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1. The excess of the charges and interest of money in
India, exceeded the a nount of the territoriał re. Ben de and of the sales of imports, for the year 1803 4, in the sum of
to 1,124,403 l. 2. That the excess of the same for the year 1804-5, was estimated at
- 1,131,297 l. 3. That the excess of the same above the same revenue
for the year 1805-6, u as estimated at - 2,851,745 l. 4. That the debts due by the company in India amounted in 1805, to
- 25,046,436 I. 5. Tbat the balance of the anoual account of receipts
and payments of the India-house, in favour of the
company, on the Ist of March 180.5, was only 12,020 I. 6. That from a general comparison of the debts and
assets of the company, there appeared to be a des terioration on the whole concern, during the years 1803.4 abroad, and 1801.5 at home, to the amount
For the satisfaction of our rea. may see how the excess of charge ders se shall insert the abstract of above the revenue was constituted. the estimates for 1805.6, that they
Surplus charge of the three presidencies
366,311 l. 266,800 633,111
Total surplus charge,
laterest payable to the commissioners of the
sinking fund, og securities redeemed
It is necessary to add, that the He next endeavoured to prove, tha balance on the annual account at the the augmentation of the company' India house, instead of amounting debts was, in a great measure, ow to 12,0201, in favour of the compa. ing to the practice, that had beer ny, as stated in that account, would pursued, of making up investment hare amounted to 1,155,505 against for Europe by means of loans con: them, had not the company, in tracted in India ; and, in proof of making up their account for that this position he read part of year, credited themselves with a minute pit on record by lord Wel 100,0001. borrrowed of the bank, -tesley in June 1798, wherein this with. 500,000, borrowed of go. cause of the increase of the comvernment out of the tea duties, and pany's debts is distinctly pointed with bonds issued for 567,5251. out, and a remedy suggested for it, more than were paid off, ainount. which, however, the court of direcing in all to the sum of 1,107,5251. tors did not think proper to apply. This defalcation in the compauy's In answer to this charge against the annual account was owing, partly, court of directors, Mr. Grant proto a dimunition in the produce of duced a number of statements and their sales, and, partly, to a greater calculations to prove, that, instead expenditure on account of lodia and of a balance of 5 millions, in which China than first intended.
the hon. general made the commerce It is also proper to add, that, in of the company indebted to the territhe course of the debate, it was torial revenue and Indian debt, generally admitted, that the debts there was a balance, in the last seven in India might, at that time, be years, of half a million due to the fairly estimated at 30,000,000; of commerce. With respect to the share which seventeen millions were pav- of lord Wellesley in contributing to able in England, at the option of the present alarming state of the the holders of the securities.
company's finances, the honourable After lord Morpeth had conclud. member stated, that during that ed his very clear and cardid expo- nobleman's administration of India, sition of the company's situation, 214 milions had been added to the a long debate arose, which was ad. company's debt; and with regard to journed to the 15th and afterwards the influence of the late wars in to the 13th instant, concerning the India on the general prosperity of present state of their affairs and the company's affairs, “ he thought their future prospects, as well as on it right to observe, that those wars the causes, that has led to the rapie had enormously increased the exand alarming increase of their debts pences and debt of the company, sinco 1793, when their charter was withoutadding anysecurity necessary Jast renewed. Sir Arthur Wellesley, to us ; without even adding much to without controverting any of lord our permanent revenue ; and at the Morpeth's statements or deductions, expence of our reputation for justice endeavoured to shew, that with the and moderation in India." Mr. return of peace the distresses of the Grant had no reliance on the im. company would be at an end ; and prurement of revenuc, to which the that, instead of the present deficit, hon. general looked forward on the there would then be a surplus re- return of poace, and thought our venue of at least 740,0001. a year. only secure dependance was on a
Fistem of economy and retrench. The only remaining subject conDent of useless and ostentatious ex. nected with India, of which we pences. Mr. Alderman Prinsep took shall take ootice at present, is a bill De same view with sir Arthur Wel. bronight into parliament by Mr. iesley of the origio of a great part Hobhouse, for enabling the com- '
