THE DEBTS AND ASSETS BY THE PAST AND PRESENT YEAR'S The debts in India have increased in the sum of £.1,644,876 ....... The net increase of debt will appear to be.... 436,233 1,208,643 :} 1,310,446 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. Deduct St. Helena, which is less than last year... - 1,446,101 } 1,971,464 And the total shows the net increase of the assets to It was... On the credit side of the account, it appeared necessary to make exactly the same kind of adjustment 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 home accounts were made up. As the state of the assets abroad was calculated in quick stocks of a later date, and included a part of those cargoes, it was necessary to deduct their amount, which was J 762,821 391,913 280,44] The total sum to be deducted was £. 672,356 The The difference then remaining amounted to 90,4651., which was the sum in which the general state of the whole concern appeared, on the principles of this examination, to have improved in the course of the year of account now before the committee. He next stated the words in which he concluded the account of last year." The reduction of the debts, and the increase of the assets, were to an amount exceeding 11,100,000l. sterling. It was true, that within that period money had been raised on additional capital to the amount of 3,740,000l.; but it must likewise be taken into consideration, that the remainder might be termed a net improvement, under the events of an Indian war, at one time threatening serious disasters, though finally concluded highly to the advantage of the company: under the events likewise of the present European war, which, during four years of the period, caused enormous additions to the expense of freights, of provision, and of every article of equipment; and occasioned also great expenses by several expeditions, by which our rivals were deprived of their possessions in the East. But," added Mr. Dundas, "I have carried the comparison three years further, which will take in a great part of the immense expenditure of the late war with Mysore; and find, that the improvement during these thirteen years, on the same principle, is 11,880,000l." He then stated, that it was with the most heartfelt satisfaction he contemplated the amazing change in the political relations in the East at the present moment, compared with what they were in 1784. He next mentioned the prosperous state of the company's alliances with the several powers in India. "First, the Nizam, although allied by treaty, during a long series of years the advantages to the company were frequently problematical, from the fluctuating politics of his court; and although his highness furnished some assistance towards the object of the late war with Tippoo, and reaped his proportion of the advantages from the successful termination of it, very soon after an influence prevailed in his councils threatening serious consequences." He then mentioned the treaty with the rajah of Travancore, "which, though not productive of advantages to so great an extent, might still be considered as an event, within the period alluded to, tending to strengthen our influence." He then alluded to the connexions on this side of India, particularly the nabob of Arcot, the rajah of Tanjore, and the nabob of Surat. He next began with the treaty of alliance with the nabob of Arcot. The treaty under which our present relation with him stood was dated in 1792, and was entered into with his father on terms extremely favourable to him. The treaty of alliance with the rajah of Tanjore was concluded in the year 1799. At the close of his Indian administration, he thought it necessary to state, that the presidencies of India improved every year. The numerous tributaries under this government were now happily brought to such a state of subjection as to furnish the hope that the insurrections of which he had the mortification to hear by the late advices would be no more heard of. Their expectation of support, and indeed the main spring of every revolt, being effectually removed by by the death of Tippoo, every hope might be entertained of the perfect establishment of the quiet of the country. This had in part been already obtained amongst some of the most refractory, the southern poligars, who were now reported to be changed from an armed and lawless banditti to a peaceful and industrious peasantry. He had upon a former occasion brought to the notice of the committee, that the improvement under the operation of the present system, to the period of account then under consideration, was found to exceed eleven millions sterling; the alteration since not having been to any great amount, the amelioration might, on the same principle, be now taken at about the like sum. The additional capital must, as then noticed, be taken into the account, and some further adjustments would be required. If such had been the event, under the circumstances of two wars in India, and of a general European war, from the year 1793, the inference was highly favourable to the mode of administration; and the more so, when the great additional revenue, and the complete conquest of every enemy in the East, were taken into the account. The debts abroad were certainly much greater than at the first period of this comparison; but the assets exhibited an excess still more considerable. If the loss of the surplus revenue operated so quickly in an unfavourable degree, the acquisition of revenue must be allowed to have an equal effect in the recovery of the system. The grand and leading features of this plan were: 1st, An arrangement abroad; so that a full million from the surplus of the revenues should, at the commencement, be applicable to the purchase of investments. 2dly, That the investments from India and China should amount at prime cost to four millions annually, in equal proportions. 3dly, That, during the first four years from this time, the company should avail themselves of the power they already had, under the act, for augmenting their capital stock to the extent of two millions, at the rate of half a million annually, which, it was supposed, would realize one million sterling. 