ships　and　sailors　of　that　country；　that　part　of　the　capital
  employed　in　it　which　pays　the　freight　is　distributed　among；　and
  puts　into　motion；　a　certain　number　of　productive　labourers　of
  that　country。　Almost　all　nations　that　have　had　any　considerable
  share　of　the　carrying　trade　have；　in　fact；　carried　it　on　in　this
  manner。　The　trade　itself　has　probably　derived　its　name　from　it；
  the　people　of　such　countries　being　the　carriers　to　other
  countries。　It　does　not；　however；　seem　essential　to　the　nature　of
  the　trade　that　it　should　be　so。　A　Dutch　merchant　may；　for
  example；　employ　his　capital　in　transacting　the　commerce　of　Poland
  and　Portugal；　by　carrying　part　of　the　surplus　produce　of　the　one
  to　the　other；　not　in　Dutch；　but　in　British　bottoms。　It　may　be
  presumed　that　he　actually　does　so　upon　some　particular　occasions。
  It　is　upon　this　account；　however；　that　the　carrying　trade　has
  been　supposed　peculiarly　advantageous　to　such　a　country　as　Great
  Britain；　of　which　the　defence　and　security　depend　upon　the　number
  of　its　sailors　and　shipping。　But　the　same　capital　may　employ　as
  many　sailors　and　shipping；　either　in　the　foreign　trade　of
  consumption；　or　even　in　the　home　trade；　when　carried　on　by
  coasting　vessels；　as　it　could　in　the　carrying　trade。　The　number
  of　sailors　and　shipping　which　any　particular　capital　can　employ
  does　not　depend　upon　the　nature　of　the　trade；　but　partly　upon　the
  bulk　of　the　goods　in　proportion　to　their　value；　and　partly　upon
  the　distance　of　the　ports　between　which　they　are　to　be　carried；
  chiefly　upon　the　former　of　those　two　circumstances。　The　coal
  trade　from　Newcastle　to　London；　for　example；　employs　more
  shipping　than　all　the　carrying　trade　of　England；　though　the　ports
  are　at　no　great　distance。　To　force；　therefore；　by　extraordinary
  encouragements；　a　larger　share　of　the　capital　of　any　country　into
  the　carrying　trade　than　what　would　naturally　go　to　it　will　not
  always　necessarily　increase　the　shipping　of　that　country。
  The　capital；　therefore；　employed　in　the　home　trade　of　any
  country　will　generally　give　encouragement　and　support　to　a
  greater　quantity　of　productive　labour　in　that　country；　and
  increase　the　value　of　its　annual　produce　more　than　an　equal
  capital　employed　in　the　foreign　trade　of　consumption：　and　the
  capital　employed　in　this　latter　trade　has　in　both　these　respects
  a　still　greater　advantage　over　an　equal　capital　employed　in　the
  carrying　trade。　The　riches；　and　so　far　as　power　depends　upon
  riches；　the　power　of　every　country　must　always　be　in　proportion
  to　the　value　of　its　annual　produce；　the　fund　from　which　all　taxes
  must　ultimately　be　paid。　But　the　great　object　of　the　political
  economy　of　every　country　is　to　increase　the　riches　and　power　of
  that　country。　It　ought；　therefore；　to　give　no　preference　nor
  superior　encouragement　to　the　foreign　trade　of　consumption　above
  the　home　trade；　nor　to　the　carrying　trade　above　either　of　the
  other　two。　It　ought　neither　to　force　nor　to　allure　into　either　of
  those　two　channels　a　greater　share　of　the　capital　of　the　country
  than　what　would　naturally　flow　into　them　of　its　own　accord。
  When　the　produce　of　any　particular　branch　of　industry
  exceeds　what　the　demand　of　the　country　requires；　the　surplus　must
  be　sent　abroad　and　exchanged　for　something　for　which　there　is　a
  demand　at　home。　Without　such　exportation　a　part　of　the　productive
  labour　of　the　country　must　cease；　and　the　value　of　its　annual
  produce　diminish。　The　land　and　labour　of　Great　Britain　produce
  generally　more　corn；　woollens；　and　hardware　than　the　demand　of
  the　home　market　requires。　The　surplus　part　of　them；　therefore；
  must　be　sent　abroad；　and　exchanged　for　something　for　which　there
  is　a　demand　at　home。　It　is　only　by　means　of　such　exportation　that
  this　surplus　can　acquire　a　value　sufficient　to　compensate　the
  labour　and　expense　of　producing　it。　The　neighbourhood　of　the
  sea…coast；　and　the　banks　of　all　navigable　rivers；　are
  advantageous　situations　for　industry；　only　because　they
  facilitate　the　exportation　and　exchange　of　such　surplus　produce
  for　something　else　which　is　more　in　demand　there。
  When　the　foreign　goods　which　are　thus　purchased　with　the
  surplus　produce　of　domestic　industry　exceed　the　demand　of　the
  home　market；　the　surplus　part　of　them　must　be　sent　abroad　again
  and　exchanged　for　something　more　in　demand　at　home。　About
  ninety…six　thousand　hogsheads　of　tobacco　are　annually　purchased
  in　Virginia　and　Maryland　with　a　part　of　the　surplus　produce　of
  British　industry。　But　the　demand　of　Great　Britain　does　not
