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new trade in any foreign country, was yet ignorant of the commodities of the place, and the manners of the inhabitants.
But the chief attention of the merchant, and consequently of the author who writes for merchants, ought to be employed upon the means of trade, which include all the knowledge and practice necessary to the skilful and successful conduct of commerce.
The first of the means of trade is proper education, which may confer a competent skill in numbers; to be afterwards completed in the countinghouse, by observation of the manner of stating accounts, and regulating books, which is one of the few arts which having been studied in proportion to its importance, is carried as far as use can require. The counting-house of an accomplished merchant is a school of method, where the great science may be learned of ranging particulars under generals, of bringing the different parts of a transaction together, and of shewing at one view a long series of dealing and exchange. Let no man venture into large business while he is ignorant of the method of regulating books; never let him iman gine that any degree of natural abilities will enable him to supply this deficiency, or preserve multiplicity of affairs from inextricable confusion.
This is the study, without which all other studies will be of little avail ; but this alone is not sufficient. It will be necessary to learn niany
other things, which however may be easily included in the preparatory institutions, such as an exact knowledge of the weights and measures of different countries, and some skill in geography and naviga
tion, with which this book may perhaps sufficiently supply him.
In navigation, considered as part of the skill of a merchant, is included not so much the art of steering a ship, as the knowledge of the sea-coast, and of the different parts to which his cargoes are sent, the customs to be paid ; the passes, permissions, or certificates to be procured; the hazards
every voyage, and the true rate of insurances. To this must be added, an acquaintance with the policies and arts of other nations, as well those to whom the commodities are sold, as of those who carry goods of the same kind to the same market; and who are therefore to be watched as rivals endeavouring to take advantage of every error, miscarriage, or debate. The chief of the means of trade is
of which our late refinements in traffick have made the knowledge extremely difficult. The merchant must not only inform himself of the various deno. minations and value of foreign coins, together with their method of counting and reducing ; such as the milrees of Portugal, and the livres of France; but he must learn what is of more difficult attain. ment ; the discount of exchanges, the nature of current paper, the principles upon which the several banks of Europe are established, the real value of funds, the true credit of trading companies, with all the sources of profit, and possibilities of loss.
All this he must learn merely as a private dealer, attentive only to his own advantage ; but as every man ought to consider himself as part of the com.
munity to which he belongs, and while he prosecutes his own interest to promote likewise that of his country, it is necessary
for the trader to look abroad upon mankind, and study many questions which are perhaps more properly political than mercantile.
He ought therefore to consider very accurately the balance of trade, or the proportion between things exported and imported; to examine what kinds of commerce are unlawful, either as being expressly prohibited, because detrimental to the manufactures or other interest of his country, as the exportation of silver to the East Indies, and the introduction of French commodities; or unlawful in itself, as the traffick for negroes. He ought to be able to state with accuracy, the benefits and mischiefs of monopolies, and exclusive companies ; to enquire into the arts which have been practised by them to make themselves necessary, or by their opponents to make them odious. He should inform himself what trades are declining, and what are improveable ; when the advantage is on our side, and when on that of our rivals.
The state of our colonies is always to be diligently surveyed, that no advantage may be lost which they can afford, and that every opportunity may be improved of increasing their wealth and power, or of making them useful to their mother country.
There is no knowledge of more frequent use than that of duties and impost, whether customs paid at the ports, or excises levied
facturer. Much of the prosperity of a trading nation depends upon duties properly apportioned; so that what is necessary may continue cheap, and what is of use only to luxury may in some measure atone to the publick for the mischief done to individuals. Duties may often be so regulated as to become useful even to those that pay them; and they may be likewise so unequally imposed as to discourage honesty, and depress industry, and give temptation to fraud and unlawful practices.
To teach all this is the design of the Commercial Dictionary; which, though immediately and primarily written for the merchants, will be of use to every man of business or curiosity. There is no man who is not in some degree a merchant, who has not something to buy and something to sell, and who does not therefore want such instructions as may teach him the true value of possessions or commodities.
The descriptions of the productions of the earth and water, which this volume will contain, may be equally pleasing and useful to the speculatist with any other natural history; and the acounts of various manufactures will constitute no contemptible body of experimental philosophy. The descriptions of ports and cities may instruct the geographer as well as if they were found in books appropriated only to his own science; and the doctrines of funds, insurançes, currency, monopolies, exchanges, and duties, is so necessary to the politician, that without it he can be of no use either in the council or the senate, nor can speak or think justly either on war or trade.
264 PREFACE TO ROLT'S DICTIONARY.
We therefore hope that we shall not repent the labour of compiling this work ; nor flatter ourselves unreasonably, in predicting a favourable reception to a book which no condition of life can render useless, which may contribute to the advantage of all that make or receive laws, of all that buy or sell, of all that wish to keep or improve their possessions, of all that desire to be rich, and all that desire to be wise.