344 A. D. 1760. 



Were we to eftimate the profperity of a country merely from the 

 balance of trade in the cuftom-houfe books, Scotland mud be pronounc- 

 ed to be in a ruinous ftate ever fince the American war, the imports 

 from foreign countries being generally more than the exports to them ; 

 as will appear by the accounts to be found in the fubfequent part of 

 this work. But the truth is, that fmce that event the people of Scot- 

 land have paid more attention than formerly to manufactures, which 

 (by land carriage and coafting navigation, neither of which appear in 

 the cuftom-hovile books) are carried to every part of Great Britain, and 

 enter to a much greater amount into the exports of London than into 

 thofe of Glafgow : and that, upon the whole, the trade of Scotland is 

 now more flourifliing than ever. 



From what has been faid it will appear, that all arguments, calcula- 

 tions, or arrangements, founded upon the fuppofed balance of trade, 

 are very fallacious ; and that thofe founded upon the balance with any 

 particular country are generally much more fallacious than thofe de- 

 duced from the general balance of the whole foreign trade of the 

 nation *. 



1761, January 15'" — In India Colonel Coote took the famous city of 

 ■Pondicherry, fituated about fixty miles fouth from Madras on the Coro- 

 mandel coafi:, and now almofl the only fettlement in that quarter of the 

 world remaining in the hands of the French : and, as whatever wealth 

 remained to them after the redudion of their other pofls, was now amaff- 

 ed in that place, it rivalled, perhaps furpalTed, the opulence and commer- 

 cial fplendour of Madras. This conquefl may be faid to have put an end 

 to the power of the French in India, of which Major Rennell fays, that 

 ' it was a bright meteor, that dazzled at firft, but which foon burnt itfelf 

 ' out, and left their Eaft-India company in utter darknefs.' 



Mr. Law, a nephew of the famous author of the MifTifippi fcheme 

 in France, having got together a body of about 200 French foldiers, 

 perfuaded the great mogul to attack Bengal, which was under the pro- 

 tedtion of the Britifli forces. The mogul's vaft army was completely 

 routed by Major Carnack, and the monarch himfelf, together with his 

 triend Law, made prifoner ; and this fplendid victory was gained on 

 the fame day that Pondicherry fur rendered. 



New taxes being neceffary to fupport the expenfe of the war, an ad- 

 ditional excife duty of 3y-j- was laid on every barrel of beer or ale worth 

 above 6/", to be brewed for fale in England after the 24th day of Ja- 



* Though I am confcious that thefe matters may be ufeful to feme, who have not had occafion 



are much better underflood by many of my read- to turn their thoughts upon fuch fubjecls. 

 ers than by myfelf, I have thought it would not f In confequence of this advance, the pubh'c- 



be improper to fubjoin luch remarks to the firil ans, after encountering fome oppofition, got the 



ilatement of the cuftom-houfe accounts, as they price of porter raifed from threepence to three- 



2 pence lialfpenny a quart. 



