The Sun.
London, England, 1826-01-18 00:00:00

EAST INDIA HOUSE,

THE INDIO() TRADE.

Ye; terdny being the day appointed for one of
-the Quarterly IntNo S'a les of the East India
Company, a very unusual occurrence took piece—
an open rupture between the Trade and the
Company. At 10 o'clock Mr. Ltsoss Y., one of
he Directors, entered the court, and took his
scat, as Chairman of the day's stile. There
• "Were' then -between 250 and "300 persons in at-
tentfanee; • - ,• • - •
Mr. CH niBT TV, as soon as the ClWrman was seated, rose,
,aral begged leave to address him .urn important business cans
siected with the day's proceedings. He stated that he was
deputed-to talce,-this tame-. by the great body of the trade;- of
which he was a member, for the purpose of putting the Chair-
man and the Gentlemen present in complete possession of what
had been already done by the trade in 'contemplation of this
sale, as well as the probable consequences which might ensue
from it were it persisted in: A few weeks ago a meeting took
place of those 'connected with the Indigo business, which was
most numerously and respectably attended, and at which he
had accidentally the honour of presiding. It was there unani-
mously resolved, that a respectful application should be made
to the Court`of Directors of the East India Company, setting
forth-the effect 'a the-recent shtick in the trading world, and.
the great uncertainty which prevailed of there being adequate
purchasers at this sale; entreating, at the same time, that for
the sake of the trade, as well as of the interests of the CoM,
patty, such sale sherd(' • be' postponed, until purchasers could
assemble, under more favourable circumstances. Tins applica-
tion received immediate attention from the Directors, who,
lioseeeer, kindly and candidly replied, that as the great bulk,of
the salt: was composted of the goods of private traders; which
were for a special purpose entrusted to their care, they could
not, in fairness toWertle such parties, deprive them of the pro-
mised' oispertunity of finding a sale. The trade imme-
diately, knowing that only 600 : out of 6,000 chests of in-
digo allptted fur sale belonged to The East India Com-
pany, and that the rest Was the property of individvals, felt
that the Company were only ecting in fairness to the interests
intrusted to them, and therefore thought that it was only just
to consult the parties upon the steps which it might be ad-
visable to take when their interests were involved: They (the
trade) lost no time •in making the necessary application -to
these parties for their concurrence in the postponement of the
• sale; anti he was happy to say that Live-sixths, or nearer six,
sevenths, not only concurred in the proposition, but coincided
in the propriety• of the reasons which had led to the request,
determining to withdraw their cheats if the Company did the
carne.—(hear, hear I)—Thus armed with the assent of the
owners of I,AOO chests of the indigo whiCh was intended to be
sold at this sale, they again by memorial addressed the Court
cef Directors, the arties whose property was thus involved, re-
epectfullY requiring the postponement, under ',circumetances.
which gave every hope that so reasonable a request would be
complied with. Unfortunately, this general anticipation . was
not in the end realized, although the great bulk of their country
enstotnerii acting upon it, had refrained from coming to town.
The sale was nevertheless ordered during the Christmas holy.
days, and nt a time which only allowed 13 days to Christians,
and 11 days to Jews, for the inspection of 6,000 chests of an
ankle more than any other reqeired cloee and accurate examina-
tion ; and this, too, in the most inclement state of weather, and in
some days (like Methday) which rendered it absolutely impossible
to perform any inspection whatever. It would be an insult
to their understandings tfi suppose that, placed in such a situa-
tion, they had a fair, or shy thing like a fair opportunity of
making that selection and discrimination which were allowed in
the honest dealings of man and man.--(Hear, hear I)—And it
was therefore under this new circumstance (the want of proper
time), that he now again, on the art
fof the body to which he
belonged, begged leave respectfully to submit to the chairman
that this sale ought not now to proceed. No man, surely, could
be reasonably suspected to buy what he was denied the oppor-
tunity of seeing. He deplored haste in commercial transac-
tions, and he really submitted to. the East India Company,
whether it would not be more creditable to them, under such
circommtences, to postpone this sale to an opportunity more fair
and just for all parties.---( hear, hear !) •
T he CHAIRMAN, replied, that if he understood rightly the
'Worth „Gentleman's reasons for pOMpOnenicnt, they ware
founded, first upon the recent pecuniary emberrassments which
lied been so notorious ; and next.; upon the inclement state of
the weather.. Now, if he could ensure theneat a future period
from a recurrence of either of these impediments, and positively
assure them months hence •of better times, then. perhaps it
vouhl he advisable to comply with his request ; but as any such
indemnity was impossible, nobody being gifted with the power
of divination, for what real nee would be the postponement
?Chere could certainly be no .difficulty lei allowing any gentle..
roan who pleased to withdraw his goods from the eta, but
when they saw that 1,500 chests wereeactually taxed, and left
fbr disposal, how could the Company'` from discharging
the dutrwhieh had . devolved upon them ?. If there were, no
limns, of course there could be no sellers ; those who had not
looked at the chests were not required 'to become purchasers;
but the last India Company were, under the present circum-
stance, imperatiVely called upon to sell die articles placed under
their care for disposal. • •
CIA 1E 'odd. that of. course the trade could not for a
moment mean to interfere with the indivichtetrighti of such
Owners as Wished to sell at present.. ilu t he Wail 'anxious. to
.know, if it was the determination.of the East,lndia!Company
to persevere in selling their own 600 chests, under all these cir-
cumstances, and being in full possession of the unanimous feel:
kilt of the trade.--(['earl).
The CHAIRMAN replied, that the regular coarse was to.call
over the list, in the order he which the numbers were placed
for tile, and then it would be seen what were,,and. what were
not, tkithdrawn.

