the development
of Highland fisheries has been as near _nil_ as Smith anticipated; and
if the shareholders have not, as he predicted, lost every shilling of
their money, they have lost half of it, and only saved the other half
by abandoning the scheme for which it was subscribed. In the whole
course of its one hundred and eight years' existence the society never
paid more than eleven annual dividends, because for many years it
saved up its income for building an extension to its harbour, and
eventually lost all these savings and L100,000 of Government money
besides in a great breakwater, which proved an irremediable
engineering failure, and lies now in the bottom of the sea.

Smith returned to Edinburgh deeply pleased with the reception he met
with from the ministers and the progress he saw his principles making.
He came back, says the Earl of Buchan, "a Tory and a Pittite instead
of a Whig and a Foxite, as he was when he set out. By and by the
impression wore off and his former sentiments returned, but
unconnected either with Pitt, Fox, or anybody else."[346] Had the
impression remained till his death, it would be no matter for wonder.
A Liberal has little satisfaction in contemplating the conflict of
parties during the first years of Pitt's long administration, and
seeing the young Tory minister introducing one great measure of
commercial reform after another, while his own Whig chief, Charles
Fox, offers to every one of them a most factious and unscrupulous
opposition.

Soon after his return Smith received another, and to him a very
touching, recognition of his merit in being chosen in November Lord
Rector of his old alma mater, the University of Glasgow. The
appointment lay with the whole University, professors and students
together, but as the students had the advantage of numbers, the
decision was virtually in their hands, and their unanimous choice came
to Smith (as Carlyle said a similar choice came to him) at the end of
his labours like a voice of "Well done" from the University which had
sent him forth to do them, and from the coming generation which was to
enter upon the fruits of them. There was at first some word of
opposition to his candidature, on the good old electioneering plea
that he was the professors' nominee, and that it was essential for the
students to resent dictation and assert their independence. One of
Smith's keenest opponents among the students was Francis Jeffrey, who
was then a Tory. P