On considering the inexperience of young emigrants to the West Indies, we apprehend, that the proportion of casualties among them does not fall greatly short of the conclusion suggested by this distressing catalogue; and that, on a comprehensive calculation, the average chance of life among these imprudent adventurers does not exceed six or seven years.
In comparing the East and West Indies on the score of health, we find a considerable difference in the fate of Europeans in these respective quarters. Though the degree of heat is, generally speaking, greater, and of course more unfavourable to a northern constitution in India, the cases of mortality arc of less frequent occur rence. The explanation of this difference, is to he sought in the superior accommodation, and means of prolong ing life in a cultivated and well inhabited country. Ac cordingly, while in the West Indies, the lot of our coun trymen is either a sudden disease, or the preservation of considerable vigour, the European residents in In dia exhibit many examples of life protracted in spite of an enfeebled constitution. The habit of exaggera ting the amount of property acquired at a distance, pre vails, above all countries, in regard to India. A French writer, M. de NIontgaillard, has lately gone the length of declaring, that " Bengal, and not England, is the main spring of British wealth ; Calcutta, not London, the emporium of our commerce." Those among our coun trymen who have tried India, and have had practical ex perience of the absurdity of these exaggerations, are ac customed to consider the last age as much more favour able to fortune-making in India than the present one. Wc, on the other hand, are inclined to suspect that there has been all along a general misapprehension in regard to the magnitude of India fortunes ; but, without dwell ing on this matter, we shall briefly advert to two points, both of a nature to modify considerably the magnificent conceptions of the treasures of the East. These are, the long period almost uniformly required by our coun trymen in that quarter to realize a competency ; and the necessity apparently incumbent on the majority of them to remain unmarried until they are past middle age—a time when they must forego the hope of living to see their posterity settled in the world. The truth is, that in nine cases out of ten, the money made in India is made by saving ; it is the result of the combined opera tion of time, and of a calculating economy. Of late years, however, it has experienced a considerable check, its main source, the high interest of money, having un dergone a material reduction.
We have dwelt the longer on the mistaken ideas en tertained in regard to our East and West India settle ments, because an accurate knowledge of these vaunted regions would tend greatly to reconcile our countrymen to habits of steady industry at home. Those, however, who are bent, at all hazards, on trying their fortune abroad, would do well to bear in mind the difference be tween a southern climate and that of Canada, Nova Sco tia, or the northern part of the United States, where, in favourable situations, and with prudent management, the chance of health is nearly as good as at home.
Xature of Colonial Trade.—The colonial policy of England, and of other countries, has proceeded on the assumption that the trade with our foreign settlements was essentially different from the home trade. Our le gislature has cared very little whether the colonists had a profit or not, provided we obtained a profit ourselves ; and wherever t].e respective interests appeared to clash, there was very little discussion about which should give way. Now the fact is, that the colonial trade is in prin ciple the same as a branch of home trade, with the single exception of distance of situation. In dealing with the continent of Europe, one capital is British, the other V/ ••V •• foreign ; the profit is di%idt'd between us and the sub jects of another government. But in the case of our
colonies, both ends are British, and the total profit cen tres among ourselves. The difference between the home and colonial trade consists not, as many imagine, in a distinction of interests, but in a comparati% c slowness of returns. This is a matter of great consequence, both in a general and individual light, and as it is very little un derstood by persons out of trade, it may he useful to ex plain it at some length. In newly settled countries there is an extent of employment, almost indefinite, for capital, and the rate of interest is consequently high. The in habitants, having very few funds of their own, carry on their concerns in a great measure on a capital borrowed from their connections in Europe. They are prover bially slow in their repayments ; and it has likewise been the policy of most colonial legislatures, with a view to forward improvement, to throw impediments in the way of the recal of money advanced on loan to settlers. The law is favourable to the creditor, as far as regards the provision of security, and the payment of the full rate of interest, but it gives him little aid in regard to the re sumption of the principal. The consideration for all this delay and uncertainty in colonial business, consists in allowing a higher rate of mercantile commission than in the home trade. Notwithstanding this counterpoise, the unfortunate course of things, during the last four teen years, has created a general aversion from colonial business. Instead, however, of pronouncing it a line ab solutely disadvantageous, and home trade absolutely the reverse, it is more correct to regard the former fitted for a merchant of large, and the latter for one of small, ca pital. Failures in the colonial, as in other branches of commerce, originate almost always from people going beyond their depth. Whoever advances money in the colonial trade, must be prepared to consider that portion of his capital as removed for a length of time from his controul, a course which no prudent man will allow him self to pursue in regard to the whole of his property. When a correspondent is found to disappoint expecta tion, it would he idle, in the present state of our colonial law, to seek a recovery in a court of justice. The pro per plan is to apply to another mercantile house, more affluent or more adventurous, and to make it their inte rest, by a sacrifice, either of a part of the money, or, more properly, of time in regard to repayment, to take over the concern, with its profits and its responsibility, giving security for the ultimate reimbursement of the original lender. Merchants trading to colonies so re cently settled as Trinidad, Tobago, Demarara, or Suri nam, find infinite difficulty in avoiding a progressive and serious augmentation of advance. In quarters which approach to a more complete state of cultivation, as Bar badoes, Antigua, St Kitt's, the wants of the borrower being more easily ascertained, there is less hazard of ad ditional demands. Jamaica being in some parts highly cultivated, while in others it has extensis e tracts of land in a state of nature, may be said to partake of either si tuation ; though the vexations characteristic of a new colony must be allowed to predominate. From all these considerations it follows, that our colonial trade, withour being necessarily disadvantageous, or, as a long course of distress has made it be termed by many, ruinous, is a branch of business fit only for particular persons ; w e mean, persons both of large property and of long expe rience in the line. It centres, in a great measure, in Lon. don, and is much more suitable to the habits and circu a T 'tam. 1,b of 11 kC the metropolis, than to those of • he out ports. The latter, limited as they arc in point of eapi,ai, would consult their interest of more by ()Wining themselves to the capacity ol agents for the •ormer, than by attempting a direct connection with the planters.