The establishment of a settlement on the north or north-west coast of New Holland would have however the effect of diminishing both these evils in so great a degree that a very few years would probably suffice for their complete annihilation.
SUCCESS OF AMERICAN VESSELS.

CAUSES OF IT.
Notwithstanding the drawbacks occasioned to commercial enterprise by the circumstances above detailed, there at this moment exists a very considerable trade in the Indian Archipelago, which is, with the exception of the few vessels that sometimes bring ponies to the Isle of France and the British settlements, almost wholly in the hands of the Americans.

Indeed no fact which I have met with has so much surprised me as the extraordinary diffusion of the American commerce, and the great spirit of enterprise exhibited by them.

For in many places where the British merchants can find no commerce apparently worth their attention the Americans carry on a lucrative and prosperous trade, and in half-civilized countries, where the largest profits are always realized, the Americans are so eminently successful that the British merchant cannot attempt to compete with them.
This appears to arise from the following circumstance.

The masters of the American vessels engaged in this kind of trade are, in many instances, whole, and in all other instances, part owners of the vessel and cargo; whereas masters of English vessels have frequently little or no interest in the vessel and cargo, and are moreover frequently tied down by directions issued from the firm for which they act.
The difference between these two cases is very great; the American can turn every circumstance that occurs to account: he can instantly enter into any speculation that holds out a prospect of success; and can act with rapidity and decision on his own responsibility.