In a very few years the Court of Directors began to feel, even in Leadenhall Street, _the effects of trading to loss_ upon the revenues, especially on those of Bengal. In the letter of February, 1774, they observe, that, "looking back to their accounts for the four preceding years, on several of the descriptions of silk there has been an _increasing loss_, instead of any alteration for the better in the last year's productions. This," they say, "threatens the destruction of that valuable branch of national commerce." And then they recommend _such regulations_ (as if regulations in that state of things could be of any service) as may obtain "a profit in future, instead of so considerable a loss, which _we can no longer sustain_." Your Committee thought it necessary to inquire into the losses which had actually been suffered by this unnatural forced trade, and find the loss so early as the season of 1776 to be 77,650_l._, that in the year 1777 it arose to 168,205_l._ This was so great that worse could hardly be apprehended: however, in the season of 1778 it amounted to 255,070_l._ In 1779 it was not so ruinously great, because the whole import was not so considerable; but it still stood enormously high,--so high as 141,800_l._ In the whole four years it came to 642,725_l._ The observations of the Directors were found to be fully verified. It is remarkable that the same article in the China trade produced a considerable and uniform profit. On this circumstance little observation is necessary.