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wanting; an impulse, however, not arising from that prospect of imminent ruin, which, while it calls for exertion, paralyzes it, but acting constantly, steadily, and pressingly, at a period when it may yet operate with effect.

Now, we think it may be pretty reasonably presumed, that the present times are not likely to witness a repetition of those stupid exploits of selfish rapacity, which disgraced the Dutch East India Company in the dark ages of commerce and common sense; and that, in proportion as a nation becomes enlightened and free, the various classes of its mercantile men will more plainly perceive, and more liberally consult, their true interests. And yet it would be very foolish to expect much from this natural acumination of the sight of an exclusive Company, were it not that, under the circumstances supposed, its perceptions will probably be much clarified by external illumination. In this country, for example, so considerable a corporation as the East India Company, is, by a thousand stimulants from without, pushed forward to the vigorous discharge of its commercial duties. The days are past in which it could live on a system of bribery, or on the favour of a party. It is surrounded and watched from hour to hour, both by the jealousy of friendship, and by that of enmity. It is the interest, indeed, of ministers to conciliate this powerful body; but then it is also their interest to conciliate the commercial world at large and the public. The cause of the antimonopolists, meantime, can never want advocates, either in Parliament or out of it; and all parties act, and every part of the cause is tried, in the open court of public opinion,-a judge who can neither be bribed, nor deceived, nor daunted. When a company is thus circumstanced,-inspected by the public,-elbowed on both sides by the rivalry of private interlopers,-poked forward from behind by Government, to justify the national patronage which it has received,-fronted by a formidable host of commercial writers, eloquent from discontent, and of philosophers, keen because they are poor ;-when a company, we say, is thus situated, if we allow (what will not very zealously be denied) that they are in love with their monopoly, it is hard, indeed, if they do not exert some of those efforts for its maintenance which are alone likely to be successful. They must feel the necessity of rendering their cause good if they would have it plausible. Their inclination to do their possible must be perpetually strengthened; and, in this case, the inclination is itself, in a great measure, the means.

The affairs of such a company are managed by a body of governors or directors. We will own the truth ;-to a mind more habituated to the theory than to the practice of commerce, and

rather

rather better acquainted with its principles than its sweets, the idea of an East India Director is apt to present itself under the image of an antiquated, discreet, untractable, humdrum sort of personage, whose company may with advantage be avoided. But, overcoming this little natural prejudice, and looking at matters liberally, we should certainly be disposed rather to expect that, in a country where many facilities are afforded to the development of talent, the cabinet-council of any powerful body would be likely, cæteris paribus, to attract to itself its due share of prudence and ability; and, in fact, we doubt not but that this is exemplified by the present Court of East India Directors. The motto of a free country is potiri rerum dignissimum;' and this principle, while it feeds the heart of the state with life, also animates and inspirits its various members. But the wiser the Court of. Directors, the more liberal will be the professional character of the Company.

Another great consideration is, that these Directors have an immediate and a deep stake in the continuance, that is, in the welfare and credit of the monopoly. However little they may be thought to take trouble for the sake of their constituents, we generally hear a good deal of their fondness for power and patronage. Now, the dullest and most mechanical understanding among them must perceive by what tenure these possessions are held. The Company, if we have rightly described their situation, are strictly on their good behaviour. If their rulers are duly impressed with a sense of this fact, (and how can they be otherwise?) it would be easy for them to act upon their conviction, and, by the adoption of a judicious policy, to transfer very considerable animation throughout the whole mass of their dependants. It is enough for a very small spot about the heart to feel, and its influence will instinctively radiate to every extremity. The agents of the Company, throughout the continent of Asia, will, on the very principle of self-interest, speedily discover, that the advancement of their fortunes and fame hinges upon the activity with which they promote the common cause.

It may be said, that we have too good an opinion of the advocates of monopolies; that these gentlemen are still apt to resort to some of those ancient commercial doctrines, which this argument appears to set out of view as obselete; that, among other things, they still fight for the impossibility of driving a distant traffic, without the encouragement of monopoly-prices. To which we answer, that, even allowing this to be a fair account, the value of our argument, if it possess any, consists in its resting on a much more stable basis than the reasoning faculties of any person, individual or corporate. It only assumes, that men will act

for

for their own benefit if they clearly see how; and, however the monopolists may, to serve a turn, declaim in favour of monopolyprices, (in truth we doubt this fact), they do not dream of denying that it is their own interest to push their trade to its utmost extent. If we have not yet learned, that men may do right while they argue wrong, we are mere antediluvians, that have accidentally come into the world too late. A very sensible author, who, in the year 1701, wrote against the monopoly of the Indian trade, actually admits, that the emancipation of it would so reduce its profits as to make it a mere losing and untenable concern. A private trader to India, who could hold this sentiment, should certainly be eager to withdraw, after a season, his capital from a country which must otherwise be its grave; yet we should be much surprised if he were to act on a conception so

*

absurd.

