on the capital stock, makes the annual surplus at home, including the 1,059,0271. derived from the revenues of India, amount to 1,207,1141. which, together with the small sum estimated to be left in India, makes the total surplus 1,239,241 1. The next article is the amount of goods and stores, to be exported to India and China; these, including St. Helena, amount to 1,017,000 1. the goods and stores exported in 1791, amounted to 974,959 1. and in the present season are estimated at 1,083,3241. the amount in this estimate is, therefore, about a medium of these two. It is impossible, in stating this article, not to advert to the great increase which has been made in the export trade, during the last eight years, being, exclusive of bullion, from 400,000 1. a year to a million. The article of bills of exchange, or bullion, is merely taken to make up the estimated prime cost of goods in China, that prime cost being provided for as follows: By supplies from India Goods exported Bills or bullion £250,000 600,000 644,580 Total prime cost £1,494,580 The goods and stores to be exported to India are estimated In the Indian estimate, the amount to be received for the sale of imports is stated at 350,000 There is, therefore, an estimated loss on the goods and stores exported to India, of 50,000 The exports to China of goods, stores, and bullion, are not supposed to yield any profit; so that, on the whole, the export trade is estimated to produce a loss of 50,000 1. per annum. If it was material to enter into the investigation, I should assign reasons for doubting the propriety of stating any such loss on the export trade; but it is not necessary, for the present purpose, to take up the time of the committee with that discussion. I shall take the directors' estimate as they state it; and, upon the whole, from the several circumstances above stated, particularly from the low amount at which the surplus in India is taken, and from the low estimate of the sales and profit on the trade, there can be no doubt of this estimate being calculated in an unfavourable point of view, and that the surplus on the whole resulting from it, as stated below the amount annually to be expected. Having thus established that a surplus to the amount of 1,239,241 1. at least, may be expected in future, it next remains to consider the most equitable mode of applying this surplus. These in India, The first object is the liquidation of the debts. amount, as has been above already stated, to 9,084,5501.; of which 6,933,9431. bore interest in January, 1792 but which, from later adVOL. XXXV. [G] vices, vices, as stated in the directors' estimate at 6,669,0821. There are two ways of liquidating this debt, either by paying it off in India, from the surplus there, or by remitting it to England, and discharging it by that surplus, realized through the medium of trade. The latter is undoubtedly by much the preferable mode; as in the other case, the investment could not be made adequate to the demand, without sending bullion to India. The British subjects, of whose fortunes a considerable part of these debts consist, if they were paid in India, must find some other mode of remittance to Europe; and thus would, as formerly was the case, supply foreign companies with the means of carrying on a trade to India, in competition with the company, on a capital furnished by their servants, to the injury of the navigation of Great Britain, and the diminution of the home revenues in duties and customs. The debts of the company in Great Britain consist of the amount transferred from India, and unpaid on the first of March, 1793, which is stated at 1,354,050 1. and the other debts, at the same date, are calculated, exclusive of the capital stock, at 9,247,019 1. the total of both, 10,601,069 1. This includes the sum owing by the annuitants, which is included as a debt due to them on the other side of the account. This statement shews the value of assets at the same period, which, at home and afloat, (including the balance of quick stock in China) amounts to 13,437,4601. The value of assets in India, consisting of cash in the treasuries, bills, goods, and stores, amounted, in January, 1792, to 4,098,405 1. exclusive of debts owing to the company in India, which are stated at 3,518,3931. These, however, are not reckoned upon; but left as a sort of guarantee for the floating debt owing by the company in India, above the amount bearing interest. The value of assets thus at home and in India, is And the amount of debts at home, including the transferred debt £17,113,854 10,601,069 If from each side of the account the 4,200,000 1. owing by government to the company be deducted, the remaining amount of assets is 12,913,854 And of debts 6,401,069 The debts for bills on the court of directors, for customs, freight, demurrage, interest, and dividends unpaid, and various other articles in their commercial concerns, amount, as per No. 24, to 2,454,579 Which being deducted from the above amount, leaves If bonds be kept in the market to the amount of 1,500,000 The debt remaining to be paid off at home is 2,446,440 There There are two ways of discharging it, either by increasing the capital one million, which there can be no doubt of rapidly doing, either by the present proprietors subscribing in proportion to the stock they respectively hold, or by admitting new subscribers to advance the amount. The other method is by installments, to which, considering the smallness of the debt to be ultimately discharged, a very moderate sum only need be appropriated. But, in every point of view, the preference should be given to the first mode, both as tending to an immediate liquidation of the debt, and as it will enable the company, by an additional capital, to extend their export trade to the utmost the Indian or Chinese market will admit of. If the proprietors shall adopt this idea, they will have a just claim to receive an additional dividend, amounting to ten per cent. on both the old and new capital; and after allowing for this, there would still remain a sufficient sum to admit the public to a participation of not less than 500,000 1. The appropriation of the surplus would then stand thus: Net estimated surplus To be applied towards the discharge of the debt transferred £1,239,241 From this statement, it appears, that, in the first year, a balance will remain unappropriated, and which, as the debt in India is paid off, will be annually increasing, Mr. Dundas concluded his long and laborious statement, by submitting to the committee the following resolutions, founded on the accounts referred to them: "That it appears, that on an average of three years, 1787 to 1789-90, inclusive, the revenues