ABSTRACT

One principal branch of the trade of the province is the fishery carried on to the Banks, in which there are upwards of three hundred vessels employed, besides a great number of boats in the Bay, and about ninety sail in the mackarel fishery. The fishery, the lumber trade and ship-building, are greatly promoted by the importation of molasses, and distilling it into rum, and the trade to Africa wholly depends on this article; so that any act which hath a tendency to obstruct the importation of molasses, must be prejudicial to Great Britain. The former acts, imposing duties on molasses, were intended only as a regulation of trade, and to encourage our own islands, and the duty was only on foreign molasses; but by these acts it is imposed on all molasses, and expressly for the purpose of raising a revenue.