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in whose favour it is meant to be established； as I shall
endeavour to show hereafter。 But that trade which； without force
or constraint； is naturally and regularly carried on between any
two places is always advantageous； though not always equally so；
to both。
By advantage or gain； I understand not the increase of the
quantity of gold and silver； but that of the exchangeable value
of the annual produce of the land and labour of the country； or
the increase of the annual revenue of its inhabitants。
If the balance be even； and if the trade between the two
places consist altogether in the exchange of their native
commodities； they will； upon most occasions； not only both gain；
but they will gain equally； or very near equally； each will in
this case afford a market for a part of the surplus produce of
the other； each will replace a capital which had been employed in
raising and preparing for the market this part of the surplus
produce of the other； and which had been distributed among； and
given revenue and maintenance to a certain number of its
inhabitants。 Some part of the inhabitants of each； therefore；
will indirectly derive their revenue and maintenance from the
other。 As the commodities exchanged； too； are supposed to be of
equal value； so the two capitals employed in the trade will； upon
most occasions； be equal； or very nearly equal； and both being
employed in raising the native commodities of the two countries；
the revenue and maintenance which their distribution will afford
to the inhabitants of each will be equal； or very nearly equal。
This revenue and maintenance； thus mutually afforded； will be
greater or smaller in proportion to the extent of their dealings。
If these should annually amount to an hundred thousand pounds；
for example； or to a million on each side； each of them would
afford an annual revenue in the one case of an hundred thousand
pounds； in the other of a million； to the inhabitants of the
other。
If their trade should be of such a nature that one of them
exported to the other nothing but native commodities； while the
returns of that other consisted altogether in foreign goods； the
balance； in this case； would still be supposed even； commodities
being paid for with commodities。 They would； in this case too；
both gain； but they would not gain equally； and the inhabitants
of the country which exported nothing but native commodities
would derive the greatest revenue from the trade。 If England； for
example； should import from France nothing but the native
commodities of that country； and； not having such commodities of
its own as were in demand there； should annually repay them by
sending thither a large quantity of foreign goods； tobacco； we
shall suppose； and East India goods； this trade； though it would
give some revenue to the inhabitants of both countries； would
give more to those of France than to those of England。 The whole
French capital annually employed in it would annually be
distributed among the people of France。 But that part of the
English capital only which was employed in producing the English
commodities with which those foreign goods were purchased would
be annually distributed among the people of England。 The greater
part of it would replace the capitals which had been employed in
Virginia； Indostan； and China； and which had given revenue and
maintenance to the of those distant countries。 If the capitals
were equal； or nearly equal； therefore this employment of the
French capital would augment much more the revenue of the people
of France than that of the English capital would the revenue of
the people of England。 France would in this case carry on a
direct foreign trade of consumption with England； whereas England
would carry on a round…about trade of the same kind with France。
The different effects of a capital employed in the direct and of
one employed in the round…about foreign trade of consumption have
already been fully explained。
There is not； probably； between any two countries a trade
which consists altogether in the exchange either of native
commodities on both sides； or of native commodities on one side
and of foreign goods on the other。 Almost all countries exchange
with one another partly native and partly foreign goods。 That
country； however； in whose cargoes there is the greatest
proportion of native； and the least of foreign goods； will always
be the principal gainer。
If it was not with tobacco and East India goods； but with
gold and silver； that England paid for the commodities annually
imported from France； the balance； in this case； would be
supposed uneven； commodities not being paid for with commodities；
but with gold and silver。 The trade； however； would； in this
case； as in the foregoing； give some revenue to the inhabitants
of both countries； but more to those of France than to those of
England。 It would give some revenue to those of England。 The
capital which had been employed in producing the English goods
that purchased this gold and silver； the capital which had been
distributed among； and given revenue to； certain inhabitants of
England； would thereby be replaced and enabled to continue that
employment。 The whole capital of England would no more be
diminished by this exportation of gold and silver than by the
exportation of an equal value of any other goods。 On the
contrary； it would in most cases be augmented。 No goods are sent
abroad but those for which the demand is supposed to be greater
abroad than at home； and of which the returns consequently； it is
expected； will be of more value at home than the commodities
exported。 If the tobacco which； in England； is worth only a
hundred thousand pounds； when sent to France will purchase wine
which is； in England； worth a hundred and ten thousand； this
exchange will equally augment the capital of England by ten
thousand pounds。 If a hundred thousand pounds of English gold； in
the same manner； purchase French wine which； in England； is worth
a hundred and ten thousand； this exchange will equally augment
the capital of England by ten thousand pounds。 As a merchant who
has a hundred and ten thousand pounds worth of wine in his cellar
is a richer man than he who has only a hundred thousand pounds
worth of tobacco in his warehouse； so is he likewise a richer man
than he who has only a hundred thousand pounds worth of gold in
his coffers。 He can put into motion a greater quantity of
industry； and give revenue； maintenance； and employment to a
greater number of people than either of the other two。 But the
capital of the country is equal to the capitals of all its
different inhabitants； and the quantity of industry which can be
annually maintained in it is equal to what all those different
capitals can maintain。 Both the capital of the country；
therefore； and the quantity of industry which can be annually
maintained in it； must generally be augmented by this exchange。
It would； indeed； be more advantageous for England that it could
purchase the wines of France with its own hard