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XX.

CHAP. was not in their power, he faid, to keep their engagement; they were inferior to a general 3772. court, and if on the recefs of parliament a general court were called, a fhip might be ordered, and the supervisors many leagues at fea before the houses were again affembled: in fuch a cafe not the promife of the directors, not even the opinion of the two houfes, nothing but an act of parliament could be a fufficient guaranty. Burke declared the propofed measure to be an invafion of the company's charter, and a direct infringement of the law of the land. In ridicule of the fecret committee, he faid, "Here "is a committee appointed last year; a fair "and open committee, which has produced nothing. This was a lawful wife publicly "avowed; but finding her barren, they have "taken a neat little fnug one, which they call "a fecret committee; and this is her firft-born. Indeed, from the fingular expedition of this extraordinary delivery, I am apt to think the was pregnant before wedlock. Continuing in the fame vein of pleafantry, intermixed with more folid argument, he obferved, "If we "fuffer this bill to pafs, we fhall, in fact, be

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come the Eaft India company; and you, Sir, will be feated in that chair, with a little "hammer, by an inch of candle. The treasury "bench will be the buyers, and on this fide we "fhall be the fellers. The fenate will become "an auction-room, and the fpeaker an auctioneer!" The motion was however adopted, 10th Dec. and in three days afterwards the bill was introduced.

Procced

THE directors were not fo depreffed by unings of the toward circumftances, as to furvey thefe pro

directors.

114 to 45.

ceedings

XX.

1772.

Their pe

bill.

ceedings with indifference. On the appoint- CHAP. ment of the fecret committee, a general court refolved to petition parliament against the right claimed of infpecting their books; but the ra- ft Dec. pid proceeding of the committee having fruftrated that intention, they now petitioned against the bill, and were heard by counfel. 14th and The petition, however, did not appear intitled 18th Dec. to much attention, it was feebly compofed, tition and figned by no more than fourteen pro- against the prietors of ftock. The grand point infifted on by counfel was, that the malverfation in India being enormous in its amount and extent, the faving which might accrue to the company by a commiffion of honeft and able men, would be fo great as to render the expence of trivial importance; but they failed in proving that the company poffeffed fufficient authority over their fervants in India, to reftrain thofe abufes which by long forbearance were grown inveterate. The increase of these malpractices was clearly demonftrated; and the rapacity and odious means ufed to opprefs the natives, without benefit to the company, fully difplayed: but it was not advanced, that any powers delegated by the company alone could be fufficient to remedy the evil, which was more likely to infect the fupervifors themfelves than be removed by their exertions. Burke fpoke with Burke's his accutiomed wit and eloquence: he difplayed fpeech. (to use the words of an anonymous author) all thofe rare qualities of the head and heart, with which he was fo eminently gifted. He inveighed with feverity againft the conduct of minifters, who, fince the year 1767, had been receiving from the Eaft India company four

History of lord North's adminiftration, p. 92.

hundred

XX.

1772,

CHAP. hundred thousand pounds per annum, and yet conniving at their notorious maladministration, for the purpofe of fubjecting them fo intirely to their own mercy, that they might plunder their property, and invade their chartered rights without fear or fcruple. Alluding to the dilatorinefs of the felect, and the extraordinary difpatch of the fecret committee, he faid, "One has been fo flow in its motions that the com

66

pany have given up, long fince, all hopes of "redrefs from them; and the other has pro"ceeded altogether as rapidly; fo that no one "knows where they will ftop. Like the fly of a jack, the fecret committee has gone round, hey go mad! the felect committee has moved "like the ponderous lead at the other end; "and in that manner, have they roafted the "India company." The reafonablenefs and Bill paffes abfolute neceffity of the propofed reftrictions were, however, too evident to be removed by rhetorical ingenuity, and the motion for the third reading of the bill was carried by a majority of more than five to one.

the com

mons.

Opposed

in the

house of lords.

