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THE DEBTS AND ASSETS BY THE PAST AND PRESENT YEAR'S

ACCOUNTS.
The debts in India have increased in the sum of 6.1,644,876
Deducting therefrom the decrease of the debts at

436,233
home, amounting to:.......
The net increase of debt will appear to be.... 1,208,643
The assets in India have increased..

1,310,446 Deducing the decrease of assets at home, amounting to

781,214 The increase of assets was 529,232 To which was to be added the net improved

balance at China and St. Helena, as follows: China improvement.

. 1,446,101 Deduct St. Helena, which is less than last year....

3,869 The difference was

1,442,232 And the total shows the net increase of the assets to be.

1,971,464 Deducting the increase of debt above stated from

the increase of the assets, an improvement would
appear in this point of view to have been made 762,821
in the state of the company's affairs, generally,

in the course of the year, to the amount of ..
But as, on a nearer examination of the statements)

from which these computations were made, it
appears that, at the period for making up the
stock accounts at home, those from India were
not received to the date on which the state of
the debts and assets abroad was made up, he
found it necessary, in order to bring this very
material part of the calculation to as near a point 391,915
of accuracy as practicable, in a general review
of so extensive a concern, to make several ad-
justments. In the view now given, the amount
of the debts in India, on the 30th of April 1800,
should be deducted from the improvement,
b-ing certainly a debt owing by the company:

It was
On the credit side of the account, it appeared

necessary to make exactly the same kind of ad-
justment as the last year on the value of the
cargoes from England not arrived in India at
the date of the several quick stocks on which the

280,44]
home accounts were made up. As the state of
the assets abroad was calculated in quick stocks of
alater date, and included a part of those cargoes,
it was necessary to deduct their amount, which
was

J
The total sum to be deducted was. £. 672,356

The of last year.

The difference then remaining prosperous state of the company's amounted to 90,4651., which was alliances with the several powers the sum in which the general in India. « First, the Nizam, state of the whole concern ap- although allied by treaty, during a peared, on the principles of this long series of years the advantages examination, to have improved in to the company were frequently the course of the year of account problematical, from the fluctuating now before the committee.

politics of his court; and although He next stated the words in his highness furnished some assistwhich he concluded the account ance towards the object of the late

“ The reduction of war with Tippoo, and reaped his the debts, and the increase of the proportion of the advantages from assets, were to an amount exceed. the successful termination of it, ing 11,100,000l. sterling. It was very soon after an influence pretrue, that within that period money vailed in his councils threatening had been raised on additional capi- serious consequences.” He then tal to the amount of 3,740,0001.; mentioned the treaty with the rabut it must likewise be taken into jah of Travancore, “which, though consideration, that the remainder not productive of advantages to so might be termed a net improve great an extent, might still be conment, under the events of an In- sidered as an event, within the dian war, at one time threatening period alluded to, tending to serious disasters, though finally strengthen our influence.” He then concluded highly to the advantage alluded to the connexions on this of the company: under the events side of India, particularly the nabob likewise of the present European of Arcot, the rajah of Tanjore, and war, which, during four years of the nabob of Surat. the period, caused enormous addi- He next began with the treaty tions to the expense of freights, of of alliance with the nabob of Arcot. provision, and of every article of The treaty under which our preequipment; and occasioned also sent relation with him stood was great expenses by several expedi- dated in 1792, and was entered tions, by which our rivals were into with his father on terms exdeprived of their possessions in the tremely favourable to him. The East. But," added Mr. Dundas, treaty of alliance with the rajah of “ I have carried the comparison Tanjore was concluded in the year three years further, which will take 1799. At the close of his Indian in a great part of the immense administration, he thought it necesexpenditure of the late war with sary to state, that the presidencies Mysore; and find, that the im- of India improved every year. provement during these thirteen The numerous tributaries under years, on the same principle, is this government were now happily 11,880,000l.

brought to such a state of subjection He then stated, that it was with as to furnish the hope that the inthe most heartfelt satisfaction he surrections of which he had the contemplated the amazing change mortification to hear by the late in the political relations in the advices would be no more heard East at the present moment, com- of. Their expectation of support, pared with what they were in and indeed the main spring of every 1784. He next mentioned the revolt, being effectually removed

ly

by the death of Tippoo, every hope commencement, be applicable to might be entertained of the perfect the purchase of investments. establishment of the quiet of the 2dly, That the investments from country. This had in part been India and China should amount at already obtained amongst some of prime cost to four millions annually, the most refractory, the southern in equal proportions. poligars, who were now reported 3dly, That, during the first four to be changed from an armed and years from this time, the company lawless banditti to a peaceful and should avail themselves of the powe industrious peasantry.

er they already had, under the act, He had upon a former occasion for augmenting their capital stock brought to the notice of the com- to the extent of two millions, at the mittee, that the improvement under rate of half a million annually, the operation of the present system, which, it was supposed, would to the period of account then under realize one million sterling. consideration, was found to exceed 4thly, That the additional money, eleven millions sterling; the altera- so raised, should be applied exclu.

having been to any sively to the liquidation of the great amount, the amelioration present Indian debt at interest, might, on the same principle, be either by increasing remittances now taken at about the like sum. in bullion, or export to India to The additional capital must, as then that amount, or by defraying addinoticed, be taken into the account, tional bills drawn from India for the and some further adjustments would same purpose: be required. If such had been the 5thly, Î'hat the extinction of this event, under the circumstances of debt, now calculated to amount to two wars in India, and of a general fourteen millions sterling, should European war, from the year 1793, be carried on at the rate of one the inference was highly favourable million annually, till the part of it to the mode of administration ; and termed the decennial loan should the more so, when the great addi. become payable, which was extional revenue, and the complete pected to take place on or about conquest of every enemy in the the year

