266 Ohfervat'ions on the 



made with the company, or are purchafed' by freight re- 

 ceived in Turkey or Egypt, by {hips navigated according to 

 few; which freight is entirely the property of members of 

 the company, or fuch as have their licence to trade." 



And every merchant or factor in Turkey or Egypt is re- 

 quired to make a fimilar affidavit, on exporting goods from 

 Turkey for England; and to give, on oath, an exact account 

 of every kind of tranfaction or bufinefs, direct and indirect j 

 fo that all his affairs become known. 



The object of this law is evidently to encourage the ex- 

 portation of cloth ; and when we had no rivals, it produced 

 no bad effects; but it foon produced rivals, and it continued 

 in force till they had nearly got-poffeffion of the whole cloth 

 trade. Such a law, indeed, was fufficient to ruin any trade. 

 One houfe may deal in exports, another in imports; one 

 may combine its Italian with its Turkey trade; another may 

 fend veffels for the carrying trade : but if every individual 

 faoufe be obliged to keep an exact regifter on oath, and under 

 a penalty of 20 per cent, called " a broke," of all its exports 

 imports, and to balance them exactly, how is fuch a 

 trade to profper, where the profits are reduced by the rival- 

 ftiip of foreign nations? This bye-law at length, when it had 

 produced the full effect of its ill tendency, was repealed; but 

 the trade was not revived: fo difficult is it to turn back com- 

 merce from channels into which it has run. 



It will be aiked, then, what are the reftraints which now 

 lie on the trade ? 



The fubjection to the control of the company; the ne- 

 ceffity of making entries with it of all their tranfactiotts on 

 oath, and not being able to be concerned in anywiie with 

 others not free of the company, or foreigners; the power in 

 the company, for the leaft violation of their rules, to inflict a 

 penalty of 20 per cent.; the idea of reftraint, and the ap- 

 prehenfion of violating a folemn oath, have made many de- 

 termine to trade with Turkey through foreign and circuitous 

 channels., without becoming free of the company : witnefe 



the 



