ending out such commodities as found a demand
in the India market, and, where that demand was not adequate to the
reciprocal call of the European market for Indian goods, by a large
annual exportation of treasure, chiefly in silver. In some years that
export has been as high as six hundred and eighty thousand pounds
sterling. The other European companies trading to India traded thither
on the same footing. Their export of bullion was probably larger in
proportion to the total of their commerce, as their commerce itself bore
a much larger proportion to the British than it does at this time or has
done for many years past. But stating it to be equal to the British,
the whole of the silver sent annually from Europe into Hindostan could
not fall very short of twelve or thirteen hundred thousand pounds a
year. This influx of money, poured into India by an emulation of all the
commercial nations of Europe, encouraged industry and promoted
cultivation in a high degree, notwithstanding the frequent wars with
which that country was harassed, and the vices which existed in its
internal government. On the other hand, the export of so much silver was
sometimes a subject of grudging and uneasiness in Europe, and a commerce
carried on through such a medium to many appeared in speculation of
doubtful advantage. But the practical demands of commerce bore down
those speculative objections. The East India commodities were so
essential for animating all other branches of trade, and for completing
the commercial circle, that all nations contended for it with the
greatest avidity. The English company flourished under this exportation
for a very long series of years. The nation was considerably benefited
both in trade and in revenue; and the dividends of the proprietors were
often high, and always sufficient to keep up the credit of the Company's
stock in heart and vigor.

[Sidenote: How trade carried on since.]

But at or very soon after the acquisition of the territorial revenues to
the English company, the period of which may be reckoned as completed
about the year 1765, a very great revolution took place in commerce as
well as in dominion; and it was a revolution which affected the trade of
Hindostan with all other European nations, as well as with that in whose
favor and by whose power it was accomplished. From that time bullion was
no longer regularly exported by the English East India Company to
Bengal, or any part of Hindostan; and