Star.
London, England, 1813-07-17 00:00:00

LIST-INDIA HOUSE.

Yesterday a General Court of Proprietors of East.
India Stock was held, on business of the utmost im-
portance._

The Chairman (Mr. R. Timatrro):), stated, that
a Case had been submitted to Mr. ADAM, on the sub-
ject of•the Company's accepting the terms of the Bill
now pending in Parliament. Mr. ADAM'S opinion
was as follows :
‘4 The East India Company exists as a Corporation, under the
Charter of William the Third, which Charter is derived from
the Crown, is independent of any Act of Parliament, and is par-
ticularly referred to, and saved by a proviso in the proposed Bill.
" When the proposed Bill passes into a law, it will impose on
the East India Company, u a Corporation, the fulfilment of all
the trusts and obligations created by the Bill, and will likewise
fegulate the enjoyment of the rights of which the Company are
in possession.
.4 1 hese trusts and obligations being the creation of the Legis-
lature, can only be got rid of by the intervention of Parliament.
which may, upon the occasion contemplated, impose conditions
as the terms of release.

" It is almost unnecessary, therefore, to observe, that as the
duties and obligations thus created, are not the subject of volun-
tary surrender, regulated by legal rules or forma, but are to be
annulled only at the discretion of the Legislature, it is in vain to
look to the opinion of Counsel, which deals only with rules of
law, and not with matter of discretion, for a solution of this
question. I feel it, however, to be my duty, in obedience to the
Resolution of the General Court, to state, that there is no dm-
nection in taw between the Charters that now from the Crown,
and the Bill which is the Act of the Legislature, so as to make
the existence of the one depend upon the Company's remaioing
under the provisions of the other; an unconditional obligation,
therefore, of the proposed Act, would have no effect upon the
Charters.

" It is further to be observed, that the Legislature must be
presumed to be guided by maxims of justice and of equity, and
the East India Company (in wishing to deliver themselves from
the provisons of the Bill) must be presumed to be actuated by
sound discretion.

" Under those impressions ft may be safely predicted (if the
proposed Act should become dangerous to the safety, and inju-
rious to the inte►rsts of the Company), that Parliament would,
in justice, relieve them from the provisions of the law, without
any condition calculated to affect their corporate rights; in which
case the Charter granted by the Crown for the purposes of trade
would remain entire."

time ordinary preliminary business was then gone
through, and a Report of considerable length signed
by nearly all the Directors was read. This Report
embraced a circumstantial review of all the proceed-
' ings that had taken place relatively to the renewal of
the Charter, commenting upon those provisions which
the Court of Directors considered as injurious to the
General Welfare of the Company's concerns; and,
with equal impartiality dwelling upon those new re-
gulations which promised to secure and increase their
interests in the possession and preservation of the In-
dian Empire.
The Report having gone through all those various
topics, concluded with a declaration, that they (the
Directors who had signed it) could nor, under all the
circumstances of the case, advise their constituents
to► decline accepting the Charter; nay more, they
would positively advise them to make a fair trial of
it, especially as it, the Bill, had been much and be.
neficially modified in its progress through the legis-
lature. In coming to that conclusion, that had been
considerably influenced, by reflecting what would be
the situation of the many thousands who were depeo• ;
dent, more or less, upon the commercial and politi-
cal
existence of the Company, if they decline the
Charter, as it was now tendered to them (the Dime-
tors.) For themselves they could only say, they were
willing to undertake the labour and responsibility of
executing the provisions of that Charter, if their con- I
stitnents were willing to accept it.
After the reading of this Report, which was re-
ceived with much applause by the Proprietors, a pro-
test from J. Bosanquet, Esq. against the sentiments
contained in it was read, who dissented from the Re-
port, because he did not think the Bill tvas founded
in justice to the East India Company, or likely to be
productive of benefit to the public in general. Ano-
ther paper was then read, signed J. Cotton, (one of
the Directors) which stated, that had the Bid been
grounded upon the propositions as originally framed,
he should certainly not have recommended the accep•
tance of the Charter. But, it had received so many
modifications, and it was so impossible for the Com-
pany, if reduced to a merecommercial body, to carry
on even its commerce with advantage without the
possession of political power, that he should now
strongly advise accepting the terms offered.
Sir H. IYGLIS said, that as it was understood the
discussion of the subject was to be postponed to a fu-
me day, he should not now take up their time any
further than to move, that the document, which had
been signed by so large a body of the Directors,
should be printed immediately, and likewise the dis-
sent of Mr. Bosanquet, that the Proprietors might
have time to consider the respective arguments of
those two productions, and come to a deliberate de-
cision on the question. When they met again, he
would, with the permission of the Court, submit a
, motion to them.

The motion for printing the papers was seconded
awl carried
Mr. LowNots inquired whether any thing wee
meant seriously to be done in behalf of the marine
officers of the Company, that most deserving body of
men.. If not, he had a plan in his pocket which would
accomplish that object, without costing the Proprie- I
tors one f4r,thing, •
The Chairman replied, that the Court of Directors

• _.
bad Isennly Intefested themselies on the subject, nor
did they, mean to remit their exertions till they had
obtained some relief for those meritorious individuals
and about which they were particularly anxious.
Mr. R. JACKSON alluded to the minutes of a con.
suftation held on the 10th June, between certain of
his Majesty's Ministers and k deputation from that
Court ; and contended, that the appropriation clause
was framed in direct opposition to the principle ad-
mitted on the part of Ministers at that interview. It
was then areed, that the whole' territorial surplus re-
venue should be applicable to the discharge of the di-
vidends, while, in the Bill, it appeared that it was
now narrowed down to the surplus of a single yeas.
He could wish that the Bill, in its progress through
the Lords, might be altered so as to embrace the plan
admitted by Ministers in the conversation alluded to;
and thought nothing more was necessary to induce
them to make that alteration, than td exhibit the do-
cument in question.
Mr. C. GRANT wished to state, in explanation of
what had fallen from the last speaker, that at the time
of that conference, no specific security for the pay
anent of the dividend had been proposed; since that
period, however, a specific security !sad been devised,
and the commercial funds were not made liable to
territorial demands till the dividend was satisfied. It
I had been stated to Ministers as an act of injustice,
that when the commercial character Was separated
from the political, to make the funds of the former
liable to demands from the lath;.' and that state-
ment had opened up a series of enactments, the ob-
ject of which was to provide an absolute security for
the paytnent of the dividends, as long as the commer-
cial funds shall be adequate thereto.
Mr. LowNna said, he had a plan in his pocket,
which he meant to propose at the next meetirm, for
creating a redemption fund, in order to pay off the
' India debt. He was also ashamed to see those
two empty niches in the Court. Wbl were they not
filled with the statues of Lord Wellesley and his im-
mortal brother, both-of whom had done such essential
service is India ? They were the greatest benefactors
' India ever had. It they had not been sent there, the
Company would not now possess 4 foot of Lind there.
He meant to move, on a future day, that two noble
statues of the noble brothers should be placed in the
vacant niches—(Laughter.)
Mr. WARD praised the zeal, diligence, and talent
displayed by the Court of Directors in their negocia.
tion with Government, and said that if better terms for
the renewal of the Charter had not been obtained, it
was owing to no fault of theirs. They would have
obtained better, if better could have been had—(Hear.)
The Court then adjourned till next Wednesday.