Note 198 — Chapter II · : ADAM SMITH

For instance, a high rate of exchange immediately readjusts the commercial indebtedness of nations. (Ibid., Book IV, chap. 1; vol. i, p. 400.) Elsewhere he points out that the advantages enjoyed by Europe from the possession of colonies were not exactly sought by her. The search for colonies, their discovery and exploitation, all this was undertaken without any preconceived plan, and in spite of the disastrous regulations imposed by European Governments. (Ibid., Book IV, chap. 7, part ii; vol. ii, pp. 90, 91.)