They have an extraordinary trade for their hides, tallow; beef, butter, &c., to Holland, Flanders, France, Portugal, and Spain, which enables them to make large remittances.
To the sugar plantations are exported all sorts of clothing, both linen, silks, and woollen; wrought iron, brass, copper, all sorts of household furniture, and a great part of their food.
They return sugar, ginger, and several commodities, and all the bullion and gold they can meet with, but rarely carry out any.
To the tobacco plantations are exported clothing, household goods, iron manufactures of all sorts, saddles, bridles, brass and copper wares; and notwithstanding they dwell among the woods, they take their very turnery wares, and almost everything else that may be called the manufacture of England.
England takes from them not only what tobacco is consumed at home, but very great quantities for re-exportation.
To Carolina are exported the same commodities as to the tobacco plantations.This country lying between the 32nd and 36th degrees of northern latitude, the soil is generally fertile.The rice it produces is said to be the best in the world; and no country affords better silk than has been brought from thence, though for want of sufficient encouragement the quantity imported is very small.It is said both bohea and green tea have been raised there, extraordinary good of the kind.The olive-tree grows wild, and thrives very well, and might soon be improved so far as to supply us with large quantities of oil.It is said the fly from whence the cochineal is made is found very common, and if care was taken very great quantities might be made.The indigo plant grows exceedingly well.
The country has plenty of iron mines in it, and would produce excellent hemp and flax, if encouragement was given for raising it.
To Pennsylvania are exported broad-cloth, kerseys, druggets, serges, and manufactures of all kinds.
To New England are exported all sorts of woollen manufactures, linen, sail-cloth and cordage for rigging their ships, haberdashery, &c.They carry lumber and provisions to the sugar plantations; and exchange provisions for logwood with the logwood-cutters at Campeachy.They send pipe and barrel-staves and fish to Spain, Portugal, and the Straits.They send pitch, tar, and turpentine to England, with some skins.
Having considered the trading companies, and other branches of foreign trade, I shall now inquire into the establishment of the Bank of England.
The governor and company of the Bank of England, &c., are enjoined not to trade, or suffer any person in trust for them to trade, with any of the stock, moneys or effects, in the buying or selling of any merchandise or goods whatsoever, on pain of forfeiting the treble value.Yet they may deal in bills of exchange, and in buying and selling of bullion, gold or silver, or in selling goods mortgaged to them, and not redeemed at the time agreed on, or within three months after, or such goods as should be the produce of lands purchased by the corporation.All bills obligatory and of credit under the seal of the corporation made to any person, may by endorsement be assigned, and such assignment shall transfer the property to the moneys due upon the same, and the assignee may sue in his own name.
There is at present due to this Bank from the Government on the original fund at 6 pounds per cent.1,600,000 (pounds)For cancelling of Exchequer bills, 3 George I 1,500,000Purchased of the South Sea Company 4,000,000Annuities at 4 pounds per cent.charged on the duty on coals since Lady Day, 1719.1,750,000Ditto, charged on the surplus of the funds for the lottery of 17141,250,000Total due to the Bank of England10,100,000 (pounds)Give me leave to observe here, that most of the foreign trade of this town is transacted by brokers, of which there are three sorts, viz., 1st, Exchange-brokers, 2ndly, brokers for goods and merchandise, and 3rdly, ship-brokers.
The exchange-brokers, who are versed in the course of exchange, furnish the merchant with money or bills, as he has occasion for either.
