The Sun.
London, England, 1833-05-04 00:00:00

EAST INDIA COMPANY.

Yesterday a ballot was taken at the East India House
for the determination of the following question, viz.:—
" That having attentively considered the correspondence
which was laid before the Proprietors on the 25th ultimo, this
Court must in the first place express their cordial approbation
of the conduct of the Court of Directors, in maintaining, as
they have done, with judgment, zeal, and ability, the rights
and interests of the East India Company.
" That on reviewing the intimate connection which has so
long subsisted between India and the Company, this Court
desire to record their conviction, that the Company can have
no other object in undertaking to administer the Territorial
Government for a further term than the advancement of the
happiness and prosperity of our native subjects, and that if
Parliament in its wisdom should consider, as his Majesty's Mi-
nisters have declared, that that great object may be best pro-
moted by continuing the administration in the hands of the
Company, but divested of their commercial character, the
Company having through the Court of Directors suggested, as
it was their duty to do, the difficulties and dangers, political as
well as financial, which beset the dissolution of the connexion
between the Territorial and the Commercial branches of their
affairs, will not shrink from the undertaking, even at the
sacrifices required, provided that powers be reserved to enable
the Company efficiently to administer the Government, and
that their pecuniary rights and claims be adjusted upon the
principle of fair and liberal compromise.
" That the Company, however, looking to the present and
prospective state of the Indian finances, to the aid which the
territory derives from the trade, and to the probable difficulty
of effecting remittances from India under the proposed system,
are of opinion that it is not reasonable that `the Company's
assets, commercial and territorial, with all their possessions
and rights, shall be assigned to the Crown on behalf of the
Territorial Government of India,' in exchange, as proposed by
his Majesty's Ministers, for an annuity of ten and a half per
cent. for forty years, payable in England out of the territorial
revenues, and redeemable at the end of that period at the rate
of 100/. for every 5/. ss. of annuity, except on the following
conditions, viz.:—
" First, That the sum to be set apart for a Guarantee Fund
be extended to such an amount as upon reasonable calculation
will be sufficient, with the accumulations during forty years, to
redeem the Annuity at the expiration of that term ; and that
in the event of India failing in one year to remit sufficient funds
to pay the dividend, the deficiency shall be supplied out of the
Guarantee Fund, any sums which may be taken for that purpose
being made good to the Fund by subsequent remittances from
India.
" Secondly. That the Company exercising the same powers
as they now possess under their Charter, shall continue to ad-
minister the Government of India for a defined period, not less
than twenty years ; and if deprived of it at the expiration of
that term, or at any time subsequently thereto, they shall he al-
lowed the option of demanding payment of the principal at the
rate of 100/. for each 5/. ss. of Annuity ; and whenever paid off
they will be entitled, if they shall see fit, with their capital, or
any portion thereof, to resume their undoubted right to trade,
which it is now proposed by his Majesty's Ministers should be in
abeyance.
"Thirdly. That during the period of the Company's admi-
nistration of the Territorial Government, all measures involving
direct or contingent expenditure shall originate with the Court
of Directors, and be subject, as at present, to the control of the
Board of Commissioners, tinder the restrictions of the existing
law ; and further, that sufficient powers be reserved to the Com-
pany to check, by a system of publicity to both Houses of Parlia-
ment, or by some other means, any acts of the Board which may
appear to the Court of Directors to be unconstitutional, to mili-
tate against the principles of good government, to interfere with
substantial justice to our allies, or to invalidate or impair the se-
curity for the dividend ; and
" Fourthly. That a sufficient power be retained over the
Commercial assets to enable the Court of Directors to propose to
the Company, and ultimately to the Board for the confirmation,
a plan for making suitable provision for outstanding Compiler.
cial obligations, and for such of the Commercial Officers and
Servants of the Company as may be affected by the proposed ar-
rangements.
" That the Court of Directors be requested to communicate
this resolution to his Majesty's slinisters."
At six o'clock the glasses were closed and delivered to
the Scrutineers, who reported the question to have passed
in the affirmative.