admirable method of rendering the company great and glorious; they began, by plundering them, under the name of an agreement, of above two millions, and now put the laft hand to the work, by taking advantage of the diftrefs principally caufed by that plunder, to deprive them of their charter, and overthrow their conftitution; firft they tempt and terrify them into a ruinous extravagance of grants and dividends, and then as a punishment, deprive them of whatever this extravagance had left. That indeed the minifter was lavifh in his declarations of his friendly intentions towards the company; and thefe declarations must be confidered as a full compenfation for every thing they fuffered. It was farther faid, that this bill must be productive of the most fatal confequences with respect to other funds, and put an end to all confidence in the public faith; and it was afked with great bitternefs, what fecurity there could be in a country, where the royal charters, repeatedly ratified and confirmed by acts of parliament, could give no permanent establishment to property. That the argument of expence was a mere pretext to cover worfe defigns. That it was admitted fome fort of fupervifion was neceffary; and the objection of expence was equally applicable to any fort of fupervifion. As to the want of powers, it was faid, that if there was any defect of that fort in the company's charter, they might be given with equal effect to the commiffioners who were legally appointed, and without any violation of the rights or charter of the company.

To thefe and many other ftrictures, the diftreffes and extravagance of the company, the neceffity of obferving the ftricteft economy in their affairs, together with a due regard for their welfare, which was fo intimately connected with that of the ftate, and a

just attention to the fecurity of their creditors, were deemed in general fufficient anfwers; it was alfo infifted on, that this meafure was no invafion of their rights; and that if it had, the legislature had an unqueftioned right to interfere, to prevent their running headlong to ruin. Upon a divifion, the queftion was, carried by a great majority, being fupported by 114 votes, against 43 only, who oppofed the bringing in

of the bill.

In the farther progrefs of this bill, a petition, couch ed in the strongest terms, was prefented against it by the India company; and several of their fervants, confifting of the examiner of the records, the auditor of Indian accounts, the accountant-general, and the fuperintendant of the custom-house accounts, were examined, by the company's defire, at the bar of the houfe of commons, in order as well to fhew a true ftate of their affairs, as the mifconduct and difobedience of their fervants abroad, and the confequent neceflity of the supervision. In the course of these examinations it appeared, that the exorbitances and oppreffions ftill continued to be committed by the company's fervants in India. Through their own imprudence, in afking needlefs or improper queftions, a full fhare of thofe charges, were brought directly home, to fome of those gentlemen who were then fitting in the house.

It appeared, that fince the year 1765, the company's expences had increafed, from 700,000l. to the enormous fum of 1,700,000l. annually. It alfo appeared, that government had received by the nett duties, the jademnity upon tea, and the ftipulated 400,ocol. little lefs than two millions anrully from the company. That the latter had loft by the indemnity agreement, from its first commencement, at leaft one million; of which 700,000l. went to government, and the remain,

der

der to the purchasers. It was alfo fhewn, that government had profited, extraordinarily, by the company, within the last five years, to the vast amount of 3,395,000l. viz. by the produce of the annual ftipulated fum, 2,200,000l. and by the increase of the revenue, compared on a medium with the five preceding years, 1,195,000l. That the whole of the company's receipts of dividend during the fame period, fcarcely amounted to 900,000l. more than 4x per cent upon its capital, which was the lowest trading dividend that had ever been made during the most expensive and dangerous war. It appeared, upon the whole, that the companys, mercantile prófits during the above period, amounted on an average, to 464,000l. annually which would have afforded a dividend of twelve and a half per cent; fo that while government profited to the great amount we have mentioned, the company and proprietary, instead of benefiting a fingle fhilling, loft confiderably of the dividend, which the profits on their trade, only, would have afforded. Thence they argued, that far from being delinquents, their merits with the public were unparalleled by any example. That the abufes committed by their fervants, were fuch as they could not prevent, because they could not forefee; that when they were known, they endeavoured by reiterated orders from home to correct them; that they had prepared various commiffions for that purpofe; one under Lord Clive; a fecond, which had been unfor tunately loft; and a third, which contrary to their rights, was now propofed to be refcinded. They contended, that parliament could not take this ftep, as being contrary to public faith. The matters of fact in the petition, were ftated by the evidence with clearnefs and precifion, I have been the more particu

lar

lar in this detail, as it will undoubtedly excite the admiration of future ages, to confider the power and opulence, which had been once in the poffeffion of a company of English merchants.

A fecond report had been made during this time by the fecret committee, which contained a long statement of the company's affairs; of their debts, credits and effects, both at home and abroad. It was objected that this piece was fo over-loaded with figures and accounts, and fo full of intricacies, that it could afford but little information, (except what was taken for granted from the grofs fums) within the narrow time that fuch information could be neceffary, with respect to the prefent bill. This ftate of their affairs," was confidered by the company and its friends, as a very unfavourable, if not unfair reprefentation of them; and drew many ftrictures upon the committee, the darkness of its proceedings, and the doubtful information that could be obtained through fuch a medium. It was again lamented, that a fair and fair and open enquiry had not been carried on, according to the happy genius and spirit of the English conftitution, by which every gentleman would have had an opportunity of founding his opinion upon matters as they appeared to himself, and of requiring fuch explanations as he thought neceffary; that the time unavoidably fpent in fuch an investigation, would afford leifure for cool deliberation, and for digefting, in fome degree, the feveral parts of fuch complicated matter; whereby random opinions and hafty reports, framed in a hurry, and without a poffibility of feeing all the fides. of the fubject, would be precluded; and at the fame time, the parties concerned would have an equitable opportunity of attending to their refpective interefts, clearing up doubtful points, rectifying mistakes, and

the

334

the fatisfaction of knowing the ground upon which measures were to be founded, in whofe confequences. they were fo deeply affected.

On the other hand it was urged, that the committee had acquitted it felf of its truft with the moft diftinguished fidelity, and difpatched and had gone through fo complicated a bufinefs in lefs time than could be expected; which could not have been done, if the committee had been open, and fubject to debate on the feveral articles. That it is no wonder, that: matters of account in fuch a bufinefs fhould appear to produce different conclufions, according to the different manner of viewing and ftating them. But unless direct falfification were proved, the house must neceffarily abide by the statement of thofe whom they' had chofen for the purpose.

Upon the third reading of the bill, counfel was heard in behalf of the company, after which great debates arofe. It was advanced by the oppofers of the bill, that as the company's legal right to the appointment of all its own fervants, and to the entire management and regulation of its internal affairs, had been fo clearly proved as not to admit of a queftion, and that the rapacity, mifconduct, and difobedience, of the fervants in the prefidencies aboard, was fo notorious as to be allowed on all hands, no reasonable objection could not lie to the exercife of that right, when its expediency, and even neceffity, were fo evident; and that as every delay, in the prefent circumftances, must be ruinous in the highest degree to the company, and proportionally prejudicial to the nation; it was to be hoped, that no further oppofition would be made to the carrying of the commiffion of fupervifion into im. mediate execution, and that the prefent bill would be

rejected