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8 the south-west monsoon (April to September) and leave again for Europe with the north-east monsoon (October to March). But unless special permission to linger a little longer was obtained, the Supercargoes, now at last established in separate factories (allotted to the several nationalities) in Canton, were annually, at the change of the season, furnished with passports and warned to be off to Macao. Thence they had, at the end of summer, to petition for passports again, to enable them to return to Canton the next season.

At last (February 13, 1771), the dissolution of the Co-Hong, which had become the most galling burden of the time, was gained by the Supercargoes resident at Canton, a triumph which previously every form of persuasion and every art of diplomacy had in vain been employed to secure. But the sum paid for this favour amounted to a hundred thousand taels, which sum the Authorities accepted, because the Co-Hong were bankrupt and in arrears with their contributions due to their respective official superiors.

Nevertheless, this privilege was not enjoyed very long, for ten years later (A.D. 1782) the previous Co-Hong system was, under a new name, re-established by the appointment of twelve (subsequently increased to thirteen) 'Mandarins,' who were however simply native brokers, thenceforth known as Hong merchants. These had, like the former Co-Hong, the monopoly of the foreign trade, subject to the supervision of the Hoppo and of the Provincial Authorities, to whom they were responsible for the payments due by, and for the personal conduct of, all foreigners. These Hong merchants held the same position, and had the same privileges and responsibilities as the Co-Hong. The only differences were that they bore another title and that for their previous solidary responsibility in financial matters was now substituted a guarantee fund, known as the Consoo (Association or Guild) fund. But this fund was created at the expense of the foreign trade, on which thenceforth a special tax was levied for the purpose. As the East India Company and the merchants