hecking the general prosperity of the country:
if they set it free, means were taken to raise the price and debase the
quality of the goods; and this again fell upon the revenues, out of
which the payment for the goods was to arise. The observations of the
Company on that occasion are just and sagacious; and they will not
permit the least doubt concerning the policy of these unnatural trades.
"The amount of our Bengal cargoes, from 1769 to 1773, is 2,901,194_l._
sterling; and if the average increase of price be estimated at
twenty-five per cent only, the amount of such increase is 725,298_l._
sterling. The above circumstances are exceedingly alarming to us; but
what must be our concern, to find by the advices of our President and
Council of 1773, that a further advance of forty per cent on Bengal
goods was expected, and allowed to be the consequence of advertisements
then published, authorizing a free trade in the service? We find the
Duanne revenues are in general farmed for five years, and the aggregate
increase estimated at only 183,170_l._ sterling (on a supposition that
such increase will be realized); yet if the annual investment be sixty
lacs, and the advance of price thirty per cent only, such advance will
_exceed the increase of the revenue by no less than 829,330l.
sterling_."

The indignation which the Directors felt at being reduced to this
distressing situation was expressed to their servants in very strong
terms. They attributed the whole to their practices, and say, "We are
far from being convinced that the competition which tends to raise the
price of goods in Bengal is wholly between public European companies, or
between merchants in general who export to foreign markets: we are
rather of opinion that the sources of this grand evil have been the
extraordinary privileges granted to individuals in our service or under
our license to trade without restriction throughout the provinces of
Bengal, and the encouragement they have had to extend their trade to the
uttermost, even in such goods as were proper for our investment, by
observing the success of those persons who have from time to time _found
means to dispose of their merchandise to our Governor and Council_,
though of so bad a quality as to be sold here with great difficulty,
after having been frequently refused, and put up at the next sale
without price, to the very great discredit and disadvantage of the
Company." In all probability the Directors we