Mr. Eden.

Pitt the explanation defired, but they had failed; and they had fubjected themselves to imputations, which he thought but a poor return for their zeal and perfeverance in a very painful office.

After fome explanations on the part of Mr. Arden, Mr. Pennington maintained the pretenfions of those who supported Miniftry to incorrupt motives, and faid, they were certainly as much entitled to have credit for their integrity as the other fide of the House.

Mr. Powys faid a few words in explanation of the conduct of thofe who had pursued the course lately taken by the House.

Mr. Rolle and Mr. Hammet fpoke to the fincerity and purity of the Minifter's friends, and particularly to their own motives.

The bill was read without farther converfation, and paffed the Committee.

Marth 10.

The Houfe, in a Committee of Supply, voted 1,100,000l. for the extraordinaries of the navy.

March 11.

After a fhort debate the bill for the removal of convicts was re-committed.

Mr. Eden entered into a minute inveftigation of the Report presented to the House by, the Court of Directors, ftating the Company's accounts. He began by obferving, that if Mr. Pitt's bill, for the better management of the Company, was not founded on the confent of the Proprietors, it was as decidedly a breach of the chartered privileges of the Company as the bill of his right honourable friend, which had met an unfair death in the House of Lords: on the other hand, if Mr. Pitt's bill was founded on confent, it clearly appeared upon the printed proceedings of the Proprietors, that fuch confent was founded on an express compact to give effential relief to the diftreffes of the Company. He had therefore thought it his duty to require the Direc tors to state what in their opinion would amount to an effectual relief, that the faith of Parliament and the public interefts might not be pledged and rifqued to an unknown extent. The Directors, after near twenty days debate, had accordingly produced the prefent Report, to which he would not

give

give either an inconfiderate encomium or a rafh cenfure; but he could not hesitate to fay, that whatever might be its merits or demerits, it was of the highest importance, and ought to have the moft careful examination. Both fides of the House were interested in this task. To the one fide it was furely expedient to ascertain the dreadful refponsibility with which they had charged themselves, by ftifling for a year all measures refpecting the Company, though they had unanimously allowed that Company to be in a ftate which required immediate attention, and no palliative remedies. To the other fide he would fay, "It is true that your plan was founded on a principle of philanthropy, and on a defire to rescue multitudes of wretched nations from extreme oppreffion. The feelings of your countrymen have not been equally generous: diftance of space has operated like to diftance of time; and the miseries of diftant empires have been confidered with as much indifference as a piece of old history, the campaigns of Xerxes, or of Alexander. You thought you were refcuing the rights of men; your countrymen. think that a charter framed to eftablish monopoly and create power is paramount to all the claims of juftice, humanity, and national expediency. But you refted your measure also on the fuppofed bankruptcy of the Company. Here, then, you may fhew how far that pretext was deferving of regard; and you may rely upon it, that the fenfibility of those who cannot feel for the Antipodes, will be fufficiently awake to the interefts of their own firefides." To both fides of the House it was furely a moft important confideration to afcertain an account, the veracity of which might decide the fate of a great establishment, the wonder of the prefent age, and future hiftory-a trading Company, poffeffing, at 9000 miles distance, a dominion of immenfe extent, a territorial revenue of five millions fterling, the exclufive commerce of half the globe, the command of an army of 60,000 men, and the defpotic difpofal of thirty millions of their fellow creatures! Mr. Eden then proceeded to open the Report; and after defiring the Houfe to remember that the Directors clofed with a fuppofition that the dividend on the Company's ftock would be continued at 8 per cent. and with an affertion that the Company is "not only folvent, but poffeffed of an immenfe property," he ftated the following requifitions, which, in the opinions of the Directors, would prove an effectual relief: Firft, That the duties now due to the public, and amounting to 924,8621. may be paid in the

Pp 2

courfe

1

courfe of the present year; and that the duties to become due hereafter fhall have different poftponements, as ftated 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 poftponement 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 most strange propofition to be made by a folvent Company poffeffing immenfe property! It ought not to be tolerated or even mentioned in Parliament, unless accompanied by the specific vo luntary confent of every bill-holder. He had indeed heard of a menace founded on the act of 1773, that the fervants 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 investments; and fhall the Company be permitted to divide the produce of thofe goods, whilft the individuals to whom it belongs may be ruined and ftarving, 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 poftponing the bills at prefent in England to thofe which may hereafter arrive. Thirdly, The Report prefumed, that fome effectual remedy would be provided against smuggling. 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 restore 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 discharge 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 speedily 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 obferve on this, that it was an additional rifque proposed to the public, and a farther preffure on circulation. Sixthly, That the 100,000l. remaining unpaid of the last renewal of the exclufive 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 afked 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 fent circumstances 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 stated the whole detail of the accounts, on which the Directors had founded their eftimate; it is unnecessary 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,

pre

would

would amount only to 188,000l. and it was equally absurd 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 7 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 ftated upon a vifionary supposition of an immediate return of oeconomy at the clofe of a moft extenfive war. That the balance due for victualling the King's ships, 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 ascertain the truth, in a confideration of the highest importance. He concluded with moving for a Select Committee.

The Chan

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, unless in the confidence which they repofed in the wisdom of the House, 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 against them. No good reafon could, in his opinion, be given for the second motion of the honourable gentleman. He thought Proprietors of India ftock by no means improper perfons to

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fit