the company's debts, and after missioners acting in execution of an attacking, with great bitterness, agreement betweeu the East India har monopoly, their bad mapage- company and the private creditors of nent of their own concerns, and the nabobs of the Carnatic, the bettheir jealousy of private traders, he ter to carry the same into effect. pronounced them to be in a state Much opposition was made to this of insolvency, and deprecated any bill, arising from a misconception of lotion of assisting them from this its nature and object. It was supcountry, without a previous exami. posed to be intended for the purpose sation and thorough investigation of giviug a parliamentary sanction to of their affairs. Mr. Huddlestone claims, some of which were certainly rindicated the company from the fraudulent and all justly liable to attacks of Mr, Alderman Prinsep, suspicion. It was not adverted to and attributed the present derange- by the opposers of the bill, that, Bent of their finances, solely and since the occupation of the nabob of exclusively, to the system of ambi. Arcot's ierritories by the company, ton, false policy and profusion, in. it had become the interest of that troduced and acted on by lord Wel. body to reduce the amount of debts, lesley. Lord Castlereagh differed for which the dominions and re. from both parties in their explana. venues formerly his, but now theirs Dons of the origin of the company's were answerable. Nor was it conlebts, which, he attempted to prove, sidered, that this bill created no had been occasioned, neither by new obligation to discharge the rans and profusion, nor by losses debts of the nabob, nor gave any i trade, but partly, by advances additional security to his creditors ; to government which would of buț merely enabled the commissiocourse be repaid, and, partly, by ners, appointed for determining the a encrease of their assets both at amount of the debts, to examine the bome and in India which were parties upon oath, and thereby still on hund. In this view more effectually separate false and of the company's' affairs, the cir- unfounded claims from those, which cumstance most to be lamented in it would be an equal injustice and their situation, was the enormous hardship not to discharge. A interest, which tbey paid for their clause was annexed to the bill, dia debt in India, and the only effec. recting the commissioners to make teal remedy for this evil was the an annual report to parliament, of transference of thoir India debt to the progress they should make in England, by means of loans under the discharge of their trust; and a the guarantee of government. If proriso was added to declare, that twenty millions of their debt were in nothing in this act should be conthis manner transferred to England, strued to confirm the articles of there would be an immediate saving agreement between the company to the company of 800,000l. a year. and creditors, or to render them
more binding than if the act had not an account of lord Melville's trial, a been passed.
subject of such interest in itself, After a busy session of six months such expectations before it came on, duration, parliament was prorogued such atiention while it lasted, and on the 23 rdof July by commission. such disappointment when it closed The speech from the throne, for that we are persuaded our reader which see State Papers, page 825, will excuse us for entering into a was read by the lord chancellor. full statement of the facts and cir.
We shall next proceed to give cumstances attending it.
Trisl of Henry Viscourt Meltille. - Managers ordered to proceed in the Im. geachment. Answer of Lord Meltille to the Articles of ImpeachmentAdditional article. Trotter..inswer to the Additional Article. he. ptication of the Commons. Communs resolve to attend the Trial as e Committee of the whol llouse. Mcustires taken by the Lords to pretent Lenecessary Delay in the Trial.-Order to prohibit uny Publication of the Proceediags during the pendency of the Triul.-Summary of the Proceed. ings on the Trial. Analysis of the delicles of Impeachment - Charges Tcducible in Suóstance to three. Analysis of the Evidence on the first, scond, and third. - Legal Defence on the first Charge. Answer to i - Legal Defence on ihe second Charge.-- Answer to it. Defence on the third ( harge.olorits wiljourn for some Days the considera. tiun of the Charges:--Vute of Thanks to the Managers by the Com. 1988.-Discussions in the Lords on the form of Proceeding On dividing the first Article.- On the first Article. -Questions to the Judges, and their answers.--Discussiun of the remaining Articles - further Question to the Judges, and their t wer.o- Proceedings, during the last Day of the Triol, in Wesimiester llall.-Viscount Nleirille declared not guilty by e Majority of Lords.- Numbers for and against him un each Article.
ON the day after the meeting of chester, Jord Arch. Hamilton, Mr.
parliament, the house of com. Williams Wynne, Mr. Jekyll, Mr. boas, on the motion of Mr. Whit. Morris, lord Temple, serjeant Best, bread ordered the committee of im. and lord Robert Spencer; to whom peachment against Lord Melville to were afterwards added sir Arthur resume their functions, and proceed Piggott (attorney-general), and sir Without delay in the business re. Samuel Romilly (solicitor-general). ferred to them. Lord Robert Spen. On the same day lord Melville cer was, at tbe same time, added to presented at the table of the house the committee, in place of Mr. Kin. of lords his answer to the articles of Dzird become lord Kinnaird by impeachment exhibited against him the death of his father. The managers by the commons. The averment the consisted of Mr. Whitbread, stated in substance, " that he was Mr. Fox, Mr. Grey, afterwards not guilty of all or any of the arti. lord Howick, Vi. Sheridan, lord cles or impeachment' exhibited a: Henry Petty, lord Marsham, Mr. gainst him, and that he was ready Giles, lord Folksture, Mr. Raine, to prove the same, on a proper opDr. Laurence, Mr. Creery, Nr. portunity being afforded him bv Holland, Mr. Calcraft, lord Pure tacir lordships." A copy of this