The British Press; or, Morning Literary Advertiser.
London, England, 1804-09-01 00:00:00

tba pahtie, iseludA amongst the chews
abused • • s,soi,ooo
• • .
Ttittate realised from the territories, ha tea
years a/ism . . • . 4,653,;160
.

kis not here meant to be contended, that the
commerce of the .Company derived aid from the
above surplus. There were other demands, which
more properly belong to the territories, which re-
quired and absorbed funds, nearly to. qp equal
amount, :hough not falling strictly within the an-
nual terthotial expenditure. They ate as follows :
Camnic d •bt . L. 1,240,001
. .
Inter •.t oince 1797 . 60;00
• • •
In..i.a.e c .h s,;autce ahrrad in thz Treaciira 1,31n,C03
VI.. •ti :,a ...dvattres be' V/C.ll the l'iLaciileneiea,
ritli.:..W.lf 1041), &r. taken at . 900,000
One yeufa participation to pablie . h00,4'.10

L 4,',20,000

Tninne realivel . 4,6:33,040
Exia demand, not appertamir.g to annual
charge . . 4,5e0,nt 0

:Main/

L. 113,000

Of the above 4,520,000, the increased cash ba-
lance and floating advances must still be considered
as available funds, in the strictest sense; the net
available resource, therefore, from the territories,
in ten years of war, after liquidating an old incum.
brance on the Carnatic, and making a payment of
5D0,0001. to the public, may be stated at 2,333,0001.
The attention of the I louse will naturally be at.
triaed to an increase of debt having taken place in
India, to the amount of I 1094,0001. whilst the ter-
ritories Appear, upon an average of years, fully to
have supported their own expence. So large an in-
cumbrasice is certainly to be regretted, and cells for
explanation ; but it does not, when examined, prove
a do'erioration in the general concern.
Whilst the Indian debt, including China, has in-
croaied 12,033,0001. the debt in Europe has been re-
duced 2,216,0r:01. The aftual increase of debt
upon the whole does nit exceed 9,53;,0001.
Ihe House will not he surprised, in a growing
and entended commercial concern of this nature,
mixed with the Government of a great Empire, that
in proportion as funds realise themselves into assets
of a less convertible nature, as the machine itself
increases in size. and as services press for supplies,
where the necessary funds may not at the moment
be within reach, that new loans must, from time to
time, be made. The effect of such &tax being
eontraaeJ, as bearing upon the value of the con-
cern at large, can alone be measured, by examin-
ing. whether they have been applied to unproduaive
expences, or whether you find, upon the whole, a
cornespondent value realised in another description
of property, which may fairly be considered as a
counterpoise to such debt.
In looking to the question in this point of view,
whilst we find the debts increased since 1793,
n,x57,0n0
The abets are increased . 12,101,400

• Improvement since I 79$ •

. L. 2,265,000

subjeCt to adjostment, in whatever sum may ulf.
!irately be disallowed of the claims on Government,
amounting to 4.018,1261.
Whilst the necessity of new loans must be admit-
ted, far carrying on the joint operations of com-
merce and government during the period in ques-
tion, I cannot avoid calling the attention of Parlia-
ment to the fait of the debt having decreased at
hone, whilst it increased so largely abroad. lam
aware, that in a period of war, when it may be im-
possible in each year to transmit funds abroad, to
the amount which, upon general principles, it is de-
sirable should be done: or where, in any particular
year, the expence, from unforeseen events. enay have
gone beyond the scale provided for from home. that
new loans abroad may have become expedient and
necessary, lather than stiffer the Investment sud-
dealy to decline, to the prejudice of the industry of
India, and to the derangement of the regular supply
of the market at home: but the procuring funds in
India, at the high rate of interest payable on money
the: e borrowed, is, as a general pi aCtice, so injuri-
ous, that I cannot permit this circumstance to pass
without some remark, trusting that the policy of
borrowing in Europe will always be kept steadily in
view ; and that every effort will be made on the
first favourable occasion, to convert a considerable
propoojan of the Indian, into a European debt,
which cannot fail in itself, by the mere reduction
of interest, rapidly to accelerate the ultimate es-
tinCtion of the capital of the debt itself.
I shall not, upon the present occasion, delay the
ilcuse,by minutely tracing the appropriation and dis-
tribution of the Company's funds in each year, between
the home and foreign concern; between the manage-
meat of their trade. and the administration of their
territorial dominions. 'LT accounts which I shall
now call for, will lay the ground for such an inves-
ti,;ation. I shall content myself, at present, with
observing, that as we find, urin a balance of debts
and assets, that the Company s affairs, taken in the
aggregate, have not been deteriorated in the last
ten years, whilst the British Empire in India has
been largely extended and secured t and as I have,
I trust, satisfattorily sheen, that the territories have,
during this per iod,iully defrayed their own expence,
it seems to follow as a necessary consequence, that
the commerce of the Company (co:Waled as it has
been' and onght always to be, on enlarged princi-
ples of steady encouragement to the manufafturing
interests both at home and abroad, rather than on
the confined scale of mercantile profit and exchisive
advantage) has also, from its own profitst. upheld
itself, paying to the Proprietors the dividend of ten
per cent. upon their Capital Stock. If such has
been the result, when both interests had to c.antend
with all the pressure of war, and loans made at high
interest abroad, how great would have been the re-
sources derivable from them, had peace left the Com-
pany in possession abroad of a large surplus revenue,
and bad the money.market at home (from which
they have been excluded for the last ten years, in a
great measure, from deference and consideration for
the interest of the State) been open to the Company,
so a. to admit of their raising, at a moderate rate
of interest, by an increase of their capital, the addi-
boned funds which their growing concerns have, from
time to time, required.
. .