Board of Directors of the East India Company

“ Every Company's servant in Madras, from the Governor to the youngest writer, engaged more or less in trading ventures. The number of traders was swelled by private individuals who came from England, under the licence of the Court of Directors; as well as by Hindu, Mohammedan, and Armenian merchants, who often took shares with the Company's servants. Moreover, this private trade increased the demand for European commodities which were sold by public [24] auction in Fort St. George, and swelled the revenue of the East India Company which was derived from the sea customs. ”

“ That if any manufacturer or merchant can find out an article that will sell in India, the company so far from preventing his doing so, afford him facilities not otherwise attainable. No mistake can in fact be greater than to say, with the uninformed and misled public, that the East India Company is a monopoly, and injures trade by preventing our merchants and manufacturers from having a scope for their capital and industry. ”

“ It would be very unbecoming in me to suppose for a moment, that the East-India Company would hesitate to allow those privileges to their fellow-subjects which are permitted to foreigners in a trade, that is so much out of the line of their own commerce, and therefore cannot be injurious to it. ”

“ It was under the direction of their own proprietary, uncontrouled by parliament, that the Company rose to an unexampled height of wealth and prosperity: since the interference of parliament, their affairs have declined. Possibly now the patronage is so valuable and extensive, their constitution may be defective, by the too immediate dependence of the directors on the proprietors, who, by their brigues and cabals, overawe, and often make abortive the best intentions of the directors. ”

“ But it is NOT SO with regard to the chief seats of Indian commerce; they will find, that they cannot arbitrarily exclude British subjects from those seats, beyond a limited time; that they cannot debar the nation the beneficial use of them; and that they will not be suffered to render them unavailable, or unprofitable. As soon as the India Trade shall be thrown open, the ports of India will necessarily become open; and, if the Company should then search for their private right to close them, they will find, that it is merged in the public right to use them ”

“ Provided always, that in all Cases in which the said Board of Commissioners shall direct the said Court of Directors to issue any such Licence, which they shall have declined to issue without such Direction-, the special Circumstances inducing them to give such Directions shall be recorded in the Books of the said Board. ”

“ The East India Company had its troubles, to be sure, which were many and great, yet it increased in power, wealth, and strength, until at the close of the eighteenth century it had become possessed of a large portion of the continent of India, maintaining its own armies, forts, palaces, Courts of Directors, Boards of Council, Governors, and Typeans. ”

“ It is not necessary to dwell on this point; it is an evident fact that the East India goods are far cheaper than they would be if brought over by individual merchants, and the supply is more regular. If sales are slow the Company keeps its goods at its own loss, with admirable good nature, or at least with admirable sang froid, and it never creates an artificial scarcity to enhance the price. The sales are by fair competition and without favour; what would the public wish or desire more? ”

“ The affairs of the Company have been embarrassed before; they have borrowed large sums from Government, which they have honestly repaid. Their surplus in peaceable times is very large; and if tranquility is any way durable in India, and the administration of the Company's affairs is continued in the hands of that powerful genius of resource, Mr. ”

“ But if it should be thought too burdensome for a company in so flourishing a condition, and consequently engaged in so extensive a commerce as the East India Company is, to undertake such an expedition, merely to serve the public, promote the exportation of our manufactures, and increase the number of industrious persons who are maintained by foreign trade ”

“ So long as the Company carries on its trade with advantage to itself and the nation, and preserves entire, an ample sufficiency of funds to pay all its debts, and repay its capital, there can be no reason in common sense for preventing its employing its credit in the purchase of as great a quantity as possible of our own commodities to send to India, and employing as great a number of shipping as the trade will possibly allow. ”

“ The trade to India, in its present state, produces a great influx of wealth to the country, though but a very moderate average profit to the Proprietors as a trading company. We must, therefore, risk [15] this, if we consider that the French had an East India Company in 1789, and that by way of being liberal and free, they did what an inconsiderate public want us to do. They abolished the company, and let every one do as he pleased, when the trade vanished like a dream. ”