: vice than could be properly employed? and if as many more could have been introduced, it would have been ftill more advantageous to them. For the more fhips, the greater number of commanders and officers, the more fplit votes they could create, the more real ones they could make, and of courfe the more of their friends they could force into the direction. Thefe were the finews of their great tranf action, by which very large fortunes have been made. But this onceOn the flourishing Company has not been enriched by these means. contrary, her dit:effes have come rapidly on from every quarter, even from her fuppofed best friends nearest home. She has lately narrowly escaped immediate ruin; therefore every decent and reafonable information ought to be well received, that can contribute to her recovery. There is no doubt, but that this junto will ever prevail in Leadenhall-ftreet. Their intereft makes them watchful, and give close attendance, when any thing relative to fhipping is agitated. The difinterefted proprietors give themfelves, I am afraid, no trouble to be undeceived. They are too apt to believe the artful, well-told tale of the day and if it gains credit only for half an hour, while a well-inftructed majority fanctifies it by a vote, they gain their ends. But would the proprietors attend, and impar tially decide; those that have abilities would be encouraged to speak out. But to what purpose would it be for a fmail number to exert themselves, when fo great a majority of interested people are ready to put a negative on the beft-concerted propofition? To engage the attendance of independent proprietors, the Author of this treatife fubmits many truths, carefully collected, and prefents them to the Public; prefuming that every land-holder in England, that pays to the land-tax at the rate of one thousand pounds a year, is much more concerned in the profperity of this Company, than a proprietor who poffeffes one thousand pounds capital flock. The one can only lofe his flock; but the other, were the revenues, now paid by the Company, to be annihilated, muft make good thofe deficiencies, if no other expedient could be found out. The clear revenues, arifing from the Company's trade, are said to bring in annually to the pubThis is equal to nine lic treasury nine hundred thousand pounds, fifteenth parts of the land-tax, at three fhillings, and would require, if on land, near one fhilling and ten-pence in the pound; fo that every eleventh year the land-holder's whole capital would be annihilated. In this point of view, it behoves the landed intereft, and others of any kind of property, to attend in time to this very important truth: for if the proprietors themselves will not, or cannot remove the enormous oppofition to the Company's future profperity," it ought then to engage the ferious attention of parliament; not only for the fake of the Public, but likewife for the fecurity of the injured ftock-holders both at home and abroad.' Referring the operofe calculations and ftate of facts employed to fhew the annual lofs fuftained by the Company in the article of fhipping, (which is estimated at 142,000l. nearly 4 per Cent. on the whole of their stock) to those who are more immediately interefted in the examination; we fhall, in confideration T 3 : ART. VII. A Candid State of Affairs relative to East India Shipping, W E have lately had feveral difadvantageous accounts of the mismanagement of the Eaft India Company's affairs; but accufations of a grofs nature receive not fo much weight from a concealed pen, unlefs fupported by very clear evidence, as when the accufer stands forth, openly and honeftly, to avow his charges, and ftamps them with the credit of a refpectable name. Sir Richard Hotham once before, in ftrong terms, arraigned the Company's want of economy in employing a fuperabundancy of fhips in their fervice. He explained the private motives, and traced the confequences, of this misconduct. He has now refumed the fubject; and relying on the credit of fo well informed a writer, and trufting, as we must do, to reprefentations which wear fo great an appearance of truth, we cannot but think this gentleman intitled to the acknowledgments of the whole body of independent proprietors. The pamphlet opens with the following pertinent remarks on the prefent fyftem of management in the Company. If the independent proprietors of Eaft India ftock could be prevailed on to examine into the real ftate of their fhipping, there is no doubt but they would difcover, that very great abuses have been long practifed; and, were they once well understood, might the more cafily be corrected. They would foon find a great part of the Company's prefent diftrefs originated with, and has been artfully upheld by, fome of the leading members of their own body, who were immediately intrufted to conduct their affairs; taking to their affiftance fuch of their friends, as they found, could most effectually execute their fecret defigns. They perhaps would difcover innumerable inftances, that one corruption and abuse introduced another; till they are fo interwoven with each other, and fo ftrongly supported by the private intereft of fuch a number of opulent men, deeply intrenched, and locked as it were arm in arm, that it feems to border on folly to offer the clearest truths, or foundeft arguments, at a general court, in defence of the real interelt of this very beneficial Company. A glaring inftance of this appears in the oppofition lately made, by a large body of very rich thip builders, rope makers, hufbands, and commanders, with their numerous connections. All of whom are (as they fay) injured by the neceffary reduction of shipping. And indeed, if we confider, that they have enjoyed the fweets of building and repairing, fitting and refitting old rotten fhips, becoming fo chiefly by being unemployed, at an incredible expence to the Company and fhip-owners, for the laft twenty years, is it to be wondered at, that they fhould fo unwillingly part with fuch valuable gain, having evidently had above double the number of fhips in this fer • See Review, vol. xlviii. p. 327. vice than could be properly employed? and if as many more could have been introduced, it would have been ftill more advantageous to them. For the more fhips, the greater number of commanders and officers, the more fplit votes