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"It would fwell this treatise to a voJume to difcufs the fubject in detail; but it must be evident, even from what has been ftated, that the Directors never can difcharge the dury which they owe to their conftituents, and to the public, unlefs they make a total reform in this department of the Company's affairs.

"The quantity of thipping neceffary for carrying on the Company's trade is about 100,000 tons. Juftice requires that attention fhould be fhewn to the old owners; but the change muft be made without deJay; and be purfued with that firmnefs and impartiality, which its magnitude and importance require; in order to convince the proprietors, and the public, that the object will, within a reafonable time, be finally accomplished.

"At the outfet of an arrangement of this nature, it is probable that the faving will be moderate; but, whatever it may amount to, the whole muft ultimately tend to reduce the prices at which the Company will in future offer their teas for fale; thereby rendering the gain to the public ftill more confiderable than I have stated it; and, of course, more effectually than ever to deprive the fmuggler, and foreign companies, of the only means, which are now left them, for entering into a competition with the Company, for the purpofe of fupplying our internal confumption.

"Although the operation of the commutation-act has proved of very material advantage to the Eaft-India Company, and has contributed, in a great degree,to relieve them from the difficulties under which they laboured, it would be extremely culpable in the Directors to reft contented with a temporary benefit, and not to ufe their best endeavours to improve, and to fecure the advantages fo obtained to their conftituents, and to the country. They have accordingly exerted themselves for that purpofe; not only by purchafing upon the continent, as hath already been stated, to fupply their immediate wants; but also by fending a greater number of ships to. China; and by preparing filver to a very large amount for exportation thither, in addition to the woollens and lead of Bri tan, without which the tea could not be purchafed. But it cannot be fuppofed, that their finances are at prefent in a condition to enable them to advance the whole of the additional capital which will be requifite for the occafion; and ftill lefs to provide that flock of tea, to remain always

in their warehouses, which the a& di-
rects: for, having fold fixteen millions of
pounds weight within the first twelve
months, it will be neceffary to import
thirty-two millions in one year, if the re-
quifitions contained in the act be literally
obeyed: but the Company have neither
funds nor fhips fufficient for that purpose;
nor, if they had, is it probable that China
could furnish fo large a quantity as thirty-
two millions of pounds in one year: the
Company muft, therefore, truft in part to
the furplus which may remain of their old
ftock, and to an accumulation from their
future annual imports, arifing from a cons
ftant and gradual excefs, over and above
what may be required to fupply the fales
of the year; until the whole quantity
which, by the act, the Company are di
rected to keep continually in their ware-
houfes fhall have been obtained.

"In ftating the amount of what the Company have already advanced, and the capital which will hereafter be necessary, in addition to that which they have here. tofore ufually employed in the tea trade; it may be remarked, that, as the fums which have been paid to foreigners produce a quicker return; thofe fumtis cannot be confidered in the fame light as the bullion and merchandize which may be fent to China. It is nevertheless true, that the Company must, at a certain period, be in advance for the whole. But, for the purpose of meeting that objection com. pletely, I will state fuch additional fums only as they muft permanently advance, viz.,

Silver to be sent to China in

the feafon 1785-86
Ditto in the feafon 1786-87
Ditto in the feafon 1787-88,
being a moiety of the a-
mount fent in the preceding
fcafon

Additional quantity of wool-
lens and lead. Of thefe ar-
ticles the Company have
hitherto fent to the amount
of about 111,000l. annually
to China; and of filver to
the amount of about 14,000l.
per annum: but they pro-
pofe in future to augment
their exports of woollens
and lead only to the a-
mount of 300,000l. per an-
num, the increase of capital
required for which purpofe
will be

£. 700,000

700,000

350,000

437,000 As

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Total £3,247,000 which is the additional capital neceffary to enable the company to fulfil the directions contained in the Commutationact, upon a fuppofition that the fales will not exceed fixteen millions of pounds weight annually.

As the fhips which will fail from hence for China at the end of the year 1785, and the beginning of the year 1786, will begin to arrive in England, in the Summer of 1787, part of their cargoes may be fold at the September fale of that year; for which reafon a proportion of the amount is dedufted from the capital to be advanced for filver, to be fent to China by the fhips of the following feafon; and the like with refpect to the value of the woollens and lead. The whole, however, of the additional capital which will be neceffary, to enable the Eaft-India Company to execute the purposes of the said act; and to fecure in a permanent manner, for the public, and for her felt, a continuance of thofe benefits which have already arifen, amounts to the enormous fum of 3,247,000l. the greater part of which will be found in the grow ing profperity of the company.

"It may be neceffary, at the fame time, for the fatisfaction of those who may with for information upon that fubject, to state what part of the fum beforementioned is Low employed, or will be immediately required but premifing, that at the prefent, the whole of the money invefted in the purchase of tea upon the continent is wanted; because there will be an abfolute neceffity for the Company to renew their purchales, until they can be fupplied with a fufficient quantity directly from China. The account then ftands as follows, viz.

For the purchase of tea upon the continent

Silver to be fent to China by the fhips of this feafon Additional value in woollens

and lead

£700,000

"In proportion as the Company obtain reimbursement for the coft of the tea purchafed upon the continent, an additional quantity of filver and merchandize will be wanted, to be fent to China; proceeding thus gradually, until the whole of the sum of 3,247,000l. fhall be finally and permanently invefted.

