Star.
London, England, 1824-05-11 00:00:00

Ji

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mood to twenty) he considered k to be his duty
thew* • • •
ITANLEY said, that a clause would be intro-
the present Bill authorising the parties to sue
ted, and that an alteration would be adopted,
the Company would not have the paivdege of
see Bad).
was read a second time and committed.
WZ•T INDIA COMPANY.
ANNING moved the Order of the Day fur
,d reading of the West India Company Bill.
USKISSON tose, inst for the purpose of op-
m motion, nor would he at that moment go at
zo the merits of the Bill; but he wished to set
)urable Friend right upon one point connected
lamely, that the application for a Charter of
ttion ought to be made in the regular manner
to his Majesty in Council, through whom
imendation for the measure ought to come, in-
direct appeal to Parliament. He had stated
for Ott information of his Honourable Friend,
id not prejudge the question by going further
present.
,LICE supported the Biil, and suggested, that
:ommittce on it all the objections to which it
• should be offered.
ISIUSSON explained. Ti.e coune he would
id wm, that an application should be made to
in the first instance, and, should the Crown
if the measure, then that the lhll should be im.
introduced into Parlianrent.
'KES wished to know from the Right Hon.
in was it his intention to oppose the Bill ? and
yportunity to state what in his mind appeared
ra,ons fot objecting to it. The Bill came into
• under very suspicious circumstances, in the
ape of a pi ivate Bill, by \vlrich designation
ho.ed, perhaps, that it syritll3 escape inves-,
but agile never ',Vas a measure which more
rly caned bir the scrutinisin,; e)e of Parlia•
ie voul.l not found his obj!c:io.i to the Bill by
a juggle between certain persons, proprietors i
,ndia Securities to a lathe amount, got up for
me of inducing other persons to take those se-
;lf their hands; but he would ask the House,
,c endured that a Company should be formed
,ital of no less a sum than four millions? by
uto which the parties should escape from the
f pay meht of theiridebts ; for such would, in
re effect of the Bill ; as, were it to pass, every
if it would be only liable as far as the extent
istered capital might go. He had known seve-
:es where persons sued corporations, and having
by verdict found no means of levying the
The Hint. Member quoted an instance where,
thud had recovered against a Mayor and Cor-
ley laughed at him, and desired him to levy
it off the effects. But that was not the only
his opposition to the measure. He would ask
, would they consent to the formation of such
ible Company, liable to so many objec-
aid if the" did, how could other similar
ma be mimed ? And the consequence Of
the principle to every branch • of trade,
that no individual could compete with such
,; and thus the principle office trade would
ietely destroyed. Another great objection
lelt to the Bill was, because it spread the effects
ich larger a sot face than those at present in
a most important 'a:snit of which would by
in the same proportion the proprietorship of
thus render it the interest of so many more
continue the system of slavery. The prc-

India system had existed Inc a long time, and

mber of persons were interested in it; but he
entreated the House to consider what additional influ-
ence would be given to it by creating a Company, the
capital of which was to be fur millions sterling, to be
raised by 40,000 shares of £lOO each, which would be,
in fact, raising an army of 40,000 persons to maintaii,
the system of West India slavery. He had yet to learn
that the measure bad become necessary. He could see
no reason why the owners of West India property
should come to the City c f London to borrow four mil-
lions of money on 'mope; ty on which, if good security.
they could obtain Leans horn individuals. It was, in-
deed, contended tha; the West India proprietors could
not be relieved but by the propcsed incorporation—an
argument which had no weight with him. The object
of the Bill was to enable those persons to borrow
money, not in the usual way, but by an indirect mode,
thus to interest large capitalists in West India interests.
Mi. CRENFELL repli?d to the argument against
the Bill, that it would hare the effect of increasing the
number of the advocates of slavery. If such an effect
could be anticipated as that of prolono ing slavery in
Ireland—(A laagh)—he would be one of the very first
to withdraw from it.

Mr. T. WILSON supported the Bill; and in reply
to the arguments of the Honourable Gentleman oppo-
sie (Mr. S)kes) be could assure the House, that plenti-
ful as money was, the West India proprietors found the
utmost difficulty in b.,rrowing ; and he besought the
House to consider how much a Weit India merchant
or pioptietur would depreciate his property and injure
Lis credit by hawking it about. An individual lending
ten or A:15,000 might lose that !nit and be ruined ;
but those who entered into a corporaCait did so with
their eyes open. and it was hardly poisible that they
could lose all they invested._

Mr. WILLIAIti opposed the Rill on tLe ground
of its inereasii,g the number cf pervins intezested in the
prolongation ot the system of slavery, and expressed
Lis_clete_i_u_ii_t_illtic:it_t2.?i,t,t)se it in every. 5.f9..ge..

Mr, WillT.llollEal,o opposed the because it
would have thz remote effect of ilcteastig the price of
sugar to tl.e consumer, by the 111G110ruly a hich it was
calculated to ensure, and quoted many cases of corpo-
rations—the South Sea and the Cbaritabie Companies
for example—by the establishment of which the in-
terest of the public had been injured. There was another
and a different objection to the measute; namely, the
1 kelihood of loss to all who should entrust their mor.ey
in the undertaking. Adam Smith said, that from the
year 1680, up to his own tine, fiftrfive Compaties had
been incorporated, not ore of which bad succeeded.
The House had, therefore, a duty to pet-hum to those
who might, were the Bill rtissed, be induced to embark
their capital in the undertaking. For these reasons he
should oppose the measure in every stage.
Mr. C. 11.. ELLIS supported the 13111, not on private,
bt.t upon public and general grounds, and wished it
success. With respect to tborobjectitai pointed out by
tire Hight 1 lonournble Gentleman (Nlr. lltiskisson), that
could be obviated by st.frering the Bill to be committed,
in which stage aria time might be afflicted for ob-
taining the o, i ion of the Crgon ; which, if adverse,
the Bni might be withdrawn. Amongst the persons

1.,
1
' 11l
\; 3r 1.'.: "he tinders'
•1 to appose
Lord S.
/ 1 f &teed in t
and be SW
by which 1
a Corpora
i t, ti The Bit
) 1 Mr. AU
1 - ,
the .secon(
. Mr. Ili_
posing the
length inn
his Honou
with it—n
1 Ineorporat
—that is,
1 -8
4 i • the reeomi
r
1 } stead of a
the usage I
but should
] . into it at p
-",
Mr. ELI
in the Con
i . was liable
Mr. Htl
recomMelll
i .
• the Crown
1 ..
approve of
1
i saediately i
. Mr. Sig
Gentleman
..1.11-:, : took the of
strong rca
the House
{ , indirect sh,
its framers
ligation 4 I]
1 imperative]
meat. He
calling it a
. •
of 11 eit In
. .
the pm -p,:s]
curities c•ff
t i
' . Iva, a to b,
1 I
. With a capi
I ; cctering iu
li,bility cf
fact, be the
member of
of his regis
; tat ittanct
tern % et ed
1 . HITIOUIIt. 1
after a plai
poration, tl
the annou,lt
i ground of 1:
i i ,i the House,
a foftnijal
i,, • tions? At
i• - , ,
F application;
extending
14C
oc'jd h e (
lillpai; ses
' , j be comple
rhich he Is.!
corer so nail
• - existence, a
• 17 to extend ii
slaves, and
1 -
persons to
11.•-•-• sent West I
.
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