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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318 LAISSEZ FAIRE existence through the aid of considerable subsidies granted by Government!; the Pacific Steam Navigation Company had even greater difficulty in developing the trade which was necessary to render their enterprise profitable. It was only gradually that the conditions, in which the competition of steamers, whether under company or private management, with sailing-vessels could be successfully carried on, came to be better understood. These new shipping companies had no pretensions to exclusive rights, and were in this way entirely unlike the great trading companies of the seventeenth century. The regulated companies had for the most part been thrown open about the time of the Revolution, and during the eighteenth century they seem to have gradually lost their practical importance, but the two great joint-stock companies were Die, retained. The conditions, which had rendered company Fd Co. trading with Hudson Bay desirable, still prevailed; but the © India very success of the East India Company, in the exercise of its political and military powers, removed the excuse for con- binuing its exclusive trade. The fact that a stable Government had been established, rendered it possible for any Englishman to trade with India, without causing difficulties with the was thrown native potentates. In 1813 the trade to India was thrown Ei" open to all British subjects?; but the Company still retained a monopoly of the trade with China, and controlled the supply of tea. This had become an article of common consumption in England during the eighteenth century, and the Company appeared to reap a large profit from the terms on which they supplied it. The controversy, which arose on this subject, was a curious echo of the seventeenth century debates on well-ordered trade, though the point in question was the dearness of an import? and not the diminution of the vent for English cloth A.D. 1776 —1850. i Lindsay, History of Merchant Shipping, Iv. 295. * The Company continued to transmit a certain quantity of goods to this country, as that was the most convenient form in which to make their remittances, but they practically ceased to take any part in the export trade from this country. Vill, History (Wilson), ix. 382. 5 There is & certain analogy with the fourteenth century disputes about the vintners and the high price of wine. Vol. 1. p. 318. 4 On the complaints which were urged against the Merchant Adventurers for their stint see above, p. 231 n. 4.

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