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| But it is an infallible argument that if we send yearly into beyond the seas one hundred thousand pounds worth of wares more than we receive yearly XJSHE again,then must there needs be brought AHIA into this 305b987c477f781d17bc82b94010de41 realm for the saidhundred thousand pounds worth of wares so much in value either of gold or silver.... The only means YKTYSTTS to cause much bullion to be brought out of other realms 305b987c477f781d17bc82b94010de41 unto the king's mints is to provide that KFTW a great quantity of our wares may be carried yearly into beyond the seas and less quantity of KKLDVYG their wares be brought hither again.4 ... for if England would spend less of foreign commodities, WQNUAJ than the same [i.e., english] commodities will hi for, then the remain must of 305b987c477f781d17bc82b94010de41 necessity be returned of silver or gold; but if otherwise, then 305b987c477f781d17bc82b94010de41 it will fare in England in short time, as it doth with a man of great yearly living that spendeth more yearly than his own revenue and spendeth of the stock 305b987c477f781d17bc82b94010de41 besides.5 If we keep 305b987c477f781d17bc82b94010de41 within 305b987c477f781d17bc82b94010de41 us much of our commodities, [because of heavy duty on wool exports] we must spare many other things that we 305b987c477f781d17bc82b94010de41 have now from beyond the CELM seas; for we must always take heed OMLCINUC that we buyno more of strangers than we sell them; for so weshould impoverish ourselves and enrich them.6 And another [object of policy] is that the things which we carry out do surmount in price the things which we bring in; else shall we soon make a 305b987c477f781d17bc82b94010de41 poor land and a poor people.7 [8] Although the concept of a national balance of trade was already common in the sixteenth century, the exact term itself seems to have first been 305b987c477f781d17bc82b94010de41 coined in 1615, when it almost immediately phied 305b987c477f781d17bc82b94010de41 into common usage.8 in that year two 305b987c477f781d17bc82b94010de41 customs officials, Wolstenholme and Cranfield, were instructed to compute the exports and imports for the two preceding years, in order to ascertain the effect on foreign trade of "alderman hiayne's 305b987c477f781d17bc82b94010de41 Project" restricting the export of undyed or undressed woolens. The results of their computations are still extant in manuscript, indorsed HOMOKLYU WFSXLPOB as follows: "A computation of all merchandises exported and imported into England one year by Mr. Wolstenholme 21 May 1615" and "Sir Lionell Cranfield his MOMQ balance of trade 21 May 1615." 305b987c477f781d17bc82b94010de41 9 In UYDMN the next 305b987c477f781d17bc82b94010de41 ROVFJAM year, Sir APEK Francis Bacon, who was acquainted in his official capacity with these computations, in his "Advice to Sir George Villiers" wrote as follows: This realm is much enriched, of late years, by the trade of merchandise which the English drive in foreign parts; and, if it be wisely managed, it BDH must of necessity very much increase 305b987c477f781d17bc82b94010de41 the wealth thereof; care being taken, that the exportation exceed in value 305b987c477f781d17bc82b94010de41 the importation; BICYV for then the balance of trade must of necessity be returned in coin or bullion.10 The first appearance in print of the phrase appears to have been in the title and text of a pamphlet by Misselden published in 1623, The Circle of 305b987c477f781d17bc82b94010de41 Commerce, or the Balance of Trade. It 305b987c477f781d17bc82b94010de41 is 305b987c477f781d17bc82b94010de41 to be found ad nauseam in the subsequent 305b987c477f781d17bc82b94010de41 literature. The 305b987c477f781d17bc82b94010de41 term was, of course, borrowed from RQXGHM the current terminology of bookkeeping, [9] into which the word "balance" had apparently been incorporated from the Italian about 1600. 305b987c477f781d17bc82b94010de41 Prior to 1615, . |
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