The Claims of the Study of Colonial History Upon the Attention of the University

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Even as regards the colonies it had great compensations. It gave them the use of English capital, by which means they were able to develop their fisheries, agriculture, and shipbuilding in a manner which would have been otherwise impossible. Its harshness was INAUGURAL LECTURE 19 greatly mitigated by an elaborate system of bounties and rebates, and by the difficulties which lay in the way of its full enforcement. In any case a system, which dictated the policy of Europe for more than a hundred ...years, and which showed such vigorous vitality that its long lingering death lasted till nearly the middle of the next century such a system cannot be too minutely studied. Considering its past importance, it is strange that no one English book should have been devoted exclusively to its history. There is the famous chapter in Adam Smith, and much may be found in the brilliant pages of Dr. Cunningham's Growth of British Industry and Commerce and in Essays by Mr. Ashley. Nevertheless the mercantile system still awaits its his- torian.

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