4thly, That the additional money, so raised, should be applied exclu sively to the liquidation of the present Indian debt at interest, either by increasing remittances in bullion, or export to India to that amount, or by defraying additional bills drawn from India for the same purpose. 5thly, That the extinction of this debt, now calculated to amount to fourteen millions sterling, should be carried on at the rate of one million annually, till the part of it termed the decennial loan should become payable, which was expected to take place on or about the year 1807-8, which was stated at 3,500,000l., and would be discharged in that year; on which supposition the debts at interest abroad would then be reduced to 4,500,000l. at which amount it might be thought expedient to keep them stationary. The gradual reductions of the debt would add to the surplus of the revenues by the diminution of the interest; and, in the year 1808-9, the sum of two millions sterling might be applied to the investments. The application of the surplus, thus increasing from year to year, would of course lessen the demand of In dia dia upon the home treasury, so that the balance of cash could not fail of increasing to an immense amount. He had stated the great difficulty to lie in the outset; his estimate was so calculated. He ended his labours by reposing the most entire confidence in the talents and integrity of those whom his majesty had appointed to succeed him in this important charge: and it only remained for him to apologise to the committee for engrossing so much of its time; and that the result of the examination of the statements might, as usual, be placed on the records of parliament, he had formed the motion into resolutions. On the resolutions being put, Mr. Lushington made some inquiries respecting the probable price of freight in time of peace, which produced a short conversation between him, Mr. Dundas, Mr. D. Scott, and sir Francis Baring; after which the resolutions were agreed to; and, upon the house being resumed, the report was ordered to be received. CHAP. III. 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 Letter. TH HE conduct of the war, and the breach of treaty with respect to the convention of El-Arish, underwent a severe scrutiny in the course of the session. The first signal for the attack of ministers was sounded in the house of lords by the earl of Darnley, who, very early in the session, gave notice of a motion for an inquiry into the state of the nation. On the 10th of February the subject was pressed by the earl of Radnor, who moved that the house should be called over on Friday, the 20th, as the present was an awful crisis; and lord Darnley was to bring forward an important inquiry into the state of the nation and conduct of the ministers. Lord Grenville said it was very unusual to require such a measure unless in very particular cases, as the trial of a peer; and therefore he hoped his noble friend would not persist in a motion calculated to create alarm and dismay throughout the nation. In this he was seconded by lord Mulgrave, who thought it could answer no beneficial purpose to diffuse awe and solemnity on any common occasion, and excite needless apprehensions in the minds of the people. Lord Holland strongly recommended the measure: he conceived it absolutely necessary; the situation to which ministers had reduced the country could not be treated with too much solemnity; their dismissal could not be considered as an evil if the mode of their going out, and the causes as signed for it, did not add to our embarrassments, and increase the necessity of an inquiry. Had their dismissal been occasioned by loss of confidence in the parliament, or had it produced a change of system, it would have been the greatest benefit and blessing to the community; but they were absolutely the victims of that very system to which they had so long prostituted their talents, and under the influence of which they had supported the American war. The first moment ministers had hesitated respecting the question of liberty, when they who had sacrificed the happiness of Ireland seemed disposed to make a concession to the people, they were discarded. The first appearance of the love of freedom, in one solitary instance, cancelled all former obligations, and had raised the indignation of this narrow-minded, cruel, and destructive policy: catholic emancipation, he advised their lordships to make use of the opportunity which the union afforded, to inform themselves of the nature and character of Ireland, with which they seemed but slightly acquainted. Catholic emancipation had already been found to imply rebellion in that country: ninety-nine Ronfan-catholics out of a hundred did not care about it; others understood it to mean the abolition of tithes, and a more equal division of property. The Irish peasant, for instance, conceived, when this measure was granted, every one of them was to have his tythes taken off, and a grant of ten acres of land allotted him. In short, so various were their opinions, and so violent were their passions, that he could not but shudder at the consequences of rashly diffusing insinuations upon the subject amongst them, and perhaps lighting up a flame which only more torrents of blood could quench. His lordship was enforcing his reasons, and stating the agitation it would occasion-confusion much greater than had been yet experienced, and of which no adequate idea could be formed by those who were not intimately versed in the character of the peo◄. ple-when he was called to order by the earl of Suffolk, who said, this appeared doing himself what his lordship advised others to avoid, and kindling the flame he had so 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; so delicate a nature, and at the and he meant to point out the dansame time of such magnitude, ger of discussion in this unparliathat it ought not to be alluded to mentary manner. He would howbefore it came regularly under ever drop the subject, which he consideration. With regard to was persuaded was fraught with Perierunt tempora longi and they were dismissed with the infinite |