CO CHIN CHIN A. 339 
proof. It employs direct from England 20,000 tons of ship- 
ping, and nearly three thousand seamen ; it takes off our 
woollen manufactures and other productions to a ver}'- con- 
siderable extent ; and it brings into the Exchequer an annual 
revenue of about three millions sterling. It is the grand prop 
of the East India Company's credit, and the only branch of 
their trade fi'om which perhaps they may strictly be said to 
derive a real profit. The reason of these superior advantages 
is pretty obvious. To India the Company trade as sove- 
reigns ; to China as merchants. Yet it is unquestionably true 
that the balance of the trade between England and China is 
greatly in favour of the latter, and that this balance is diawn 
from the former in hard money to the amount of about half a 
million sterling annually. The bullion, however, thus sent out 
for the purchase of teas is converted into a productive capital, 
and has hitherto been replaced with large profit by the con- 
tinental nations of Europe. There is besides a very consider- 
able trade carried on by British subjects between India and 
China, the balance of which is nearly as much against the 
latter as in the other case it is in its favour against England. 
With Europe in general the balanc(H)f trade remains, how- 
ever, greatly in favour of China; and the Spanish dollars 
which are carried thither to pay this bala,nce are never again 
returned into circulation, but, being converted into a new 
and totally dilterent shape, remain locked up in the country. 
In all despotic governments, where the laws are not siifiicient 
for the protection and security of property, land and houses 
are considered of a nature too tangible to represent wealth. 
The object of every one wliose revenues exceed his expences 
is to secure the greatest possible value in the least possible 
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