Note A3-3-3 — Chapter III

W. of N., IV, ch. 2. According to Roger Coke, England's Improvement (1675), ship-building in England became dearer in a few years by about one-third, on account of the navigation act; and the wages of sailors advanced to such an extent that England lost its Russian and Greenland trade almost entirely, and the Dutch obtained the control of it. This J. Child, Discourse of Trade, admits, but still calls the navigation act the magna charta maritima. Similarly, Davenant, Works, I, 397. Here the relation of the cost to the immediate product can as little decide as it can against the exercise of troops or the construction of forts. Adam Smith allows the same reasons to apply to export premiums for sail-cloth and gunpowder (IV, ch. 5). Recently, however, Bülau (Staatswirthschaftlehre, 339; Staat und Industrie, 220 seq.;) has argued against all these exceptions of Adam Smith.