IMPORTS TO AND EXPORTS FROM INDIA. 329

school, who measured the wealth of every country solely by the abundance of the precious metals which it possessed, and looked upon the relinquishment of these as the most ruinous of all transactions. This was a chimerical distress, the grounds of which are now almost entirely removed. The company, by means of their territorial revenues, and of the remittances from their servants to England, are enabled to supply the pecuniary part of their investments with very little export of bullion; while the private merchants have obtained nearly the same result by the great quantity of European manufactures which they have succeeded in introducing. Formerly woollens were the only British fabric that could find a market, and the company even boasted that they sent out these solely on a patriotic principle, and with loss to themselves. At present numerous articles are sold, not excepting cotton, the staple commodity of India herself, which in 1829 was exported to the extent of above a million and a half sterling.

The following is a statement presented to parliament, showing the proportion of merchandise and bullion in rupees, imported to and exported from India by the company and private traders, for the years 1827-8 and 1828-9:

3,16,63,315 34,58,720 | 4.29,74,804 | 83,13,288

The mode in which the commerce of India is carried on is a subject of deep importance, and has given rise to very warm discussions. We have seen this trade from its first establishment uniformly conducted by exclusive companies, the only interruptions being caused by the occasional opposition of rival bodies. The mercantile public, notwithstanding loud and repeated remonstrances, were never admitted to any share, till on the renewal of the charter in

1793, it was stipulated that the company should set apart 3000 tons of shipping for the accommodation of private traders; but this boon was found to be quite nugatory. In 1813, therefore, when another renewal of the charter was required, the principles of free trade, which had been gaining ground, and the immense British capital for which employment was required, produced an impulse too strong to be resisted. The company were indeed allowed to retain the monopoly of China trade, which alone yields them any profit, but were obliged to consent that the traffic with India should be thrown open under certain restrictions. These limitations were, that it should be conducted only under license from the directors, in vessels of not less than 350 tons burden, and the homeward cargo brought only into certain towns where sufficient warehouses and docks had been provided. The ships of private merchants were also restricted to the leading ports of India,-Calcutta, Madras, Bombay,-though the company might grant licenses for any intermediate one, and were expected not to refuse without some special reason; while their decision could be reversed by the board of control. The limitation as to tonnage was taken off in 1823, and a license was no longer required for the principal settlements; but the other restrictions were continued. The company likewise retain, as rulers, the power of preventing any person from taking up his residence in India, or even proceeding into the interior more than ten miles from the capitals of the three presidencies, without special license. This costs from seven to fifteen guineas, with securities to a considerable amount that the individual shall not become chargeable to the local government.

Under this arrangement British merchants have engaged with characteristic enterprise in the Indian trade, and carried it to a most remarkable extent. They may now be said to have driven the company entirely out of the field, and the trade left to them appears to be preserved only by submitting to extensive loss. The following is the result of their transactions for the year 1829-30, as reported to parliament :

It is stated by Mr. Gordon, that freight, which in the company's service amounted in 1814 to 251. and sometimes as high as 50 guineas per ton, has been reduced in conse quence of competition to 30s. and even 15s. per ton. From the same cause the price of Indian goods has also been greatly lowered. Cotton has fallen from 1s. 3d. to 5d.,. pepper from 1s. or 1s. 3d. to 3d. a pound. The advocates of the company indeed allege that these things have been achieved by the private merchants at the price of their own ruin; and that the sales had been forced by glutting the markets to such a degree as has obliged the holders to sell often much under prime cost. This, no doubt, has been the case to a considerable extent; but it is alleged on the other side, that the tendency to overtrade is inevitably prompted by British enterprise in every branch, especially one newly opened; and that the extremely low prices have introduced the articles into consumption among the natives, who are now willing to pay a more adequate value.

The period for which the charter was last renewed being now about to expire, the conditions and extent to which such privileges will be prolonged are the subject of some anxiety. The leading question is that respecting the China trade, of which the company still retain the exclusive possession, and gain from it about as much as they lose on that with India; but this point does not belong to our present subject. In regard to Hindostan, the main points for consideration are, whether private merchants shall be allowed to proceed to the smaller ports or into the interior without license; and whether individuals shall be permitted to establish a permanent residence and to hold lands in India. On the one hand it is urged, that such arrange

ments would expose the natives to much oppression from persons over whom the company would have no sufficient control; that it would thus alienate them from British government, and might give rise to disturbance and even rebellion. In reply it is represented that the merchants could assort their cargoes with much greater advantage, and enjoy far more ample means of introducing European commodities, by proceeding in person into the interior instead of employing native agents often of doubtful fidelity; that the investment of British skill and capital in the internal branches of industry would not only yield large profits, but would afford new materials for commerce, and improve the condition of the labouring population; all which effects have been found to flow from the introduction of the indigo culture. The idea that industrious individuals employed in peaceable pursuits would oppress the natives, or give rise to disturbances, is described as chimerical. It appears that even a party among the more intelligent of the Hindoos think the country would be benefited by the application of British capital to its internal improvement, Such is the opinion given by Rammohun Roy in his recent evidence before parliament; though he deprecates the introduction of labourers from Britain.

The table on the following page exhibits a view of the various articles of export and import in the trade to India for the year 1829, the latest period to which they have been published. The private trade and that of the company are distinguished as to each commodity. In regard to the imports the quantities are given, as the value is not exhibited in the official report.

The future arrangements, with respect to the commerce as well as the government of British India, have not yet come under the consideration of parliament. They will probably, however, become a subject of discussion during the following session. In the present work it has been our aim to afford materials from which a judgment may be formed, rather than to hazard any positive opinion on so extensive and difficult a question.