The Sun.
London, England, 1837-12-21 00:00:00

THE SUN, LONDON, THURSDAY, DECEMBER 21, 1837

tArr INDIA. floUsE.
(Concluded from The Sun of Yesterday.) . ,
Mr. WE&DING rose to bring forward the motion *hit h
he had given notice, for the abolltioli of !ho East India
Company's agenny at Canton. He expressed his regret
that 01'3 Directors of the Company bad not, seeing the
facilities of obtaining remittances from India by other
means, abolished the agency in Canton. As, however, that
had not been the case, he now asked the Courts of Direc-
tors and of Proprietors to put an end to this finance
agency ? As there were, no doubt, many gentlemen pre-
sent. who were not award of the nature of that agency, he
would sta'e that the gentlemen composing that body drew
bills in Canton on the Bengal Government, which were
either purchased with money or bills payable in Eng-
land, on condition that goods were placed in the hands
of the Company, the bills being drawn for one-third less of
the value of such goods, which were hjpothecated to
the East India Company, with power of sale in the
event of the bills not being duly paid. Tho effect
of these operations was to render the exchange very
changeable and injurious to commercial operations, and
many parties had pronounced an opinion that they were il-
legal. The question was whether it was compatible with
the interest of the Company and of the British merchants
to continue the agency. For the safety of the commerce
between England, India, and China, he hoped the agency
would not be continued. In 1834 the Company's commer-
cial operations were brought to a close, and the British
merchants, the manufacturers, and the consumers prepared
to take their place. The latter sent their goods to China,
and the profits were calculated at 700,0001. to 800,000/.,
the rate of exchange then being 4s. I ld. to ss. 2d. the dol-
lar. The merchants and manufacturers thought they had
secured their profits, when an advertisement was issued on
the 7th of October from the Company's Finance Committee,
inviting persons to accept advances at 4s. 7d. the dollar,
thus knocking down the exchange 4d. or lid. per cent.,
and occasioning a loss of 50,000/. to the merchants on
the transactions of the previous six months. The
British merchants were ready to buy teas to the extent
of 1,000,000/. or 2,000,0001. but as soon as the operations
of the Finance Committee were known, by which an ad-
ditional capital of 900,000/. was in circulation, up rose the
price of teas and other China produce, occasioning a fur-
ther loss of 250,000/. ; and instead of 30,000,000 to
40,000,000 lbs. of tea being brought forward, 40,000,000
to 50,000,000 lbs. came to market. In consequence of
this the price went down here full twenty per cent., pro-
ducing a further loss to the trade of 400,000/. Thus
there had been lost to the British merchants not less than
650,0001. by the mistake of the Company in forcing this
agency into operation. The Chinese had realised a large
amount from their teas, while the Company, in their
stock of tea on hand, had, on the cost price, sustained a
loss of 600,0001. The principle adopted, therefore, by the
Company, in the formation of the agency, was an unsound
one, the Company having by it been saddled with an enor-
mous loss as well as the British merchants and manufac-
turers. Another effect of the agency might be, that the
Chinese would become exporters of their own produce,
without reference to the importation of British goods, and
the trade of India be injured. After adverting again
to the losses that had been occasioned by the agency,
the Hon. Proprietor concluded by moving the following re-
solution :—" That it is expedient to discontinue the East
India Company's finance agency at Canton, inasmuch as it
deranges the operations of commerce between Great Britain
and China, to the great injury and loss of the British mer-
chant, manufacturer, producer, and consumer, while it is
not indispensable as a means of enabling the Company to
place sufficient funds in this country to meet the territorial
payments of India payable in India."
Mr. J. C. WHITEMAN seconded the resolution.
Mr.Ftur..DER hoped the Hon. Proprietor would withdraw
his motion,

Mr. MARRIOTT should oppo 4 the motion, as being an
unnecessary interference with the Court of Directors.
The CHAIRMAN should oppose the motion. Unless
Hon. Proprietors could suggest any other plan by which
the Company could obtain a remittance of their funds with
regularity and certainty they ought not to interfere with
the present system, the only object of which was the realiza.
tion of their funds.

Mr. TWINING said that the interest of the Company
was certainly a matter of great importance to the Directors ;
but still they ought not, in supporting that interest, to lose
sight altogether of the public, who expected to realize
considerable benefits from the opening of the trade of China.
After a few words from Mr. WIGItAM, Mr. TWINING,
and Mr. WEEDING,
The CHAIRMAN put the resolution, which, on a show
of hands, was negatived by a very considerable majority.

IDOLATROUS WORSHIP IN INDIA.
Mr. POYNDER called the attention of the Court to two
memorials presented to it in August last, one by the So-
ciety for Promoting Christian Knowledge, and the other
by the Church Missionary Society, relative to idolatrous
worship in India, and complaining that, notwithstanding the
resolutions adopted by the Court of Directors here, no
steps had been taken by the authorities in India to put a
stop to those disgraceful practices. He begged to ask
what answer had been returned by the Directors to the
first memorial ?

The CHAIRMAN said the memorial had been received,
and the subject of it was under the consideration of the
court of Directors, but no answer had as yet been returned.
Mr. POYNDER—Then, I beg to ask what answer has
been returned to the letter of the Archbishop of Canter-
bury, transmitting that memorial ?
The CHAIRMAN—None.
Mr. POYNDER—What answer has been returned to the
memorial of the Church Missionary Society ?
The CHAIRMAN—That is in the same situation.
Mr. POYNDER—What answer was returned to the letter
of the Earl of Chichester enclosing it ?
The CHAIRMAN—I have received all the letters and me-
morials mentioned by the Hon. Proprietor, and as yet no
answer has been given to any of them.
Mr. POYNDER then gave notice of a motion on the sub-
ject.—The Court then adjourned.