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trading stock; and to be subject to those debts and losses。 The

petition was too reasonable not to be granted。 In 1733; they

again petitioned the Parliament that three…fourths of their

trading stock might be turned into annuity stock; and only

one…fourth remain as trading stock; or exposed to the hazards

arising from the bad management of their directors。 Both their

annuity and trading stocks had; by this time; been reduced more

than two millions each by several different payments from

government; so that this fourth amounted only to L3;662;784 8s。

6d。 In 1748; all the demands of the company upon the King of

Spain; in consequence of the Assiento contract; were; by the

Treaty of Aix…la…Chapelle; given up for what was supposed an

equivalent。 An end was put to their trade with the Spanish West

Indies; the remainder of their trading stock was turned into an

annuity stock; and the company ceased in every respect to be a

trading company。

     It ought to be observed that in the trade which the South

Sea Company carried on by means of their annual ship; the only

trade by which it ever was expected that they could make any

considerable profit; they were not without competitors; either in

the foreign or in the home market。 At Carthagena; Porto Bello;

and La Vera Cruz; they had to encounter the competition of the

Spanish merchants; who brought from Cadiz; to those markets;

European goods of the same kind with the outward cargo of their

ship; and in England they had to encounter that of the English

merchants; who imported from Cadiz goods of the Spanish West

Indies of the same kind with the inward cargo。 The goods both of

the Spanish and English merchants; indeed; were; perhaps; subject

to higher duties。 But the loss occasioned by the negligence;

profusion; and malversation of the servants of the company had

probably been a tax much heavier than all those duties。 That a

joint stock company should be able to carry on successfully any

branch of foreign trade; when private adventurers can come into

any sort of open and fair competition with them; seems contrary

to all experience。

     The old English East India Company was established in 1600

by a charter from Queen Elizabeth。 In the first twelve voyages

which they fitted out for India; they appear to have traded as a

regulated company; with separate stocks; though only in the

general ships of the company。 In 1612; they united into a joint

stock。 Their charter was exclusive; and though not confirmed by

Act of Parliament; was in those days supposed to convey a real

exclusive privilege。 For many years; therefore; they were not

much disturbed by interlopers。 Their capital; which never

exceeded seven hundred and forty…four thousand pounds; and of

which fifty pounds was a share; was not so exorbitant; nor their

dealings so extensive; as to afford either a pretext for gross

negligence and profusion; or a cover to gross malversation。

Notwithstanding some extraordinary losses; occasioned partly by

the malice of the Dutch East India Company; and partly by other

accidents; they carried on for many years a successful trade。 But

in process of time; when the principles of liberty were better

understood; it became every day more and more doubtful how far a

Royal Charter; not confirmed by Act of Parliament; could convey

an exclusive privilege。 Upon this question the decisions of the

courts of justice were not uniform; but varied with the authority

of government and the humours of the times。 Interlopers

multiplied upon them; and towards the end of the reign of Charles

II; through the whole of that of James II and during a part of

that of William III; reduced them to great distress。 In 1698; a

proposal was made to Parliament of advancing two millions to

government at eight per cent; provided the subscribers were

erected into a new East India Company with exclusive privileges。

The old East India Company offered seven hundred thousand pounds;

nearly the amount of their capital; at four per cent upon the

same conditions。 But such was at that time the state of public

credit; that it was more convenient for government to borrow two

millions at eight per cent than seven hundred thousand pounds at

four。 The proposal of the new subscribers was accepted; and a new

East India Company established in consequence。 The old East India

Company; however; had a right to continue their trade till 1701。

They had; at the same time; in the name of their treasurer;

subscribed; very artfully; three hundred and fifteen thousand

pounds into the stock of the new。 By a negligence in the

expression of the Act of Parliament which vested the East India

trade in the subscribers to this loan of two millions; it did not

appear evident that they were all obliged to unite into a joint

stock。 A few private traders; whose subscriptions amounted only

to seven thousand two hundred pounds; insisted upon the privilege

of trading separately upon their own stocks and at their own

risk。 The old East India Company had a right to a separate trade

upon their old stock till 1701; and they had likewise; both

before and after that period; a right; like that of other private

traders; to a separate trade upon the three hundred and fifteen

thousand pounds which they had subscribed into the stock of the

new company。 The competition of the two companies with the

private traders; and with one another; is said to have well…nigh

ruined both。 Upon a subsequent occasion; in 1730; when a proposal

was made to Parliament for putting the trade under the management

of a regulated company; and thereby laying it in some measure

open; the East India Company; in opposition to this proposal;

represented in very strong terms what had been; at this time; the

miserable effects; as they thought them; of this competition。 In

India; they said; it raised the price of goods so high that they

were not worth the buying; and in England; by overstocking the

market; it sunk their price so low that no profit could be made

by them。 That by a more plentiful supply; to the great advantage

and conveniency of the public; it must have reduced; very much;

the price of Indian goods in the English market; cannot well be

doubted; but that it should have raised very much their price in

the Indian market seems not very probable; as all the

extraordinary demand which that competition could occasion must

have been but as a drop of water in the immense ocean of Indian

Commerce。 The increase of demand; besides; though in the

beginning it may sometimes raise the price of goods; never fails

to lower it in the run。 It encourages production; and thereby

increases the competition of the producers; who; in order to

undersell one another; have recourse to new divisions of labour

and new improvements of art which might never otherwise have been

thought of。 The miserable effects of which the company complained

were the cheapness of consumption and the encouragement given to

production; precisely the two effects which it is the great

business of political economy to promote。 The competition;

however; of which they gave this doleful account; had not been

allowed to be of long continuance。 In 1702; the two companies

were; in some measure; united by an indenture tripartite; to

which the queen was the third party; and in 1708; they were; by

Act of Parliament; perfectly consolidated into one company by

their present name of the The United Company of Merchants trading

to the East Indies。 Into this act it was thought worth while to

insert a clause allowing the separate traders to continue their

trade till Michaelmas 1711; but at the same time empowering the

directors; upon three years' notice; to redeem their little

capital of seven thousand two hundred pounds; and thereby to

convert the whole stock of the company into a joint stock。 By the

same act; the capital of the company; in consequence of a new

loan to government; was augmented from two millions to three

millions two hundred thousand pounds。 In 1743; the company

advanced another million to government。 But this million being

raised; not by a call upon the proprietors; but by selling

annuities and contracting bond…debts; it did not augment the

stock upon which the proprietors could claim a dividend。 It

augmented; however; their trading stock; it being equally liable

with the other three millions two hundred thousand pounds to the

losses sustained; and debts contracted; by the company in

prosecution of their mercantile projects。 From 1708; or at least

from 1711; this company; being delivered from all competitors;

and fully established in the monopoly of the English commerce to

the East Indies; carried on a successful trade; and from their

profits made annually a moderate dividend to their proprietors。

During the French war; which began in 1741; the ambition of Mr。

Dupleix; the French governor of Pondicherry; involved them in the

wars of the Carnatic; and in the

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