In 1658, the Honourable East India Company directed to be “sent home by
their ships one hundred pounds weight of the best Tea they could get,”
this doubtless being considered a pretty large supply. The company had
previously presented to Catherine of Braganza, on her birthday, a chest
containing twenty-two pounds--a notable gift commemorated by Waller.
In 1671 came the Ty-wan present from the Ruler of Bantam. During the
three subsequent years, the company bought of Mr. Thomas Garway and
others 562½ lbs. of Tea, which was either given away or consumed by
the Court of Committee. From 1675 to 1677, no record exists of either
purchases or imports. Hence, it is evident that Tea was not regarded
as a source of private revenue at that period. Who could have fancied
the marvellous change that a century or two would effect? Who could
have thought that the Tea trade was destined to become one of the most
important branches of our commerce, and not only so, but to occasion
several wars, lead to the extension of our Eastern possessions, and
precipitate the great Chinese exodus, which threatens such important
results to the Pacific States of America, to Australia, the Polynesian
Islands, and possibly to the world at large?
There is nothing in the history of commerce so marvellous as the
growth and development of the trade in Tea. In 1675, the importation
of this commodity rose to 4,713 lbs. But this enormous quantity
manifestly overstocked the market for seven years afterwards. In 1685,
the importations amounted to a little over 12,000 lbs. Four years
later, 25,000 lbs. arrived, which caused the market to be glutted for
a lengthened period, giving rise to considerable depression in that
special branch of commerce. About this period the duty was taken off
the “made” Tea, and a regular impost of five shillings per pound
imposed. During the first twelve years of the eighteenth century, the
total quantity of Tea imported was 1,102,070 lbs., showing an average
of 91,922½ lbs. This result is the more remarkable as it exceeded the
previously unheard of quantity imported in 1700. Yet we find that
in the eleven years succeeding, this amount became nearly doubled,
probably owing to a reduction of duty to four shillings a pound, in
addition to a Customs’ impost of 14 per cent. The Tea trade, still
ever augmenting, received a further impetus in 1746, when the duty was
reduced to one shilling a pound, the Customs’ duty being fixed at 25
per cent. During the following twelve years the average importation
amounted to 2,558,080 lbs. Another period of eight years (1760–67)
gives an average of 4,333,267 lbs. Then taking an additional ten years
to complete the century, the first really commercial importation of
4713 lbs. in 1778, had grown to an average of 6,948,238 lbs., and
this, notwithstanding that besides the 25 per cent. Customs’ duty and
the one shilling per pound Excise impost, there had been imposed an
additional Excise 30 per cent.
Public-domain text, read in full here on John Shaqi.
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