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Satisfactory estimates were taken of the value of the possessions in India of both companies, and adjusted accordingly. Various minor arrangements were made, and after a period of seven years the new association was inaugurated with the title "The United Company of Merchants of England trading to the East Indies;" and thus, in 1708, that powerful body was restored, or rather re-*created, which became ultimately possessors of a considerable portion of the vast continent of India, and rulers over more than a hundred million people.

But this united Company was frequently opposed. In 1730 the merchants of Bristol and Liverpool, with other capitalists resident in London, made vigorous efforts to prevent the government from granting a renewal of the Company's charter, under an impression that its profits were enormous. Such may have been the case in some branches of their trade, or in special years; but it afterwards appeared that, on an average of eight years, ending 1741, the value of British goods and products of all sorts exported by the Company to India and China amounted to only 157,944l. per annum, while the average annual value of imports during the seven years ending 1748 was not more than 188,176l.; so that their profits as merchants could not have been large, unless the percentage of gain was excessive upon the amount of business they transacted. Some of their servants, no doubt, realised immense fortunes, especially when the Company secured possession of large tracts of land. But the Company