A. D. 1733. 195 



trade entirely, and accepting an equivalent, that the not fending fuch a 

 fhip direclly to the Spanifh Weft-Indies will not in the leaft diminifli 

 the confumption of Britifli commodities in that part of the world, as 

 the fame forts, and, as they alleged, greater quantities, of Englifli goods 

 will be fent thither (as before this affiento trade was granted) by the 

 way of Cadiz, and from thence by their flotas and galleons to the Weft- 

 Indies, or elfe fmuggled to the Spanilh Weft-Indies by the way of Ja- 

 maica and the Leeward iflands. 



The returns, on which the propofed 2 per cent to the company was 

 to arife, by the flota and galleons, and on the Spanifli regifter Ihips, re- 

 turning from thofe parts, to which the company have a right to fend 

 their annual fliip, were computed to amount to at leaft 15 millions of 

 pieces of eight ; and 2 per cent thereon would be 300,000 dollars, or 

 pieces of eight, or about Lyo.ooo fterling. 



On the other fide of the queftion, it was admitted, that the com- 

 pany's adventure by their annual fliip amounted to about L20o,ooo 

 fterling ; upon which there might be an advance of 75 per cent, or in 

 all - - _ - £350,000 o o 



From which dedudl. 

 The coft, _ _ _ L20o,ooo o o 



Seamen's wages and ftores, - 25,000 o o 



Maintenance of fervants, and prefents 



abroad, - - 10,000 o o 



Commifllon and privilege to fupercar- 



goes, &c. - - 20,000 o o 



Intei'eft on L20o,ooo for two years, 16,000 o o 



Extraordinary charges of management 



at home on this account, - 5,000 o o 



Total coft, 276,000 o o 



Eftimated profit upon the annual ftiip, £74,000 o o 



This calculation is made exclufive of infurance, and of the ri(k of 

 bad debts ; and alfo on the fuppofition of an uninterrupted cnioyment 

 of the trade, without any feizures or detentions of the ihips. ^Nothing, 

 however, was determined concerning this trade, which remained iu 

 fufpenfe till it was entirely given up by treaty. 



Though the preceding michaelmas grofs fale of the Eaft-India com- 

 pany's merchandize, including L7o,ooo brought home in gold for the 

 general account, amounted to above £1,300,000, yet the company hav- 

 ing fo lately advanced L2oo,ooo to the public for the prolongation of 

 their privileges, and at the fame time fuftered an abatement of i per 

 cent from the intereft of their whole capital of L3, 200, 000, the court 

 of diredors, on mature confideration, propofed to reduce their dividend 

 from eight to fix per cent. Neverthelefs, fuch was the unaccountable 

 4 Bb 2 