We have put all this argument, in extenuation of the sins of exclusive companies, rather strongly; yet there is undoubtedly a good deal of truth in it. The influence of the checks which it supposes to be operating on the abuses of the system, acts in a manner somewhat complex ; but this complexity can form no objection to them, if they only do the thing; and they cost, be it remembered, little or nothing. How far the argument is decisive of the present question, we shall not attempt exactly to determine: it certainly, however, in our humble apprehension, does not go the length of demonstrating, that an English-trading company can trade as profitably as an independent merchant.

But our more elderly readers, well knowing what havoc practice is prone to make among the conclusions of a fine theory, will be now languishing for facts. In so far, however, as they feel inclined to hear stories of the many exclusive companies may that have heretofore lived and died, it is not our purpose to gratify their wishes. Our reason is this: We have no doubts respecting the real value of the facts afforded by the history of these companies, provided they were carefully sorted and judiciously turned to account; but to make such use of them would require a far more extensive analysis, than we have the leisure or the means to undertake. With regard to the allusions that are sometimes made to them en masse, these are perfectly suffocating. Almost every man of common reading could, at command, gabble over the titles of a dozen companies, and four or five of them East India Companies too, that have existed, and are no more.

*Confiderations upon ville), ch. 3.

But

the East India Trade, (we believe, by Mande

But to what purpose is all this? The antimonopolist argues, that since every considerable company, except the present worshipful assembly in Leadenhall Street, has become bankrupt, this must be the natural death of companies. The monopolist argues, that since one, and that the greatest, of these companies, has sustained itself so long after the ruin of the rest, the rest must have owed their bankruptcy to mismanagement. As a barren generality, we know not which of these is the best.

To exemplify, by one instance, these observations. Several of the chartered bodies just referred to, have been fairly driven out of the market by private adventurers. This circumstance unquestionably supplies some strong presumptions in favour of individual adventure; but, thus nakedly put, it seems to supply little else; and that for the three following reasons.

In the first place, we are not convinced that the success of private traders against a company, is an exact measure of what would be their success without a company. Burke has somewhere, we think, remarked the advantages which revolutionary conspirators against a regular government, derive, in the prosecution of their projects, from the very facilities of general intercourse afforded by the existence of a regular government. The observation is just, and bears, although remotely, on the subject before us. In a somewhat similar manner, the sharp-shooting marauders, thieves, and croats, in the train of an organized army, probably make more prisoners, and carry off more booty, than an equal number of the disciplined troops; but it does not follow, that any thing would be gained by disorganizing the whole army, and resolving it into a rabble of independent irregulars. Our limits will not allow us to trace out this idea into its consequences; but some of them would be found curious, and we therefore start it for the amusement of our readers.

In the next place, instances of the discomfiture of exclusive companies, by the prowess of independent commerce, cannot, unless they be very nicely dissected, afford instruction upon that which we have described as a main part of this question; we mean, how far the system of free, is cheaper than that of chartered, commerce. A man who cannot swim, may be as effectually drowned in a horse-pond as in the Bay of Bengal; and a company may be, in time, ruined by the competition of a rival who trades cheaper by only two per cent., no less than by that of him who makes a superior profit of fifty per cent. Something might possibly, in this particular, be inferred from the degree of rapidity with which the ruinous effects of the competition took place; but this would surely be a most coarse and unsatisfactory

Z3

rule

rule of competition. Who would think of determining the relative weight of two bodies placed in a balance, by merely observing, with his eye, the celerity with which the heavier scale descended?

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Lastly, we will simply revert, without much comment, to the observations which we have already so fully stated, with relation to the presumeable difference between the situation of former chartered companies, and that of a company in the present enlightened age and country. That a system grossly and uniformly mismanaged should not be improved on the imminent approach of destruction, is not matter of surprise; it guesses the nearness of its death only from that numbness which disables it. It is otherwise, if it has fair, reiterated, and urgent warning, while the danger is yet contingent; in this case, we may expect it to be roused; and if deliverance be within the bounds of possibility, we need not despair. This, we conceive, to be a possible circumstance of discrimination between the cases of the present East India Company, and of former associations of a similar na

ture.

It is now necessary for us to direct the attention of our readers more particularly to the commerce of India. The great question is, whether, and how far, this commerce is capable of extension? The presumption clearly is, that, to a certain degree, it is capable of extension; but how stand the facts? and if they accord with the presumption, what do they determine with respect to the degree in which this commerce might be extended?

We regret our inability to decide, in any thing like a satisfactory manner, these interesting inquiries. In truth, no task can be more difficult; for, how can inquiries with regard to a possible event, be completely decided, except by experiment? Conjecture, indeed, may do something, but then it must be built on the most careful observation; in the present instance, perhaps, on local observation. A diligent attention to the real effect upon India of our present mode of Indian administration, a perfect acquaintance with the character of its inhabitants, a minute knowledge of the actual steps taken by the British authorities in that quarter of the world, to promote cultivation and commerce, an extensive insight into the present commercial state of Europe, a thorough intimacy with general principles, and a habit of comprehensive reasoning,-these are some of the requisites for the task just mentioned. After this, we need hardly add, that we expected it to be but moderately performed by the trotting and gallopping pen of the present author; but we certainly expected a nearer approximation to it than we have found. We hoped, at

least,

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