\paperw3360 \margr0\margl0\ATXph16380 \plain \fs20 \f1 \fs22 Founded in 1600, by the 18th century the East India Company practically monopolised the British export trade. The Or
ientals could provide silk, calico and cotton, and were willing to take useful metals, such as copper, lead, tin, iron and steel. In fact a considerable part of the exports of the Company consisted of these. However, the greatest demand was for preciou
s metals, especially silver. By supplying this latter commodity, the East India Company was repeatedly criticised for draining England of its currency. The defence it made was that by exporting silver it was able to bring back a large volume of goods t
hat found a ready market on the Continent, thus bringing England more bullion than was being sent out. Whether or not this was the case is difficult to establish. However, with its large merchant fleet and colonial possessions, Britain did its best to
become what a contemporary commentator called æthe common depositum, magazine, or storehouse for Europe and America, so that the medium profit might be made to centre hereÆ. The trading ships unloaded their English cargoes in India, then carried raw cot
ton, pepper, ivory, sandalwood and opium from there to the Hong merchants of Canton, and from these took tea in exchange.\par
