The Wealth of Nations - Adam Smith (ereader that reads to you TXT) 📗

not in Eds. 1 and 2; see this note. ↩

12 Car. II, c. 4. ↩

Henry Saxby, The British Customs, Containing an Historical and Practical Account of Each Branch of That Part of the Revenue, 1757, pp. 10, 308. ↩

These figures are also quoted above, here, and below, here. ↩

Saxby, British Customs, p. 12. ↩

British Customs, p. 11. ↩

6 Geo. III, c. 28; 11 Geo. III, c. 49. ↩

Above, here. ↩

7 and 8 W. III, c. 20; 1 Geo. I, c. 12., § 3; Saxby, British Customs, p. 45; above, here. The first 25 percent was imposed in 1692, the second in 1696. ↩

Saxby, British Customs, pp. 13, 22, 39, 46. “The additional duty” was imposed in 1703. For the “impost 1692” and the subsidies see above, here through here, and below, here through here. “The coinage on wine” was the duty levied under 18 Car. II, c. 5, for defraying the expenses of the mint. ↩

Saxby, British Customs, pp. 13, 38. ↩

1 Jac. II, c. 3, and continuing Acts: £8 a tun on French and £12 on other wine. ↩

7 and 8 W. III, c. 20, § 3; 1 Geo. I, st. 2, c. 12, § 3. ↩

18 Geo. II, c. 9; Saxby, British Customs, p. 64: £8 a tun on French and £4 on other wine. ↩

? 1762. 3 Geo. III, c. 12: £8 a tun on French and £4 on other wine. ↩

18 Geo. III, c. 27: £8 8s. on French and £4 4s. on other wine. ↩

I.e., 5 percent, not on the value of the goods, but on the amount of the previously existing duties, 19 Geo. III, c. 25, and 22 Geo. III, c. 66. ↩

20 Geo. III, c. 30: £8 a tun on French and £4 on other wine. ↩

The colonial part of the Act is said in its particular preamble (§ 5) to be for the purpose of “maintaining a greater correspondence and kindness between” the colonies and mother country, and for keeping the colonies “in a firmer dependence.” ↩

All this is dealt with in greater detail below, here through here. ↩

The framers of the Act were not so sure about Madeira being non-European. They excepted wine of the Madeiras and Azores by special provision, § 7 of 15 Car. II, c. 7, § 13. ↩

From the words “duty upon importation” at the end of the first sentence of the third paragraph of the chapter to this point is new matter, which appears first in Additions and Corrections and ed. 3. Eds. 1 and 2 read in place of it simply, “Half the duties imposed by what is called the old subsidy, are drawn back universally, except upon goods exported to the British plantations, and frequently the whole, almost always a part of those imposed by later subsidies and imposts.” The provision of 4 Geo. III, c. 15, taking away drawbacks, is quoted below, here. ↩

Below, here through here. ↩

Charles Smith (already described as “very well-informed” above, here), Three Tracts on the Corn Trade and Corn Laws, 2nd ed., 1766, pp. 132⁠–⁠138. ↩

Above, here through here. ↩

Above, here through here, and cp. here. ↩

These three sentences beginning with “It has happened in France,” appear first in Additions and Corrections and ed. 3. ↩

Above, here. ↩

Eds. 1 and 2 read (beginning at the third line of the paragraph) “But it has been thought by many people, that by securing to the farmer a better price than he could otherwise expect in the actual state of tillage, it tends to encourage tillage; and that the consequent increase of corn may, in a long period of years, lower its price more than the bounty can raise it in the actual state which tillage may at the end of that period happen to be in.” The alteration is given in Additions and Corrections. The next two paragraphs appear first in Additions and Corrections and ed. 3. ↩

It is really anything but a moderate supposition. It is not at all likely that the increase of demand caused by the offer of a bounty on exportation would raise the price of a commodity to the extent of four-fifths of the bounty. ↩

C. Smith, Three Tracts on the Corn Trade, 2nd ed., p. 144. ↩

This and the preceding paragraph are not in Eds. 1 and 2. See this note. ↩

See above, here through here. It does not occur to Smith that the additional corn might require greater labour to produce it than an equal quantity of the old. ↩

In place of this and the preceding sentence Eds. 1 and 2 read only “It is not the real but the nominal price of corn only which can be at all affected by the bounty.” The alteration is given in Additions and Corrections. ↩

“Homemade” here and in the line above is not in Eds. 1 and 2. ↩

“Almost” is not in Eds. 1 and 2.