348 SUPPRESSION OF MONOPOLY. 



period, afford ample proof of the struggles of their 

 agents in China to prevent the re-establishment of 

 this close monopoly or " Co-hong," and of the 

 Chinese Hong merchants to perpetuate it. 



At length, at the period here alluded to, the Eu- 

 ropeans, by strong remonstrances and representa- 

 tions to the viceroy of the province, succeeded in 

 obtaining the suppression of this monopoly, at least 

 in its most objectionable form, that of a Joint 

 Stock Company. Its abolition appears to have 

 occurred, hy the East India Company's records, in 

 February 1771 ; but at a sacrifice on the part of 

 the Company of the almost incredible sum of 

 100,000 tales or 30,000/. Still the Hong merchants 

 possessed sufficient influence with the government 

 officers, to secure the retention of their exclusive 

 privileges, though each merchant henceforth traded 

 oh his own individual account. 



This important and beneficial change having 

 been effected in the conduct of the trade, sufficient 

 competition and rivalry were now created among 

 the Hong merchants to secure to the foreigner 

 something like fair dealing. The exclusive pri- 

 vileges seemed altogether stripped of their odium. 

 Indeed this form of monopoly has h;id its advocates 

 even in the present day; because, in return for the 

 exclusive privileges, the Hong merchants were 

 made by the government responsible for each other's 

 debts. Still, in the opinion of others, in which I 

 concur, this responsibility was objectionable. It 



