Which may be attributed to the additional receipts on the sales of goeds on private-trade, and on the issue of bonds, combined with the payments below the estimate on account of India and China, and on several other accounts, also the protraction of the liquidation of 700,000l. of the debt to the Bank,

ESTIMATE, 1803-4

Receipt for sale of Company's goods - 6,085,500 General Result :-Although the balance

of cash on the 1st March, 1803, was large, and although the smaller receipt on the sale of goods is more than made up by an expected payment from Government, the great disbursement required for India and China for purchase of investment and liquidation of debt, and the payment of the loan from the Bank are likely so to operate, that the balance of cash, in favour of the Company, on the 1st March, 1804, is estimated to amount to the sum only of DEBTS AT HOME.

89,393 4,822,683 4,773,886

48,797 16,802,760 17,440,593 637,833

686,630

Having gone through all the statements, he observed, that nothing could be more gratifying than the view thus exhibited, of the actual prosperity and future prospects of our East India settlements, which were now infinitely superior to what they had ever been before, or to what belongs to any other country on the face of the globe. Whether we looked to its revenue, its commerce, the value of lands, its population, or its peaceful government, it must present an object of envy to every other nation in the world. The noble marquis, at the head of that government, had an opportunity of carrying into effect the system of judicature adopted by the Marquis Cornwallis, and from the reports of the different governors, given in as a statistical view of the whole country, a plan was now effected which had been much improved by the exertions of Sir G. Barlow. The judicature of the courts was now equal to those of the other settlements, and the same system was extended to most of the Jaghires and Circars. Means were taken to ascertain the value of the othe. more remote English possessions, and the same system pervaded them all, who had their courts and judges in the same regularity as those of Bengal. The Polygars were a very warlike and interesting people. They lived under a kind of feudal system, which rendered them at the same time both martial and idle. This was increased by their treaty to keep 23,000 men for the service of the company. But this of late had been very advantageously remitted for the sum of 71,000l. per annum in money. The most material point was the situation of the Carnatic, which had undergone a considerable change; but as this was not a time to enter into the merits of the treaty which annexed a part of the nabob's possessions to ours, he would confine himself to that part of the subject, which bore more immediately upon the question, in the financial operations of the measure. By the arrangement made, the net revenue derived by the company this year, after the payment for the collection and other expenses, was 1,094,000l. of which, however, one-fifth was paid to the nabob; which, with the payments to his creditors, would amount. to 628,000l. leave ing to the company a clear profit of 228,000). By this the nabob possessed much more than he could realize by his own imperfect system of revenue; for of the immense sums wrenched from the inhabitants, by continued and successive extortions descending from the prince to the meanest soldier, only a very small portion came into the public coffers. By the late treaty, the nabob, in

stead of paying a subsidy to the company for undertaking his defence, and that of his territories, which relieved him from keeping a standing army that was a terror to his subjects and himself, ceded a part of his territory as an indemnification to the company. This cession consisted of about half his territory, the revenues of which, by the meritorious exertions of Mr. Wellesley, had been improved from 1,500,000, to 2,770 000l. The nabob, at the same time, was the richest sovereign in India, having a clear revenue of upwards of a million sterling solely applicable to his own use, and to the comforts of his family. Speaking of the Mahratta empire, he said it must be always of the greatest importance to us, as its superficial extent was equal to that of the possessions of the company. It had lately undergone a very great revolution, as Halkar had defeated the army of the Pashwa, who was himself obliged to fly from his capital and take refuge under the protection of the company near Bombay, where be still remained. The current connexion between him and the company made it expedient to afford him the protection he sought for, and on that communication being made to Halkar, he appeared satisfied to submit the dispute to the English government. As this, however, could not be entirely relied upon, he had further to mention, that an army to support the interference of the company was assembled and prepared upon the coast, but would not, in all probability, be driven to any military operations, and at all events would be attended with little expense, and would not affect the general results of the peace establishment. He then concluded with moving resolutions in conformity with his calculations.

Mr. Francis. The attendance this day is a new proof of the truth of an observation made by the noble lord (Lord Castlereagh) at the beginning of his speech, that no subject is so irksome to the House as matters of account, and particularly those of the East India company. Undoubtedly, Sir, it is an unfortunate circumstance, and likely to be productive of the most serious ill consequences, that so great a national concern as the British dominion in India, and the affairs of the India company, should be so little regarded as they are by the House of Commons or by the public, and that a subject so important should not have attraction enough to engage any considerable number of gentlemen even to listen to the few, who still have the resolution to examine these accounts, and to take part in the questions connected with them. The importance of

