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government should be paid; and their bond…debts be reduced to

fifteen hundred thousand pounds; they might then; and not till

then; divide eight per cent upon their capital; and that whatever

remained of their revenues and net profits at home should be

divided into four parts; three of them to be paid into the

exchequer for the use of the public; and the fourth to be

reserved as a fund either for the further reduction of their

bond…debts; or for the discharge of other contingent exigencies

which the company might labour under。 But if the company were bad

stewards; and bad sovereigns; when the whole of their net revenue

and profits belonged to themselves; and were at their own

disposal; they were surely not likely to be better when

three…fourths of them were to belong to other people; and the

other fourth; though to be laid out for the benefit of the

company; yet to be so under the inspection and with the

approbation of other people。

     It might be more agreeable to the company that their own

servants and dependants should have either the pleasure of

wasting or the profit of embezzling whatever surplus might remain

after paying the proposed dividend of eight per cent than that it

should come into the hands of a set of people with whom those

resolutions could scarce fail to set them; in some measure; at

variance。 The interest of those servants and dependants might so

far predominate in the court of proprietors as sometimes to

dispose it to support the authors of depredations which had been

committed in direct violation of its own authority。 With the

majority of proprietors; the support even of the authority of

their own court might sometimes be a matter of less consequence

than the support of those who had set that authority at defiance。

     The regulations of 1773; accordingly; did not put an end to

the disorders of the company's government in India。

Notwithstanding that; during a momentary fit of good conduct;

they had at one time collected into the treasury of Calcutta more

than three millions sterling; notwithstanding that they had

afterwards extended; either their dominion; or their

depredations; over a vast accession of some of the richest and

most fertile countries in India; all was wasted and destroyed。

They found themselves altogether unprepared to stop or resist the

incursion of Hyder Ali; and; in consequence of those disorders;

the company is now (1784) in greater distress than ever; and; in

order to prevent immediate bankruptcy; is once more reduced to

supplicate the assistance of government。 Different plans have

been proposed by the different parties in Parliament for the

better management of its affairs。 And all those plans seem to

agree insupposing; what was indeed always abundantly evident;

that it is altogether unfit to govern its territorial

possessions。 Even the company itself seems to be convinced of its

own incapacity so far; and seems; upon that account; willing to

give them up to government。

     With the right of possessing forts and garrisons in distant

and barbarous countries is necessarily connected the right of

making peace and war in those countries。 The joint stock

companies which have had the one right have constantly exercised

the other; and have frequently had it expressly conferred upon

them。 How unjustly; how capriciously; how cruelly they have

commonly exercised it; is too well known from recent experience。

     When a company of merchants undertake; at their own risk and

expense; to establish a new trade with some remote and barbarous

nation; it may not be unreasonable to incorporate them into a

joint stock company; and to grant them; in case of their success;

a monopoly of the trade for a certain number of years。 It is the

easiest and most natural way in which the state can recompense

them for hazarding a dangerous and expensive experiment; of which

the public is afterwards to reap the benefit。 A temporary

monopoly of this kind may be vindicated upon the same principles

upon which a like monopoly of a new machine is granted to its

inventor; and that of a new book to its author。 But upon the

expiration of the term; the monopoly ought certainly to

determine; the forts and garrisons; if it was found necessary to

establish any; to be taken into the hands of government; their

value to be paid to the company; and the trade to be laid open to

all the subjects of the state。 By a perpetual monopoly; all the

other subjects of the state are taxed very absurdly in two

different ways: first; by the high price of goods; which; in the

case of a free trade; they could buy much cheaper; and; secondly;

by their total exclusion from a branch of business which it might

be both convenient and profitable for many of them to carry on。

It is for the most worthless of all purposes; too; that they are

taxed in this manner。 It is merely to enable the company to

support the negligence; profusion; and malversation of their own

servants; whose disorderly conduct seldom allows the dividend of

the company to exceed the ordinary rate of profit in trades which

are altogether free; and very frequently makes it fall even a

good deal short of that rate。 Without a monopoly; however; a

joint stock company; it would appear from experience; cannot long

carry on any branch of foreign trade。 To buy in one market; in

order to sell; with profit; in another; when there are many

competitors in both; to watch over; not only the occasional

variations in the demand; but the much greater and more frequent

variations in the competition; or in the supply which that demand

is likely to get from other people; and to suit with dexterity

and judgment both the quantity and quality of each assortment of

goods to all these circumstances; is a species of warfare of

which the operations are continually changing; and which can

scarce ever be conducted successfully without such an unremitting

exertion of vigilance and attention as cannot long be expected

from the directors of a joint stock company。 The East India

Company; upon the redemption of their funds; and the expiration

of their exclusive privilege; have right; by Act of Parliament;

to continue a corporation with a joint stock; and to trade in

their corporate capacity to the East Indies in common with the

rest of their fellow…subjects。 But in this situation; the

superior vigilance and attention of private adventurers would; in

all probability; soon make them weary of the trade。

     An eminent French author; of great knowledge in matters of

political economy; the Abbe Morellet; gives a list of fifty…five

joint stock companies for foreign trade which have been

established in different parts of Europe since the year 1600; and

which; according to him; have all failed from mismanagement;

notwithstanding they had exclusive privileges。 He has been

misinformed with regard to the history of two or three of them;

which were not joint stock companies and have not failed。 But; in

compensation; there have been several joint stock companies which

have failed; and which he has omitted。

     The only trades which it seems possible for a joint stock

company to carry on successfully without an exclusive privilege

are those of which all the operations are capable of being

reduced to what is called a Routine; or to such a uniformity of

method as admits of little or no variation。 Of this kind is;

first; the banking trade; secondly; the trade of insurance from

fire; and from sea risk and capture in time of war; thirdly; the

trade of making and maintaining a navigable cut or canal; and;

fourthly; the similar trade of bringing water for the supply of a

great city。

     Though the principles of the banking trade may appear

somewhat abstruse; the practice is capable of being reduced to

strict rules。 To depart upon any occasion from those rules; in

consequence of some flattering speculation of extraordinary gain;

is almost always extremely dangerous; and frequently fatal; to

the banking company which attempts it。 But the constitution of

joint stock companies renders them in general more tenacious of

established rules than any private copartnery。 Such companies;

therefore; seem extremely well fitted for this trade。 The

principal banking companies in Europe; accordingly; are joint

stock companies; many of which manage their trade very

successfully without any exclusive privilege。 The Bank of England

has no other exclusive privilege except that no other banking

company in England shall consist of more than six persons。 The

two banks of Edinburgh are joint stock companies without any

exclusive privilege。

     The value of the risk; either from fire; or from loss by

sea; or by capture; though it cannot; perhaps; be calculated very

exactly; admits; however; of such a gross estimation as renders

it; in some degree; reducible to strict rule and method。 The

trade of insurance; therefore; may be carried on successfull

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