A. D. 1792. 241 



finally mifcarhed. But now, obierving, that the company's charter was 

 nearly expired, and that there was a probability of the flave trade being 

 abolifhed, in which event a part of the capital of Liverpool would be 

 turned out of its accuftomed channel of employment, many of the 

 merchants ferioufly turned theit thoughts to a free participation of the 

 trade with India, in confequence of which a public meeting of the 

 merchants and inhabitants was held at the exchange, wherein it was I'e- 

 folved, 



That commerce ought to be free of all reftraints, and regulated only 



by mutual interefts That monopolies deflroy thofc principles by la- 



crificing the intereits of the producer and confumer to that of the mon- 



opolift That the Eaft-India company have exchanged the charader 



of merchants for thofe of warriors and politicians, ai;d have become 

 the fovereigns of twenty millions of people, with whom they ought to 



have no other connexion than as traders That, to maintain their 



dominion, they keep up vaft civil and military eftablifhments, the ex- 

 penfe of which is a cruel and ufelefs burthen on the people of India and 

 Great Britain — That a free and open trade will probably put an end to 

 the wars, which have defolated India, and drained the blood and trea- 

 fure of Great Britain — That, if the trade were free, the exports of our 

 manufadures to the countries beyond the Cape of Good Hope would 

 probably be increafed twenty fold, as the adventurous fpirit of our trad- 

 ers would carry them to all parts of the eaft coaft of Africa, the great 

 ifland of Madagafcar, the Red fea, the Perfian gulf, and the innumer- 

 able rich iflands fcattered throughout the Indian ocean. — That the op- 

 preffive m.onopoiy and commanding capital of the company have put it 

 in their power, by facrificing their profits on articles with which any of 

 the manufactures of this country come in competition, to crufh them 

 in their infancy ; ' a power that more than once has deftroyed the man- 

 ' ufadure of Britifh porcelain, and that was employed to oppofe and 

 ' bear down the manufa-dure of cotton, now rifen to fnch national im- 

 ' portance *.' — That even the intereft of the company is liicrificed to 

 that of individuals in the pradice of chartering large {hips upon over- 

 charged freights — That, whatever reafbn there might be for a monopoly 

 in the infancy of the trade, neither the diilance, nor the greatnefs of 

 tlie capital required, afford any reafons for confining it to a company in 

 the prefent flate of things ; as no part of the globe is too diftant, nor 

 any voyage too arduous, fof the fMll and enterpriie of our navigators, 

 nor is any commercial undertaking too great for the capitals of our 



* The Britifh porcelain has, however, fto^d its prodigious capital funk in machinery and buildings, 



ground, and has attained fuch fupenor elegance, tlie alleged oppofnion of the Eaft-Iudia company, 



that it is fhipped for America, where »he Cliinefe and the calamities which eiifued in the end of the 



porcelain can be had much cheaper th.m in this yvar 1792 and beginning of 1793, has railed its 



country; and it is even carried to China itfelf. head, a- bccotne exceedingly flourilhing, is kiiown 



That the cotton manufafture, notwithftanding the to every one. 



Vol. IV. H h 



