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SIR JOSIAH CHILD (163o - 1699)

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Originally appearing in Volume V06, Page 135 of the 1911 Encyclopedia Britannica.
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SIR See also:JOSIAH See also:CHILD (163o - 1699)  , See also:English See also:merchant, economist and See also:governor of the See also:East See also:India See also:Company, was See also:born in See also:London in 163o, the second son of See also:Richard See also:Child, a London merchant of old See also:family . After serving his See also:apprenticeship in the business, to which he succeeded, he started on his own See also:account at See also:Portsmouth, as victualler to the See also:navy under the See also:Common-See also:wealth, when about twenty-five . He amassed a comfortable See also:fortune, and became a considerable stock-holder in the East India Company, his See also:interest in India being accentuated by the fact that his See also:brother See also:John (q.v.) was making his career there . He was returned to See also:parliament in 1659 for See also:Petersfield; and in later years sat for See also:Dartmouth (1673-1678) and for See also:Ludlow (1685-1687) . He was made a See also:baronet in 1678 . His advocacy, both by speech and by See also:pen, under the See also:pseudonym of See also:Philopatris, of the East India Company's claims to See also:political See also:power, as well as to the right of restricting competition with its See also:trade, brought him to the See also:notice of ,the shareholders, and he became a director in 1677, and, subsequently, See also:deputy-governor and governor . In this latter capacity he was for a considerable See also:time virtually the See also:sole ruler of the company; and directed its policy as if it were his own private business . He and his brother have been credited with the See also:change from unarmed to armed See also:traffic; bfit the actual renunciation of the See also:Roe See also:doctrine of unarmed traffic by the company was resolved upon in See also:January 1686, under Governor See also:Sir See also:Joseph Ash, when Child was temporarily out of See also:office . He died on the 22nd of See also:June 1699 . Child made several important contributions to the literature of See also:economics; especially Brief Observations concerning Trade and the Interest of See also:Money (1668), and A New Discourse of Trade (1668 and 1690) . He was a moderate in those days of the " See also:mercantile See also:system," and has sometimes been regarded as a sort of See also:pioneer in the development of the See also:free-trade doctrines of the 18th See also:century . He made various proposals for improving See also:British trade by following Dutch ex-ample, and advocated a See also:low See also:rate of interest as the " causa causans of all the other causes of the riches of the Dutch See also:people." This low rate of interest he thought should be created and maintained by public authority .

Child, whilst adhering to the doctrine of the See also:

balance of trade, observed that a people cannot always sell to foreigners without ever 141ying from them, and denied that the export of the See also:precious metals was necessarily detrimental . He had the mercantilist partiality for a numerous See also:population, and became prominent with a new See also:scheme for the See also:relief and employment of the poor; it is noteworthy also that he advocated the See also:reservation by the See also:mother See also:country of the sole right of trade -With her colonies . Sir See also:Josiah Child's eldest son, Richard, was created See also:Viscount Castlemain in 1718 and See also:earl of Tylney in 1731 . See also See also:Macaulay, See also:History of See also:England, vol. iv.; R . See also:Grant, See also:Sketch of the History of the East India Company (1813); D . See also:Macpherson, See also:Annals of See also:Commerce (1805); B . Willson, See also:Ledger and See also:Sword (1903) . (T . A .

End of Article: SIR JOSIAH CHILD (163o - 1699)
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