Page:The New Protectionism.djvu/91

While admitting that "The Act of Navigation is not favourable to foreign commerce or to the growth of that opulence which can arise from it," Adam Smith contended that it was advantageous as a defence against the naval power of Holland. "As defence, however, is of much more importance than opulence, the Act of Navigation is perhaps the wisest of all the commercial regulations of England." It is clear, however, that the Act was primarily designed, not, as Adam Smith alleged, against Holland's naval power, but against her carrying trade and commerce. Mr. J. M. Robertson, in the pamphlet from which we have already quoted, cites ample testimony both from contemporary writers and from later historians to show that the Act had no more value for defence than for opulence. The following is his summary of the results of the actual working of these Acts:

"1. In so far as they were specially aimed at Holland, they were certainly planned to