274 ERITISH INDIAN GOVERNMENT. 



ors, and a dividend conformable to the general results of the 

 trade made among the proprietors. It has been alleged, 

 however, that when zeal was no longer stimulated by indi- 

 vidual interest, the commercial transactions were not con- 

 ducted with the same economy, and yielded less advantage- 

 ous returns. The company afterward involved their af- 

 fairs in the confusion of different interests. An addition 

 to their capital being from time to time required, was pro- 

 cured by a new joint-stock ; and sums were subscribed by 

 fresh bodies of adventurers, which were to be separately 

 managed. Thus, by the year 1650, four distinct subscrip- 

 tions were formed. Meantime the directors were harassed, 

 not only by the competition of numerous interlopers, but by 

 demands from respectable merchants to be admitted to a 

 share in this lucrative traffic. The principles of commer- 

 cial, as well as of political, liberty widely pervaded the na- 

 tion ; the Levant and Muscovy trades had been thrown open 

 with the happiest effects ; and it was urged that equal bene- 

 fits would accrue from opening to the nation in general that 

 of India. In 1635, a new association, headed by Sir Wil- 

 liam Courten, obtained permission from the king, who was 

 nllowed a share in the adventure, to embark in an inde- 

 pendent trade with that country. The concern, however, 

 was not well conducted, and could not make head against 

 the hostility of the company, who advanced multiplied 

 charges against it. At length the privilege was withdrawn ; 

 but the directors agreed to incorporate the capital with 

 their own, forming what was termed the United Joint- 

 stock. Its proprietors, however, in 1 655, were empowered 

 by Cromwell to resume a separate commerce. Jealousies 

 were roused to the highest pitch ; and, after several 

 warm discussions, it was agreed thai the exclusive system 

 should be fully re-established, and that the different stocks, 

 which had led to such confusion, should be consolidated. 

 from this time the transactions were iarried on, if not in a 

 more profitable, at Least in a mere systematic manner. 



During a course of years from this date, though the com- 

 pany laboured under embarrassment, the general prosperity 

 of the country enabled them to extend their commerce. 

 Their outward investment in goods and bullion, which in 

 1662 did not exceed 65,000/., rose in 1673 to 228,000/. 

 This apparent success produced, however, the usual effect 



