Noprivatemerchant，ithasbeensaid，couldwellhavecapitalsufficienttomaintainfactorsandagentsinthedifferentportsoftheEastIndies，inordertoprovidegoodsfortheshipswhichhemightoccasionallysendthither;andyet，unlesshewasabletodothis，thedifficultyoffindingacargomightfrequentlymakehisshipslosetheseasonforreturning，andtheexpenseofsolongadelaywouldnotonlyeatupthewholeprofitoftheadventure，butfrequentlyoccasionaveryconsiderableloss。Thisargument，however，ifitprovedanythingatall，wouldprovethatnoonegreatbranchoftradecouldbecarriedonwithoutanexclusivecompany，whichiscontrarytotheexperienceofallnations。Thereisnogreatbranchoftradeinwhichthecapitalofanyoneprivatemerchantissufficientforcarryingonallthesubordinatebrancheswhichmustbecarriedon，inordertocarryontheprincipalone。Butwhenanationisripeforanygreatbranchoftrade，somemerchantsnaturallyturntheircapitalstowardstheprincipal，andsometowardsthesubordinatebranchesofit;andthoughallthedifferentbranchesofitareinthismannercarriedon，yetitveryseldomhappensthattheyareallcarriedonbythecapitalofoneprivatemerchant。Ifanation，therefore，isripefortheEastIndiatrade，acertainportionofitscapitalwillnaturallydivideitselfamongallthedifferentbranchesofthattrade。SomeofitsmerchantswillfinditfortheirinteresttoresideintheEastIndies，andtoemploytheircapitalsthereinprovidinggoodsfortheshipswhicharetobesentoutbyothermerchantswhoresideinEurope。ThesettlementswhichdifferentEuropeannationshaveobtainedintheEastIndies，iftheyweretakenfromtheexclusivecompaniestowhichtheyatpresentbelongandputundertheimmediateprotectionofthesovereign，wouldrenderthisresidencebothsafeandeasy，atleasttothemerchantsoftheparticularnationstowhomthosesettlementsbelong。Ifatanyparticulartimethatpartofthecapitalofanycountrywhichofitsownaccordtendedandinclined，ifImaysayso，towardstheEastIndiatrade，wasnotsufficientforcarryingonallthosedifferentbranchesofit，itwouldbeaproofthat，atthatparticulartime，thatcountrywasnotripeforthattrade，andthatitwoulddobettertobuyforsometime，evenatahigherprice，fromotherEuropeannations，theEastIndiagoodsithadoccasionfor，thantoimportthemitselfdirectlyfromtheEastIndies。Whatitmightlosebythehighpriceofthosegoodscouldseldombeequaltothelosswhichitwouldsustainbythedistractionofalargeportionofitscapitalfromotheremploymentsmorenecessary，ormoreuseful，ormoresuitabletoitscircumstancesandsituation，thanadirecttradetotheEastIndies。
ThoughtheEuropeanspossessmanyconsiderablesettlementsbothuponthecoastofAfricaandintheEastIndies，theyhavenotyetestablishedineitherofthosecountriessuchnumerousandthrivingcoloniesasthoseintheislandsandcontinentofAmerica。Africa，however，aswellasseveralofthecountriescomprehendedunderthegeneralnameoftheEastIndies，areinhabitedbybarbarousnations。ButthosenationswerebynomeanssoweakanddefencelessasthemiserableandhelplessAmericans;andinproportiontothenaturalfertilityofthecountrieswhichtheyinhabited，theywerebesidesmuchmorepopulous。ThemostbarbarousnationseitherofAfricaoroftheEastIndieswereshepherds;eventheHottentotswereso。ButthenativesofeverypartofAmerica，exceptMexicoandPeru，wereonlyhunters;andthedifferenceisverygreatbetweenthenumberofshepherdsandthatofhunterswhomthesameextentofequallyfertileterritorycanmaintain。InAfricaandtheEastIndies，therefore，itwasmoredifficulttodisplacethenatives，andtoextendtheEuropeanplantationsoverthegreaterpartofthelandsoftheoriginalinhabitants。Thegeniusofexclusivecompanies，besides，isunfavourable，ithasalreadybeenobserved，tothegrowthofnewcolonies，andhasprobablybeentheprincipalcauseofthelittleprogresswhichtheyhavemadeintheEastIndies。ThePortuguesecarriedonthetradebothtoAfricaandtheEastIndieswithoutanyexclusivecompanies，andtheirsettlementsatCongo，Angola，andBenguelaonthecoastofAfrica，andatGoaintheEastIndies，thoughmuchdepressedbysuperstitionandeverysortofbadgovernment，yetbearsomefaintresemblancetothecoloniesofAmerica，andarepartlyinhabitedbyPortuguesewhohavebeenestablishedthereforseveralgenerations。TheDutchsettlementsattheCapeofGoodHopeandatBataviaareatpresentthemostconsiderablecolonieswhichtheEuropeanshaveestablishedeitherinAfricaorintheEastIndies，andboththesesettlementsarepeculiarlyfortunateintheirsituation。