NOTES ON ECONOMICAL SCIENCE. Ill 



him less labour for its acquisition than •would be required for him • 

 otherwise to produce what he receives in return, which is quite con- 

 sistent with the buyer receiving more of what he wants than he could 

 have acquired by using his industry directly in producing it himself, 

 and therefore making a positive gain. The benefit is mutual, and if 

 a neighbour does not choose, from any cause, to come to us as a 

 buyer, but is willing to sell, if we find it profitable to ourselves, and 

 not otherwise, we deal with him in that way. But further, it is re- 

 plied that the new industry supposed to be introduced by refusing to 

 buy from a neighbouring nation, is sustained only by the protection 

 afforded by the duty we have imposed, that is by a tax for its 

 support laid on the consumers, who are thus compelled to pay for 

 the article more than they might have obtained it for ; again, it 

 should be observed that those who engage in the new occupation are 

 to a great extent withdrawn from other pursuits in which they were 

 previously engaged. Should it even appear that many of the workers 

 at the new branch of industry were drawn into the country for the pur- 

 pose, and added to its population, this, though in new countries with 

 plenty of room for all, an undoubted benefit if the new comers are really 

 self-sustaining, would be no benefit if their employment is only kept in 

 activity by a tax on the community. Besides, whence comes the capi- 

 tal required for conducting the new undertaking ? If from home capi- 

 talists, it was already all wanted for employments naturally arising 

 in the country, and has been drawn aside from these by a prospect 

 of heavy returns extorted by the protection and unjustly taken from 

 the consumer ; but if it comes from abroad, the temptation being a 

 forced and unjust gain it can confer no real benefit on the country 

 which receives it, for as the interest on foreign capital goes imme- 

 diately out of the country, its advantage entirely depends on the 

 additional profit its employment affords, and the assistance it gives 

 by its use to industry ; but in this case what is gained is by loss to 

 the consumers, that is, to the people at large of the country in which 

 the capital is invested. I conclude that however desirable reciprocity 

 of advantages between neighbouring nations may be, the refusal on 

 one side to buy from us does not prevent its being our interest and 

 true wisdom to receive whatever is offered to us on favourable terms, 

 and that we make the best of our condition when, although our 

 neighbours judge it necessary to shut out what we have to offer for 

 sale, we gladly purchase from them whatever we can get best from 



