244 ^' D. 1792. 



portion of the goods carried out confifts of Briti{h maiiufadures. Of 

 all the foreign companies the Swedifh was eftabliflied on the foundefl: 

 principles, and their progrefs was {o rapid, that rhey mull foon have 

 engrolTed the whole of the China trade, if the commutation ad had not 

 given them a check by aboliflnng the bufinefs of frauggUng tea into 

 this country. 



1 he emergencies of government, or a prudent facrifice to popular 

 preiudice, may at times have favoured the views of private adventurers. 

 But they or.ly ' bought at a high price, from the poverty of the flate, 

 ' or the venality of its members, a permiffion to ruin themfelves.' 



' V/hat has happened' to thofe adventurers, and alfo ' to foreign 

 ' companies, mufl be the fate of individuals at home, ihould they be 



* admitted to a participation in the commerce with India. The phrenzy 



* of fharing in the trade to India will enfnare unwary perfons, whofe 



* rage fcr adventure will be productive of their ruin, before they dif- 

 ' cover their error.' In fuch a flate of the trade the company cannot 

 be expeded to continue their exports as formerly, and the diftr-efs of the 

 woolen manufidurers in particular muft be very great. 



If individuals are permitted to range uncontrouled through every part 

 of India, they may embroil us with the native princes; they may enter 

 into foreign fervice ; or they may become permanent fettlers, which 

 will be exceedingly injurious to this country and to India ; for ' the 

 ' energy of the European charader becomes impaired in the firft gen- 



* eration, and is foon totally extind.' 



Before the commutation ad the few goods exported from this country 

 to China were received with great difficulty and reludance in part of 

 payment by the merchants of Canton ; and there is reafon to believe, 

 that the export of manufadures by other nations was very trifling. But 

 the company's fupercargoes have at laft accomplifhed the very arduous 

 taflc of convincing the Chinefe merchants, that they may make a profit 

 on the Britifh goods imported as well as on the Chmefe goods exported, 

 and that the increafed quantity of teas could not be received, unlefs 

 they would encourage the fale of Britidi goods. It is a certain fad, 

 that, from whatever caufe it may proceed, the Chinefe merchants have 

 of late fought after woolen goods with increafing eagerneis, whence 

 the exports of them have been confiderably augmented, and they may 

 in time afford a profit ; though the company, facrificing their own in- 

 tereft to the benefit of the manufadures of Great Britain, have hither- 

 to perfevered in felling them at a lofs in order to eflablilh the ufe of 

 them, it being very certain, that, if their own interefl only is attended 

 to, the export of bullion is the mofl beneficial for carrying on a trade 

 with China. But their export of bullion has decreafed rapidly, and 

 they trufl, that ' the period is not very diftant,. when the whole of the 

 ' company's inveflment from China may be purchjifed with a very trifl- 

 ' ing export of filver from Europe.' 



