The Russia Merchants export from England some coarse cloth, long-ells, worsted stuffs, tin, lead, tobacco, and a few other commodities.
England takes from Russia hemp, flax, linen cloth, linen yarn, Russia leather, tallow, furs, iron, potashes, &c., to an immense value.
The next company is the Eastland Company, formerly called Merchants of Elbing, a town in Polish Prussia, to the eastward of Dantzic, being the port they principally resorted to in the infancy of their trade.They were incorporated 21 Elizabeth, and empowered to trade to all countries within the Sound, Norway, Sweden, Poland, Liefland, Prussia, and Pomerania, from the river Oder eastward, viz., with Riga, Revel, Konigsberg, Elbing, Dantzic, Copenhagen, Elsinore, Finland, Gothland, Eastland, and Bornholm (except Narva, which was then the only Russian port in the Baltic).And by the said patent the Eastland Company and Hamburg Company were each of them authorised to trade separately to Mecklenburg, Gothland, Silesia, Moravia, Lubeck, Wismar, Restock, and the whole river Oder.
This company consists of a governor, deputy-governor, and twenty-four assistants, elected annually in October; but either they have no power to exclude others from trading within their limits, or the fine for permission is so inconsiderable, that it can never hinder any merchants trading thither who is inclined to it; and, in fact, this trade, like the former, is carried on by private merchants, and the trade to Norway and Sweden is laid open by Act of Parliament.
To Norway and Denmark merchants send guineas, crown-pieces, bullion, a little tobacco, and a few coarse woollens.
They import from Norway, &c., vast quantities of deal boards, timber, spars, and iron.
Sweden takes from England gold and silver, and but a small quantity of the manufactures and production of England.
England imports from Sweden near two-thirds of the iron wrought up or consumed in the kingdom, copper, boards, plank, &c.
The Turkey or Levant Company was first incorporated in the reign of Queen Elizabeth, and their privileges were confirmed and enlarged in the reign of King James I., being empowered to trade to the Levant, or eastern part of the Mediterranean, particularly to Smyrna, Aleppo, Constantinople, Cyprus, Grand Cairo, Alexandria, &c.It consists of a governor, deputy-governor, and eighteen assistants or directors, chosen annually, &c.This trade is open also to every merchant paying a small consideration, and carried on accordingly by private men.
These merchants export to Turkey chiefly broadcloth, long-ells, tins, lead, and some iron; and the English merchants frequently buy up French and Lisbon sugars and transport thither, as well as bullion from Cadiz.
The commodities received from thence are chiefly raw silk, grogram yarn, dyeing stuffs of sundry kinds, drugs, soap; leather, cotton, and some fruit, oil, &c.
The East India Company were incorporated about the 42nd of Elizabeth, anno 1600, and empowered to trade to all countries to the eastward of the Cape of Good Hope, exclusive of all others.
About the middle of King William's reign it was generally said their patent was illegal, and that the Crown could not restrain the English merchants from trading to any country they were disposed to deal with; and application being made to Parliament for leave to lay the trade open, the ministry took the hint, and procured an Act of Parliament (9 and 10 William III., cap.44) empowering every subject of England to trade to India who should raise a sum of money for the supply of the Government in proportion to the sum he should advance, and each subscriber was to have an annuity after the rate of 8 per cent.per annum, to commence from Michaelmas, 1698.And his Majesty was empowered to incorporate the subscribers, as he afterwards did, and they were usually called the New East India Company, the old company being allowed a certain time to withdraw their effects.But the old company being masters of all the towns and forts belonging to the English on the coast of India, and their members having subscribed such considerable sums towards the two millions intended to be raised, that they could not be excluded from the trade, the new company found it necessary to unite with the old company, and to trade with one joint stock, and have ever since been styled "The United Company of Merchants trading to the East Indies."The company have a governor, deputy-governor, and twenty-four assistants or directors, elected annually in April.
The East India Company export great quantities of bullion, lead, English cloth, and some other goods, the product or manufacture of that kingdom, and import from China and India tea, china ware, cabinets, raw and wrought silks, coffee, muslins, calicoes, and other goods.
Bengal raw silk is bought at very low prices there, and is very useful in carrying on the manufactures of this kingdom.
China silk is of excellent staple, and comes at little above one-third of the price of Italian Piedmont silk.
The China silk is purchased at Canton, but their fine silk is made in the provinces of Nankin and Chekiam, where their fine manufactures are carried on, and where prodigious quantities of raw silk are made, and the best in all China.
