The Sun.
London, England, 1806-02-26 00:00:00

whi.eh,:had since increased to a 'MOO formidable
amount". _..After thre.appropriat ions sho,old be made,
then, the 'Alt allowed a dividend of 10 per cent. to
the PrOpiietors,,, It now happened, fiat this was
the-only.part of the Law which was not..violated,
and it was precisely that part of it•wliich would be,
more honoured in the breach than i a the observ-
ance." As to the investments which were to be
Made from Colonial -produce be imported, there
had been no such thing.' -After the appropriations
which he had already stated, the East India Corn-_..
pany had bargained with the .public, as a small
equivalent for their exclusive commerce, that they
would pay a sum of 500,0001. 'annually. Of this sum
not a shilling bad been paid. There remained now
due to the Public,- On that account,' seven mil-
liops, which, with: the accumulation of the in-
terest, would have redeemed for the Nation no
less than thirty-five millions of the National
Debt. It was also , expressly ena&ed in that law,
that after the liquidation .of the debt there should
be an appropriation of half a million annually, to
form a guarantee fund. Nothing has yet beeh
done to establish such a fund. There was another
Clause in the ACt for obliging the GoVernor to
present annUal. Accounts, and to state the diffi-
culties, if any occurred, in complying with the-
several appropriations mentioned ; but now, in
the thirteenth year of the existence 'of the
ACI, no such Accounts had been -presented.--
It would, therefore, appear, that every part of
this Law had
.been violated. -He. declared, that in
coming forward to state those violations of .the
Law, he was' induced by no other consideration
but a sense of the duty he owed his Country. He-
had no .object to gain, and he 0641 e~isily per=
ceive, that he exposed himself to _much obloquy.
The Debt of India, however, had now increased to
such an enormous height, that it was time to look
the evil in the face, and consider the causes"which
had produced such a disastrous result. The Debts
of the Company were thirty millions in India, twelve
millions at hOme, besides the Seven millions that he
contended they were indebted to the Public as the
price of their Charter. He concluded by moving
the first of his Resolutions, which was, " For -an
Account of the amount -of the Bills of Exchange
drawn upon India, in consequence of the Aal Of the-
-33d of His Majesty."

Lord CASTLEREAGH hoped the HOuse would
excuse him, if having been trusted with an import-,
ant office in the Administration of India, he -felt
that he could not sit silent after . the,. observations
which bad been made by the Hon. IVlemSer who
spoke last. It appeared to hirn_ that the Hon.
Gentleman had either misconceived --the
luded to, or else that he must have -read h..very
hastily, as 'he had blended together the territorial
and the commercial revenues, should be con-,
sidcred as distin& things. , As to the sending of bul-
lion to India in payment for its Colonial produce,
whatever prejudice there might once have existed
against exporting bullion, in modern times it is
only considered as a commercial medium-, which
may be exported without danger in its conseqtiences.
The Hon. .Gentleman had blended together many.
other considerations, which plight to have beeti kept
distina. He had not distinguished the debt and
the assets abroad or at hoMe, nor `taken .notice
of that intermediate measure, the -arrangernent -for
the transfer part of the Indian Debt to this Coun
try. As to the A& of Appropriation,- the only way
that the House did, or- could in common sense
have ordered the appropriation 'was, that in case
of a surplus there should be set apart in the first
place a sum for the Military Expellees, in the-next
place for the Civil and Commercial Affairs, and then
that the remainder should come over
_in invest-
ments. The Honourable Gentleman .was much
Mistaken if he -thought that a single ena&ment
would be sufficient to allow tlw,,Country to parti-
cipate to the amount of the half million stated:—
Unless there were a surplus for such sum to come
Out, it would be impossible that- k should-be -}paid.
When there WaS no surplus it was also impossi-
ble that annual accounts. should he laid' befofe-the
House of an appropriation of 'a surplus. The Ho-
nourable Gentleman seemed to be in a mistake
throughout -the whole of his speech, in only con-
sidering
the surplus._ of territorial revenue, instead •
of the net proceeds arisinrfro—m" the commercial
transadtions of the East India COmpany- combined
with their territorial re-venue. The guatinitee Fund
which he mentioned was,only toH,be created after
the Debt should be reduced to two millions: In
the present state Of the' Finances of the East India I
Company, it must. be recollected, that the last two
or three,yeArrand since the -commencement of. the
Mahratta War, .have been times of the, severest
pressure. Up' to the month of April, 1803, he
had frequently stated to the House, that the finan-
cial situation of India was a situation of great prels-
perity and affluence, and which justified the ex-
peaation which had been so long entertained of this
Country participating in the prosperity of -the Com-
pany. He should not speak either of what might
be the financial pressure at the present moment, .nor
of the means that the Company •had orsUrniotint-
ing this pressure—hut he thought it would. be im-
possible for Gentlemen to limn a right judgment
of the- present state of Indian affairs until the Ac-
counts, of the years 1803 and 1804 were befOre the
Honse. He concluded by asserting, that if-it had'
not been that the subsequent expenses of the War
had disturbed unexpectedly the prosperity which
,prevailed in 1803, the statements be had made would
have been realized.

Mr. FULLER, after a few observations on the
loss of :Marquis Coinwallis, spoke' of the neces-
sity of provided for his brother, Admiral Corn-
wallis.

Lord FOLKSTONE contended, that there had
been no misconception of the Act by the Honour-
able Mover, but that the law had been, as 'he:stated,
violated in all its material points.
Mr. FRANCIS replied tc' Lord Castlereagh : he
appealed to.the Dire6tors then presefit, whether the
Company was'allowed to manage even its commer-
cial concerns in the manner most to its advantage.
As to its territorial power, that was a mere name,
which he had many years ago advised them to re-
pounce altogether. The only part-of the East where
their trade was profitable was in China, where the
natives would not allow. them to' obtain any ter-
ritorial possessions: He thought the Mahratta
.war
NO4 a very line topic for the Noble Lord , (Lord
Castlereagh) to' alledgk! As an excuse for the-failure'
of promise's. ,