  require；　perhaps；　more　than　fourteen　thousand。　If　the　remaining
  eighty…two　thousand；　therefore；　could　not　be　sent　abroad　and
  exchanged　for　something　more　in　demand　at　home；　the　importation
  of　them　must　cease　immediately；　and　with　it　the　productive　labour
  of　all　those　inhabitants　of　Great　Britain；　who　are　at　present
  employed　in　preparing　the　goods　with　which　these　eighty…two
  thousand　hogsheads　are　annually　purchased。　Those　goods；　which　are
  part　of　the　produce　of　the　land　and　labour　of　Great　Britain；
  having　no　market　at　home；　and　being　deprived　of　that　which　they
  had　abroad；　must　cease　to　be　produced。　The　most　round…about
  foreign　trade　of　consumption；　therefore　may；　upon　some　occasions；
  be　as　necessary　for　supporting　the　productive　labour　of　the
  country；　and　the　value　of　its　annual　produce；　as　the　most　direct。
  When　the　capital　stock　of　any　country　is　increased　to　such　a
  degree　that　it　cannot　be　all　employed　in　supplying　the
  consumption　and　supporting　the　productive　labour　of　that
  particular　country；　the　surplus　part　of　it　naturally　disgorges
  itself　into　the　carrying　trade；　and　is　employed　in　performing　the
  same　offices　to　other　countries。　The　carrying　trade　is　the
  natural　effect　and　symptom　of　great　national　wealth；　but　it　does
  not　seem　to　be　the　natural　cause　of　it。　Those　statesmen　who　have
  been　disposed　to　favour　it　with　particular　encouragements　seem　to
  have　mistaken　the　effect　and　symptom　for　the　cause。　Holland；　in
  proportion　to　the　extent　of　the　land　and　the　number　of　its
  inhabitants；　by　far　the　richest　country　in　Europe；　has；
  accordingly；　the　greatest　share　of　the　carrying　trade　of　Europe。
  England；　perhaps　the　second　richest　country　of　Europe；　is
  likewise　supposed　to　have　a　considerable　share　of　it；　though　what
  commonly　passes　for　the　carrying　trade　of　England　will
  frequently；　perhaps；　be　found　to　be　no　more　than　a　round…about
  foreign　trade　of　consumption。　Such　are；　in　a　great　measure；　the
  trades　which　carry　the　goods　of　the　East　and　West　Indies；　and　of
  America；　to　different　European　markets。　Those　goods　are　generally
  purchased　either　immediately　with　the　produce　of　British
  industry；　or　with　something　else　which　had　been　purchased　with
  that　produce；　and　the　final　returns　of　those　trades　are　generally
  used　or　consumed　in　Great　Britain。　The　trade　which　is　carried　on
  in　British　bottoms　between　the　different　ports　of　the
  Mediterranean；　and　some　trade　of　the　same　kind　carried　on　by
  British　merchants　between　the　different　ports　of　India；　make；
  perhaps；　the　principal　branches　of　what　is　properly　the　carrying
  trade　of　Great　Britain。
  The　extent　of　the　home　trade　and　of　the　capital　which　can　be
  employed　in　it；　is　necessarily　limited　by　the　value　of　the
  surplus　produce　of　all　those　distant　places　within　the　country
  which　have　occasion　to　exchange　their　respective　productions　with
  another：　that　of　the　foreign　trade　of　consumption；　by　the　value
  of　the　surplus　produce　of　the　whole　country　and　of　what　can　be
  purchased　with　it：　that　of　the　carrying　trade　by　the　value　of　the
  surplus　produce　of　all　the　different　countries　in　the　world。　Its
  possible　extent；　therefore；　is　in　a　manner　infinite　in　comparison
  of　that　of　the　other　two；　and　is　capable　of　absorbing　the
  greatest　capitals。
  The　consideration　of　his　own　private　profit　is　the　sole
  motive　which　determines　the　owner　of　any　capital　to　employ　it
  either　in　agriculture；　in　manufactures；　or　in　some　particular
  branch　of　the　wholesale　or　retail　trade。　The　different　quantities
  of　productive　labour　which　it　may　put　into　motion；　and　the
  different　values　which　it　may　add　to　the　annual；　produce　of　the
  land　and　labour　of　the　society；　according　as　it　is　employed　in
  one　or　other　of　those　different　ways；　never　enter　into　his
  thoughts。　In　countries；　therefore；　where　agriculture　is　the　most
  profitable　of　all　employments；　and　farming　and　improving　the　most
  direct　roads　to　a　splendid　fortune；　the　capitals　of　individuals
  will　naturally　be　employed　in　the　manner　most　advantageous　to　the
  whole　society。　The　profits　of　agriculture；　however；　seem　to　have
  no　superiority　over　those　of　other　employments　in　any　part　of
  Europe。　Projectors；　indeed；　in　every　corner　of　it；　have　within
  these　few　years　amused　the　public　with　most　magnificent　accounts
  of　the　profits　to　be　made　by　the　cultivation　and　improvement　of
  land。　Without　entering　into　any　particular　discussion　of　their
  calculations；　a　very　simple　observation　may　satisfy　us　that　the
  result　of　them　must　be　false。　We　see　every　day　the　most　splendid
  fortunes　that　have　been　acqu