u;hocptesiionwra repeated frotn another part of the Court,
but the Chairtnan took no:further notice of the interrogatory.
A pause then ensued, and the clerk appointed to put up the
citeKts for sale, named the first lot, and the taxed price annexed.
twit.

The owner ortheint immediately came 'forward, and said,
that after the statetnent Made on the part of the trade, he could
not think of pressing his chests to a sale, contrary to the feelings
and judgment of the parties who were present..-4A cry of
Hear," and 4!, Bravo.")
The first lot was then declared to be withdrawn.
A Gentleman then stud, that perhaps the Chairman did not
',tab, to set the example of withdrawing any thing from the
poltlic sale but now that be saw the private trader ready to do
so, he trusted that he would no longer feel any delicacy in corn.
rounicating the intentions of the Court of Directors respecting
their own chests. In fact, turd they or had they not determined
to persevere in selling them et this day's sale?--hear, hear I)
The Chairman Again remained silent: '
Several gentlemen here declared , that It was unbecoming to
wit!dtuld an answer to a plain questiOn pointedly put, and
tint the reply could not at all afFect the interests of the Com-
rtty ; hut the clerk was directed to proceed in a regular man.
na, according to the order of sale.
Fuitacu. Os we understood), a dyer, "frOm Frame,
stol, that he had come'on purpbse from the west Of England to
mate parchases at this sale, and that neither he, nor those
around him jn the country, were apprised of any intention of
pestponement. ft would be, therefore, a great inconvenience
If they were deprived of the opportunity of buying on this oc-
aa.sion. •

The Citantstott said, that as long as an arti;:le remained on
sale. end a purchaser could he found for it, it was imperative
op the Court to sell. What had fallen from the Gentleman
will last spoke, chewed the propriety of proceeding to a sale.
Saveral persons sail, that the interests of individuals ought.
to give way to the general convenience; and that the person
Who lout just spoken, 41111 his friends, were not such large con-
sumers 44 to outweigh the interesta of the body.
A gentleman came forward and said that he had the super-
intendence of 000 chests, and 'Would do whatever the East
India Company were prepared tu, do with theirs.—Wear,
heart)
• .

Still no answer from the Chairman, and the Clerk d p.rocee et
to call over the:list for sale, amid the whistling and interrup.
thil of the tiniethip when he came down at whistling
to the East
jorlia Company's chests.
the Cumnstax said, " that after what had passed in the
pommittem of Warehouses, unless he received farther instruc.
done, which he did not expect, the CoMpany's sale Must go on,
•if parchanrs were forthconiing. Of course, if there were no
bidders, there Could lie no sale.
Several gentlemen here exclaimed against the sale portico.
laxly Mr. Pahner, Mr. Dana (of the firm of Deem, 'Farquhar
.lind Ca.), Mr. lnnes (of the firm of trines, Puirley, Boner,
and Co.) They declared that no time had been allowed to
them to examine the indigo,' and many complained of the
berality and precipitancy °fetich an unusual step on the part of
the East India Company.
Mr. BAZETT particularly requested the Chairman not to
take upon himself the responsibility of precipitating a sale
under sub circurnxtances, but to retire and consult the Chair.
may of the Court of Director* on the occasion.
Citftivrts reiterated this request, and said that the
Company's own warder intere4 was involved in the result,
far every body knew the trade need not come to the East India
ouse ,to buy indigo. The private trader could sell it where he
And it ought not to been! interest of the Company to'dis.
Asi-age his brit gin g his goods to their sale.
Cnattiatax said that he would certainly obey their de.