courfe of the prefent year; and that the duties to become due hereafter fhall have different poftponements, as stated in the report on this he remarked, that fuch great rifques and actual inconveniencies ought not to be incurred by the public without due enquiry, and, perhaps, a collateral fecurity, in a more immediate management of the Company's affairs; nor would he in any cafe confent to the poftpone ment without payment of intereft to the revenue of the kingdom. Secondly, That the prefent unaccepted bills, amounting to 1,395,1531. fhall be accepted, payable in three years after they fhould regularly fall due: a moft ftrange propofition to be made by a folvent Company poffeffing immense property! It ought not to be tolerated or even mentioned in Parliament, unless accompanied by the fpecific vo luntary consent of every bill-holder. He had indeed heard of a menace founded on the act of 1773, that the feryants in India might draw bills, but the Directors were not obliged to pay them; but this was the menace and the conduct of a fwindler. The money of the bill-holders had been borrowed in India, and expended in the purchase of goods for the Company's inveftments: and fhall the Company be permitted to divide the produce of thofe goods, whilft the individuals to whom it belongs may be ruined and starving, and in all events be left fubject to a total lofs from the ultimate bankruptcy of the Company? Such a breach of good faith would be fatal to the Company in future emergencies; it tended alfo to create a new preffure on the foreign bonds of the Company, and on the paper circulation of this kingdoin. It might deferve remark, too, that there was no provifion made for the annual payment of intereft on the bills, after it fhould regularly fall due, nor for the compound intereft if it fhould be poftponed; nor was any reafon affigned for postponing the bills at prefent in England to those which may hereafter arrive. Thirdly, The Report prefumed, that fome effectual remedy would be provided against fmuggling. Mr. Eden admitted, that if this could be done in the fingle article of tea, the Company would be enabled to fell thirteen millions of pounds annually inftead of fix: and that fuch a measure would not only fave and reftore the revenue of this kingdom, but would annihilate the foreign companies, which are at prefent the channels of remittance of private fortunes, collected in India by the Company's fervants. But he added, that prefent appearances in this country were not very aufpicious to great and vigorous measures, which can can only be attempted by ftrong and efficient governments. Fourthly, That the Company fhould be able to fell the bonds lately paid in, and that this will greatly depend upon the difcharge of the unfunded debt of the public, which at prefent weighs down every other circulation. Mr. Eden remarked on this, that the unfunded debt, including the army extraordinaries, now amounts to twenty-two millions, and that many arrears of the war ftill remain to be brought to account. He hoped and trufted that the Minifter would very fpeedily bring this great confideration into difcuffion, as it affects not only the Eaft-India Company, but the whole trading and landed intereft. He recommended the serious perufal of the Eleventh Report of the Commiffioners of Accounts, and fuggefted, that at a proper time it might be expedient to refer the whole of thofe Reports to the confideration of a Select Committee. Fifthly, That the loan of 300,000l. fhould be continued: he would only observe on this, that it was an additional rifque propofed to the public, and a farther preffure on circulation. Sixthly, That the 100,000l. remaining unpaid of the laft renewal of the exclusive trade fhould not be demanded: he faid, that there was no pretence for this, if founded on the exploded claims of the Manilla affair and the French prifoners; and if it was asked as a gift, it was abfurd to expect fuch gifts from an indigent public to "a folvent Company poffeffing immenfe property."-- In the conclufion it was modeftly fuppofed, that the dividend would be continued at 8 per cent. To this he trufted the Houfe would not confent in the prefent circumftances of the Company: fix per cent. was the moft that could be expected, and that from a regard to families of real Proprietors, rather than to another clafs, who came under the defcription of political Proprietors. Mr. Eden next ftated the whole detail of the accounts, on which the Directors had founded their eftimate; it is unneceffary to follow it, as the House confented to the appointment of a Select Committee for the inveftigation. We fhall only obferve, that he objected to the affertion, that the Company is not bound to discharge the bond debt in any limited time, which, he faid, was the reverfe of truth. He objected also to the ftatement of the foreign debt at four millions and a half only, and faid, that it would be found to be at leaft feven millions, for the whole of which an intereft must be paid of 8 or 9 per cent. He faid it was abfurd to fuppofe that the general bills from India, in the next fix years, would The Chan would amount only to 188,000l. and it was equally abfurd to fuppofe, that the profit on falt in Bengal, which the Directors had improperly confidered as a commercial fund, would amount to 400,000l. a year, or even a fourth part of that fum. That no allowance was made for fea rifque, which, on the cargoes amounting to eleven millions, could not be computed at lefs than 5 per cent. That the military charges were stated upon a vifionary fuppofition of an immediate return of economy at the clofe of a most extensive war. That the balance due for victualling the King's fhips, pursuant to act of Parliament, was not