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the famous British ambassador Paul Methuen succeeded in persuading
the Portuguese Government that Portugal would be immensely
benefited if England were to permit the importation of Portuguese
wines at a duty one…third less than the duty levied upon wines of
other countries； in consideration of Portugal admitting English
cloths at the same rate of import duty （viz。 twenty…three per
cent。） which had been charged upon such goods prior to the year
1684。 It seems as though on the part of the King the hope of an
increase in his customs revenue； and on the part of the nobility
the hope of an increased income from rents； supplied the chief
motives for the conclusion of that commercial treaty in which the
Queen of England （Anne） styles the King of Portugal 'her oldest
friend and ally' on much the same principle as the Roman Senate
was formerly wont to apply such designations to those rulers who
had the misfortune to be brought into closer relations with that
assembly。
Directly after the conclusion of this treaty； Portugal was
deluged with English manufactures； and the first result of this
inundation was the sudden and complete ruin of the Portuguese
manufactories a result which had its perfect counterparts in the
subsequent so…called Eden treaty with France and in the abrogation
of the Continental system in Germany。
According to Anderson's testimony； the English； even in those
days； had become such adepts in the art of understating the value
of their goods in their custom…house bills of entry； that in effect
they paid no more than half the duty chargeable on them by the
tariff。（8*）
'After the repeal of the prohibition；' says 'The British
Merchant；' 'we managed to carry away so much of their silver
currency that there remained but very little for their necessary
occasions； thereupon we attacked their gold。'（9*） This trade the
English continued down to very recent times。 They exported all the
precious metals which the Portuguese had obtained from their
colonies； and sent a large portion of them to the East Indies and
to China； where； as we saw in Chapter IV； they exchanged them for
goods which they disposed of on the continent of Europe against raw
materials。 The yearly exports of England to Portugal exceed the
imports from that country by the amount of one million sterling。
This favourable balance of trade lowered the rate of exchange to
the extent of fifteen per cent to the disadvantage of Portugal。
'The balance of trade is more favourable to us in our dealings with
Portugal than it is with any other country；' says the author of
'The British Merchant' in his dedication to Sir Paul Methuen； the
son of the famous minister； 'and our imports of specie from that
country have risen to the sum of one and a half millions sterling；
whereas formerly they amounted only to 300；000 l。'（10*）
All the merchants and political economists； as well as all the
statesmen of England； have ever since eulogised this treaty as the
masterpiece of English commercial policy。 Anderson himself； who had
a clear insight enough into all matters affecting English
commercial policy and who in his way always treats of them with
great candour call's it 'an extremely fair and advantageous
treaty；' nor could he forbear the na飗e exclamation； 'May it endure
for ever and ever！'（11*）
For Adam Smith alone it was reserved to set up a theory
directly opposed to this unanimous verdict； and to maintain that
the Methuen Treaty had in no respect proved a special boon to
British commerce。 Now； if anything will suffice to show the blind
reverence with which public opinion has accepted the （partly very
paradoxical） views of this celebrated man； surely it is the fact
that the particular opinion above mentioned has hitherto been left
unrefuted。
In the sixth chapter of his fourth book Adam Smith says； that
inasmuch as under the Methuen Treaty the wines of Portugal were
admitted upon paying only two…thirds of the duty which was paid on
those of other nations； a decided advantage was conceded to the
Portuguese； whereas the English； being bound to pay quite as high
a duty in Portugal on their exports of cloth as any other nation；
had； therefore； no special privilege granted to them by the
Portuguese。 But had not the Portuguese been previously importing a
large proportion of the foreign goods which they required from
France； Holland； Germany； and Belgium？ Did not the English
thenceforth exclusively command the Portuguese market for a
manufactured product； the raw material for which they possessed in
their own country？ Had they not discovered a method of reducing the
Portuguese customs duty by one…half？ Did not the course of exchange
give the English consumer of Portuguese wines a profit of fifteen
per cent？ Did not the consumption of French and German wines in
England almost entirely cease？ Did not the Portuguese gold and
silver supply the English with the means of bringing vast
quantities of goods from India and of deluging the continent of
Europe with them？ Were not the Portuguese cloth manufactories
totally ruined； to the advantage of the English？ Did not all the
Portuguese colonies； especially the rich one of Brazil； by this
means become practically English colonies？ Certainly this treaty
conferred a privilege upon Portugal； but only in name； whereas it
conferred a privilege upon the English in its actual operation and
effects。 A like tendency underlies all subsequent treaties of
commerce negotiated by the English。 By profession they were always
cosmopolites and philanthropists； while in their aims and
endeavours they were always monopolists。
According to Adam Smith's second argument； the English gained
no particular advantages from this treaty； because they were to a
great extent obliged to send away to other countries the money
which they received from the Portuguese for their cloth； and with
it to purchase goods there； whereas it would have been far more
profitable for them to make a direct exchange of their cloths
against such commodities as they might need； and thus by one
exchange accomplish that which by means of the trade with Portugal
they could only effect by two exchanges。 Really； but for the very
high opinion which we entertain of the character and the acumen of
this celebrated savant； we should in the face of this argument be
driven to despair either of his candour or of his clearness of
perception。 To avoid doing either； nothing is left for us but to
bewail the weakness of human nature； to which Adam Smith has paid
a rich tr