inal ▁value ▁of ▁the ▁assets ▁of ▁the ▁former ▁association . ▁Bol ts ' ▁valu ation ▁of ▁those ▁assets ▁was ▁accepted ▁at ▁face ▁value , ▁but ▁it ▁was ▁a ▁fict it ious ▁valu ation ▁and ▁in ▁fact ▁the ▁new ▁Company ▁inherited ▁the ▁old ▁association ' s ▁deb ts . ▁It ▁consequ ently ▁suffered ▁chron ic ▁lack ▁of ▁c ash ▁and ▁had ▁to ▁resort ▁to ▁short - term ▁lo ans ▁and ▁bottom ry ▁b onds ▁( for ▁which ▁the ▁ships ▁themselves ▁were ▁the ▁coll ater al ) ▁at ▁a ▁prem ium ▁of ▁ 3 0 ▁to ▁ 3 5 ▁per ▁cent . ▁Under ▁these ▁conditions , ▁every ▁voyage ▁had ▁to ▁be ▁a ▁success ▁for ▁the ▁Company ▁to ▁remain ▁vi able . ▁Also ▁under ▁the ▁terms ▁of ▁the ▁agreement ▁ere ct ing ▁the ▁new ▁company , ▁Bol ts ▁c eded ▁his ▁char ter ▁to ▁his ▁Belg ian ▁partners ▁in ▁return ▁for ▁a ▁loan ▁of ▁ 2 0 0 , 0 0 0 ▁flor ins ▁( that ▁is , ▁his ▁ 2 0 0 ▁shares ▁in ▁the ▁Company ) ▁and ▁the ▁right ▁to ▁send ▁two ▁ships ▁on ▁his ▁own ▁account ▁to ▁China . ▁ ▁The ▁Imperial ▁A si atic ▁Company , ▁under ▁the ▁direction ▁of ▁the ▁Pro li ▁group , ▁foc uss ed ▁on ▁the ▁China ▁tea ▁trade . ▁In ▁ 1 7 8 1 , ▁ 1 7 8 2 ▁and ▁ 1 7 8 3 ▁the ▁price ▁of ▁tea ▁in ▁Europe , ▁especially ▁in ▁England , ▁had ▁ris en ▁to ▁un he ard ▁of ▁levels