The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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THE NEW ATTACK ON THE EAST INDIAN TRADE 463 opponents’ complaint, “a Knack of writing very plausibly, AD 15 and they who employed him and furnished him with ’ Materials, had the Command of all the publick Papers in the Custom House, he had it in his Power to do a great deal of Mischief, among such as were unskilled in Trade, and at the same Time very fond of French Wine, which it was then a great Crime to be against.” The antagonists of France, however, started an opposition paper named the British Merchant, which came out twice a week?; several leading merchants were among its contributors, and they were practically successful, for the Methuen Treaty was maintained, and no effect was given to the commercial clauses of the treaty with France. Trade between the two and this countries was carried on, under scarcely altered conditions, i omg for more than eighty years after the signing of the Methuen Sone? 4% Treaty, until the dominant policy was at last reversed, with Adam Smith’s approval, under the guiding hand of Pitt®, 221. The reasoning which brought about the interrup- The same Lion of the French trade in 1678 gave rise to a new agitation es against the East India Company and its operations. In the te ge early seventeenth century the export trade of this Company India Co. had been the chief subject of attack, as they were so much in the habit of sending silver to the East. The fiercest opposition, in the period of Whig ascendancy, was directed against their import trade; since the goods they brought from the East, served as substitutes for textile fabrics woven in England. It was alleged that Indian muslins and silks interfered with the demand for English goods in the home market, and prevented the export of English manufactures bo foreign countries. The Act of 1663, which permitted the exportation of bullion without a license, gave a great impulse to the East India trade; but the Company con- 1 King, British Merchant, 1. p. x. 2 This controversy incidentally raised the question as to the alleged superiority of English wool (see p. 504 n. 7, below). Defoe argued in the Mercator that England had such an advantage from the character of the raw material available, hat she could, by restraining the export of wool, secure to her manufacturers a monopoly of the markets of the world. “This extraordinary assertion put the British Merchant under the necessity of showing the real circumstance of England n regard to wool”; this * jury of the most eminent English merchants” held that the French manufacturers had access to ample supplies from other quarters. Smith. Chronicon. 11. 109 n. and 117. 3 See p. 602 below.

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