IN the upper houfe the bill was principally oppofed by the duke of Richmond, who, as a proprietor of India ftock, was alfo confpicuous at the India houfe in refifting the measures of 23d Dec. government. A petition was offered against the third reading, fimilar to that which was prefented to the houfe of commons, and the fame counfel heard, and evidence examined. The debate was not diftinguithed by a great

Petition.

153 to 28.

From the flatements made to the house, it appeared, that the nett duties paid to government of 1,000,000 1. per annum, the indemnity upon tea, and the 400,000l. paid to government, amounted in the Whole to an annual fum little thort of 2,000,cool. That the company

loft

a great difplay of talent; the motion for the CHAP. third reading was carried,' and a proteft, not XX. remarkable for argument or ingenuity, figned by five peers, was entered on the journals.

1772. Bill paffed.

reduced.

DURING the recefs, the court of directors 29th Dec. adopted a meafure which prudence and in- Dividends tegrity ought to have fuggefted at an earlier period: they reduced their dividend to fix per cent. This palliative, for it was no more, could not however reftore order to their finances; and the court, feeling the neceflity of an applica-. tion to parliament for a loan, endeavoured firft to learn from the minifter the general plan he intended to propofe for the mutual good of the public and of the company. To the meffage which conveyed the requeft of information, 1773lord North declined any reply, and the general court was obliged to pafs a vote, that applica- 24th Feb. tion fhould be made to parliament for the loan of 1,500,000l. or fo much as fhould be wanted Applica for four years, at four per cent. with liberty of parliament difcharging the debt, by payments of three for a loan. hundred thousand pounds each.

loft by the indemnity agreement, fince its commencement, at least 1,000,000!. of which 700,000l. was to be paid to government, and 300,000l. to the purchasers. That the fale of 31,000,000 pounds of tea, fold in the last five years, produced a fum lefs by 100,000l. than 21,000,000 pounds fold in the preceding five years: from which it appeared the company fuffered a total lofs of 100,00ol and 10,000,000 pounds of tea. That government had profitted by the company, within the last five years 3,395,000l. that is to fay, 2,200,000l. being the produce of five years and a half of the 400,000l. per annum which the company ftipulated to pay, and 1,195,000l. increafe of the revenue on that branch, compared on a medium of the preceding five years. That the whole of the company's receipts of dividend, during the fame period, was fhort of 900,000l. above fix per cent. the loweit trading dividend in time of war; and on the whole, that the mercantile profits being on an average 464,000l. per annum during the above, period, they would afford a dividend of twelve and a half per cent. from whence it was evident that government reaped an advantage of 3.395,cool. and the company or proprietary not a single filling.

Contents 26-Non-contents 6.

12th Feb.

tion to

CHAP.

XX.

IN purfuance of this refolution, a petition was prefented to parliament, propofing that the company fhould not make a dividend of more March. than fix per cent. until one-half of the pro

1773.

Petition.

9th Mar. Lord North's motion.

23 March. Reftric

tions on

the company.

pofed loan was difcharged; that the furplus of the net profits arifing in England above the faid dividend, fhould be appropriated to the payment of the company's bond debt, until it was reduced to a million and a half; and from thence that the furplus profits fhould be equally divided between the public and the company. It was alfo requefted, that the company fhould be releafed from the heavy penal intereft incurred by the non-payment of money due in confequence of the late acts for the indemnities on teas, and alfo discharged from the annual payment of four hundred thousand pounds to the public, for the remainder of the five years specified in the agreement. Lord North, in a committee of the whole houfe, after exculpating government from many infinuations, refpecting the payment of four hundred thoufand pounds a year, moved a feries of refolutions, which eftablishing the neceffity of parliamentary afliftance, and the propriety of a loan, ordered a fupply of 1,400,000l. with a provifo that due care thould be taken to prevent the recurrence of fimilar exigences.

THE regulations intended to produce this effect were, a refiriction from making a greater dividend than fix per cent. till the loan fhould be repaid; from augmenting their dividend to a greater amount than feven per cent. till their bond debts fhould be reduced to a million and a half; and no larger dividend than eight per eent. was to be allowed until a participation of profits between the public and the com

pany

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