America and Great Britain
American citizens carried on their commerce in a world whose rules and conditions were largely laid down not by themselves but by Great Britain. Those conditions were not greatly altered by the Jay Treaty, at least not formally. Britain, owing to superior products, greater efficiency and lower prices, intimate knowledge of the market, and extensive credit facilities, would keep the lion's share of the market anyway. America, on the other hand, even while still with a colonial status, had already come to monopolize supply to the West Indies. Shortly after the institution of the federal government in 1789, a new study of British policy was begun by Lord Hawkesbury. The principal argument of the Hawkesbury Report, based on considerable research, was that Lord Sheffield had been right on every count. British policy had been an unqualified success, and it was felt that there was no need whatever to change it.
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