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of trading separately upon their own stocks and at their own
risk。 The old East India Company had a right to a separate trade
upon their old stock till 1701； and they had likewise； both
before and after that period； a right； like that of other private
traders； to a separate trade upon the three hundred and fifteen
thousand pounds which they had subscribed into the stock of the
new company。 The competition of the two companies with the
private traders； and with one another； is said to have well…nigh
ruined both。 Upon a subsequent occasion； in 1730； when a proposal
was made to Parliament for putting the trade under the management
of a regulated company； and thereby laying it in some measure
open； the East India Company； in opposition to this proposal；
represented in very strong terms what had been； at this time； the
miserable effects； as they thought them； of this competition。 In
India； they said； it raised the price of goods so high that they
were not worth the buying； and in England； by overstocking the
market； it sunk their price so low that no profit could be made
by them。 That by a more plentiful supply； to the great advantage
and conveniency of the public； it must have reduced； very much；
the price of Indian goods in the English market； cannot well be
doubted； but that it should have raised very much their price in
the Indian market seems not very probable； as all the
extraordinary demand which that competition could occasion must
have been but as a drop of water in the immense ocean of Indian
Commerce。 The increase of demand； besides； though in the
beginning it may sometimes raise the price of goods； never fails
to lower it in the run。 It encourages production； and thereby
increases the competition of the producers； who； in order to
undersell one another； have recourse to new divisions of labour
and new improvements of art which might never otherwise have been
thought of。 The miserable effects of which the company complained
were the cheapness of consumption and the encouragement given to
production； precisely the two effects which it is the great
business of political economy to promote。 The competition；
however； of which they gave this doleful account； had not been
allowed to be of long continuance。 In 1702； the two companies
were； in some measure； united by an indenture tripartite； to
which the queen was the third party； and in 1708； they were； by
Act of Parliament； perfectly consolidated into one company by
their present name of the The United Company of Merchants trading
to the East Indies。 Into this act it was thought worth while to
insert a clause allowing the separate traders to continue their
trade till Michaelmas 1711； but at the same time empowering the
directors； upon three years' notice； to redeem their little
capital of seven thousand two hundred pounds； and thereby to
convert the whole stock of the company into a joint stock。 By the
same act； the capital of the company； in consequence of a new
loan to government； was augmented from two millions to three
millions two hundred thousand pounds。 In 1743； the company
advanced another million to government。 But this million being
raised； not by a call upon the proprietors； but by selling
annuities and contracting bond…debts； it did not augment the
stock upon which the proprietors could claim a dividend。 It
augmented； however； their trading stock； it being equally liable
with the other three millions two hundred thousand pounds to the
losses sustained； and debts contracted； by the company in
prosecution of their mercantile projects。 From 1708； or at least
from 1711； this company； being delivered from all competitors；
and fully established in the monopoly of the English commerce to
the East Indies； carried on a successful trade； and from their
profits made annually a moderate dividend to their proprietors。
During the French war； which began in 1741； the ambition of Mr。
Dupleix； the French governor of Pondicherry； involved them in the
wars of the Carnatic； and in the politics of the Indian princes。
After many signal successes； and equally signal losses； they at
last lost Madras； at that time their principal settlement in
India。 It was restored to them by the Treaty of Aix…la…Chapelle；
and about this time the spirit of war and conquest seems to have
taken possession of their servants in India； and never since to
have left them。 During the French war； which began in 1755； their
arms partook of the general good fortune of those of Great
Britain。 They defended Madras； took Pondicherry； recovered
Calcutta； and acquired the revenues of a rich and extensive
territory； amounting； it was then said； to upwards of three
millions a year。 They remained for several years in quiet
possession of this revenue： but in 1767； administration laid
claim to their territorial acquisitions； and the revenue arising
from them； as of right belonging to the crown； and the company；
in compensation for this claim； agreed to pay the government four
hundred thousand pounds a year。 They had before this gradually
augmented their dividend from about six to ten per cent； that is；
upon their capital of three millions two hundred thousand pounds
they had increased it by a hundred and twenty…eight thousand
pounds； or had raised it from one hundred and ninety…two thousand
to three hundred and twenty thousand pounds a year。 They were
attempting about this time to raise it still further； to twelve
and a half per cent； which would have made their annual payments
to their proprietors equal to what they had agreed to pay
annually to government； or to four hundred thousand pounds a
year。
But during the two years in which their agreement with
government was to take place； they were restrained from any
further increase of dividend by two successive Acts of
Parliament； of which the object was to enable them to make a
speedier progress in the payment of their debts； which were at
this time estimated at upwards of six or seven millions sterling。
In 1769； they renewed their agreement with government for five
years more； and stipulated that during the course of that period
they should be allowed gradually to increase their dividend to
twelve and a half per cent； never increasing it； however； more
than one per cent in one year。 This increase of dividend；
therefore； when it had risen to its utmost height； could augment
their annual payments； to their proprietors and government
together； but by six hundred and eight thousand pounds beyond
what they had been before their late territorial acquisitions。
What the gross revenue of those territorial acquisitions was
supposed to amount to has already been mentioned； and by an
account brought by the Cruttenden East Indiaman in 1768； the net
revenue； clear of all deductions and military charges； was stated
at two millions forty…eight thousand seven hundred and
forty…seven pounds。 They were said at the same time to possess
another revenue； arising partl