been abandoned by all other nations on account of its absurdity, it has become the policy of Portugal with regard at least to two of the principal provinces of Brazil, Fernambuco and Marannon.

Other nations, without establishing an exclusive company, have confined the whole commerce of their colonies to a particular port of the mother country, from whence no ship was allowed to sail, but either in a fleet and at a particular season, or, if single, in consequence of a particular licence, which in most cases was very well paid for. This policy opened, indeed, the trade of the colonies to all the natives of the mother country, provided they traded from the proper port, at the proper season, and in the proper vessels.

But as all the different merchants, who joined their stocks in order to