Deduct. Net decrease of balance in favour, at China and St. Helena 187,042 Net increase of assets 1,755,351 Deducted from the increase of debts, would show the state of the whole concern to be worse than at the conclusion of last year, in the sum of Which sum was subject to alteration on the final adjustment of the claims of the company on government, included in the home assets, to the amount of 3,573,3391.; making an increase in this year, under this head, of 900,899. In these statements the committee would see that in the situation of the company the pressure of the debt was the circumstance which called forth the most serious reflexions. Heavy, however, as the pressure of the debt was, it was matter of agreeable consideration to the committee to know that, if since 1793 the debt had increased, the assets of the company had increased in a similar proportion. While their expenditure had accumulated, their receipts had advanced in a degree equivalent to the increase of the demands on their general stock. In speaking of the existing India Indian debt Of which bore interest 707,473 debt, the most striking consideration was the severe pressure of the high rate of interest; and therefore in any plan for the extinction of the debt, the first point to be attended to was to take measures for transferring the debt of India into the debt of Europe. He had to state to the committee, that on an average the rate of interest was not less than 9 per cent.; and therefore the policy of such a system as he had now alluded to must clearly appear to the committee. His lordship described, with great minuteness, the whole of the plan formed on this principle for the extinction of the debt. Abstracted from the calculations, his arguments would be unintelligible to the general reader, and therefore we think it unnecessary to go beyond his general statements. Exclusive of 80,000/. included in the charge for interest now payable to commissioners on debt brought up. To be applied in each year 2,000,000 Till the capital in India bearing interest was reduced to 4,000,000 Amount to be reduced 12,000,000 Time required, six years. Annual sinking fund to be constituted as follows: From net proceeds, as above From savings of interest and loans in Europe 1,000,000 1,000,000 ing the rate of interest to be gradually reduced, till it should stand at six per cent. India debt would be reduced, April 1809, to Interest The twelve millions paid off would have been supplied Surplus from net proceeds for six years Savings of interest on the same period £. 4,000,000 240,000 - 6,000,000 2,713,000 3,287,000 Of the sum to be furnished from Europe, not more than 200,000%. need to be raised by loan; the repayments from government for the Egyptian expedition, &c. would cover the remainder and this sum subject to be reduced by any improvement of net proceeds which may happen either in the revenues or commercial profits. State of affairs at the end of six years. 12,000,000 2,250,000 250,000 Home surplus Deduct public participation Supposing two millions raised in aid of sinking fund, 2,500,000 500,000 2,100,000 100,000 7,100,000 Net proceeds subject to ulterior appropriations-viz. 350,000 1,750,000 2,100,000 The operations of the above appropriations, until the year 1813-14, when the charter would expire, unless sooner renewed, would be to increase the company's dividends annually by one half, viz. 350,000l. and to accumulate at 4 per cent. compound interest, during the five years, a guarantee fund of 9,485,000. In the event of war, the Indian surplus must be necessarily reduced. The reductions of charge since the peace amounted, per estimate, to 783,0001. per annum. Allowing for a war establishment equal in extent to that at the close of the late war, there would still remain, net proceeds, 787,000l. But to make the most ample allowance, take the war charges at a million, there would still remain, net proceeds, 500,0007. applicable to the reduction of debt. In this case, the participation of -the. the public would necessarily be For executing the above measure, and for the extension of trade, the company possessed the following available resources: Might add to their capital two mil- 1,000,000 5,400,000 2,000,000 3,400,000 nately for this country, for Europe, and the world, we should again be forced to renew the war, it was a great satisfaction to reflect that no part of our dominions was in a state of greater security than India. We had a numerous and well-appointed army, which was adequate, not merely to guard against attacks from any of the neighbouring powers, but to afford complete security against the force of any European power. The influence of the company was so steadily fixed as not to be exposed to any rivalship. After expatiating with conside rable force on this point, his lordship concluded by moving the first resolution. After some little debate, the whole of the resolutions were read and agreed to. To conclude this subject at one view, we shall add, that, on the 29th of July, lord Castlereagh (after the house had resolved into a committee on the East-India affairs)again opened at considerable length the general statement of the East-India company's affairs, in the year beginning from March 1801, and ending in the same month 1802; he also presented an estimated statement for the year of 1802-3. In the budget which he had- presented at the beginning of the session, he had given a detailed statement of the affairs of the company in 1800-1, and only an estimated statement of 1801-2. He now, having received the accounts, was able to present the actual statement of last year, and an estimated statement of the current year. He was happy to inform the committee, that the To the preceding calculations it might, perhaps, be objected, that the value of the assets of the company would, in consequence of the peace, experience a considerable depression. This, to a certain degree, he did not mean to deny; but making every suitable allowance for this depression, he had no difficulty in saying that the statements which he had now made would be fully realised. His lordship concluded-the extent of our empire and our reve-actual revenue for the last year nue had been almost doubled. In considerably exceeded the estimated the present state of this country revenue, and that the revenues of and of Europe, it was impossible every presidency were in a state to calculate on a very long continu- of improvement. He was conscious ance of peace; but if, unfort that he was going to call the atten H2 tion Net revenue estimated for 1802-3, more than preceding year MADRAS. Revenues -An average of aggregate receipts would not be a correct ground of comparison, on account of the additional revenues acquired by conquest and by treaty since the year 1799. On the same principle as adopted last year, viz. by taking the average collections from the post-office, the old land revenues, the customs, and 484,395 do. 170,517 654,912 |