The Sun.
London, England, 1833-03-25 00:00:00

an end to this exclusive trade, the Committee trusted it
would be at a period sufficiently remote to allow them to
dispose of the stock of tea they were compelled by law
now to have in warehouse. With respect to the second
proposition, that the Eis India Company should retain its
political functions, it would rest with the Court of Pro •
prietors to determine u,on but that the
Committee was certain that this indispen.ahle
preliminary must be complied with, namely, that the
Company mu-t he provided with the necessary funds to
supply the -territorial deficit of between two and three
millions annually. The third and fourth proposition the
Committee conidered to involve in substance the abolition
of the Company, and the committee declined recommend-
ing them to the proprietors. The committee also begged to
say that no proposition for continuing the government of In-
dia in the hands of the Proprietors, without the continuance
of the China trade could he accepted, unless a guarantee
wee, riven for the present dividend of ten per. cent.,
which the Committee considered it had sufficient pro-
perty to yield, if re dized, and invested in consols.

. _
After some formal docutnents had been read, a commu-
nication from Mr. Grant, in answer to that of which we
have just stated the substance was re td. After stating
that the communication received from the Secret
Committee hail been fully considered by Ministers,
Mr. Grant proceeded to state the result of their delibera-
tion. Government thought that the present s)stem
had secured to the inhabitants of India such a consider•
able share of the advantages, which were the proper
objects of a Government to afford to a people, that they
should not think themselves justified in lightly proposing
to alter that system in its essentials. But there were
modifications of it, which they thought might advan-
tageously he made. The trade of the Company in India
had for some years virtually ceased ; and therefore Govern-
ment thought that the separation of the Company's com-
mercial and political character, would strengthen its poli
tival efficiency, without hurting its mercantile profits. As
the trade of the Comp my was not privileged
in India, Government conceived that no enact-
ments were necessary with respect to it, and that it
might he left to its foe. With regard to the trade with
China. he (Mr. Grant) admitted that whilst the exclusive
privileges of the Company had been ably assailed,
they had been defended also by arguments 4.f no
small cogency.—(Hear.) The Government w4s sensib'e
that no extensive change could take place without great
local and temporary inconvenience. But of er much
deliberation they hail been led to the conclusion
twat the trade of this country with China could no
longer he m ide the subject of exclusive privilege.
It was impossible to view the opining the China trade
in any ether light than as a mere question of time and
expediency. Parliam-nt, when it granted the former
Charters merely for a limited period of years, proved that
such was their view of the question. In 1793, the then
Parliament still further elucidated that principle, for, on the '
renewal of the Clatter, many of the restrictions on the
India trade were removed—and again in 1813, those that
were still in existence were done away with. On those
accounts, with those examp'es before them, it was natu-
ral!' to he expected that on the present expiration of the
charter, tnore restrictions should be t4ken eff. Govern-
ment, however, had not looked at it in that way—it
was almost needless for him to observe—they
had lock d at it in a practical manner. It was to be
rernernle red that the merchants of Great Britain had now
many more opponents in commerce than they had in the
two last renewals. There were now many more nations
who had turned their attention that way ; therefore
it was most necessary that the home merchants
should be freed (rem restriction to the utmost
possible extent. In 1813 the principal argument used
by the Company wag, that it was impossible to push
or extend the trade in British goods in the Inch in market
—that argument was now again used—but was it not
now proved, ev.n by the Company itself, that that argu-
ment, as related to the Indian trade, was utterly unfounded?
So it would prove in the present case ; experience had
taught him not to fix any limit to the extension of com-
merce, where it was left free and open to competition.
He did not expect any immediate increase in the trade
from its being opened, nor had Government calcu-
lated their plans upon such a foundation.—(Hear.)
He could not enter into the apprehensions entertained
by the secret committee, as to the deterioration of tea, a,
consequent on the opening of the trade; for, in his opi-
nion, though at first that might be the effect, yet the com-
petition ant rivalry between the dealers would effectually
cure it. Then there was anott er very important branch
of trade with China, which had net yet been taken into
consideration, viz., the trade between China an-I B itish

India, which, from the con'ernplated opening of that trade
with this country, would be very much increased. The
secret committee thought that by throwing the trade open
we should hazard the trade altogether, from the jealous
nature of the C inese, and that it was better conducted

through the factory, backed by the infLience of the Company.
The Government did not despair of the trade bent carried
on without excaing their jealousy. 0: course, there
would be an officer appointed to reside at Canyon, who
should not be in any way connected with trade, who would
be backed by all the influence of the Government, and
his duty would be to take care and preserve the
good understanding between the traders and the
Chinese ; besides, he relied much upon the
mutual interes's of the parties in the continu-
ance of the trade. At present there were many
British residents in Canton, who traded with the Chinese.
No doubt but thsy were licensed by the Company, and
were amen •ble to the orders of the Factory ; but still,
even though upon a late occasion, they sided with the
factory, yet they found no difficulty i❑ carrying on their
trade. if the plan proposed by Government were
carried into effect, there was every reason to expect th
the number of those residents would be very much in-
creased. These were not new opinions which he had
formed, hut those which hail long been impressed upon

his mind, and they were strongly confirmed by the late
collisio❑ between the Chinese authorities and the factory.
Another reason put forward by the Secret Committee was
that the China trade was necessary to the Company, in order
that they might make up the fund for the payment of the
dividend+, and they stated that but lor that trade for the
last fourteen years, the debt on India would have been
seventeen millions more than it was at present. He could
not, however, nor could the Government, admit the prin-
ciple that the people of England were to be taxed
for the support of the East India Company, which
they had in effect been to the amount of seventeen millions
during the last fourteen years, as admitted by the com-
mittee. He could ❑ot see that the opinion of the secret
committee, that the payment of the 630,0001. could not
be made from the teritorial revenues of In tia, was correct.
When the surplus profits of trade to China were taken

away, measures would be found for reducing the expedi-
ture, which were not at present thought of. He thought
there could be no rational doubt, but that the Indi
territorial provinces were quite able to meet all the
demands that were to be made upon them. Then with
respect to the opinion expressed by the Secret Committee
that the proposition was the same as putting an end to the
Company. He could only say that he could not agree
%vial them ; they, however, ►aid that the 101,4 per cent.
was not to be pail them till after the other teriturrial cre-
ditors had been satisfied—in that opinion they were wrong
—Government meant that the proprietors should only
change their character, but they would have the same
claim as any and every other creditor.
The further proceedings will be given in our Second
Edition.

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