mmend _such
regulations_ (as if regulations in that state of things could be of any
service) as may obtain "a profit in future, instead of so considerable a
loss, which _we can no longer sustain_."

Your Committee thought it necessary to inquire into the losses which had
actually been suffered by this unnatural forced trade, and find the loss
so early as the season of 1776 to be 77,650_l._, that in the year 1777
it arose to 168,205_l._ This was so great that worse could hardly be
apprehended: however, in the season of 1778 it amounted to 255,070_l._
In 1779 it was not so ruinously great, because the whole import was not
so considerable; but it still stood enormously high,--so high as
141,800_l._ In the whole four years it came to 642,725_l._ The
observations of the Directors were found to be fully verified. It is
remarkable that the same article in the China trade produced a
considerable and uniform profit. On this circumstance little observation
is necessary.

During the time of their struggles for enlarging this losing trade,
which they considered as a national object,--what in one point of view
it was, and, if it had not been grossly mismanaged, might have been in
more than one,--in this part it is impossible to refuse to the Directors
a very great share of merit. No degree of thought, of trouble, or of
reasonable expense was spared by them for the improvement of the
commodity. They framed with diligence, and apparently on very good
information, a code of manufacturing regulations for that purpose; and
several persons were sent out, conversant in the Italian method of
preparing and winding silk, aided by proper machines for facilitating
and perfecting the work. This, under proper care, and in course of time,
might have produced a real improvement to Bengal; but in the first
instance it naturally drew the business from native management, and it
caused a revulsion from the trade and manufactures of India which led as
naturally and inevitably to an European monopoly, in some hands or
other, as any of the modes of coercion which were or could be employed.
The evil was present and inherent in the act. The means of letting the
natives into the benefit of the improved system of produce was likely to
be counteracted by the general ill conduct of the Company's concerns
abroad. For a while, at least, it had an effect still worse: for the
Company purchasing the raw cocoon or silk-pod at a fixed rate, the first
producer, who,