the subject grows with your neglect of it; but the disposition of the House was not to be corrected On my own account, Sir, I confess that I do not regret that there is not now a more numerous attendance. Some advantage may be derived from it. The observations, which I mean to submit to the Committee, require an attentive audience. From the very few who are present I may hope for silence and attention. Greater numbers would not only not listen, but probably dis. turb others, who might be disposed to favour me with their attention. I should address myself most earnestly to his Majesty's ministers, if any of them had thought fit to attend, and to such of the present Directors as have seats in Parliament. Of those gentlemen I see but one in his place. I am sure of the noble lord's attention, and some way or other I hope that the substance of what I shall say this night may find its way to the body of the East India company, I mean the proprietors of india stock, and to the knowledge and observation of the public. I shail not attempt to follow the noble lord through the particulars of these accounts; for though I readily admit that he has performed his part, as he always does, with perfect regularity and great perspicuity, I do not think it possible for any human memory, without the assistance which the noble lord has in his hands, to recollect and pursue, in a similar order, the various heads, totals, balances, estimates, and calculations, exhibited in these papers. Mine, at least, is not equal to the task. Nor would it answer any serviceable purpose, certainly not that which I have in view, of establishing such plain conclusions of fact, such a practical result and evidence of the real situation of things, as may be easily comprehended, and leave a deep and distinct impression. National prosperity is not proved by figures. You must see it in its operation; you must feel it in its effects. Not that I mean to neglect all the accounts before us, or all the noble lord's calculations. On some of the most considerable of both, I shall offer some observations, which I think will be sufficient to warrant a presumption that, if all of them were examined in a way which I shall hereafter recommend, even these accounts would furnish a different view of the subject from that, which the noble lord has endeavoured to establish. At the same time I request of the noble lord to receive what I have to say with candour, and with a favourable construction, and by no means to consider me as an adverse party in this discussion. If I cannot contribute directly to the public ser vice, I believe at least I shall make it ap

pear, to the conviction of the Committee, that the case is pressing. I will not enter into personal altercations or asperities with any man. If I am answered, as I have been, in that form, I shall desist. My concern in these questions is no more than belongs to every member of the community. The community itself has, indeed, a great interest in them. Next to the safety of these kingdoms, your dominion in India, and the real state of the India Company as connected with that dominion, is the first object of national interest and concern. Take care that you look at it attentively and in time. In such possessions, so remote from the centre of your power, and from the means of your inspection, abuses are very likely to take root. But do not flatter yourselves that the consequence of abuses in India will never reach or affect this country. We are now so connected with India, and so implicated in the concerns of the company, that in their prosperity or distress the well-being of the British empire, and perhaps something more than its well-being, is involved; though the contrary might naturally be inferred from the universal indifference, with which India, and all that belongs to it, is regarded. Parliament confides. The public neither know nor care; and the proprietors of India stock are quite content to receive their dividend, without considering from whence it comes, or how long it may last. If India be, not, what it might be, a profitable possession; if it does not furnish, as it ought to do, abundant resources to Great-Britain, it may be, and I am sure it will be, a drain and a burthen, which cannot be supported.-Before I enter on those observations, which had occurred to me before I heard the noble lord, there is one prominent fact, stated by him with a sort of triumph, which I request the Committee to bear in mind, and to carry along with them, through the course of this discussion. It is not of a nature to escape the most careless apprehension, or to be readily forgotten. Such a fact proves more than many arguments, and, in some important points of view, makes argument superfluous. The general drift and intention of the noble lord's speech was, to give us a favourable opinion of the state of the Company's affairs at home, and of their governments abroad. All his statements and all his reasoning went in that direction. The Company's domestic circumstances are flourishing, their affairs in India are the same, or will be so in process of time. Of these prospects of Indian prosperity, I shall speak VOL, IV.

hereafter. What I now advert to is, the information given us-by the noble lord, that in the course of the current year the Court of Directors are prepared to send out property to India to the amount of five millions sterling; of which one million seven hundred thousand pounds is to go in specie or bullion. This last circumstance the noble lord mentioned, in terms of surprise at the energy of the Directors, as if they had performed some great national service, for which the public, at this season more than any other, ought to be particularly obliged to them. One would think that his lordship had been talking of the importation of so

uch specie, to assist the declining circulation here, not the extraction of such an enormous sum from a country already overrun with paper. By what means, with what loss, or with what inconveniences to the Company, this measure has been aecomplished, I know not. Of the magnitude of the effort on this side, there can be no dispute; but what does it prove on the other, but the magnitude of the distress? I have no doubt that this supply is wanted in Bengal, and still more at the other presidencies. The circulation of Bengal, once the land of silver, once the source of wealth to England, is for the most part carried on in paper; and now it must be supported by supplies of specie from England. last year, the Company exported bullion to the amount of 630,000l. In the present year, they are to export 1,732,cool. besides 300,000l. which the government of Bengal reckon upon in their estimate of receipts, to be applied to current services, making in all 2,662,000l. exported in two years; of which 1,300,000l. is for the relief of Bengal, and the remainder I supfor China. In former times, one of the principal advantages derived from the acquisition of a great territorial possession in India was, that it saved, or might have saved, the necessity of sending bullion from England to China; but as the reve

pose

In the

*This seems to be the same plan, which was recommended to the Directors by Mr. Dundas, in his letter of the 30th of June, 1801 (page 20); in which he says, "It is requisite, by exports, by "bills from India, and by bullion, to find an aid "to your Indian concerns, to the amount of five "millions sterling. The difficulty does not con"sist in any inadequacy of resources at home, to "make those exertions, but in the means of "sending so large a sum; and particularly, in "the means of finding bullion to so large all amount as two millen, to which amount at "must be found, &c."