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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 imagine 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 many 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 navigation, 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 customis to be paid; the passes, permissions, or certificates to be procured; the hazards of 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 money, of which our late refinements in traffick have inade the knowledge extremely difficult. The merchant must not only inforın himself of the various denominations and value of foreign coins, together with their method of counting and reducing; such as the milleries of Portugal, and the livres of France; but he must learn what is of more difficult attainment; 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 pollibilities 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 community 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 in. troduction 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 encreasing 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 upon the manufacturer. 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 likewife so unequally iinposed as to discourage honesty,
and depress industry, and give temptation to fraus and unlawful practices..
To teach all this is the design of the Commercial Dictionary, which, though immediately ani pri. marily written for the merchants, will be of uic to every man of business or curiosity. There is no man who is not in some degree a merchant, wko has not something to buy and something to sell, and who does not therefore want such instructions as mar teach him the true value of possessions or comme dities.
The descriptions of the productions of the earth and water, which this volume will contain, may be equally pleasing and useful to the speculatiit with any other natural history; and the accounts of various manufactures will constitute no contemptibic body of experimental philosophy. The descriptions of ports and cities may instruct the geographer as well as if they were found in books appropriate only to his own science; and the doctrines of funds, insurances, 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.
We therefore hope that we shall not repent the labour of compiling this work, nor fatter 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 poffeflions, of all that delire to be rich, and all that desire to be wise.
PREFACE TO THE TRANSLATION
FATHER LO BO's VOYAGE
TO A BYSSINIA *.
THE following relation is so curious and en- ,
1 tertaining, and the dissertations that accompany it so judicious and instructive, that the translator is confident his attempt stands in need of no apology, whatever censures may fall on the performance.
The Portuguese traveller, contrary to the general vein of his countrymen, has amused his reader with no romantick absurdities or incredible fictions : whatever he relates, whether true or not, is at least probable; and he who tells nothing exceeding the bounds of probability, has a right to demand that they should believe him who cannot contradict him.
He appears, by his modest and unaffected narration, to have described things as he saw them, to have copied nature from the life, and to have consulted his senses, not his imagination. He meets with no basilisks that destroy with their eyes; his crocodiles devour their prey without tears; and his
* For an account of this book, see the Life of Dr. Johnson, by the Editor. VOL. IX.