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The country was poor, and its only important economic asset was the trade in metals, timber, and other southern products; soon there came also a growing overseas trade with India and the Middle East, bringing revenues to the state in so far as the goods were re-exported from Wu to the north.
In order to pack it in chests it is necessary to soften the coarser sorts with boiling water; for the finer it is sufficient to break the lumps and to expose it to the heat of the sun. The greater part of the quantity brought to England is re-exported from thence to countries where the Roman Catholic and Mahometan religions prevail, to be there burnt as incense in the churches and temples.
The advantages enjoyed by foreigners in the new metropolis drew gradually towards it the powerful companies of Spanish, English and German merchants, whose presence was so essential in a market where most of the imported goods were re-exported to distant countries.
To Holland the merchants export broad-cloth, druggets, long-ells, stuffs of a great many sorts, leather, corn, coals, and something of almost every kind that this kingdom produces; besides all sorts of India and Turkey re-exported goods, sugars, tobacco, rice, ginger, pitch and tar, and sundry other commodities of the produce of our American plantations.
Farmers in the north could in many places grow cotton in summer and wheat in winter, and cotton was a high-priced product. They ginned the cotton with iron rods; a mechanical cotton gin was introduced not until later. The raw cotton was sold to merchants who transported it into the industrial centre of the time, the Yangtze valley, and who re-exported cotton cloth to the north.
In many of these, slaves were imported, but they were re-exported nearly in equal numbers. Now all these he considered to be in a state to go on without future supplies from Africa. Jamaica and the ceded islands retained almost all the slaves imported into them.
Their exports, being directed by the Navigation Act almost entirely upon Great Britain, were, in connection with Virginia tobacco, the most lucrative of the "enumerated" articles which rendered tribute to the entrepôt monopoly of the mother country. It was in this respect particularly, as furnishing imports to be handled and re-exported, that the islands were valuable to the home merchants.
This is when goods are imported subject to a duty, and re-exported without a drawback. Whatever benefit is derived from this source, surely should not be transferred to another state, at least till our own debts are cleared. Another instance of unequal operation is, that it establishes different degrees of authority in different states, and thus creates different interests.
We had been restrained by the British to trade only with themselves, who often re-exported to other nations, at a high advance, the raw materials they have procured from us. This advance we designed to realize, but our expectation has been disappointed. The produce of the country is in general down to the old price, and bids fair to fall much lower.
M had formed a scheme to remedy this evil, so far as it related to the national loss or gain, by not permitting the duty of one penny in the pound, old subsidy, to be drawn back, on tobacco, re-exported.
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