Page:History of merchant shipping and ancient commerce (Volume 2).djvu/472

 in evidence, produced at the time various changes in the mode of conducting the chartering and loading of their vessels. The Company also resolved to construct vessels of a larger class for their own use, vessels which became famous in more modern times, of which we furnish an illustration of one of the latest on the preceding page.

Though the operations of the Company as traders continued in full force for ten years after this inquiry, its shipping business underwent very considerable changes by reason of Mr. Pitt's judicious reduction of the duties on various Indian productions, especially on tea; the duty on which was then reduced from 120 to 12-1/2 per cent. ad valorem. High duties had been found to encourage smuggling, and divert

the following conditions:—
 * [Footnote: Woolmore, Esq.," appears by the minutes to have been chartered on

"Peace freight to China, or circuitously and to all     £  s.  d.  parts of India alike, for six voyages certain.        21  0   0 per ton.

"Surplus, peace and war                                10 10   0   "

For a variety of expenses arising from war, including the additional charges of insurance, beyond 8 guineas per cent., and the expenses of bounty and manning to be paid, at all events either on the ship's arrival or in 18 months, whichever shall first happen. The difference of seamen's wages beyond 26s. per month, and the charges of replacing seamen impressed into her Majesty's service, maintenance and returning of Lascars, to be at the risk of the Company."                                            18 10   0    "[P2: see above] - Total freight and charges paid to the shipowner      £50  0   0 ]