From their establishment in 1601 to 1620,
the East India Company had exported, in woollen cloths, tin, lead, and
other English and foreign wares, at an average of 15,383_l_.
Per annum, and
in the whole, 292,286_l_. During the same period they had exported
548,090_l_. in Spanish silver. The East India Company employed in 1621,
according to this author, 10,000 tons of shipping, 2500 mariners, 500 ship
carpenters, and 120 factors. The principal places to which, at this period,
we re-exported Indian goods, were Turkey, Genoa, Marseilles, the
Netherlands, &c.; the re-exportations were calculated to employ 2000 more
tons of shipping, and 500 more mariners.
From a proclamation issued in 1631, against clandestine trade to and from
India, we learn the different articles which might be legally exported and
imported: the first were the following: perpalicanos and drapery, pewter,
saffron, woollen stockings, silk stockings and garters, ribband, roses
edged with silver lace, beaver hats with gold and silver bands, felt hats,
strong waters, knives, Spanish leather shoes, iron, and looking glasses.
There might be imported, long pepper, white pepper, white powder sugar,
preserved nutmegs and ginger preserved, merabolans, bezoar stones, drugs of
all sorts, agate heads, blood stones, musk, aloes socratrina, ambergris,
rich carpets of Persia and of Cambaya, quilts of satin taffety, painted
calicoes, Benjamin, damasks, satins and taffeties of China, quilts of China
embroidered with silk, galls, sugar candy, China dishes, and porcelain of
all sorts.
Though several articles of Chinese manufacture are specified in the
proclamation, yet we have no notice of any direct trade to China till
nearly fifty years after this time, viz. in the year 1680. In this year the
East India Company sent out eleven ships, including two to China and the
Moluccas; their general burden was between 500 and 600 tons: in these ships
there was a stock of nearly 500,000_l_. Besides the articles imported
from India enumerated in the proclamation of 1631, there now appear
cowries, saltpetre, muslins, diamonds, &c.
In 1689 the East India Company published a state of their trade, from which
it appeared that in the last seven years they had built sixteen ships from
900 to 1300 tons each, - that they had coming from India eleven ships and
four permission ships, the value of their cargoes being above 360,000_l_.:
that they had on their outward voyage to Coast and Bay, seven ships and six
permission ships, their cargoes valued at 570,000_l_.: that they had seven
ships for China and the South Seas, whose cargoes amounted to 100,000_l_.
That they had goods in India unsold, to the amount of 700,000_l_. About
this period, Sir John Child, being what would now be called governor
general of India, and his brother, Sir Jonah, leading member of the Court
of Committees, the policy was introduced through their means, on which the
sovereign power, as well as the immense empire of the East India Company
was founded; this policy consisted of the enlargement of the authority of
the Company over British subjects in India, and in attaining political
strength and dominion, by retaliating by force of arms, on those Indian
princes who oppressed their settlements.
In the year 1698, in consequence of complaints against the East India
Company, and their inability to make any dividend, they thought it
necessary to give in a statement of their property in India. In this they
asserted that they had acquired, solely at their own expence, revenues at
Fort St. George, Fort St. David, and Bombay, as well as in Persia, and
elsewhere, to the amount of 44,000_l_. per annum, arising from customs
and licenses, besides a large extent of land in these places; they had also
erected forts and settlements in Sumatra, and on the coast of Malabar,
which were absolutely necessary to carry on the pepper trade; they had a
strongfort in Bengal, and many factories, settlements, &c. in other places.
The result of the complaints against the Company was, that a new company
was established this year; the two companies, however, united in the
beginning of the eighteenth century.
We shall conclude our account of the state of English commerce during the
sixteenth and seventeenth centuries, with some more general and
miscellaneous topics.
I. Exports. In the year 1534, the total value of our exports did not exceed
900,000_l_. of the present value of our money: the balance of trade was
estimated at 700,000_l_.: this arose principally from the very great
exportation of woollen goods, tin, leather, &c., on which an export duty
was laid, bringing in 246,000_l_.; whereas, the duty on imports did not
produce more than 1700_l_. In the year 1612, according to Missenden, in his
Circle of Commerce, the exports to all the world amounted to 2,090,640_l_.,
and the imports to 2,141,151_l_.; on the latter, however, the custom duties
are charged; the custom duties on the exports were 86,794_l_.; the impost
paid outwards on woollen goods, tin, lead, pewter, &c. 10,000_l_.; and the
merchants' gains, freight, and other charges, to 300,000_l_.: - if these be
added to the value of the exports, the total amount will be 2,487,435_l_, -
from which the imports, including custom duty on them, being deducted,
leaves 346,283_l_., - which Missenden regards as the balance gained that
year by the nation. The principal articles of export have been enumerated:
the principal articles of import were silks, Venice gold and silver stuffs,
Spanish wines, linen, &c. At this time, London paid nearly three times as
much for custom duties as all the rest of England together. In the year
1662, according to D'Avenant, the inspector general of the customs, our
imports amounted to 4,016,019_l_., and our exports only to 2,022,812_l_.;
the balance against the nation being nearly two millions.
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