THE NEW ATTACK ON THE EAST INDIAN TRADE 471 
The ultimate effect of the new measures, as they in- A.D.1689 
Auenced the administration in India, was most beneficial; 
so far as the internal constitution of the Company was con- 
cerned, the principal change was that of raising the voting 
qualification of a shareholder from £500 to £1000. A large tre 
number of the smaller proprietors were thus disfranchised, ors 
to their great indignation®; but it was apparently supposed 5-5; 
that the Directors would be less tempted than before to 
try and meet their extravagant wishes for large dividends. 
Their demands were undoubtedly due to the extraordinary 
over-estimate of the riches which the Company handled, 
and the efforts of the Directors to keep down the dividend 
rendered them very unpopular with the proprietors, who were 
besides able, in 1767, to force the management into courses 
which were known to be imprudent. The political and com- fut the 
mercial affairs of the Company continued to be in a position Company 
of serious difficulty, and in 1783 Fox and Pitt put forward J, 725 
rival schemes for strengthening the public control?. Through under.a ; 
all the changes and difficulties, the East India Company still Control. 
retained its old character and remained as it had been in 
fact, though not at the very first in form, a joint-stock 
company. The existence of the Company kept alive a feeling 
of jealousy against the members of a privileged body. This 
sentiment in the mercantile community was taken up by Adam 
Smith, and employed against all citizens who were specially 
favoured by Parliament in the pursuit of their callings. 
222. The constant attempt to render commerce subser- 
vient to the promotion of home industry had far-reaching 
results in connection with the colonial trade. Almost as 4s the 
soon as the plantations were established, it had been thought Solantes 
necessary to take steps to ensure that the benefit, arising from 
the trade in their products, should accrue to England, and not 
be diverted into other channels. As time passed, and the 
population in the American settlements increased, English 
sraders and manufacturers became anxious to retain their 
monopoly in the colonial market for European goods. The 
- Mill, ur. 849. 
+ A Board of Control was established by 24 G. IIL c. 25. Its powers, as 
interpreted by the Declaratory Act (28 G. III. c. 8), embraced all the affairs of 
the Company. 
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