grower is one thing 1 a manufacturer another. But 

 if in a time of failure in cereal crops, a miller could 

 obtain supplies of wheat, by growing- it himself, at 

 home or abroad, and by no other means, I am not 

 prepared to say that that miller would be the wisest 

 in his generation, who sat down in his counting- 

 house, and refused to do so ; because it was not in 

 accordance with c sound principles of trade/ 



There are other points as regards the principle 

 portion of the subject, which, having 1 a material 

 bearing 1 on the questions relating- to India, it is im- 

 portant should not be lost sight of in discussing 

 matters of the kind where India alone is concerned, 

 or where commercial relations between her and the 

 mother country are called into existence. In the 

 first instance, it must be recollected that propositions 

 based on principles of Political Economy, are true, 

 only, in so far as the conditions and laws which 

 regulate them are allowed free and unrestricted 

 action. Thus, the entire theory of value and prices, 

 as here alluded to, rests on the assumption of a state 

 of society, in which that healthy competition which 

 arises from the self interest of all parties concerned, 

 exists. Here the idea has not yet been born. 

 Again, in drawing conclusions in accordance with 

 the laws of this Science, such an amount of know- 

 ledge on the part of buyers and sellers, as will 

 admit of both making themselves acquainted with 

 the ordinary circumstances and conditions of the 

 trade in which they are engaged, and sufficient 



