The Works of the Right Honourable Edmund Burke, Vol. 08 (of 12)Burke, Edmund
History
The Works of the Right Honourable Edmund Burke, Vol. 08 (of 12)
Burke, Edmund
Great Britain -- Politics and government -- 1760-1820; Political science -- Early works to 1800
for this the commissioners contract to bear all the charges on the goods
to the time of shipping.
The servants having formed this plan of trade, and a new commission for
the conduct of it, on their private account, it is a matter of
consideration to know who the commissioners are. They turn out to be the
three senior servants of the Company's Board of Trade, who choose to
take upon them to be the factors of others for large emoluments, whilst
they receive salaries of two thousand pounds and fifteen hundred pounds
a year from the Company. As the Company have no other fund than the new
investment from whence they are to be paid for the care of their
servants' property, this commission and those salaries being to take
place of their brokerage, they in effect render it very difficult, if
not impossible, for them to derive advantage from their new occupation.
As to the benefit of this _plan_: besides preventing the loss which must
happen from the Company's ships returning empty to Europe, and the
stopping of all trade between India and England, the authors of it
state, that it will "_open a new channel_ of remittance, and abolish the
practice, by precluding the necessity, of remitting _private fortunes_
by _foreign bottoms_, and that it may lead to some _permanent mode_ for
remittance of private fortunes, and of combining it with the regular
provision of the Company's investment,--that it will yield _some_ profit
to the Company without risk, and the national gain will be the same as
upon the regular trade."
As to the combination of this mode of remittance with the Company's
investment, nothing can be affirmed concerning it until some
satisfactory assurance can be held out that such an investment can ever
be realized. Mr. Hastings and the gentlemen of the Council have not
afforded any ground for such an expectation. That the Indian trade may
become a permanent vehicle of the private fortunes of the Company's
servants is very probable,--that is, as permanent as the means of
acquiring fortunes in India; but that _some profit_ will accrue to the
Company is absolutely impossible. The Company are to bear all the charge
outwards, and a very great part of that homewards; and their only
compensation is the surplus commission on the sale of other people's
goods. The nation will undoubtedly avoid great loss and detriment, which
would be the inevitable consequence of the total cessation of the trade
with Bengal and the ships returning without cargoes. But if this
temporary expedient should be improved into a system, no occasional
advantages to be derived from it would be sufficient to balance the
mischiefs of finding a great Parliamentary corporation turned into a
vehicle for remitting to England the private fortunes of those for whose
benefit the territorial possessions in India are in effect and substance
under this project to be _solely_ held.
Public-domain text, read in full here on John Shaqi.
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