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 EUROPEAN NATIONS. 283 ly completes her voyage in about 350 days, or 130 days less than one of the Company's ships. The consequence of these accumulated causes of expence are enormous freights. The East India Company's regular ships have been seldom freight- ed, during peace, for many years, under L. 25 per ton, or 75 per cent, higher than the market rate of freights ; and at the present moment are actually at about that rate, and cannot be sailed under it. In time of war, the Company's freights have very com- monly been as high as L. 40. It is remarkable, that, while in the progress of improvement, the charge of the produce of every species of manufacturing industry has fallen, the expences of the East India Company's shipping have increased, as if we were relapsing into barbarism. A hundred and eighty years ago, when the interest of money in England was as high as 8 per cent, and they were harassed by the hostility of the Dutch, their own shipping cost them but L. 31 per ton. A private merchant offered them in 1640, tonnage at the rate of L. 25, and this vessel, it is singular enough, made the quickest voyage that had hitherto been known, ef- fecting a direct passage and back again in eleven months. An intercourse, conducted as that of the East In- dia Company is, it is but too plain, must be conduct- ed, not to the benefit, but to the cost of a nation. This will appear still more clearly by slicwing what