1468 PARLIAMENTARY COLBERTISM 
century arose from the conduct of the servants. They 
often acquired large fortunes’; and their successes stimu- 
lated the imagination of the proprietors, who recklessly in- 
sisted on securing large dividends, and embarrassed the 
Company by dividing sums which had not been earned, 
and which, as the Directors knew. exceeded what the Com- 
pany was able to pay. 
Not only were there difficulties in regard to the personal 
conduct of officials, but the management of the Company's 
own affairs gave rise to differences of opinion between the 
Directorate and the Company’s agents in India. There was 
one point in regard to which they were in constant conflict. 
Tt was necessary for the Presidential governments to have 
considerable treasure in bullion to meet emergencies, and 
they were therefore inclined to limit the amount of their 
‘investment’ in goods for transmission to England. The 
profit on the trading, and the dividends, depended on the 
goods sent to England; it was therefore to the interest of 
the Directors and shareholders that the investment should 
be large. Here was one cause of trouble; another arose 
when, as occasionally happened, the Council of a Presidency 
tried to replenish their local treasury by opening it to 
and ‘re- receive ¢ remittances’; they would encourage the Company's 
mittances 5 . ” 
servants to pay cash into the treasury; money might then be 
remitted by means of bills to England and the value paid to 
the representatives of the servants there. But there was 
danger, at all events, that the Council would issue more 
bills than the Court of Directors at home were able to 
meet?, and this gave much occasion for dispute. 
and the These difficulties of management, from the practical in- 
business Jependence of the servants and from the difficulty of main- 
intricate taining two treasuries so as to meet the necessary payments, 
were all the more serious, since the trading business itself was 
exceedingly intricate. Fine muslins and silks were among 
the largest imports. In the process of buying goods. the 
A.D. 1689 
— 1776. 
The 
Directors 
and their 
agents 
often 
differed 
as to the 
‘tnvest- 
ment 
1 Clive is reported to have said that the temptations held out to adventurers 
in that part of the globe were such as flesh and blood conld not withstand. Parl. 
Hist. xx1. 446. 
1 Mill. op. cit. 111. 312.