Note C, pp.131-132.

It is rather a large assumption that Scotland would never have possessed colonies but for her connection with England. Had she remained a separate nation, there can be little doubt that the well-known enterprise of her people would have secured for her an honourable place in the colonial world. The most successful competitors with England are the Dutch, who not only possess immense colonies, but what is of greater importance, make them a source of profit to themselves, and that without oppression to the native races over whom they govern with a wise and beneficent despotism. Now Holland is not larger than Scotland, and even Portugal has acquired immense colonies. The British tax-payer derives not a single penny from our colonies, but on the contrary has to expend large sums on their defence. 

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