Page:History of merchant shipping and ancient commerce (Volume 2).djvu/468

 itself, not many years afterwards, was involved in debt and difficulties; and, so far from being able to pay government the stipulated sum of 400,000l. per annum, the directors were compelled in 1772 to apply to the Treasury for a loan. Indeed, had it not been for the greatly increased consumption of tea in Great Britain, the Company at this period would have ceased to carry on any branch of trade with the East, so that its commercial monopoly would then have happily come to an end.

A secret committee of Parliament was, however, appointed to inquire into the mode in which the business of the Company had been managed, and from its proceedings some valuable information may be obtained with regard to the trade of the East at this period, and the mode in which shipping business of the highest class was then conducted. As the chief object of the inquiry seems to have been to ascertain if the Company could build and navigate ships at less cost than they could be chartered, the rates of freight, size of vessels, the conditions of charter, and other matters came under the consideration of the committee. The charter-party was exceedingly voluminous. In it the Company covenanted with the shipowners that no vessel was to carry less than four hundred and ninety-nine tons at the rate therein specified, including eighty tons of iron kent-*