of the several precidencies of Bengal, Madras, and Bombay, have amounted Remains to six millions, eight hundred and ninety seven thousand seven hundred and thirty pounds per annum ; and the charges incurred in the civil and military establishments, as far as can be ascertained, to five millions, two hundred and thirty three thousand, seven hundred and seventeen pounds per annum, valuing the current rupee at two shillings, the star pagoda at eight shillings, and the Bombay rupee, at two shillings and threepence. "That it appears, that allowing fifty thousand pounds per annum [G 2] for for the expences of Bencoolen and Pinang, the net revenues of the British possessions in India, on the foregoing average, have amounted to one million six hundred and fourteen thousand and thirteen pounds per annum. "That it appears that the revenues arising from the countries ceded to the company by Tippoo Sultan, at the termination of the late war, stated in the treaty, at thirteen lacks, sixteen thousand seven hundred and sixty-five pagodas, and which countries are estimated by the court of directors, to produce three hundred and ninety thousand pounds per annum, are not included in the foregoing average amount of revenues. "That it appears, that the future revenues of the British possessions in India, are estimated, by the court of directors, to amount to six millions, nine hundred and sixtythree thousand, six hundred and twenty-five pounds per annum, and the civil and military charges (including one hundred and four thousand four hundred and fifty pounds for commercial charges) to five millions three hundred and forty-two thousand five hundred and seventyfive pounds per annum. "That it appears, that the net revenues of the British provinces in India, after defraying the civil, military, and commercial charges, are estimated, by the court of directors, at one million six hundred and twenty-one thousand and fifty pounds. "That it appears, that the debts owing by the East India company at the several settlements in India amounted, on the 31st day of January, 1792, as near as can be ascertained, to the sum of nine crore, eight lacks, forty-five thousand five hundred and eight current rupees. "That it appears, that the amount of the debt, bearing inte rest on the 31st day of January 1792, was six crore, ninety-three lacks. thirty-nine thousand four hundred and thirty-two current rupees, and that the amount of that interest was fifty-nine lacks, twenty-two thousand and ninety current rupees; but that, from later advices, the amount of debt bearing interest is stated by the court of directors at six millions six hundred and sixtynine thousand and eighty-two pounds, and the amount of that interest at five hundred and sixtyone thousand nine hundred and twenty-three pounds. "That it appears, that, after deducting the interest payable on the debts in India, from the excess of the revenues above the civil, military, and commercial charges, the net surplus is estimated at one million and fifty-nine thousand one hundred and twenty-seven pounds per annum. "That it appears, that, on the average of the three last years, from the first day of March 1790 to 1793, the prime cost of goods sold by the East-India company has amounted to two millions five hundred and fifty thousand seven hundred and twenty-eight pounds per annum ; that the customs payable on those goods has amounted to six hundred and twelve thousand two hundred and thirty-one pounds per annum ; the charges of freight and demurrage to seven hundred and seventeen thousand four hundred and fifty-three pounds, and the charges of merchandize to three hundred, and six thousand one hundred and eighty-five pounds per annum, making the total of prime cost and charges four millions one hundred and eighty-six thousand five hundred and ninety-seven pounds per annum. "That it appears that the goods sold by the company in the last three years, on an average, have amounted to five millions one hundred and three thousand and ninety-four pounds per annum, which exceeds the prime cost and charges by nine hundred and sixteen thousand four hundred and ninety-seven pounds. "That it appears, that the prime cost, and several charges of customs, freight, and charges of merchandize, of the goods to be sold by the East India company, are estimated, by the court of directors, to amount to four millions two hundred and forty-four thousand six hundred and ninety-eight pounds per annum. "That it appears, that the sales of goods by the East India company, are estimated, by the court of directors, to amount to four millions nine hundred and eighty-eight thousand three hundred pounds per annum, which exceeds the prime cost and charges by seven hundred and forty-three thousand six hundred and two pounds. "That it appears, that the charges and profit on private trade, on the average of the last three years, have amounted to eightythree thousand three hundred and ninety-three pounds per annum, and are estimated, by the court of directors, to amount to seventy thousand pounds per annum in fu ture. "That it appears, that the net surplus on the whole of the revenues and trade of the East India company, after paying eight per cent. dividend on the capital stock, of five millions, is estimated, by the court of directors, to amount to one million two hundred and thirty-nine thousand two hundred and forty-one pounds per annum." Mr. Hussey said, the right hon. gentleman had triumphed on the consent which his plan had obtained in another place; but his triumph would have been somewhat diminished, if he had considered that such consent had been bought by the addition of two per cent. on the capital of the East India company, and an exclusive charter. Mr. Dundas replied, and the House adjourned. The attention of the House of Commons was next called to renew its attention to the slave trade; a subject whose important discussion had, in some preceding_sessions, employed the first talents and eloquence of the lower House of Parliament, and was still in a state of examination, by the deliberative wisdom of the House of Lords. On Tuesday, the 26th of February, Mr. Wilberforce stated, that the motion which he proposed to make was, in his opinion, so much a motion of course, that he flattered himself, no serious opposition would be made to it, as it was no more than a preliminary to the renewal of the resolutions which were carried last year by a considerable majority. He then moved, "That this House will, on Thursday next, resolve itself into a Committee of the whole House, to consider of the circumstances of the African slave trade. Sir William Young said, that reflection, instead of making him desist from his opposition, had |