1807-8,

which was East, were taken into the account. stated at 3,500,0001., and would be The debts abroad were certainly discharged in that year; on which much greater than at the first pe- supposition the debts at interest riod of this comparison; but the abroad would then be reduced to assets exhibited an excess still more 4,500,0001. at which amount it considerable. If the loss of the might be thought expedient to surplus revenue operated so quickly keep them stationary. in an unfavourable degree, the ac- The gradual reductions of the quisition of revenue must be al. debt would add to the surplus of the lowed to have an equal effect in revenues by the diminution of the the recovery of the system.

interest; and, in the year 1803-9, The grand and leading features the sum of two millions sterling of this plan were:

might be applied to the investments. Ist, An arrangement abroad; The application of the surplus, thus so that a full million from the suro increasing from year to year, would plus of the revenues should, at the of course lessen the demand of India upon the home treasury, so that might, as usual, be placed on the the balance of cash could not fail of records of parliament, he had increasing to an immense amount. formed the motion into resolus He had stated the great difficulty tions. to lie in the outset; his estimate was

On the resolutions being put, 80 calculated. He ended his labours Mr. Lushington made some inby reposing the most entire confi- quiries respecting the probable dence in the talents and integrity price of freight in time of peace, of those whom his majesty had which produced a short conversaappointed to succeed him in this tion between him, Mr. Dundas, important charge : and it only re- Mr. D. Scott, and sir Francis mained for him to apologise to the Baring; alter which the resolutions committee for engrossing so much were agreed to ; and, of its time; and that the result of house being resumed, the report the examination of the statements was ordered to be received.

upon the

CHAP. III.

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Discussions on the War and the Conduct of Ministry. Motion in the House

of Lords for a Call of the House. Motion in the House of Commons for an Inquiry into the Failure of the Ferrol Expedition. Lord Darnley's Motion in the House of Lords for an Inquiry into the State of the Nation Mr. Grey's Motion to the same Effect in the House of Commons. Motion in the House of Commons for an Inquiry into the Breach of the Treaty of El-Arish. Motion for the Production of the Duke of York's Leiter. THE conduct of the war, and Lord Grenville said it was very

the breach of treaty with re- unusual to require such a measure spect to the convention of El-Arish, unless in very particular cases, as underwent a severe scrutiny in the the trial of a peer; and therefore course of the session. The first he hoped his noble friend would signal for the attack of ministers not persist in a motion calculated was sounded in the house of lords to create alarm and dismay throughby the earl of Darnley, who, very

out the nation. In this he was early in the session, gave notice seconded by lord Mulgrave, who of a motion for an inquiry into the thought it could answer no benestate of the nation. On the 10th ficial

purpose to diffuse awe and of February the subject was pressed solemnity on any common occasion, by the earl of Radnor, who moved and excite needless apprehensions that the house should be called over in the minds of the people. on Friday, the 20th, as the present Lord Holland strongly recomwas an awful crisis ; and lord mended the measure: he conceived Darnley was to bring forward an it absolutely necessary; the situaimportant inquiry into the state of tion to which ministers had rethe riation and conduct of the mi duced the country could not be nisters.

treated with too much solemnity;

war.

their dismissal could not be consi- catholic emancipation, he advised dered as an evil if the mode of their lordships to make use of the their going out, and the causes as- opportunity which the union affordsigned for it, did not add to our ed, to inform themselves of the embarrassments, and increase the nature and character of Ireland, necessity of an inquiry.

with which they seemed but slightly Had their dismissal been occa- acquainted. Catholic emancipasioned by loss of confidence in the tion had already been found to inparliament, or had it produced a ply rebellion in that country: change of system, it would have ninety-nine Ronan-catholics out of been the greatest benefit and a hundred did not care about it; blessing to the community; but others understood it to mean the they were absolutely the victims abolition of tithes, and a more of that very system to which they equal division of property. The had so long prostituted their talents, Irish peasant, for instance, conand under the influence of which ceived, when this measure was they had supported the American granted, every one of them was to

The first moment ministers have his tythes taken off, and a had hesitated respecting the ques. grant of ten acres of land allotted tion of liberty, when they who him. In short, so various were had sacrificed the happiness of Ire- their opinions, and so violent were land seemed disposed to make a their passions, that he could not concession to the people, they but shuuder at the consequences of were discarded. The first ap- rashly diffusing insinuations upon pearance of the love of freedom, the subject amongst them, and perin one solitary instance, cancelled haps lighting up a name which only all former obligations, and had torrents of blood could raised the indignation of this nar- quench. His lordship was row-minded, cruel, and destructive forcing his reasons, and stating the policy:

agitation it would occasion('onPerierunt tempora longi

fusion much greater than had been Servitia

yet experienced, and of which no and they were dismissed with the adequate idea could be formed by same scorn and contempt as all those who were not intimately others had been whose principles versed in the character of the peo of measures were hostile to that ple—when he was called to order detestable faction. The occasion by the earl of Suffolk, who said, of their dismissal added a motive this appeared doing himself what to inquiry, and one more calamity his lordship advised others to avoid, to the country, by endangering the and kindling the flame he had so tranquillity of Ireland.

deprecated. The earl of Clare The earl of Clare deprecated answered, that the question, though the idea of a call, as well as a pre- not before the house, had been mature discussion of a subject of alluded to in very strong terms; $0 delicate a nature, and at the and he meant to point out the dans same time of such magnitude, ger of discussion in this unparliathat it ought not to be alluded to mentary manner. He would howa before it came regularly under ever drop the subject, which he consideration, With regard to was persuaded was fraught with

infinite

more

en.

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