The Massachusetts Spy, Or, Thomas's Boston Journal

Extract of a letter from a gentleman in London to his friend in this town, dated January 9, 1773:

"Some circumstances are working in favour of America, with regard to the duties; it is found by the last year's account transmitted by the Commissioners that the balance in favour of Britain is but about eighty-five pounds, after payment of salaries, &c. exclusive of the charge of a fleet to enforce the collection. It is further observed, that the India Company is so out of Cash that it cannot pay the bills drawn upon it, and at the same time so out of credit that the bank does not care to assist them; whence they find themselves obliged to lower their dividend, the apprehension of which has sunk their stock from 280 to 160, whereby several millions of property are annihilated, occasioning private bankruptcies and other distresses, besides a loss to the public treasury of £400,000 per ann. which the company by agreement are not to pay into it as heretofore, if they are not able to keep up their dividend at 12%; and as they have at the same time tea and other India goods in their warehouses, to the amount of four millions as some say, for which they want a market, and which if it had been sold, would have kept up their credit. This shews the great importance of losing the American market, by keeping up the duties on tea, which has thrown the trade into the hands of foreigners. This gives some alarm and begins to convince people more and more of the impropriety of quarrelling with the Americans."