Norwill this way of Lending out Money be any Disadvantage to a Corporation, who will find fit Opportunities of Employing their Stock, as fast as it is paid in; and the Profits thereof being Returned hither in Linnens, they may Afford to sell them Cheaper, than Private Stocks can do.
But I do not think this Work can be presently Brought about; ’twill not be Easy to Perswade the Landlords nor Tenants ofIreland, to leave off the way of Husbandry they are now upon, and to Turn their Lands to Hemp and Flax, till they see some Encouragement; But when they shall find this New Product bring Ready Money, they will soon Set upon it; if the Manufacturer receives Ready Money for his Cloath, he will be able to pay Ready Money both for Materials and Labour, which Circulation will Encourage both the Farmer and the Manufacturer; and by Degrees, Hemp and Flax-seed will be Sowed in all Lands Proper for them, and the Owners will soon see the Difference, between Raising Commodities, for which there is a Present Demand, and such, as lye on their Hands; For thoughIrelandmay in time Produce greater Quantities of Hemp and Flax than they can Work up, yet not more thanEnglandmay Take off, without Prejudice to any Foreign Trade we drive; and their Number of Hands, will in all probability be Encreased by theFrenchRefugees, who will be Glad to go thither, where they may be Employed in a Manufacture, so natural to them as Linnen is; which will also give a Fatal Blow to the Kingdom ofFrancein that Manufacture.
The People in the North ofIrelandmake good Cloath, sell it at Reasonable Rates, and wou’d every Year make much more, had they a Vent for it; And it is to be observed, that Money is not Plentier, nor Rents paid better, in any part ofIreland, than there.
The Rents ofIrelandgrow due at two Times of Payment,viz.1st ofMay, and 1st ofNovember; the first becomes payable whilst their Cattle are Lean, which puts the Tenants under great Straits, and forces them to sell very low, if they are prest for Money; but the Second Payment is more easily made, their Fat Cattle being sold, and their Harvest over; This is the State of that part of the Kingdom that depends on Feeding and Tillage; but where the Linnen Manufacture is, the Tenants are much easier; they Spin in the Winter Nights, and at other leisure times, which being wove into Cloath, and whiten’d early in the Year, provides Money for their first Payment, without selling their Cattle before fatted for a Market.
It is necessary for a New Undertaking, to be attended with some lucky Accident; the Linnen Manufacture can never be begun inIrelandat a more seasonable time than now, being Imported hither Custom Free, when all the other Linnens ofEuropepay considerable Duties.
The Gentlemen ofIrelandat this time seem to be Discontented, they find themselves Uneasy, but cannot tell where the Sore lies; therefore, sometimes they Complain of one thing, and sometimes of another; but the true Ground of all is this; Their Exports are lessened, whilst their Imports encrease upon them, and the Specie of their Money decreases every Day; by which means their Rents come in slowly, their Products fall on their Hands, and will more, as they encrease above their Expence; so that their Improvements rather turn to their Disadvantage; and their Lands must fall (which ’tis our Interest to keep up) unless some new Product be encouraged, which may be Manufactured amongst them; If this was done, They would soon see where their Interest lay; and tho’ I do not believe they would all fall on sowing Hemp and Flax, nor is it necessary they should, yet there would be so much Land turn’d that way, as might restrain their other Products, within the compass of their Exports, and Home Consumption, and cause a Circulation of Money through all parts of the Kingdom.
This will give a greater Employment to the Poor ofIreland, and Encourage People to settle among them, without any manner of Prejudice toEngland; and Create a mutual Friendship, and a profitable Correspondence, between both Kingdoms.
Andas the Establishing such a Fund will be an Advantage to that Kingdom, so it will bring a considerable Profit to the Undertakers, besides the Benefit which may arise from it to the Government, during the Continuance of this War.
JOHN CARY.
London, July 18th. 1704.