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View Sample Pages : Daily Courant, February 23, 1730

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Daily Courant (Newspaper) - February 23, 1730, London, Middlesex * l -y Monday, Febfi&ry 13, 1719-30. To /fo 0/ ;fo DAILY COURANT. s 11\, S the Eafl-India Trade is become the Subject of all Converfation, ic is judged necelfary, in order to give the Publick a true Notion of it, to print the following Extract from a Pamphlet publifhed before the Union of the Two Companies ; which 'tis not doubted will be received by Gentlemen and Merchants with the Attention it deferves. I have been fa-vour'd with it by a. Gentleman, who in a few Days will publifh a valuable Collection of Papers on this and other Subjects relating to the General Trade of this Nation, among which this Piece is one. npHE Eajl-India Trade, the more open, and -*- the c/ofer driven, muft needs import more Profit to the Kingdom, and Jefs difturb the Englifh Manufactures. 'lis very probable the Profit of an open Trade is a great deal lefs in Proportion to the Stock imploy'd in ir, and therefore the Merchant that feels the Difference will be very ready with his Complaints; 'tis without doubt, more profitable for a Merchant to im-ploy his Stock in Trade, fo as at the End of the Year to receive his Principal again, with Gain befides of Twenty for every Hundred, than to employ as much Stock for half as much Profit. But 'tis better and more profitable for the Kingdom, that 300 /. fhould be imploy'd in Trade for the Profit of 10 per Cent, than but loo/, for the Profit of 20per Cent, wherefore, lefs in Proportion and more in gttantity, muft be efteemed as greater Profit, This then will be the Confequence of the Eafl India Trade, laid more open and clofer driven; the Profit will be lefs in Proportion, but more in Quantity. 'Tis reafonable to believe, that a Company cannot trade fo much to the publick Benefit j a Company of Merchants trading with a Joint-Stock, is but one only Buyer, one only Seller ; they manage their Trade with the Pride and Charge that becomes the State of KJngs : they expect to be followed by the Marker, and therefore never ftir beyond the Warthoufe, whither if Cuftomers come, they are fore'd to wait 'till the AuBien is ready to begin, i In an Open Trade, every Merchant is upon his good Behaviour, always afraid of being under fold at borne, always feeking out for new Markets in Foreign Countries : In the mean time, Trade is carried on with lefs Ex.pencg: This is the Effect of Necejfity and Emulation, things unknown to a fingle Company. A Trade fo far extended, fo much better husbanded, however lefs profitable in Proportion to the Merchant's Stock, muft needs import more abfolute Profit to the Kingdom. Alfo, the Examples of parallel Cafes make it very credible, that a more open Eafl-India Trade and clofer driven, tbo' it may be lefs profitable in Proportion to the Bulk of it, will yet be more profitable to the Kingdom. The African Trade was very lately, like that of the Eafl Indies, carried on by the Joint-Scock of one fingle Company : It is not laid quire open now, only private Traders are admitted upon Payment of a MulEt to the Company ; the Confequence of this is, that Ten Ships are imployed in that Trade for me before, Ten hundred Pounds for one be- fore. It will hardly be pretended by the Company, that when the Trade was all their own, they divided more to the King and Company than 100 per Cent. And it will hardly be deny'd by the prefent Traders, that zo or 30 per Cent, is divided to the C�-floms and their own Profit ; and this is like-wife lefs in Proportion to the prefent Bulk of the Trade, yet more in Quantity. Now, if this has been the Confequence of other Trades enlatg'd, and clofer driven, why fhould it not bp the lame of the i^aji India trade enlargd and clofer driven ? But indeed, this is the Confequence: The Eafi hdia Trade enlarg'd by the Emulation of two Companies, may be lefsp/ofitable to the Merchant, but certainly muft import more Profit to the Kjngdom. Lefs Profit in Proportion, but greater in Quantity, is greater Profit. From Bgafon, from the Experience of other Trades, and even ot this very Trade, it appears, the more open the fame (ball be, and clofer driven, it may indeed import lefs Profit in Proportion to the Bulk, of the Trade, yet muft import more in Quantity, and confequently muft needs be more profitable to the Kingdom ; And thus again, notwithstanding the Prices of Things rais'd in India, abated here, the Bullion is ftill exchang'd for greater Value.?! 