TheCapeofGoodHopewasinhabitedbyaraceofpeoplealmostasbarbarousandquiteasincapableofdefendingthemselvesasthenativesofAmerica。Itisbesidesthehalfwayhouse，ifonemaysayso，betweenEuropeandtheEastIndies，atwhichalmosteveryEuropeanshipmakessomestay，bothingoingandreturning。Thesupplyingofthoseshipswitheverysortoffreshprovisions，withfruitandsometimeswithwine，affordsaloneaveryextensivemarketforthesurplusproduceofthecolonists。WhattheCapeofGoodHopeisbetweenEuropeandeverypartoftheEastIndies，BataviaisbetweentheprincipalcountriesoftheEastIndies。ItliesuponthemostfrequentedroadfromIndostantoChinaandJapan，andisnearlyaboutmidwayuponthatroad。Almostalltheships，too，thatsailbetweenEuropeandChinatouchatBatavia;anditis，overandaboveallthis，thecentreandprincipalmartofwhatiscalledthecountrytradeoftheEastIndies，notonlyofthatpartofitwhichiscarriedonbyEuropeans，butofthatwhichiscarriedonbythenativeIndians;andvesselsnavigatedbytheinhabitantsofChinaandJapan，ofTonquin，Malacca，CochinChina，andtheislandofCelebes，arefrequentlytobeseeninitsport。Suchadvantageoussituationshaveenabledthosetwocoloniestosurmountalltheobstacleswhichtheoppressivegeniusofanexclusivecompanymayhaveoccasionallyopposedtotheirgrowth。TheyhaveenabledBataviatosurmounttheadditionaldisadvantageofperhapsthemostunwholesomeclimateintheworld。
TheEnglishandDutchcompanies，thoughtheyhaveestablishednoconsiderablecolonies，exceptthetwoabovementioned，havebothmadeconsiderableconquestsintheEastIndies。Butinthemannerinwhichtheybothgoverntheirnewsubjects，thenaturalgeniusofanexclusivecompanyhasshownitselfmostdistinctly。InthespiceislandstheDutcharesaidtoburnallthespicerieswhichafertileseasonproducesbeyondwhattheyexpecttodisposeofinEuropewithsuchaprofitastheythinksufficient。Intheislandswheretheyhavenosettlements，theygiveapremiumtothosewhocollecttheyoungblossomsandgreenleavesofthecloveandnutmegtreeswhichnaturallygrowthere，butwhichthesavagepolicyhasnow，itissaid，almostcompletelyextirpated。Evenintheislandswheretheyhavesettlementstheyhaveverymuchreduced，itissaid，thenumberofthosetrees。Iftheproduceevenoftheirownislandswasmuchgreaterthanwhatsuitedtheirmarket，thenatives，theysuspect，mightfindmeanstoconveysomepartofittoothernations;andthebestway，theyimagine，tosecuretheirownmonopolyistotakecarethatnomoreshallgrowthanwhattheythemselvescarrytomarket。BydifferentartsofoppressiontheyhavereducedthepopulationofseveraloftheMoluccasnearlytothenumberwhichissufficienttosupplywithfreshprovisionsandothernecessariesoflifetheirowninsignificantgarrisons，andsuchoftheirshipsasoccasionallycomethereforacargoofspices。UnderthegovernmentevenofthePortuguese，however，thoseislandsaresaidtohavebeentolerablywellinhabited。TheEnglishcompanyhavenotyethadtimetoestablishinBengalsoperfectlydestructiveasystem。Theplanoftheirgovernment，however，hashadexactlythesametendency。Ithasnotbeenuncommon，Iamwellassured，forthechief，thatis，thefirstclerkofafactory，toorderapeasanttoploughuparichfieldofpoppiesandsowitwithriceorsomeothergrain。Thepretencewas，topreventascarcityofprovisions;buttherealreason，togivethechiefanopportunityofsellingatabetterpricealargequantityofopium，whichhehappenedthentohaveuponhand。Uponotheroccasionstheorderhasbeenreversed;andarichfieldofriceorothergrainhasbeenploughedup，inordertomakeroomforaplantationofpoppies;whenthechiefforesawthatextraordinaryprofitwaslikelytobemadebyopium。
Theservantsofthecompanyhaveuponseveraloccasionsattemptedtoestablishintheirownfavourthemonopolyofsomeofthemostimportantbranches，notonlyoftheforeign，butoftheinlandtradeofthecountry。Hadtheybeenallowedtogoon，itisimpossiblethattheyshouldnotatsometimeoranotherhaveattemptedtorestraintheproductionoftheparticulararticlesofwhichtheyhadthususurpedthemonopoly，notonlytothequantitywhichtheythemselvescouldpurchase，buttothatwhichtheycouldexpecttosellwithsuchaprofitastheymightthinksufficient。Inthecourseofthecenturyortwo，thepolicyoftheEnglishcompanywouldinthismannerhaveprobablyprovedascompletelydestructiveasthatoftheDutch。
Nothing，however，canbemoredirectlycontrarytotherealinterestofthosecompanies，consideredasthesovereignsofthecountrieswhichtheyhaveconquered，thanthisdestructiveplan。