ompany in the articles of investment may also trade
for themselves in the same articles, the old opportunities of
confounding the capacities must remain, and all the oppressions by which
this confusion has been attended. The Company's investments, as the
General Letter from Bengal of the 20th of November, 1775, par. 28,
states the matter, "are never at a stand; advances are made and goods
are received all the year round." Balances, the grand instrument of
oppression, naturally accumulate on poor manufacturers who are intrusted
with money. Where there is not a vigorous rivalship, not only tolerated,
but encouraged, it is impossible ever to redeem the manufacturers from
the servitude induced by those unpaid balances.

No such rivalship does exist: the policy practised and avowed is
directly against it. The reason assigned in the Board of Trade's letter
of the 28th of November, 1778, for its making their advances early in
the season is, to prevent the foreign merchants and private traders
_interfering_ with the purchase of their (the Company's) assortments.
"They also refer to the means taken to prevent this interference in
their letter of 26th January, 1779." It is impossible that the small
part of the trade should not fall into the hands of those who, with the
name and authority of the governing persons, have such extensive
contracts in their hands. It appears in evidence that natives can hardly
trade to the best advantage, (your Committee doubt whether they can
trade to any advantage at all,) if not joined with or countenanced by
British subjects. The Directors were in 1775 so strongly impressed with
this notion, and conceived the native merchants to have been even then
reduced to so low a state, that, notwithstanding the Company's earnest
desire of giving them a preference, they "doubt whether there are at
this time in Bengal native merchants possessed of property adequate to
such undertaking, or of credit and responsibility sufficient to make it
safe and prudent to trust them with such sums as might be necessary to
enable them to fulfil their engagements with the Company."

The effect which so long continued a monopoly, followed by a preemption,
and then by partial preferences supported by power, must necessarily
have in weakening the mercantile capital, and disabling the merchants
from all undertakings of magnitude, is but too visible. However, a
witness of understanding and credit does not believe the capitals of th