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Events thoroughly demonstrated the force and truth of these impressions. In the face of many difficulties, private traders, whenever they obtained a footing in the trade of the East, were certain immediately afterwards to secure an ascendancy over the Company in its trading operations, and in a very short time trebled the trade of England with the East. Such in this case, as in numerous other instances, are the effects of individual energy, even when curtailed and contracted as in the present instance, over monopoly, however influential and powerful. How indelibly marked are now the footprints of free-trade in the pages of the commercial history of the East Indies! In 1814, when the close monopoly of the Company was brought to an end, the value of exports from the United Kingdom to British India amounted to 1,870,690l.; in 1820, after the trade had been partially opened to individual energy, it reached 3,037,911l.; in 1830, when still somewhat fettered, it was 4,087,311l. In 1840 the exports amounted to 5,212,839l.; and in 1850 to 7,242,194l. In 1854 the value of the exports and imports was 20,293,572l.; in 1860 it had reached 32,791,195l.; and in 1870 it amounted to no less than 45,183,912l.

It is very questionable if the East India Company, even at the period of its closest monopoly, or, indeed, during any portion of its career, ever realised much profit by its commercial operations. Many of their employés were enabled to amass very considerable fortunes, but the shareholders were paid their dividends from other sources of gain than com-*