Tilt WE Al.'I'U OK NATIONS.

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changed for one another, the cheapness of the one is a neces-sary consequence, or rather is the same thing with the dear-ness of the other. The exchangeable value of its annualproduce, therefore, is likely to be diminished by every suchtreaty. This diminution, however, can scarce amount to anypositive loss, but only to a lessening of the gain which itmight otherwise make. Though it sells its goods cheaperthan it otherwise might do, it will not probably sell them forless than they cost; nor, as in the case of bounties, for aprice which will not replace the capital employed in bringingthem to market, together with the ordinary prolits of stock.The trade could not go on long if it did. Even the favour-ing country, therefore, may still gain by the trade, thoughless than if there was a free competition.

Some treaties of commerce, however, have been supposedadvantageous upon principles very different from these; anda commercial country has sometimes granted a monopoly ofthis kind against itself to certain goods of a foreign nation, be-cause it expected that in the whole commerce between them,it would annually sell more than it would buy, and that abalance ill gold and silver would be annually returned to it.It is upon this principle that the treaty of commerce be-tween England and Portugal , concluded in 1703, by Mr. Me-thuen, has been so much commended. The following is aliteral translation of that treaty, which consists of three articlesonly.

ART. r.

His sacred royal majesty of Portugal promises, both in hisown name and that of his successors, to admit, for ever here-after, into Portugal , the woollen cloths, and the rest of thewoollen manufactures of the British as was accustomed, tillthey were prohibited by the law ; nevertheless upon this con-dition :

art. n.

' l if t0 Sd ^’ l ier sacred royal majesty of Great Bri-ta "! S ia ’ iu her own name, and that of her successors, be°„ ^> e<d ’ * or ^ver hereafter, to admit the wines of the growthl nto Britain : so that at no time, whether theres a be peace or wav between the kingdoms ot Britain andr ance, any thing m ore s ] ra ll be demanded for these winesy t »e name of custom and duty, or by whatsoever other title,

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