350 INCREASED CONSUMPTION OF TEA. 



amounted to no less than 25 or 30 per cent, on the 

 cost of tea after payment of all duties and charges 

 of shipment. 



These large profits on tea of course enabled the 

 Hong merchants to pay liberal prices on all imports 

 where tea was received in exchange ; and the East 

 India Company's agents did not fail to employ 

 their knowledge of the acquisition of these large 

 profits, as an argument to induce the Hong mer- 

 chant to participate in some degree in the heavy 

 loss annually sustained by the East India Company, 

 in their efforts to promote and extend the demand 

 for British manufactures. 



Still it does not appear, agreeably to the opinions 

 of the best informed on the subject, notwithstanding 

 the assertions and belief of the contrary, that, prior 

 to the treaty of Nanking, any reduction of price 

 had been effected in tea since the abolition of the 

 East India Company's Charter ; but, on the con- 

 trary, that prices had advanced. 



It must be borne in mind, hoAvever, that the 

 consumption of tea in England has been increased 

 fully one half since the period here alluded to, in 

 consequence of the reduced price at which it has 

 been afforded to the consumer. Nor has any great, 

 at least proportionate, reduction of price taken 

 place at Canton since the abrogation of the privi- 

 leges of the Hong merchants, and the abolition of 

 all monopoly. Still the introduction of free trade, 

 as now established on the solid basis of payment of 



