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These restraints and encouragements seem to have had the desired effect
in Bengal with regard to the diversion of labor from manufacture to
materials. The trade of raw silk increased rapidly. But the Company very
soon felt, in the increase of price and debasement of quality of the
wrought goods, a loss to themselves which fully counterbalanced all the
advantages to be derived to the nation from the increase of the raw
commodity. The necessary effect on the revenue was also foretold very
early: for their servants in the principal silk-factories declared that
the obstruction to the private trade in silk must in the end prove
detrimental to the revenues, and that the investment clashes with the
collection of these revenues. Whatsoever by bounties or immunities is
encouraged out of a landed revenue has certainly some tendency to lessen
the net amount of that revenue, and to forward a produce which does not
yield to the gross collection, rather than one that does.
The Directors declare themselves unable to understand how this could be.


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