they could create, the more real ones they could make, and of courfe the more of their friends they could force into the direction. These were the finews of their great tranfaction, by which very large fortunes have been made. But this onceflourishing Company has not been enriched by these means. On the contrary, her diftreffes have come rapidly on from every quarter, even from her fuppofed best friends nearest home. She has lately narrowly escaped immediate ruin; therefore every decent and reafonable information ought to be well received, that can contribute to her recovery. There is no doubt, but that this junto will ever prevail in Leadenhall-ftreet. Their intereft makes them watchful, and give clofe attendance, when any thing relative to fhipping is agitated. The difinterefted proprietors give themfelves, I am afraid, no trouble to be undeceived. They are too apt to believe the artful, well-told tale of the day and if it gains credit only for half an hour, while a well-inftructed majority fanctifies it by a vote, they gain their ends. But would the proprietors attend, and impar tially decide; thofe that have abilities would be encouraged to fpeak out. But to what purpose would it be for a fmall number to exert themselves, when fo great a majority of interested people are ready to put a negative on the beft-concerted propofition? To engage the attendance of independent proprietors, the Author of this treatise fubmits many truths, carefully collected, and prefents them to the Public; prefuming that every land-holder in England, that pays to the land-tax at the rate of one thoufand pounds a year, is much more concerned in the profperity of this Company, than a proprietor who poffeffes, one thousand pounds capital flock. The one can only lofe his flock; but the other, were the revenues, now paid by the Company, to be annihilated, muft make good those deficiencies, if no other expedient could be found out. The clear revenues, arifing from the Company's trade, are faid to bring in annually to the public treasury nine hundred thousand pounds, This is equal to nine fifteenth parts of the land-tax, at three fhillings, and would require, if on land, near one fhilling and ten-pence in the pound; fo that every eleventh year the land-holder's whole capital would be annihilated. In this point of view, it behoves the landed intereft, and others of any kind of property, to attend in time to this very important truth: for if the proprietors themfelves will not, or cannot remove the enormous oppofition to the Company's future profperity, it ought then to engage the ferious attention of parliament; not only for the fake of the Public, but likewife for the fecurity of the injured ftock-holders both at home and abroad.' Referring the operofe calculations and ftate of facts employed to fhew the annual lofs fuftained by the Company in the article of fhipping, (which is estimated at 142,000l. nearly 4 per Cent. on the whole of their ftock) to those who are more immediately interested in the examination; we fhall, in confideration T.3 confideration of the importance of the subject, add part of what the Writer fays on the article of private trade, Did not the captain's private trade interfere with the Company's and fhip-owners' juft rights, the following moft moderate obfervation would be improper: but, as the cafe now is, let us fuppofe, that a fhip of feven hundred and fifty-eight tons, builders meafure, is capable of taking out (allow for the fake of even numbers) one thousand tons, which has formerly carried out only three or four hundred for the Company; and failed at the fame draft of water, that the now does, with a thousand tons. It feems fair reafoning to conclude, that this fhip had loaded one thousand tons before her failing, at the fame draft of water. It then follows, that if the Company had only three or four hundred tons on board, fome other perfon had the benefit of the rest. But, to be very candid on this occafion. I will allow, that the fhip had five hundred for the Company, and five hundred tons of private trade. Under this fuppofition, I beg leave to take a view of the Company's affairs at the port the hip is configned to in India, where their fervants have hitherto been allowed to trade. Thefe gentlemen perhaps could not immediately purchafe the Company's goods; and as the commanders and officers have an equal, if not a fuperior quantity, poffibly of better chofen, and more marketable wares, exclufive of guns, firearms, and other prohibited merchandize, as well as cloth, cordage, lead, iron, &c. who can hesitate to believe, but that the private trade will find the firft, and confequently the best market? And will any man of common fenfe fay, that these five hundred tons of private trade firft fold (fo far as they correfpond with the Company's inveftment) will not damp the fale of their goods; efpecially as fuch large investments, as are reported fome commanders have taken out, amounting perhaps to twenty thousand pounds and upwards? Allow a part of this fum to have been laid out in woollen cloths? Is it to be wondered at then, that your cloths remain unfold at Bengal, are depofited in the warehoufes, and become moth-eaten. Surely this is a natural confequence. How then is this to be prevented but by abo. lishing all private trade? Would it not be thought extremely abfurd, for any man labouring under a violent diftemper in his blood to fuffer it long to remain, without applying for a remedy would it not daily spread through every vein, and contaminate his whole mafs, till at last the fatal confequence is the lofs of life? Has not the original introduction of private trade occafioned a violent dif order in the conflitution of the Company? Has it not been rapidly circulating through every part of it for many years, daily impairing its ftrength and vigour, till it is become weak and languid? Will it not then, if not prevented by a total prohibition, prove fatal to the ftock-holders? To carry this plan into execution, give your captains four thousand pounds for each voyage, be it long or fort. This would put an end to the Company's long and unprofitable voyages, efpecially that most fhameful one to Bombay and China, which is generally given by the Chairman to fome favourite, as a recompence for extraordinary Services. If all the voyages were made of equal value |