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 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. em pc: ho Tort 5 i 7

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