Were Colonies Actually Profitable?

How profitable were colonies other than India?

Administration was rarely very profitable, but trade, resources, and protected markets could generate substantial private gains.

The calculation separates the cost of governing a colony from the gains available through trade. Colonial administration itself was rarely very profitable once officials, security, and infrastructure were counted. Merchants and investors could nevertheless benefit from access to resources and protected markets. The answer therefore depends on whose accounts are being measured: the treasury's, the colony's, or the private firms operating within the imperial system.