Deducting the increase of Debts from the increase of Assets, the improvement in the Home Concern in the year is

Balance at Chi

Increase

14,979

ASSETS AT HOME.

On 1st March 1803

17,440,593

On 1st March 1804

19,168,736

1,728,143

Net Increase of Assets 1,959,396 The net improvement of the

year in this view appears

to be

From this sum should be de

ducted the amount of cargoes arrived in India previous to the 30th April, 1803, and included in the quick Stoeks there which formed part of the car

739,573

goes afloat outward in the Assets at Home

417,000

1,713,164

319,575

CHINA AND ST. HELENA.

The Remainder is Which may be considered as still liable to farther adjustments, when the final arrangement of the claims of the Company upon government, as stated in the Home Assets, shall be completed.

This statement being concluded, the Noble Lord begged leave, be fore he sat down, to make a few general observations. He wished to call the attention of the commit. tee to the estimates which be had brought forward for 1802-3. He had then expressed his sanguine conviction, not only that the pub he would receive a participation of 500,0001. but that the company, in addition to this contribution to the public, would be able to establish a sinking fund for the extinction of their debt, to the amount of two millions a year. When he had made this declarstion, it was but fair to keep in mind, that the circumstances then existing were very different indced from those in which the country is now' placed. It was in the entemplation of the contmuance of

peate

peace, that he could only look forward to the fulfilment of his expectations. But to shew that he had not proceeded on light or trivial grounds, he adverted to the estimates which he had laid down, and contrasted them with the real amount of the revenues and charges. The Noble Lord next proceeded to shew, that the arrangement for liquidating the debt of the company was as strictly adhered to as it was possible to do; and that it was not reasonable to expect more from them, unless their trade should have the good fortune to take another turn: it was rather matter of surprise, that under such circumstances they could have made such laudable exertions. Still if affairs were to assume a tranquil aspect, there was little doubt but a much more favourable result must arise. The Noble Lord also explained the difúculties which obstructed the repayment of the company's debts, and endeavoured to shew that these difficulties principally arose from the advances made towards the support of government. It were much better, he observed, if these means were provided from Europe; for the rate of interest in India rendered them far more enormous. Indeed, if the whole of the accounts were fairly looked to, and also the circumstances under which they stood, he ventured to hope that a far more favourable prospect would be opened both to the company and the public than generally seemed to be expected.--The Noble Lord concluded by moving the first resolution.

Lord ARCHIBALD HAMILTON alluded to the repeated promises given by the predecessor of the Noble Lord, respecting the prospety of the affairs of India. The OL. 6.

house had been many years ago assured that India would not only be freed from all embarrassment, but would actually be able to administer relief to the financial demands of the empire at large. They were assured that not only would aid be afforded to the public, but that the whole Indian debt would speedily be extinguished. He wished the committee to reflect how these fine promises had been realised. Since these promises had first been brought forward, the Indian debt, it was known, had increased three or four fold. In 1793, when the charter of the company was renewed, a stipulation was made, that 500,0001. should annually, after a certain period, be paid to the public. Of the sum so stipulated for, not one sixpence had been, or was likely to be received. He wished to ask, on what foundation the promises held forth were supported, and when or where the public might, in reason, hope to see them realized? The debt of the company, so far from being diminished, accumulates from year to year. Last year it was eighteen millions, and by the papers now on the table it would appear that it was upwards of nineteen millions, with every prospect of a still greater accumulation. The Noble Lord alluded to the state of the account betwixt the company and government. Last year the debt due bygovernment to the company was estimated at something more than four millions. At that time a million had been discharged, and still the balance against g›vernment was not diminished, according to the statements contained in the papers on the table. Le thought this a very extraordinary circumstance, and called on the 12

Noble