itself, not many years afterwards, was involved in debt and difficulties; and, so far from being able to pay government the stipulated sum of 400,000l. per annum, the directors were compelled in 1772 to apply to the Treasury for a loan. Indeed, had it not been for the greatly increased consumption of tea in Great Britain, the Company at this period would have ceased to carry on any branch of trade with the East, so that its commercial monopoly would then have happily come to an end.
up to 1773.
Their form of charter.
A secret committee of Parliament[1] was, however,
appointed to inquire into the mode in which the
business of the Company had been managed, and from
its proceedings some valuable information may be
obtained with regard to the trade of the East at this
period, and the mode in which shipping business of
the highest class was then conducted. As the chief
object of the inquiry seems to have been to ascertain
if the Company could build and navigate ships at
less cost than they could be chartered, the rates of
freight, size of vessels, the conditions of charter,
and other matters came under the consideration of
the committee. The charter-party was exceedingly
voluminous.[2] In it the Company covenanted with
the shipowners that no vessel was to carry less
than four hundred and ninety-nine tons at the rate
therein specified, including eighty tons of iron kent-*
- ↑ 'Report on the East India Company,' vol iv.; Reports of Committees, House of Commons.
- ↑ It will be found at p. 264 of these reports, and occupies fourteen folio pages of closely-printed double columns. Those extracts from it which required "the attention of the commanders and officers in the maritime service" of the Company are given in Appendix No. 8 of this volume.
