took into their consideration messages from his majesty, for a million and a half, on the terins above stated, to the kingdom of Ireland, and three millions and six hundred thousand pounds for the emperor. These resolutions, though not withont undergoing various strictures, were agreed to. There was another remittance moved for at this time, for a sovereign prince of Germany, which was voted readily, and without the least opposition. This was the sum of 80 0001. for a portion to be given with the princess royal, on her marriage with the hereditary prince of Wirtemberg. During the progress of the loanbill, through the different stages, intelligence having been received by the minister, that preliminaries of peace were either signed, or ready to be signed, between the French republic and the emperor, he stated to the house, in a committee of supply, on the fifth of May, that he should move for repayment of the advances already made to the emperor; but that it was not his intention, according to the grounds he had for deciding his intention, at that moment, to make any provision for farther advances to his Imperial majesty. The subscribers to the loan, which Mr. Pitt obtained near the beginning of the session, commonly called the loyalty-loan, having discovered that they were liable to incur a considerable loss from the subsequent depression of the funds, notwithstanding their former patriotism, prevailed on the minister to apply to parliament to make them a recompence. On the thirtieth of May, he moved the house of commons to allow them 51. in every 1001. which would amount, in the whole, to an annuity of sixty or seventy thousand pounds. Mr. Dent, Mr. W. Smith, Mr. Bastard, and other members, contended, that a loan was a speculation, on which the subscribers entered with the usual expectation of gain or loss, as on any other speculation. They urged the evil tendency of such a precedent, and conjured the committee to reflect on the state of the country, before they should sanction a measure so unprecedented and shameful in its nature, and so ruinous in its conquences. The minister, for his own sake, should not persevere in a measure, which, if adopted, must tend greatly to countenance an opinion, which began to be very generally entertained, that there was a kind of collusion between him and the great monied capitalists, for the purpose of gratifying their respective predominant passions, power, and profit, at the expence of the sweat and almost blood of the people. This business was discussed again, on the first of June: when the injustice of it was so strongly urged by different speakers, that the chancellor of the exchequer carried the resolution in favour of the money-lenders, only by a single vote: namely, 36 to 35. This question was, of course, dropped for the present. It is in connection with the general subject of finance, that it seems proper to introduce a plan that was proposed by the chancellor of the exchequer, and adopted by the bouse, and which met with general approbation, as tending to strengthen public credit, and quicken the springs of commerce and national prosperity. This wis the : the funding of the navy, and exchequer bills the former, amounting nearly to twelve millions; the lat ter, to two millions and a half. In adjusting the amount of the bonus to be given, in order to induce the holders to take a different kind of security, the point to be considered, was the difference between the vaJue of those bills, burthened with a discount, and drawing an interest of 4 per cent. and the value of those funds which were to be transferred to the respective holders. It was deemed advisable to fund the bills in the different stocks, leaving the choice of the particular stock to the holders. The bonus granted, amounted, on an average of the different rates of the different stocks, to one and a half interest on the bills, per cent. In this chapter of finance, we proceed now to the British commerce and finances in India On the 20th of December, Mr. Dundas introduced into the house of commons his statements respecting our affairs in India, which he divided into three classes. The first class consisted of the average statements of the three last years, with a view of enabling the committee to judge of the past the second, a comparison of the estimates, and actual amount of the charges and revenues of the last year: the third, an account of whatever expences or disbursements might arise in a future year. From a general statement of the revenue and charges in India, for the year 1794-5,* it appeared that there remained a sum applicable to the purchase of statements and payment of commercial charges, 2,084,767. From a statement of the disposition of this surplus from the territorial revenue, it appeared that there remained a sum of 246,3221. applicable to any other purpose. This sum, he understood, had been applied to the purchase of rice, and to the profit and loss account upon internal trade. He now proceeded to state the general result of the estimates for 1795-6. Adding the increase of assets to the decrease of debts, he found that the company's affairs in India were better that year than in that preceding it, by 554,3901. Having stated the affairs of the company abroad, the only part of them for which he was responsible, he proceeded to give the state of their affairs at home, which were more immediately under the charge of the directors. Upon a general comparisen of debts and assets, Mr. Dundas concluded that the company's affairs were in these respects better in 1796, than in the preceding year, by 1,210,490. Having thus concluded his statement of accounts, Mr. Dundas stated some, charges incurred by late regulations, to which a part of the surplus he had stated would naturally be applied. The regulations to which he alluded were those that had been made for remedying two grievances complained of by the military officers in the service of the East-India company. They had not the same chance with his majesty's officers of rising in the army, being incapable, according to the mode and custom of the India army, of rising any higher than the rank of a colonel. Nor could they return to their own country for the benefit of their health, without giving up their commissions and losing their pay; a system of great severity and injustice, as it left to the gallant officer, whose generous exertions for the company's interest had injured his health without benefitting his fortune, no alternative but to return home totally unprovided even by half-pay: or to stay in the service, and retain his pay, at the price of health and pay together. The just complaints of the India officers had been remedied, to the complete satisfaction of the great bulk of the officers, at the annual expence of 500,000l. Reviewing that part of This sum, he said, might be considered as a free disposable sum for the purchase of investments, for any other purpose; but, previous to such an application, a deduction was to be made of the different items, as follow: Deduct interest on debts, to be paid from the surplus. No. 19, Madras No. 20, Bombay 339,122 Hence the nett surplus from the territorial revenues, would be To which it was proper to add the amount of the sales of imports, cer tificates, &c. (No. 15.) 1,522,590 562,177 And the amount which would be applicable to the purchase of investments, payment of commercial charges, would then be 2,084,767 VOL. XXXIX. [L] the the company's concerns which fell most immediately within his province to examine, he was confident in asserting, that it was in an increasing progression of prosperity, and that there was every prospect of this prosperity being yet very considerably augmented. Their revenues and establishments were settled on a solid and permanent basis: nor was there any circumstance within the probable scope of events that was likely to reverse their situa tion. Mr. D. Scott confirmed the general statement of Mr. Dundas, as to the prosperity of India, and the progressive increase of profit upon all the sales. He stated the advantage to be derived from the commerce of Bengal, as well as China. Mr. Scott observed, that it cost the company above 1,000,000l. additional, on account of freight; but, in the event of peace, this would be saved, and consequently a much larger profit would arise upon the sales: besides, in times of peace, many more markets would be open for disposing of the commodities of India. Mr. Scott differed widely from an honourable baronet (sir Francis Baring), in his opinion respecting the possession of certain late acquisitions. The Cape of Good Hope and the island of Ceylon were of the greatest importance, next to the possession of Bengal, for securing the empire of the east. With respect to the spice-islands, he thought it better that this country should have them than the French; though perhaps it was better that they should be left in tirely free. The various matters of fact stated by Mr. Dundas were now recorded, and authenticated in the form of re- Mr. Dundas, at the same time He accord expenditure occasioned by the new military arrangement, and the miIntary expeditions so happily planned and executed. It appeared, from Mr. Dundas's statements, that the company's assets abroad exceeded their debts by 660,000l.; and, that if the whole of their affairs were wound up, they would receive an annual return of 950,000l. Mr. Dundas then moved various resolutions, corresponding to his various statements: all of which were agreed to. [L2] CHAP 1 |