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the trade from England to continental nations. Although in the nine years preceding 1780 the importation of tea from China to Europe amounted to 118,783,811 lbs., only 50,759,451 lbs. out of that quantity had been imported in vessels belonging to or chartered by the Company. But the change in the duty effected a revolution, and the sales and importations of tea by the Company were trebled. Their export trade also increased, and in 1789 they began to ship tin to China for the first time. Whilst the value of their exports in 1784 was only 418,747l., in twenty-seven ships, it rose in 1792 to 1,031,262l., employing forty-three vessels. On the other hand, the quantity of bullion despatched to the East materially declined. During the same period the "private trade" carried on by the commanders and officers of the Company's ships, and by the merchants holding licences who resided in India, rose from 144,176l. of imports in 1783, to 400,784l. in 1794, and increased to no less than double that amount in the following ten years.

The Liverpool and Bristol shipowners now began to agitate still further for a participation in the East India trade. The Company, however, having obtained fresh capital, were thus enabled, combined with other causes, to secure a renewed lease of exclusive commercial power, which now virtually extended over Europe, and was not overthrown until many years afterwards. The Dutch East India Company having incurred enormous losses, and the other companies having either relinquished the business or declined