TRADE, the practice of exchanging goods, wares, money, bills, and other.ar tides of value, with the view of advan tage or profit. It is generally distinguish ed into foreign trade, or the export and import of commodities to and from other countries, and the internal or home trade, or that which is carried on within the country ; which two branches, however, are rather distinct in appearance than reality ; one supports the other ; and by their mutual connection and dependence, the foreign and the domestic trade of Great Britain have risen together to their pre sent unparalleled height. See COMMERCE and MANUFACTURES.
By the law of England, trade is consi dered so much for the general benefit, that, by several statutes, particularly Magna Charta, 9 Henry III c. 30, and 5 Richard IL c. 1, even all merchants, ali ens, and not enemies, may safely come and go, and abide here, an deal, in gross or by retail, in any commodities ; but, by statute 16 Richard H. c. 1, this was re strained, to prevent merchants, .aliens, from selling any thing by retail, except victuals. And by several statutes, reme dies are given for alien merchants against those by whom they may be disturbed in their dealings. But an alien cannot take a lease of a house, though he is a mer chant ; but may be a tenant at will. And no alien shall be a merchant or factor, un less naturalized, or made denizen, in the English plantations in Asia, Africa, or America. Some restraints are also put upon the importation of certain articles by statute 11 Edward III. c. 3 ; 3 Edward IV. c. 4 ; 19 Henry VII. c..21 ; 25 Henry VIII. c. 9; and 5 Elizabeth c. 7.
The seas shall be open to all merchants; and all subjects may trade to Spain, France, and Portugal, paying the cus toms. In England all persons are free to use any trade, unless restrained by act of parliament, or the bye-laws of some cor porations, or by the King's charter; for he may erect a corporation for the ma nagement of certain trades, and may even make a monopoly of some things, such as the sole printing of books of the common law, statute books, English bibles, pray er books, civil law books, and even school books, as it is said. But this prenagative
is somewhat odious, and has not recently been enforced, excepting in respect to bi bles, the statutes, and prayer books.
But the King cannot by his charter make a total restraint of trade. Even with respect to excluding the exercise of a trade in a town, or city, without being free of it, there is a great doubt whether a charter with such an exclusive privi-• lege is valid, except as to London, where the bye-laws are confirmed by act of Par liament, although many such privileges are assumed elsewhere, and rest for their validity entirely upon ancient custom. The exclusive trade of the East India company is founded upon a charter, con firmed by act of parliament, 9 and 10 William III. c.44, and subsequent statutes, and by 37 George III. c. 97, trade is allow ed under the previous treaty with Ame rica, between that country and our settle ments in the East Indies, either direct or way of Europe.
!fa man contract, even for a good con sideration, not to exercise a certain trade generally, such an agreement is void, as being in restraint of trade ; but an agree ment not to exercise a certain trade within a certain town, to the prejudice of another, is valid.
By the statute 5 Elizabeth, c. 4, none shall use any manual occupation then used in the realm, unless he has been brought up in it as an apprentice for se ven years, under a penalty of 40s. per month. This statute has by some been considered as impolitic, and in general may be considered as a very slight re straint upon one who is successful in the trade. It has received a very liberal con struction, so that, if a man has worked as a journeyman or master for seven years, he is considered to have served as an ap prentice ; and a person who is qualified, and directs the business, may have ano ther in partnership who is not qualified. A trade„,is not transmissible, so as to go to executors ; for if they carry it on, they must be personally liable.