CHAP. XXIV. TRADE WITH INDIA. 



and eighty millions. The mode in which this 

 amount has been dispersed and disposed of be- 

 comes now the subject of examination. The ex- 

 portation of the precious metals, chiefly of silver, 

 has in a former period been estimated for India 

 and China at one-fifth of the whole produce which 

 the mines of America had yielded. The trade 

 with India was then in its infancy. It was at first 

 in the hands of the Portuguese, but the Dutch 

 soon became participators in it. The English 

 and French companies had indeed existed, and 

 carried on some trade, but with little success, 

 and to a contracted extent. The union of the 

 two English companies in the beginning of this 

 century gave stability and extension to the 

 commerce, which advanced slowly at first, but 

 towards the latter end of it had increased so as 

 to exceed that of all the other European states 

 together. 



The use of tea, which increased and descended 

 gradually from the highest classes in England till 

 it became almost a necessary of life to the very 

 poorest, had caused a demand for silver for the 

 trade of China, which could not have been supplied 

 without that vast addition to the store which the 

 mines of America administered with increasing 

 liberality. This commodity was so extended in 

 this country that its consumption had been in. 

 creased one hundred fold during the century, 

 and even in the thirty years between }J80 and 



VOL. II. O 