'Tis true, if this Trade fhall be carried on with the great efi Freedom, if every one fhall be permitted to imploy his Stock in ir, by Degrees it will be driven fo very clofe, that nothing of Profit will be gleaned from it; the Merchant will be difabled to import the Indian Manufactures cheaper, than as good Things may be made in England. Then there will be Truth in his Complaint, the Exchange will be unprofitable, and muft be given over. But then 'tis fit the Merchant fhould be told, that the Eaft-India Trade is not carried on for his fake, but for the Kingdom's. To break both Companies is not the Way to lofe the Profit of the Trade; the Trade is then laid open, the Profit thereof mult needs increafe ; the neceffary Forts and Caftles may be as well maintained at the Publicl^Charge ; and this may be better paid by the greater Gain of an open Trade. The want of Factories can be no Complaint: A greater Trade muft needs increafe thefe ; it has done fo in every Country. The Reafon is alike in all ; or Factories muft be as well fecured by Forts and Cajlles, under the immediate Care of the Government, as if the fame were maintained by the Joint Stock of a Company. I hope to hear of Ways and Means to pay this Loan of both the Companies, to buy their Forts and Caftles, and whatfoever is their Right of Trade: And thus the Trade would be laid quite open to all the good People of England; by this Means no Injuftice would be done, and thefe Advantages wou'd be obtained: Firft of all, a great Blow would be given to the Trade of Stock-Jobbing 5 unskilful and unwary Men are inticed away, from certain Profit to purfue uncertain Hopes : After great Revolutions of the Game, their Hopes at la ft are difappoinred, their Stocks arc left among the Artijls, their Induftry is loft to the Kingdom, their Families are undone. "Tis in vain to forbid the Thing by Laws ; Laws are eluded by the Subtlety and Cunning of Men ; the Thing is practifed more than ever : To break both Companies, is not only to forbid the Corruption, but to tear it up by the very B^ots. Stocks in the IVarehoufet of private \ier� chants rife and fall, and no Man knows ic bur themfelves; however they rife in Value in fpig h t of fVa> s. Companies a re frighted by ffars Rumours ofWars; the Joint-Stcckj fall, and every one muft hear it; and this engages the private Inierefl of fome, the Fear of others, to difturb the publicly tyfolutions : To be rid of this Inconvenience, were worth a great deal to the Nation ; to break both Companies were half the Way to do it* Of Companies, Committees kave always feparate Inr^refts of their own ; Ccmmands of Ships , Places^ and Governments to fells However it fares with the Joint Stock, the Trade to thefe Men is always profitable. Theft do not care to part with their Places, The Corruptions which they have practifed themfelves, they have learned to practife upori greater Men than themfelves. Vaft Sums are gone, which are not yet, nor ever will be brought to Accounr. To break both Companies, is the fareft Way to break thefe Prac*? tices ; to make Men honefi, is to take front them all Temptations to be otherwife. To purchafe thefe Advantages, nothing is given away that's valuable $ the Trade, al� ready inlarged by the Emulation of Toco Com~ panics, by the Diffolution of both will yet be more inlarged. A Trade more open and clofer driven, will be more profitable to the Kjn&~ dom. Prices of Things may be raifed in India, abated here ; neverthelefs, as long as this Trade fhall be carried on, the fame will be an Exchange of lefs for greater VaJue; and when it ceafes to be fuch, 'twill then be Time to give it over, j Tefierday arrived the Mail due from Holland." Seville, Feb. z. N. S. TVyf R. Keene, Minifter of the King of Great Britain, is gone this Day to Caftel. bianco, to confer with the Marquis de la Paz and M. Patinho. They go on, at Cadiz and other Ports, with the Preparations for tranf-porting the Spanifh Troops to Italy ; and 'tis reported that the Infante Don Carlos will fee out the Beginning of April, and go by Land to Barcelona, to be ready ro embarque there for Italy; Letters from Cadiz advife, that Orders being brought from Court, for the Departure of the Galleons between this and the 10th of March, tbey are putting their Loading on board as fa ft as they can. Vienna. Feb. 15. N. S. Two Days ago? the Emperor held a Council of State, as u-fual; and Yefterday his Imperial Majefty had a private Conference with Prince Eugene of Savoy, and the Count de Schonborn, Bi�j fhop of Bamberg and Wurtzburg, and Vice-Chancellor of the Empire. The firft Bod J of Troops, which is actually marching for Italy, confiftsof 9856 Men. The Regiments of Caraffa and Wurmbrand, Cuirafliers, have likewife received Orders to begin their March forthwith. The General Rendezvous of the Troops is tojbe near Infpruck in the Coun tf of Tyrol; whence they are to march into Italy by different Routes. Some Days ago,1 the Court received Advice, by an Exprefs from the Count de Wenfer, the Emperor's Minifter to the Confederated Grifons, that the Leagues had granted Paffage for fome Imperial Troops through their Country ; and that Exprefs was fent back the 12th Inftanc. M Veis, Governor of Segedin in Hun^Syc has been raifed to the Dignity of zi ;