To a few individuals it may be beneficial, merely because it is commerce; but to the nation it is a loss.

The expense of maintaining dominion more than absorbs the profits of any trade.

It does not increase the general quantity in the world, but operates to lessen it; and as a greater mass would be afloat by relinquishing dominion, the participation without the expense would be more valuable than a greater quantity with it.
But it is impossible to engross commerce by dominion; and therefore it is still more fallacious.

It cannot exist in confined channels, and necessarily breaks out by regular or irregular means, that defeat the attempt: and to succeed would be still worse.

France, since the Revolution, has been more indifferent as to foreign possessions, and other nations will become the same when they investigate the subject with respect to commerce.
To the expense of dominion is to be added that of navies, and when the amounts of the two are subtracted from the profits of commerce, it will appear, that what is called the balance of trade, even admitting it to exist, is not enjoyed by the nation, but absorbed by the Government.
The idea of having navies for the protection of commerce is delusive.
It is putting means of destruction for the means of protection.