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Wealth of Nations
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Adam Smith 1776, Wealth of Nations, Book 5; Chapter appendix, appendix
Back to: Stamp Duties' 
The two following accounts are subjoined in order to illustrate and confirm what is said in the fifth chapter of the fourth book, concerning the tonnage bounty to the white-herring fishery. The reader, I believe, may depend upon the accuracy of both accounts. An account of Busses fitted out in Scotland for Eleven Years, with the Number of Empty Barrels carried out, and the Number of Barrels of Herrings caught; also the Bounty at a Medium on each Barrel of Seasteeks, and on each Barrel when fully packed.

Number Empty Barrels Bounty
Years of Barrels of Herrings paid on
Busses carried out caught the Busses

£ s. d.
1771 29 5,948 2,832 2,085 0 0
1772 168 41,316 22,237 11,055 7 6
1773 190 42,333 42,055 12,510 8 6
1774 248 59,303 56,365 16,952 2 6
1775 275 69,144 52,879 19,315 15 0
1776 294 76,329 51,863 21,290 7 6
1777 240 62,679 43,313 17,592 2 6
1778 220 56,390 40,958 16,316 2 6
1779 206 55,194 29,367 15,287 0 0
1780 181 48,315 19,885 13,445 12 6
1781 135 33,992 16,593 9,613 12 6
---- ------- ------- ------- -- -
Total 2186 550,943 378,347 155,463 11 0


Seasteeks 378,347

Bounty at a medium for each barrel of seasteeks
£0 8 2 1/4

But a barrel of seasteeks being only reckoned two-thirds of a
barrel fully packed, one-third is deducted, which brings
the bounty to
£0 12 3 3/4

1/3 deducted 126,115 2/3
-----------
Barrels fully packed 252,231 1/3

And if the herrings are exported, there is, besides, a premium of

£0 2 8

So that the bounty paid by Government in money for each barrel is

£0 14 11 3/4

But if to this the duty of the salt usually taken credit for as
expended in curing each barrel, which at a medium is of foreign,
one bushel and one-fourth of a bushel, at 10s. a bushel, be
added, viz. £0 12 6
--------------
The bounty on each barrel would amount to £1 7 5 3/4


If the herrings are cured with British salt, it will stand thus,
viz.
Bounty as before £0 14 11 3/4

But if to this bounty the duty on two bushels of Scots salt at
1s. 6d. per bushel, supposed to be the quantity at a medium used
in curing each barrel is added, to wit
£0 3 0
--------------
The bounty on each barrel will amount to £0 17 11 3/4

And, When buss herrings are entered for home consumption in
Scotland, and pay the shilling a barrel of duty, the bounty
stands thus, to wit as before
£0 12 3 3/4

From which the 1s. a barrel is to be deducted £0 1 0
--------------
£0 11 3 3/4

But to that there is to be added again the duty of the foreign
salt used in curing a barrel of herrings, viz.
£0 12 6
--------------

So that the premium allowed for each barrel of herring entered
for home consumption is £1 3 9 3/4

If the herrings are cured with British salt, it will stand as
follows, viz.

Bounty on each barrel brought in by the busses as above
£0 12 3 3/4

From which deduct the 1s. a barrel paid at the time they are
entered for home consumption £0 1 0
--------------
£0 11 3 3/4

But if to the bounty the duty on two bushels of Scots salt at
1s. 6d. per bushel, supposed to be the quantity at a medium used
in curing each barrel, is added, to wit
£0 3 0
--------------
The premium for each barrel entered for home consumption will be
£0 14 3 3/4

Though the loss of duties upon herrings exported cannot,
perhaps properly be considered as bounty; that upon herrings
entered for home consumption certainly may.

An Account of the Quantity of Foreign Salt imported in Scotland,
and of Scots Salt delivered Duty free from the Works there for the
Fishery, from the 5th of April 1771 to the 5th of April 1782,
with a Medium of both for one Year.

Scots Salt
Foreign Salt delivered from
Period Imported the Works

Bushels Bushels
From the 5th of April 1771
to the 5th of April 1782 936,974 168,226

Medium for one Year 85,179 5/11 15,293 3/11

It is to be observed that the Bushel of Foreign Salt weights 84 lb.,
that of British Salt 56 lb. only.
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scrag, scrag_end
the lean end of a neck of veal
 

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