A. D. 1792. 245 



In confeqi-ience of the arbitrary nature of the Chinefe govern'rient, 

 very heavy occafional loffes are often fuftained, -which, though tliC com- 

 pany are able to fupport them, muft be utterly ruinous to any indi- 

 vidual. 



As a proof of the bad effed of competition, it was obferved, that in 

 former times, when the company fent each (hip under feparate manap;e- 

 ment, European goods fell, and thofe of China advanced. And (ince 

 the independence of America, ginfeng, an article on which the ^-nni- 

 pany's officers ufed formerly to get enormous profits, has been carried 

 to China in fuch quantities by American veflels unconneded with each 

 other, that the Chinefe allege it has no virtue, and adually refufe to 

 give any price for it. 



The company's committee fuppofing, that the committee of trade 

 entertained a fufpicion, that the company are not fufficiently attentive 

 in exploring new channels of commerce or fupporting the old ones, af- 

 firmed, that their fhips have long ago explored every place to the eafl- 

 ward of the Cape of Good Hope with a view to trade, and they are 

 convinced, that the fettlements at prefent eflablifhed by them are fully 

 fufficient for the trade of all India *. 



The trade to Japan was profecuted about the beginning of the feven- 

 teenth century : but the company, finding it could not be carried on 

 without lofs, abandoned it in the year 1623. Since that time only one 

 effort was made to revive it in 1673, which was unfuccefsful. Neidier 

 can it poflibly be rendered advantageous in a national point of view, 

 even if it could be made profitable to the adventurer, the only articles 

 of import from it being copper and camphire. The various attempts 

 to eftablifh a trade with Japan have coft the company near ^^50,000. 



Perfia, though by nature fo happily fituated for commerce, has long 

 been in fuch a convulfed flate, that no trade can be carried on with 

 fafety. The company flill have a fettlement at Bufhire, eflablifhed at 

 the requefl; of Kerim Khan, and another at Builbra (or BafTora) fituat- 

 ed on the Arab river (or Euphrates) at the head of the Perfian gulf. 

 The fales have been fo trifling, that the whole proceeds, taking both 

 fettlements together, are not eqitSl to the expenfe of the fadories, the 

 freight from Bombay, and the fupplies furniflied to the Bombay cruifers 

 for the protedion of the trade from pirates. If individuals are permit- 

 ted to attempt the trade, they alfo muft have relidents at a great ex- 

 penfe ; an expenfe which the company fupport, merely in the diftant 

 hope that Arabia and Perfia may in time have well-regulated govern- 

 ments ; for till then there can be no increafe in the exports of Britifh 

 produdions or manufadures 10 Perfia. Nor is it at all improbable, that 

 Ruffia and France may then be enabled to fupply Perfia with European 

 goods eafier than Great Britain. 



• About tlie year 1700 the company had near eighty faftories from the Red fea to CLina, in 

 which empire they h^^ then five. 



