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The acquisition of new territory, or of new branches of trade,

may sometimes raise the profits of stock, and with them the

interest of money, even in a country which is fast advancing in

the acquisition of riches. The stock of the country, not being

sufficient for the whole accession of business which such

acquisitions present to the different people among whom it is

divided, is applied to those particular branches only which

afford the greatest profit. Part of what had before been employed

in other trades, is necessarily withdrawn from them, and turned

into some of the new and more profitable ones. In all those old

trades, therefore, the competition comes to be less than before.

The market comes to be less fully supplied with many different

sorts of goods. Their price necessarily rises more or less, and

yields a greater profit to those who deal in them, who can,

therefore, afford to borrow at a higher interest.