The Sun.
London, England, 1812-06-16 00:00:00

EAST INDIA LOAN.

in the CoMmittee, Mr. WAaACZ, in pursuance
of the notice which 'he had given, proposed a
grant to the East India Company. The Right
Hon. Gentleman,, entered into a short statement
of the COMpiiny's 'affairs; m4intaining that the

difficulties in which they are placed, are ascribable
to th part which the. Companyvhave taken, in
carrying on a contest at their own expense in the
Fast fOr the benefit of this country. He shonkl
at present avoid-entering into a commercial state-
ment of their affairs, as all the Papers.were not
ready to be laid tfefore the House. The difti-ul-
ties under which they laboured, arose in ,!se-
quence of what he had stated, and the necessity of
paying the bills for those expenses.' here. .
was every probability of insuring peace and tran-
quility to our possessions in the East. The flight
lion. Gent. made a -variety of numerical state-
ments- to shety'that out of the sum now pro=
posed as a loan; namely, 2,500,0001. in fact only\
900,0001. would-be lent to the Company, the re-
sidue
.being actually owing to• them from the .
public for the expenses. of the war iu India ; put
he further she:wed that they had property tde-
quate, as security either in their own warelmeses
or coming home,- to treble the amount. • When
the great
,question of the Chapter came for dis-
ciiseicn next Session, hehoped the aspect of their
affairs would be satisfactory to the House :m.. to
the -country. He concluded with moving " that
a sum not exceeding 2,500,0002 be granted. to
his Majesty to enable him . to make good the like
sum to be advanced to the East India Company,.
tinder their present circumstances."
On tLz question being put,
-

CREF,VEY insisted tint There was a sin-
gle document befGre theHouse,;on which to guide
their decision in respect to the s•aro. now demand-
ed. He contended, that before the money was
voted, the Report of the Committee above stairs,
to wham the Petition was referre:i, should be laid
on the Table. The Company, he contended, was
fifteen millions worse than nothi;:g ; and,thongh
the East India Directors and the Ledies and i3en-
tlemen who held stock might think all went on
very well, the commercial interests Of the coun-
try Thought otherwise and ex-:::ry one must see the
propriety of investigating the state of their affairs
before- they agreed to_ the proposition before the
House.

Mr. RORERT THORNTON expressed a hope that
the Hon. Gentleman would not find, Upon- itrves-
.tigation, thil the East India Company's affairs
were in so desperate a state as he had ventured to
asSert. Though, like all other botlies, they might
beexpected to die, still, he trusted, that, accord-
ing to the Spanish proverb, they would live a
thousand'years. At present; they requhed but a
temporary accommodation, and they had proved
thenrelves, in former transactions, to be deserving
of it. The surprise in his mind was, that, under
the Charter; they had done so ,much—they had
conquered every thing that was to be conquered,
and were now in quiet possession of a country
'producing sixteen millions a-year. He rejoiced
at the prospect of an investigation into the COM-
pany's afThirs. The money way: rendered necessary
by no commercial blunder, bat "by tie prosecu-,
tion of the war.

Sir T. TURTON entered into some general ar-
guments -against the (4 ;duct of the British. Go-
vernment in India, and insisted strongly on the
necessity of settling accounts with the Company
before they proceeded in any further vote.
Mr. GRANT contended, that the India Company
at present owed the Government nothing for any
past loan. The necessity of the loan now applied
for arose from debts contracted, not' in commerce,
but in, war, and of course territorial: The. Ob-
ject was to. render' -money borrowed 'and at pre-
sent payable ia India payable in 'England. Their
eOramerce was carried on at less' ex pence, and at
rather more' prOtit, than that of individuals.
Mr. HUSKISSON thought, that a sinking fund
should be created, bearing Such a, proportion to
the sum to be borrowed, as would meet the debt
before the expiration of the Charter;'.

' The eirANC..s- ELLOit of the ExcnEntrEn assured
the Honourable Gentleman that the suggestion he
had thrown Out had 'not escaped the attention .of
Government.. lie agreed hi the' nedessity of a
Sinking }fund sonconstituied. The sum required
w s only a temporary accommodation; and the
obiect was to transfer the debt from India to Eng-
when it would be chargeable with allower
rate of interest: The saving Which would accrue
by this -means would, in his opinion, create a
sinking fund sufficient to redeem the principal in
a few years.
After some farther discussion,- in, which Mr.
Hail, M. Walime, and Mr. W. &Intl' partici-
patd, the resolc,tion was agreed to.

ARMY EXTiIAORDINARIES..

The CHANCELLOR of the Ik:CHEQ.UPaR moved
the following grants :

To defnly the Expenses of Idle Army Extracrd%

narie.s, at home,
To defray the Ex'penges of tile Army Extraordi-

2,301,455

tiarie,,, abroad

55V)0,000

• Both resolutions, after stime discussion, were
agreed to without a 'division.
Mr. •W. POLE moved the grant of 15,0001.. to
the Irish 'Commissioners of Inviry.,--A:greed. to. •
Several smaller grants were moyed, and voted
withmit oppositims.
The Report o(' the Committee.was ordered:to
be•received,to-morrow.