in evidence, produced at the time various changes in the mode of conducting the chartering and loading of their vessels. The Company also resolved to construct vessels of a larger class for their own use, vessels which became famous in more modern times, of which we furnish an illustration of one of the latest on the preceding page.
Reduction of duties, August 1784. Though the operations of the Company as traders continued in full force for ten years after this inquiry, its shipping business underwent very considerable changes by reason of Mr. Pitt's judicious reduction of the duties on various Indian productions,[1] especially on tea; the duty on which was then reduced from 120 to 12-1/2 per cent. ad valorem. High duties had been found to encourage smuggling,[2] and divert
- [Footnote: Woolmore, Esq.," appears by the minutes to have been chartered on
the following conditions:—
"Peace freight to China, or circuitously and to all £ s. d.
parts of India alike, for six voyages certain. 21 0 0 per ton.
"Surplus, peace and war 10 10 0 "
For a variety of expenses arising from war, including
the additional charges of insurance,
beyond 8 guineas per cent., and the expenses
of bounty and manning to be paid, at all events
either on the ship's arrival or in 18 months,
whichever shall first happen. The difference
of seamen's wages beyond 26s. per month, and
the charges of replacing seamen impressed
into her Majesty's service, maintenance and
returning of Lascars, to be at the risk of the
Company." 18 10 0 "[P2: see above]
-
Total freight and charges paid to the shipowner £50 0 0
]
- ↑ Act of 24 Geo. III., s. 2, c. 29.
- ↑ Mr. Travers, the wholesale grocer in St. Swithin's Lane, told Mr. Pitt that he found a bag of smuggled tea in his area every night: how it came there he could not tell; but he was sure he should find it there whilst the duty was so high. Mr. Pitt wisely took the hint, and reduced the duty.
