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past has not encouraged the private merchants in India and China to continue the trade. That the Americans have derived benefit from this commerce, I am very well convinced ; but in calculating their advantages it is to be confidered, that the commanders and officers of their ships have sailed at less wages than our's ; and on their arrival at China, instead of s Hing their skias for dollars, they barter them for inferior teas, generally bohea, which in America affords a very considerable advance on the China price. A large portion, therefore, of the five hundred per cent. your Correspondent asserts to have been gained by an American in 1799, is to be attribnted to the profit on a homeward bound cargo. An equipment to the North-West Coast of America cannot be made more advantageously than from this country ; but the length of the voyage, and the heavy port-charges at Canton, can only be counterbalanced by the advantages of bartering the furs with the Chinese for teas and other Chinese commodities, thereby securing a profit on the homeward voyage : but I am not so unreasonable as to expe&t the East India Company will permit their exclusive trade from China to be infringed for the benefit of any individual, or for the public advantage of retaining in this country the number of dollars which would have purchased the returning cargo ; for your Correspondent admits, that the Americans procure the articles bartered for the furs from Great Britain. Respecting the 72,941 dollars stated in the exports from America to the NorthWest Coast for one year ending 3oth September, 1799, I cannot help conjecturing that amount comprizes the whole value of the ships, provisions, and stores of every kind ; probably an adventure of spirits for New South Wales may be included; and I must add, also, that I ever entertain my doubts of extravagant profits, such as five hundred per cent., upon any commercial adventure: I generally, before the admission, request a debtor and creditor statement. The price of six otter-skins at Canton, in January 1803, as I am informed by a friend of mine now in London, was only fifteen dollars per skin; therefore before any hasty conclusions are drawn of the aćtual value of that trade to this country, I would recommend your Correspondent to compute the probable number of skins to be collečted annually on the Coast, the k 2 price

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