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A55541 The East-India-trade a most profitable trade to the kingdom and best secured and improved in a company and a joint-stock / represented in a letter written upon the occasion to two letters lately published insinuating the contrary. Papillon, Thomas, 1623-1702. 1677 (1677) Wing P305; ESTC R213729 22,116 32

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spoiling of their Goods in those hot Countries when all or most of the particular Traders shall on this Account find a loss by their English Goods What probability is there that they shall continue to send any and so that the Exportation of our English Manufactures should encrease The Company in the Joint-Stock have managed their Affairs with such Prudence and with so great regard to the Kingdoms Interest that from 100 to 400 Clothes at most which were sent in former times they now send Annually 4000 whole broad Cloths and upwards and are still endeavouring to enlarge the vend as much as possible The way to attain which is not by such means to raise the Prices in England on English-men Transporters nor by such a cheap selling abroad as renders the English Merchant a loser for that cannot continue but by an industrious endeavour to introduce the use of them in those Countries and by gaining and setling Trade in those places where our Drapery is most useful and vendible and that a Company in a Joint-Stock is far more capacitated for this than private persons is not only deducible from Reason but evidenced from Experience As to Goods Imported from India and sold in England the multitude of Buyers in India raising the Prices there and of Sellers in England lessening the Prices here cannot but be very contrary to the Kingdoms Interest And this will appear demonstratively if you consider That not above one part of four of the Goods brought from India into England are here consumed the other three fourths are Transported into Foreign-parts Now if the Prices of the one fourth part for the Consumption of England be lessened and brought down the like must inevitably follow for the other three fourths that are sent abroad An English man sends out Four hundred pounds or the value thereof and with it purchaseth Goods in India and brings them for England suppose one fourth part of those Goods are sold for the Consumption of the Kingdom whether they be sold by the Merchant to the Shop-keeper for 120 l. or for 200 l. It is all one as to the Kingdoms concern for in reality they stand the Nation in no more than what they cost in India and that is only 100 l. The Merchant or the Shop-keeper or the Consumer may have more or less which is all the same thing as to the Nations Concern But as for the other three fourths if they be sold for Foreign Markets so cheap that they yield but 360 l. then the Kingdom gets only 20 per Cent thereon whereas if they be sold for 600 l. the Kingdom gets 100 per Cent. In the case of an English-mans Trading with Foreigners what the English Merchant gets the Kingdom gets it being so much addition to the publick Stock so that the Nation would lose by the cheap selling of India-Commodities in England and the real Interest of the Kingdom is that the English Merchant should buy them cheap in India and sell them dear in Europe which the Gentleman 's own Argument evidenceth to be most probably effected by a Company in a Joint-Stock Besides as to the building and maintaining of Ships of great burden and proper for warlike service to be made use of for defence of the Kingdom on occasion which is very much the publick Interest it cannot be imagined that private particular persons should ever be able to advance the same in any proportion to what the East-India-Company in a Joint-Stock hath done Further the East-India Trade in a Company and a Joint-Stock is far more National as to the number of persons that have benefit thereby than possibly it could under a Regulation for then none could Trade to India but Merchants that understood the Trade and not all Merchants neither but such only as had great Estates and were able to stay two years at least out of their Money which few are in a capacity to do So that the Trade would be confined into a few hands 100 or 150 at most whereas now it is in a Company and Joint-Stock Noblemen Clergy-men Gentlemen Widows Orphans Shop-keepers and all others may have Stocks there and reap equal benefit thereby There are at this day about Six hundred persons which appear on the Companies Books to be Interessed in the East-India Stock and under them it may be many more whereas if the Trade were put under a Regulation three fourths or more of those persons could have no Interest in it or benefit by it I shall not farther enlarge on this subject and beg your excuse that I forbear to say any thing of the third particular you mention in yours viz. whether some Orders and Rules may not be necessary to be established for the Improvement of the East India-Trade in a Company with a Joynt-stock other than what at present the Company is in the exercise of I have in the general told you my thoughts freely that a Company with a Joynt-stock is in my apprehension the best way for the Management of that Trade to the Kingdoms advantage Some reasons I have given you that induce me to be of this Judgment which I leave to your Consideration For a close Give me leave by way of Enquiry to ask you what should be the reason that the present East India-Company hath so many Enemies and is so much talked against almost amongst all sorts of men Is it because some persons that would not subscribe at the beginning of the Stock nor yet afterwards when the Books were laid open are filled with Envy at the Companies prosperity and would ruine all because they are excluded by their own default There may be much in this and yet any that will may buy Stock according to the Market-price when they please Is it from some averseness or dissatisfaction to the Government that they cannot be content any thing should prosper and thrive under it This Stock having prospered and advanced exceedingly since his Majesties happy Restauration beyond what it did before I cannot believe that any are so vile and wicked Is it that some persons are influenced from our Neighbours that have still been labouring to turn every stone that might have a tendency to destroy the English East India-Trade and they well know if they can unhinge the present Joynt-stock they have done a great part of their work Is it that some apprehend that under a pretence that the Nation decays in their Stock Rents and Trade Hue and Cry is like to be made to find out the causes and occasions of it and so would set the East India-Company in the way to answer the charge and stay farther pursuit Whence is it that the Clothiers and others in several Counties are so earnest and clamorous against the said Company as if they were the occasion of all the evil the Nation is under by their not sending abroad more of our Drapery when as it is apparently known that the East India-Company have of late years bought and sent to India ten times more of our Drapery than was usually sent in former times So that they cannot occasion the decrease of the vent of our Drapery that have so much augmented it and the true causes must lye elsewhere Whether because the Trade of France takes not off one tenth part of the English-Drapery it formerly did or because of the setting up of the Woollen-Manufacture in Ireland or for what cause I leave others to judg but am sure the East India-Company could be no cause of the decay of the vent of our Woollen-Manufactures though the cry is made against them A little thing may serve to destroy and ruine the Trade but it will be a difficult matter to regain so advantageous a Trade to the Kingdom if it were once lost And therefore I hope that all who seriously and sincerely consider the Kingdoms Interest will be careful to prevent so great an evil as the loss of the East India-Trade would be to the Nation c. FINIS ERRATA PAg. 2. lin 2. r. would all be If there were no Foreign Trade p. 14. l. 3. for has r. as