He who is engaged in any kind of trade or business has usually to contend with a multitude of competitors. Let his competition be open, fair, and amicable; not tricking, ungenerous, and malevolent. Let it be displayed, not in depreciating the skill, or in vilifying the character, of a rival; but in laudable efforts to gain an honeft pre-eminence by fuperior attention, knowledge, diligence, and activity; by applying greater induftry and exercifing greater discernment in choofing fituations, in the purchase of raw materials or manufactures, in making improvements, in conjecturing the probable confumption, in calculating risks, in taking fit precautions against accidents and bad debts, in meeting the wishes and suiting the convenience of cuftomers and employers; in short, in every upright and becoming way, which may enable one man to tranfact bufinefs, or to fell commodities, on more moderate and acceptable terms than another.

In the course of this competition, the moft fatisfactory method by which a person may try the propriety of his conduct towards his brother-traders in any particular inftance, is

by

by referring to that fundamental rule of Chriftian morality, which directs him to act towards another, as he would think it reasonable for that perfon, under fimilar circumftances, to act towards himself. This is indeed a rule of univerfal application to every pecuniary and mercantile tranfaction. Let the borrower and the lender, the purchaser and the feller, the agent and the principal, the banker and the person who depofits money in his hands, respectively conceive themfelves to have changed places. Let each afk himself what proceedings he fhould deem, in his new fituation, equitable and kind on the part of the other; and he will rarely be mistaken in determining what equity and kindness require from himself.

The profits of trade and business are to be confidered as a fair compenfation for the labour, industry, and skill beftowed upon them, and for the ufe and risk of the capital employed. Of thefe particulars the general experience of the trading world may be expected to form a truer estimate than the folitary judgement of an individual. And on this principle the market-price at which an article is fold,

and

and the customary terms on which a branch of business is tranfacted, may commonly be prefumed to be fair and reasonable, and proper to be adopted, at least by the young beginner, who may easily be misled in his calculations, by not having yet experienced the various hazards. and loffes which will be difcovered in winding up commercial dealings; unless it is known that this market-price and these customary terms are kept up by combinations and other unwarrantable practices, or that fome alteration, by which the article is cheapened, has taken place. Except in cafes of this nature, a young trader who lowers the current prices may be fufpected of too great eagerness for custom. Yet an intelligent and confcientious trader, aware of the temptations to which he and his brethren are expofed, of exacting exorbitant gain from the public, will fcrupulously investigate the nature of his bufinefs, and will strive to conduct his dealings on the lowest terms which, if permanently adopted, would afford him a fufficient, but not an immoderate profit; instead of implicitly following the rates and prices taken by others in the fame line with himself. The terms, it is faid, ought to be

VOL. II.

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the

the lowest which can be permanently afforded. This expreffion is used both as conveying a direction which seems to be juft; and for the purpose of stigmatifing the conduct of thofe adventurers, who endeavour to draw cuftomers to their Banking-house, or their shop, by dazzling them with flattering terms and accommodations which are not meant to be continued; or who tranfact some part of their business, or dispose of some particular article, at a losing price, as a lure to the unwary; while they more than repay themselves by unfufpected and exorbitant profits on (b) other branches of their trade. It commonly hap

(b) Frauds of the latter kind are frequently practised by retail shop-keepers. Thus fugar is fometimes fold at an under-rate, merely to gain custom for tea, which is fold far more than proportionally too dear; or great bargains are allowed in ribbands and gauzes, with a view to allure purchafers for filks and laces at an exorbitant price. In fuch cases it is often contrived that the cheap article shall be one of trifling worth, and one the value of which is well known; while the dear article is of an oppofite defcription. When the bait has taken, the price of the cheaper commodity is commonly raised, or one of inferior worth is fubftituted in its place. Shops of this fort are ufually called cheap hops.

pens

pens to perfons of this defcription, that the bubble breaks on which they relied; and that numbers, more honeft than themfelves, are involved in their fall. Even if they prosper for a time, they are ufually detected at last: and whether fuccefsful or not, they ought to be expofed to contempt, as convicted of tricking and underhand proceedings, and as bringing a general fufpicion on the character of traders.

It must however be admitted,

that in fome trades custom feems to have established a lofing, or nearly lofing price on certain articles, which is compenfated by as cuftomary (c) a high profit on others neceffarily fold at the same shop. In these cases, though the mode of proceeding in queftion is very undefirable, on account of the temptations with which it is accompanied, the trader may find it nearly impoffible entirely to avoid it. But let him beware that his gains be not on the whole exceffive. It should be remembered that the temptations relating to the price

(c) Thus in the African trade there are what are called cheap bars, and dear bars; that is to fay, there is an eftablished method of computing by bars, which in fome articles anfwers well to the trader, and ill in others.