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4 (A.D. 1702) appointed by the Chinese Government to supervise foreign trade. This Emperor's Merchant had the exclusive monopoly of the foreign trade and, in addition to the Hoppo's officers who had to be plied with presents and fees as before, this Monster in Trade had now to be satisfied in the same way. All imports and exports had to pass through his hands, all commercial transactions of the foreign merchants had to be settled through his agency. He was for some time nominally the sole intermediary between the foreigners and native merchants, and likewise the exclusive channel of communications between the foreign merchants and skippers (including the East India Company's Agents with the King's Minister) on the one hand and the Chinese Government on the other. Thenceforth free trade was at an end and the monopoly of the East India Company was by astute Chinese policy met by an equally powerful combination of Chinese monopolists, who periodically had to disgorge their profits to the Provincial Authorities (the Viceroy and the Governor of Canton), and to the Hoppo, an officer of the Imperial Household. The latter had to purchase by a heavy fee a five years' tenure of the monopoly of collecting the native and foreign customs duties of Canton, and on his return to Peking, he was invariably squeezed like a sponge by the Imperial Household. Thus foreign trade was thenceforth ground down between the upper and nether mill-stones of the Chinese Authorities and the Emperor's Merchant and his successors.

Nevertheless, the East India Company's Supercagoes speedily managed to adapt their policy to the new arrangement. Trade continued to flourish. The ships proceeded thereafter first of all to Macao, then sent up agents to Canton to arrange, in whatever way it could be done, the amount of presents, measuring fees, port charges, duties and brokerage, and then, when everything was satisfactorily arranged, the ship would proceed to the Bogue (the entrance to the Canton River, guarded by two forts, Chuenpi on the East and Taikoktau on the West) and, after paying fees and duties there, a chop (a