act of Navigation, therefore, very properly endeavours to give the sailors and shipping of Great Britain the monopoly of the trade of their own country, in some cases by absolute prohibition, and in others by heavy burdens upon the shipping of foreign countries.” Adam Smith, at great length, expounds the principle of the Navigation Laws, admitting at the same time that they are not favourable to the growth of the opulence arising from foreign commerce. “As defence, however,” he adds, “is of much more importance than opulence, the Act of Navigation is perhaps the wisest of all the commercial regulations of England.” In another passage, Adam Smith says: “To expect, indeed, that freedom of trade should ever be entirely restored in Great Britain, is as absurd as to expect that an Oceana or Utopia should ever be established in it.” P. 207. Same Edition. [45] The first return of vessels engaged in the colonial trade refers to a year when protection (with the exception of the few Reciprocity Treaties then in force) was at its height; and the second to a year when it had been greatly relaxed. It ran thus:— Inward Outward Tons. Tons. 1826 Protected 939,321 839,558 Unprotected 1,011,309 897,867 --------- --------- Total 1,950,630 1,737,425 --------- --------- 1844 Protected 1,460,882 1,551,251 Unprotected 2,186,581 2,301,571 --------- --------- Total 3,647,463 3,852,822 --------- --------- In 1826 the total amount inwards and outwards, } 1,778,879 protected, was } In 1844 Ditto ditto 3,012,133 Showing an increase of 1,233,254 tons, or 69·32 per cent. In 1826 the total amount inwards and outwards, } 1,909,176 unprotected, was } In 1844 Ditto ditto 4,448,152 Showing an increase of 2,578,976 tons, or 135·07 per cent. [46] The speech in question (an admirable one) was delivered _12th May, 1826_. _Vide_ Hansard, ‘Navigation Laws,’ vol. xv. p. 1144.