"Under thefe circumftances, it becomes reasonable that the public fhould step forward, and contribute fome afliftance towards promoting the general profperity; as the most effectual means of rendering that fyftem perpetual, which has proved fuch a fource of wealth to the nation. In truth, the benefits derived by the Company are very inconfiderable, when compared with the immenfe advantages which the public have already reaped, and muft continue to enjoy from the Commutationact; and confequently it is the intereft of both to fupport the measure; and to execute, in the fullest extent, the requifitions and pnrpofes of the act. The Company will, however, stand in a situation totally different from that in which they have been lately reprefented; not as foliciting for relief in their diftrefs, but as calling. upon the public to contribute towards the advancement of their mutual profperity; not as paupers or bankrupts, but for the honourable purpofe of enabling them to difcharge, with their accustomed zeal and fidelity, a truft which the legislature has moft wifely committed to their care, for the welfare of the Community and the Company; and, from the neglect or inefficient difcharge of which, the most injurious confequences to this country would enfue.

It is however proper in this place to obferve, that although the additional fum of 3,247.0col. will be neceffary, to enable the Company to conduct their commercial concerns, in confequence of the immenfe incrcafe of their China-Trade; yet a very confiderable part of that fum has arifen, and will continue to arife, from their increafed Sales; thereby fecuring at the commencement of this bufinefs, great and important benefits, which, in almoft every other plan of a commercial nature, can only be expected to accompany its final

execution.

The good faith and gratitude which the Company have already manifefted towards the Public, in the difcharge of a part of their late obligations, afford fufficient 700,000 fecurity for its further confidence. For although in the Eftimate of their Affairs, which was delivered to the House of Com. mons on the 14th of February 1784, the Company

175,000 £•1,575,000

Company propofed to pay one half of the Duties poftponed in the year 1786-87, and the remainder in the year 1787-88; yet they actually difcharged the first payment, amounting to 401,119. on the 12th of May laft; and the fecond payment would alfo have been difcharged on the first of January 1786, amounting to 522,400l. had it not been for the large and unforefeen demands upon the Cafh of the Company, for the purposes of purchafing Tea upon the Continent, and of fending Silver to China. And, to accomplish thofe impor tant Objects, they have neither had occafion to borow any fresh Loans, nor even to avail themselves of thofe credits and refources which they had at command.

Having given in detail the advantages which have refulted from the Commutation-A&t; it may not be improper to enendeavour to bring thofe, in which the Public are more immediately interested, into one connected point of view.

Firft; Let it be obferved, that the average quantity of tea fold by the company for ten years prior to the paffing of the commutation-act, was very little more than fix millions of pounds weight per annum; but within the first twelve months after the act took place, the quantity fold exceeded Ib. 16,000,000.

Secondly; The amount of the duty ftill continued upon tea has, in the firft year only, exceeded the estimate by no less than £60,434.

Thirdly; The total fum paid by the purchafers, for teas fold fince the paffing of the act, amounts only to £2,770,799;

but, had an equal quantity been fold at former prices, the purchafers must h paid not lefs than £4,826,261; com quently, the public have been bench to the amount of £2,055,462 by this re lation.

Fourthly; the increase in the ann amount of the company's fales, will obl them to extend their importations f China, in order to fulfil the requifiti of the act; and for which purpofe not than 45 large additional ships, and 34 feamen must be conftantly employed by

company.

Fifthly; their exports of the woolle and lead of this country must be augmente from the value of £111,000, to which amount has hitherto been limited, to least £300,000, per annum, which will neceffary hereafter.

Finally; the retaining within this king dom a balance, amounting annually to lefs than £1,032,400; which, prior to th act, was regularly paid to foreigners fpecie, through the medium of the fmug gler: and which balance will in all proba bility be greatly increafed, when the pur pofes of the act fhall have been carried completely into execution.

Thefe advantages, which have arifen from a fingle operation, are of fuch mag nitude and importance, as to fatisfy every impartial perfon of the beneficial confe quences which must refult from a general application of the fame liberal principle to the duties ftill fubfifting upon various bran ches of the manufactures and commerce of Great Britain.

T

Anecdote of Handel.

HIS celebrated compofer, though of a very robuft and uncouth external appearance, yet had fuch a remarkable irrifability of nerves, that he could not bear to hear the tuning of inftruments, and therefore this was always done before Handel arrived. A mufical wag, who knew how to extract fome mirth from his irafcibility of temper, ftole into the orchestra on a night when the late Prince of Wales was to be prefent at the performance of a new oratorio, and untuned all the inftruments, fome half a note, others a whole note lower than the organ. As foon as the Prince arri ved, Handel gave the fignal of beginning con fpirito; but fuch was the horrible difcord, that the enraged mufician ftarted up from his

feat, and having overturned a double bass which flood in his way, he feized a kettledrum, which he threw with fuch violence at the head of the leader of the band, that he loft his full-bottomed wig by the effort. Without waiting to replace it, he advanced bear-headed to the front of the orchefira, breathing vengeance; but fo much choaked with paffion, that utterance was denied him. In this ridiculous attitude, he food flaring and ftamping for fome moments am dit a con vulfion of laughter; nor could he be prevailed on to refume his feat, till the Prince went perfonally to appeale his wrath, which he with great difficulty accomplished.

State

THE NEW YOLK PU. LIC LIBRARY

•STOR, LENOX
IN FOUNDATách

t

Political Mag Feb 86.

24

23

Jura River

GIT

ann

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