5i6 



A. D. 1800. 



with the pofleflion of exclufive privileges, as a violent invafion of their 

 chartered rights and the very eflence of their monopoly, for the enjoy- 

 ment of which very great fums have been advanced, and are annually 

 paid, to the ftate. A confirmation of the privileges, now demanded, as 

 a matter of right, would, in their opinion, create a new aflbciation of 

 merchants, of the kind called a regulated company, who would engrofs 

 the greateft part of the India trade to themfelves and thofe whom they 

 ihould chufe to flielter under their wings as partners or agents ; for no 

 perfon could purchafe an interell in their trade, as any one may do in 

 that of a joint-ftock company. This new company, confifting of per- 

 fons fupportcd and proteded by the prefent company, while they take 

 to themfelves all the benefits of the dear-bought privileges of the pre- 

 fent company, whofe emoluments as individuals are reflrided to about 

 five per cent on the money paid for their ftock, propofe to leave them 

 all the burthens in India and in England, including the annual payment 

 to government of a fum greater than the revenue of fome fovereign 

 princes. And, as the conftitution of the prefent company admits all 

 perfons to be purchafers of their ftock, the partners and agents of the 

 new company may in time acquire fuch a preponderance, as proprietors 

 of ftock and direftors, as to render the prefent company merely an en- 

 gine for the promotion of their own intereft, or reduce them to the 

 flate of a corporation trading to India in competition with others j pre- 

 cifely the condition they would be in, if the legiflature were to refufe 

 to renew their exclufive privilege. Nor would the ruin of the com- 

 pany be the only evil flowing from this fyfi^m. The unlimited tranf- 

 miilion of capital from this country, if it Ihould not be checked by the 

 ruin of the adventurers, might carry the cultivation and manufacture 

 of exportable goods to fuch a height as would greatly exceed the con- 

 fumption of all Europe, and ruin the Weft Indies. It would introduce 

 colonial refidence, and a fyflem of trade entirely colonial, and utterly 

 fubverfive of the beneficial fyftem which has hitherto kept our Indian 

 territories connected with Great Britain. 



Though I do not pretend to form any decifive judgement upon fo 

 complex a fubjed as that of the India private trade has become, it is 

 neceflliry here to obferve, that, when the participation of the trade by 

 the private merchants of India was enaded in the year 1793, the pro- 

 fefiTed chief objeds of it were to prevent the transfer of the fortunes of 

 the company's fervants by the medium of commerce from going into 

 the hands of foreigiiers, and to bring the Britifli capital, clandefiiiiely 

 inverted in the trade of foreign fliips, within the channel of legitimate 

 Britilh trade. There was not then any intention, at leaft not any avow- 

 ed one, of eftablifning a fleet of flfips, independent of the company, 

 and in a rival, or opponent, intercft. As the fortunes of ihe company's 

 fervants, and remittances for Britilh manufadtures configned to India *, 



* The manufaftures con/ignid to India have been fales of fuch goods are to a fmall amount, though 

 in very trifling quantities. Even the company's they fell generally with a lofs. 



