Hosea Ballou Morse

“ During its whole history the tendency of the Company was to restrict the private trade, as far as possible, to silver, coral, and amber outwards, and to gold and musk from China to India, and diamonds from India to England, as return investments, since they took up little tonnage. ”

“ The tendency at first, in accordance with the practice of the time, was for the Company to give the supercargoes nothing from its own capital, but to allow them to risk their own money and to make such profit for themselves as they made for the stock provided by the Company. In the year 1674 the Company ventured in its stock to the Indies the sum of £110,000 in goods and £320,000 in silver, a total of £430,000, bringing home an investment valued on arrival in England at £860,000 ”

“ During the seventeenth century, when the individual ship formed the unit of a venture, the number of supercargoes on each ship was usually three, and the commission paid was generally either 31⁄2 or 4 per cent.—divided to give the chief 13⁄4 per cent., the second 1 or 11⁄4 per cent., and the third 3⁄4 or 1 per cent. By the Aurungzebe, at Amoy in 1702, the return investment was invoiced at 122,150 taels, and the commission debited to the Company for division between the three supercargoes amounted to 4,275 taels. ”

“ In 1721 all the supercargoes of four ships were given the 'allowance' and the 'privilege', but, in lieu of the 'permission', they had the option of paying a definite additional sum (in the case of the chiefs £1,000 each) into the Company's stock on board, and on this the court guaranteed them 80 per cent. profit, subject only to the ship's safe return to England. ”

“ On many occasions the supercargoes had cause to complain that the captains engrossed profitable trade which ought to have gone to the Company, the most usual ground of complaint being that, by underhand means, they had induced the Chinese merchants to insist on paying them in commodities (such as silk, tea, &c.) instead of gold, which by regulation ought to have formed their investment ”

“ From the year 1700 the system of paying commission became less common, and the Company made its supercargoes partners in the venture in which they were engaged in common. A certain amount of private trade was still allowed, but the principal part of their reward was to come from a specified portion of the ship's stock, which was assigned to them. In 1699 the English East India Company chartered the Macclesfield frigate, 250 tons ”

“ It was, however, the cargo space of the ship that was most carefully safeguarded; and in their cabins and berths, so long as they did not encroach on the tonnage capacity of the ship, they might still bring ventures which were not articles of commerce, such as fans, ivory carvings, embroideries, and articles having a value as curiosities greater than their intrinsic value. ”

“ Dollars never passed into Chinese hands by count, but always by weight in Chinese liang or taels, modified by the touch. These taels differed in weight at different ports. At Chusan there were two taels in ordinary use—the Tsaoping of 567.3 grains (36.76 grammes) , and the Kiangping of 555.3 grains (35.98 grammes) ; but in which the supercargoes had to pay is not recorded. At Amoy the market tael was 570.0 grains (36.94 grammes) . At Macao the market tael was 577.1 grains (37.40 grammes) . At Canton the Szema tael is to-day 578.3 grains (37.48 grammes) ”