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the returns are so very slow； in which that capital can maintain
so small a quantity of productive labour at home； where
productive labour is so much wanted； where so little is done； and
where so much is to do。
Though without an exclusive company； therefore； a particular
country should not be able to carry on any direct trade to the
East Indies； it will not from thence follow that such a company
ought to be established there； but only that such a country ought
not in these circumstances to trade directly to the East Indies。
That such companies are not in general necessary for carrying on
the East India trade is sufficiently demonstrated by the
experience of the Portuguese； who enjoyed almost the whole of it
for more than a century together without any exclusive company。
No private merchant； it has been said； could well have
capital sufficient to maintain factors and agents in the
different ports of the East Indies； in order to provide goods for
the ships which he might occasionally send thither； and yet；
unless he was able to do this； the difficulty of finding a cargo
might frequently make his ships lose the season for returning；
and the expense of so long a delay would not only eat up the
whole profit of the adventure； but frequently occasion a very
considerable loss。 This argument； however； if it proved anything
at all； would prove that no one great branch of trade could be
carried on without an exclusive company； which is contrary to the
experience of all nations。 There is no great branch of trade in
which the capital of any one private merchant is sufficient for
carrying on all the subordinate branches which must be carried
on； in order to carry on the principal one。 But when a nation is
ripe for any great branch of trade； some merchants naturally turn
their capitals towards the principal； and some towards the
subordinate branches of it； and though all the different branches
of it are in this manner carried on； yet it very seldom happens
that they are all carried on by the capital of one private
merchant。 If a nation； therefore； is ripe for the East India
trade； a certain portion of its capital will naturally divide
itself among all the different branches of that trade。 Some of
its merchants will find it for their interest to reside in the
East Indies； and to employ their capitals there in providing
goods for the ships which are to be sent out by other merchants
who reside in Europe。 The settlements which different European
nations have obtained in the East Indies； if they were taken from
the exclusive companies to which they at present belong and put
under the immediate protection of the sovereign； would render
this residence both safe and easy； at least to the merchants of
the particular nations to whom those settlements belong。 If at
any particular time that part of the capital of any country which
of its own accord tended and inclined； if I may say so； towards
the East India trade； was not sufficient for carrying on all
those different branches of it； it would be a proof that； at that
particular time； that country was not ripe for that trade； and
that it would do better to buy for some time； even at a higher
price； from other European nations； the East India goods it had
occasion for； than to import them itself directly from the East
Indies。 What it might lose by the high price of those goods could
seldom be equal to the loss which it would sustain by the
distraction of a large portion of its capital from other
employments more necessary； or more useful； or more suitable to
its circumstances and situation； than a direct trade to the East
Indies。
Though the Europeans possess many considerable settlements
both upon the coast of Africa and in the East Indies； they have
not yet established in either of those countries such numerous
and thriving colonies as those in the islands and continent of
America。 Africa； however； as well as several of the countries
comprehended under the general name of the East Indies； are
inhabited by barbarous nations。 But those nations were by no
means so weak and defenceless as the miserable and helpless
Americans； and in proportion to the natural fertility of the
countries which they inhabited； they were besides much more
populous。 The most barbarous nations either of Africa or of the
East Indies were shepherds； even the Hottentots were so。 But the
natives of every part of America； except Mexico and Peru； were
only hunters； and the difference is very great between the number
of shepherds and that of hunters whom the same extent of equally
fertile territory can maintain。 In Africa and the East Indies；
therefore； it was more difficult to displace the natives； and to
extend the European plantations over the greater part of the
lands of the original inhabitants。 The genius of exclusive
companies； besides； is unfavourable； it has already been
observed； to the growth of new colonies； and has probably been
the principal cause of the little progress which they have made
in the East Indies。 The Portuguese carried on the trade both to
Africa and the East Indies without any exclusive companies； and
their settlements at Congo； Angola； and Benguela on the coast of
Africa； and at Goa in the East Indies； though much depressed by
superstition and every sort of bad government； yet bear some
faint resemblance to the colonies of America； and are partly
inhabited by Portuguese who have been established there for
several generations。 The Dutch settlements at the Cape of Good
Hope and at Batavia are at present the most considerable colonies
which the Europeans have established either in Africa or in the
East Indies； and both these settlements are peculiarly fortunate
in their situation。 The Cape of Good Hope was inhabited by a race
of people almost as barbarous and quite as incapable of defending
themselves as the natives of America。 It is besides the halfway
house； if one may say so； between Europe and the East Indies； at
which almost every European ship makes some stay； both in going
and returning。 The supplying of those ships with every sort of
fresh provisions； with fruit and sometimes with wine； affords
alone a very extensive market for the surplus produce of the
colonists。 What the Cape of Good Hope is between Europe and every
part of the East Indies； Batavia is between the principal
countries of the East Indies。 It lies upon the most frequented
road from Indostan to China and Japan； and is nearly about midway
upon that road。 Almost all the ships； too； that sail between
Europe and China touch at Batavia； and it is； over and above all
this； the centre and principal mart of what is called the country
trade of the East Indies； not only of that part of it which is
carried on by Europeans； but of that which is carried on by the
native Indians； and vessels navigated by the inhabitants of China
and Japan； of Tonquin； Malacca； Cochin China； and the island of
Celebes； are frequently to be seen in its port。 Such advantageous
situations have enabled those two colonies to surmount all the
obstacles which the oppressive genius of an exclusive company may
have occasionally opposed to their growth。 They have enabled
Batavia to surmount the additional disadvantage of perhaps the
most unwholesome climate in the world。
The English and Dutch companies； though they have
established no considerable colonies； except the two above
mentioned； have both made considerable conquests in the East
Indies。 But in the manner in which they both govern their new
subjects； the natural genius of an exclusive company has shown
itself most distinctly。 In the spice islands the Dutch are said
to burn all the spiceries which a fertile season produces beyond
what they expect to dispose of in Europe with such a profit as
they think sufficient。 In the islands where they have no
settlements； they give a premium to those who collect the young
blossoms and green leaves of the clove and nutmeg trees which
naturally grow there； but which the savage policy has now； it is
said； almost completely extirpated。 Even in the islands where
they have settlements they have very much reduced； it is said；
the number of those trees。 If the produce even of their own
islands was much greater than what suited their market； the
natives； they suspect； might find means to convey some part of it
to other nations； and the best way； they imagine； to secure their
own monopoly is to take care that no more shall grow than what
they themselves carry to market。 By different arts of oppression
they have reduced the population of several of the Moluccas
nearly to the number which is sufficient to supply with fresh
provisions and other necessaries of life their own insignificant
garrisons； and such of their ships as occasionally come there for
a cargo of spices。 Under the government even of the Portuguese；
however； those islands are said to have been tolerably well
inhabited。 The English company have not yet had time to establish
in Bengal so perfectly destructive a system。 The plan of their
gove