y continued to be estimated by the standard of values
of 1694.

[6] Whitworth's _State_ quoted, Macpherson, vol. iii. p. 283.

[7] _Annals_, vol. iii. p. 340.

[8] Cunningham, _History of English Industry_, vol. ii. p. 287, etc.

[9] Smith, _Memoirs of Wool_, vol. ii. p. 113.

[10] Chalmers, _Estimates_, p. 148.

[11] Cf. Cunningham, _Growth of English Industry_, vol. ii. p. 292.

[12] Smith, _Wealth of Nations_, Bk. iv., chap. viii.

[13] _Ibid._

[14] _Growth of English Industry_, vol. ii. p. 303.

[15] Macpherson, _Annals_, vol. iii. pp. 155, 156.

[16] Chalmers, _Estimate_, p. 208. See, however, Baines, who gives a
slightly smaller estimate, _History of the Cotton Manufacture_, p.
112.

[17] Macpherson, _Annals_, vol. iii. p. 114.

[18] _Ibid._, vol. iii. p. 73.

[19] _Ibid._, vol. iii. p. 73.

[20] Smith, _Memoirs of Wool_, vol. ii. pp. 19, 45.

[21] Smith, _ibid._, vol. ii. p. 270; cf. also Cunningham, _Growth of
English Industry_, vol. ii. p. 300.

[22] Toynbee, _Industrial Revolution_, p. 50.

[23] Schulze-Gaevernitz, _Der Grossbetrieb_, p. 77.

[24] Defoe, _Tour_, vol. ii. p. 371.

[25] _Ibid._, vol. ii. p. 370.

[26] Chalmers, pp. 124, 125.

[27] Defoe, _Tour_, vol. iii. p. 9, etc.

[28] Smith, _Wealth of Nations_, vol. i., chap. x., part 2.

[29] Defoe, _Tour_, vol. iii. p. 84.

[30] Scrivener, _History of the Iron Trade._

[31] Defoe, _Tour_, vol. ii. p. 323.

[32] Schulze-Gaevernitz, _Der Grossbetrieb_, p. 52.

[33] Cf. Marshall, _Principles_, p. 328. In the case of Staffordshire,
however, there existed an early trade in wooden platters dependent on
quality of timber and traditional skill. When the arts of pottery came
in, the new trade taken up in the same locality ousted the old, though
there was no particular local advantage in materials.

[34] Smith, _Wealth of Nations_, Book III., chap. iii.

[35] Westmoreland coal did not compete in the Newcastle
market,--_Wealth of Nations_, Book I., chap. xi. p. 2.

[36] Adam Smith, writing later in the century, observes with some
exaggeration, "A merchant, it has been said very properly, is not
necessarily the citizen of a particular country. It is in a great
measure indifferent to him from what place he carries on his trade,
and a very trifling disgust will make him remove his capital, and
together with it all the industry which it supports, from one country
to another."--Book III., chap. iv.

[37] Defoe, vol. ii. p. 37.