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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　politics　of　the　Indian　princes。

After　many　signal　successes；　and　equally　signal　losses；　they　at

last　lost　Madras；　at　that　time　their　principal　settlement　in

India。　It　was　restored　to　them　by　the　Treaty　of　Aix…la…Chapelle；

and　about　this　time　the　spirit　of　war　and　conquest　seems　to　have

taken　possession　of　their　servants　in　India；　and　never　since　to

have　left　them。　During　the　French　war；　which　began　in　1755；　their

arms　partook　of　the　general　good　fortune　of　those　of　Great

Britain。　They　defended　Madras；　took　Pondicherry；　recovered

Calcutta；　and　acquired　the　revenues　of　a　rich　and　extensive

territory；　amounting；　it　was　then　said；　to　upwards　of　three

millions　a　year。　They　remained　for　several　years　in　quiet

possession　of　this　revenue：　but　in　1767；　administration　laid

claim　to　their　territorial　acquisitions；　and　the　revenue　arising

from　them；　as　of　right　belonging　to　the　crown；　and　the　company；

in　compensation　for　this　claim；　agreed　to　pay　the　government　four

hundred　thousand　pounds　a　year。　They　had　before　this　gradually

augmented　their　dividend　from　about　six　to　ten　per　cent；　that　is；

upon　their　capital　of　three　millions　two　hundred　thousand　pounds

they　had　increased　it　by　a　hundred　and　twenty…eight　thousand

pounds；　or　had　raised　it　from　one　hundred　and　ninety…two　thousand

to　three　hundred　and　twenty　thousand　pounds　a　year。　They　were

attempting　about　this　time　to　raise　it　still　further；　to　twelve

and　a　half　per　cent；　which　would　have　made　their　annual　payments

to　their　proprietors　equal　to　what　they　had　agreed　to　pay

annually　to　government；　or　to　four　hundred　thousand　pounds　a

year。

　　　　　But　during　the　two　years　in　which　their　agreement　with

government　was　to　take　place；　they　were　restrained　from　any

further　increase　of　dividend　by　two　successive　Acts　of

Parliament；　of　which　the　object　was　to　enable　them　to　make　a

speedier　progress　in　the　payment　of　their　debts；　which　were　at

this　time　estimated　at　upwards　of　six　or　seven　millions　sterling。

In　1769；　they　renewed　their　agreement　with　government　for　five

years　more；　and　stipulated　that　during　the　course　of　that　period

they　should　be　allowed　gradually　to　increase　their　dividend　to

twelve　and　a　half　per　cent；　never　increasing　it；　however；　more

than　one　per　cent　in　one　year。　This　increase　of　dividend；

therefore；　when　it　had　risen　to　its　utmost　height；　could　augment

their　annual　payments；　to　their　proprietors　and　government

together；　but　by　six　hundred　and　eight　thousand　pounds　beyond

what　they　had　been　before　their　late　territorial　acquisitions。

What　the　gross　revenue　of　those　territorial　acquisitions　was

supposed　to　amount　to　has　already　been　mentioned；　and　by　an

account　brought　by　the　Cruttenden　East　Indiaman　in　1768；　the　net

revenue；　clear　of　all　deductions　and　military　charges；　was　stated

at　two　millions　forty…eight　thousand　seven　hundred　and

forty…seven　pounds。　They　were　said　at　the　same　time　to　possess

another　revenue；　arising　partly　from　lands；　but　chiefly　from　the

customs　established　at　their　different　settlements；　amounting　to

four　hundred　and　thirty…nine　thousand　pounds。　The　profits　of

their　trade　too；　according　to　the　evidence　of　their　chairman

before　the　House　of　Commons；　amounted　at　this　time　to　at　least

four　hundred　thousand　pounds　a　year；　according　to　that　of　their

accountant；　to　at　least　five　hundred　thousand；　according　to　the

lowest　account；　at　least　equal　to　the　highest　dividend　that　was

to　be　paid　to　their　proprietors。　So　great　a　revenue　might

certainly　have　afforded　an　augmentation　of　six　hundred　and　eight

thousand　pounds　in　their　annual　payments；　and　at　the　same　time

have　left　a　large　sinking　fund　sufficient　for　the　speedy

reduction　of　their　debts。　In　1773；　however；　their　debts；　instead

of　being　reduced；　were　augmented　by　an　arrear　to　the　treasury　in

the　payment　of　the　four　hundred　thousand　pounds；　by　another　to

the　custom…house　for　duties　unpaid；　by　a　large　debt　to　the　bank

for　money　borrowed；　and　by　a　fourth　for　bills　drawn　upon　them

from　India；　and　wantonly　accepted；　to　the　amount　of　upwards　of

twelve　hundred　thousand　pounds。　The　distress　which　these

accumulated　claims　brought　upon　them；　obliged　them　not　only　to

reduce　all　at　once　their　dividend　to　six　per　cent；　but　to　throw

themselves　upon　the　mercy　of　government；　and　to　supplicate；

first；　a　release　from　further　payment　of　the　stipulated　four

hundred　thousand　pounds　a　year；　and；　secondly；　a　loan　of　fourteen

hundred　thousand；　to　save　them　from　immediate　bankruptcy。　The

great　increase　of　their　fortune　had；　it　seems；　only　served　to

furnish　their　servants　with　a　pretext　for　greater　profusion；　and

a　cover　for　greater　malversation；　than　in　proportion　even　to　that

increase　of　fortune。　The　conduct　of　their　servants　in　India；　and

the　general　state　of　their　affairs　both　in　India　and　in　Europe；

became　the　subject　of　a　Parliamentary　inquiry；　in　consequence　of

which　several　very　important　alternations　were　made　in　the

constitution　of　their　government；　both　at　home　and　abroad。　In

India　their　principal　settlements　of　Madras；　Bombay；　and

Calcutta；　which　had　before　been　altogether　independent　of　one

another；　were　subjected　to　a　governor…general；　assisted　by　a

council　of　four　assessors；　Parliament　assuming　to　itself　the

first　nomination　of　this　governor　and　council　who　were　to　reside

at　Calcutta；　that　city　having　now　become；　what　Madras　was　before；

the　most　important　of　the　English　settlements　in　India。　The　Court

of　the　Mayor　of　Calcutta；　originally　instituted　for　the　trial　of

mercantile　causes　which　arose　in　city　and　neighbourhood；　had

gradually　extended　its　jurisdiction　with　the　extension　of　the

empire。　It　was　now　reduced　and　confined　to　the　original　purpose

of　its　institution。　Instead　of　it　a　new　supreme　court　of

judicature　was　established；　consisting　of　a　chief　justice　and

three　judges　to　be　appointed　by　the　crown。　In　Europe；　the

qualification　necessa