brought to account. That credit was taken for near a million fterling, due from the Nabob of Arcot, which debt was known to be quite defperate. That these accounts varied in fome points from others lately figned by the fame accountants. In the refult, there could be no doubt that the whole matter was proper for the examination of a Select Committee, which he hoped would be appointed by the different parts of the Houfe, on "terms of fairness and equality," and conducted without any other view than to afcertain the truth, in a confideration of the highest importance. He concluded with moving for a Select Committee. General Smith feconded the motion. The Chancellor of the Exchequer faid he would not object cellor of the to the motion. He thought the Houfe fhould receive all Exchequer, poffible information on a fubject of fo much importance. His motive for rifing was, to explain that part of his speech on the introduction of his India bill, which feemed to have been misconceived by feveral honourable members. He had never mentioned the concurrence of the Company as the ground-work of his bill; for in fact they had given no exprefs concurrence to any particular measure, unlefs in the confidence which they repofed in the wifdom of the Houfe, to make fuch arrangements, fhort of an annihilation of their charter, as might give fatisfaction to Government, and fecure profperity to their trade, and to their territorial poffeffions in India. With regard to the folvency of the Company, he confidered a Company to be folvent, when, from its poffeffions and various refources, it could pay twenty fhillings in the pound on all the demands forthcoming againft them. No good reafon could, in his opinion, be given for the fecond motion of the honourable gentleman. He thought Proprietors of India ftock by no means improper persons to fit in the Committee; but rather thought the Committee fhould be appointed by ballot. ftone, Commodore Johnfione perfectly coincided with the right Commohonourable Chancellor. He could not admit that Mr. Fox dore John had been actuated by a principle of philanthropy, as ftated by the gentleman who made the motion, in bringing forward his bill for the government of India. That honourable gentleman had of late dedicated a great portion of his time to the confideration of India affairs; but he was much inclined to fufpect that ambition had as great a share in prompting fuch ideas as a fpirit of philanthropy, or any other motive whatever. The villanies perpetrated in India were a favourite topic with certain gentlemen; but he was convinced as great villanies were committed in this metropolis. The Commodore then went into a long examination of the principles of Mr. Fox's India bill, and answered fully Mr. Eden's arguments. Mr. Dempfter expreffed a wish that fomething decifive Mr. Demp. might be done for India, and that in the confufion of affairs fter. at home that continent might not be neglected till it was totally loft to this country. Mr. Fox afferted, that if India was loft to this country, it would no longer have any thing worth retaining, but would in fact perifh along with it. He hoped the Chancellor of the Exchequer would quickly bring forward fome fcheme for the regulation of India; if not, he muft once more take it upon himself. Mr. Lufhington faid a few words in favour of the motion made by Mr. Eden. Commodore Johnftone replied; after which the motion was put and agreed to. March 12. Mr. Alderman Sawbridge moved for a Committee to take into confideration the ftate of the representation of the people; which, after fome debate, was negatived by 141 against 93. March 15. Appointed a Select Committee to examine the accounts of the India House. March field. March 16. A short converfation occurred on the firft reading of the American Intercourse bill. March 17. On voting the annual fum for Chelsea Hofpital, Sir Cecil Wray ftated the enormity of the expence; it amounted to 511. 5s. a man: he wished therefore the house was pulled down, and an annuity given to the men. March 18. A short converfation occurred again on the American Intercourse bill, fupported by Mr. Eden, Mr. Herbert, and Mr. Pitt. March 19. The order of the day being read for the reports of the amendments made in the Committee on the American trade Lord Shef- and intercourfe bill, Lord Sheffield faid, he always wifhed to avoid giving trouble, and was forry to find it neceffary to oppofe the bill then before the Houfe, in its laft ftage, but the diftruft of the Minifter, which he had expreffed on a former day, was greatly increafed by the requifition, to have the extraordinary powers contained in it, granted for fo long a term as three months, at this period of the feffion especially, it was now extraordinary; the prefent Solicitor General, no longer ago than laft year, had objected to it for more than three weeks. His Lordship faid, he trufted the House would not think any bill of the kind neceffary; that every meafure in any degree complicated, appeared to the ignorant extremely difficult; but when thefe will give themselves the trouble of a little enquiry and examination, those which feemed difficult, would appear perfectly fimple and easy. He was fure it would prove fo, as to what was neceffary to be done in regard to America; but if this was too much for the Minifter, the prefent proclamations might have been thrown into a bill for the prefent, the Minifter might have proposed fuch alterations or omiffions as his knowledge might fuggeft; any other Minifter would have ftudioufly declined fuch extraordinary refponfibility. If the prefent was not difpofed to desperate measures he must have done fo; his Lordfhip faid he could not place fuch confidence in a man, whose greatest admirers |