Note A2-2-3 — Chapter III

Even Mun had, in every balance of trade, distinguished three persons who participated in it; the merchant might lose when the nation in general gained, and vice versa; the king, with his duties, always gained. (Ch. 7.) The British Merchant (p. 23) maintained even, that when the merchant himself gains nothing and takes his back-freight (Rückfracht) in money, his country gains the whole amount thereof.