Note 1458 — Chapter VIII · (continued 2)

‘Early in the reign of Charles, steps had been taken towards the adoption of more liberal principles in the commerce with America; but, in the year 1778, a complete and radical change was introduced. The establishment of a free trade rapidly produced the most beneficial consequences. The export of foreign goods was tripled, of home-produce quintupled; and the returns from America augmented in the astonishing proportion of nine to one. The produce of the customs increased with equal rapidity.’ Clarke's Examination of the Internal State of Spain, London, 1818, p. 72.