Canton: sj^oiald IfóriteWed was,>:Gh dé ed d £rSonsi d ferable* magni-
"" tude-V4a-ndïf,was;takenuatsiftis 'time into impartial coii^i-
deTOtibn i-'j'baifeq^S'of: nkp’decisfon! The popular opinions
of Adèhx Smith, arafin opposition)tp all monopolies;
but his theory "is founded upon princlpl^sswhich do not
appl y* to: the ipraetice dab the ipresfent instanfe^i w hieh is
fitted to the particular expediencymf # ie ease!.. It must
h ave been aLtewed, no doubt/ with that able writer/ that
in ‘earryingkon commerce .to neighbouring countries'/
whosediabits, prejudices-and
■every mercantile individual, and with, which an inters
Course may^he maintained by moderate:capitals, thë'&ëf*
parate exertions and emulation o f a great * nu mb eb bftpér»
sériswpjj^dikèly to püsH‘ife'tbithé'Utmostréxtent.of'<wl^!Bh
it is hB^Wptible; anefön the effect óf thöse^exèitroÉhid#
pend the advantages u>f a trade so-circumstatïtdd; fbeing
laid .entirely topeno Bnt it is otherwise withyb distant
branch of fTcbmfeercè/ iw which, to-be carried on beneficially
JÓB ithaëtaje/ffs manufactures Bequireifor
bé{exp0rteds.at>:^vloss, to jja reinote^ountili^ arid te g e ’aifo
vances’aref equisitetobemade for the imports from thendb.
- Such must, be .exclusively entrusted to a body, who can
afford to have large capitals long outstanding ; and* Who
alsöjbytheiricohneétiön with governmeht/havethlipuh-
lie advantage nó less in view.than their priyatii gtóti.
- Sudh a body, whatever may bë; thè*0ecasiönal returns
upon their joint undertakings,* dividing; onlyamong
themselves a very moderate profit beyond the common
interest'of money; a body, the individuals of which derive
mo* benefit but which is open, upon ,the same terms,
to- eyery other person who ehoo'ses to become a mender
of it, especially if he has the option of sending goods oil
his own aecount/idoes not appear to be ’adjust object of
jealousy, to the rest :®$ the community ? and unites the
advantages of an open trade with the benefieial manages
ment of a privileged company s; and if in the event of
extraordinary profits, tl^e same are: to. be divided with
the * state - which protects it, a<t? -a great expenee, such aii
establishment promises to be more advantageous to the
public in? its eolleetivei*oapachy>,than the chance of a
successful trade by individuals; who might he enriched
it/iWithout any security to the parent, government,
for the expenee and risk incurred in the support of it. -
This method of trading by the means off. .companies,
rather than/ytith individuals, was so consonant to fthe
ideas Qfthe Chinese, and appeared so necessary to them
for the security of all mercantile transactions, as well as
fdr the-maintenanc#U>f tranquillity among-those whQ;
carried them on, t&fth on their part ;thfy-established a
society of Hong, or united merchants, who are answer-,
able for one another- both to the government and to foreign
nations. They are allowedindeed, to assess among
themselves, a tax upon the;goods"they have for sale, for the
purpose of defraying the charges to which they, ardliable
3 Y ■
If
I
VOL. II.