A. D. I730. 153 



the propofed open trade will be always fufficient to maintain fo va ft an 

 expenfe of cuftoms and forts as L6oo,ooo yearly ? For, as every man is, 

 by the propofed fcheme, left at liberty, (and will doubtlefs make ufe of 

 it) to trade or not to trade thither, as it may fuit his intereft, it may 

 happen, that one year there may go fifty fliips for India, and another 

 year perhaps not five. And thefe being all feparate traders, the govern- 

 ment can have no certainty nor fecurity from them, nor indeed from any 

 other but an incorporated body, who have a great deal to lofe, and who 

 are able to bear the ill fortune of fome particular years trading, without 

 prefently laying it afide. 



By the competition of the feparate traders in India, for the fake of 

 difpatch, the prices of goods there would be raifed fo high, as at length 

 not to be worth buying. And, for the like reafon, at home they would 

 fo underfell each other, till the goods would not be worth felling; which 

 was the cafe for the fmall time that the two companies (the old and the 

 new ones) and the feparate traders contended againft each other ; where- 

 by they all did very much hurt to the trade. 



An united company will always be more diligent to watch the en- 

 croachments and attempts of other European nations in India than fe- 

 parate traders will or can be, whofe views naturally are contracted with- 

 in the narrow circle of their own private intereft alone. 



Though the company have a claim to a perpetuity in the trade by 

 the ad 10 Ann. c. 28, yet fome doubts having arifen refpeding the cer- 

 tainty of their right, becaufe that ad: only repeals the provifos in for- 

 mer ads, which direded that the privileges of trade ftiould ceafe when 

 the fund ftiould be redeemed, but does not explicitly enad a perpetuity 

 of this trade to the company, in the fame terms as the ad of that fame 

 felTion exprefsly does in favour of the South-fea company ; and the com- 

 pany, being unwilling that their title to the trade (however ftrong) 

 fliould prove the occafion of difputes hereafter, they are therefor content 

 to take up with a temporary certainty in lieu thereof, and moreover, to 

 give the public almoft L400,ooo for the fame, by giving L200,ooo in 

 money, and farther confenting that their annuity of 5 per cent, which 

 is not redeemable till the year 1736, be now reduced to 4 per cent ; 

 whereby they lofe an annuity of L32,ooo for fix years to come, valued 

 £192,000*. 



Some other lefs important arguments were advanced on both fides ; 

 l)ut as there is in reality nothing new which can be hereafter advanced 

 on this truely important lubjed, on either fide, now and formerly lo 

 fully explained, we iTiall hereafter fpare ourfelves the needlefs trouble of 

 enlarging thereon, in any future controverfy concerning the Eaft-India 



• Tlie value of this concclTion is greater tliaii is here ftated by fix years intereft on the firft defalca- 

 tion of 1.32,000, five years on the fecond, and io lmi of the otlicrs. M. 



Vol. III. U 



