In Book IV of "The Wealth of Nations", where Smith discusses the systems of
Political Economy, there's pretty extensive talk on colonial issues -
especially chapter VII, entitled "Of Colonies". There Smith exposes the
formation and peculiar characteristics of several colonial entreprises
through history, and afterwards discusses the general structure and benefits
of contemporary colonial arrangements. The general tone is against exclusive
rights for the mother country, although Smith argues that, thus far, those
arrangements had not yet been severely harmful for England.
That should be a good starting point for your research.
Carlos Eduardo Suprinyak