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

! who had enrolled their names as subscribers to the
Company were many of our largest capitalists and most
eminent merchants, on,whose reputation for discretion,
and knowledge and judgment of business he would rely
as a reason ter embarking in the undertaking. At a
Moment like the presents when there was such a redun-
dancy of capital that the proprietors of it were at a loss
fur the means of employing it, it would be an object of
no trifling importance to direct the application of such
capital to British undertakings. The Bill would be pro-
ductive also of a great advantage, by drawing closer
the bonds of connection between the Colonies and the
mother country, and thus extend the resources to be
derived from the West India Colonies. It would also
extend a due respect for these interests, and the regard
fur their security. lie had not expected to find the Bill
opposed by any principle of jealousy ; that, because it
was likely to advance the interests. of the West India
Proprietors, therefore it ought to be refused ; but lie
trusted the Ilonse would not suffer itself to be influenced
by any such feelings. He should give the Bill his most
hearty support.
Mr. W. SMITII began by disclaiming any feeling of
hostility to the West India Interest or the Colonists. He
should but ill discharge his duty, however, if he were
not to express his decided conviction that the present
system of supporting our West India commerce was a
bad ole, and must eventually fail. The consequence
of such a measure as this would be the extension more
widely of the interests and concerns of the West India
proprietors, by increasing the number of the subscribers
to this project, who must all ultimately be involved in
the ruin which awaited the proprietors of West- India''
property. It was absurd to attempt to patch up a
scheme or system which had been some years declining
and which nothing could save from going to wreck. As
for any attempt to keep up the price of sugar by increas-
ing the productiveness of West India estates, it was po-
sitive nonsense; for the more sugar produced arid
brought to market, the less must its price be. The Co-
lorist had already the monopoly of the supply of the
mother country ; and if individuals (riled under such
circumstances to carry co the trade with success, was it
likely to prove more beneficial if conducted by a Char.
tered Company ? Sugar was now become an indis-
pensable necessary of life, and it was by no means de-
sirable that its price should be higher than 'it was. He
had no doubt that Government would, as well as him.
self, look an this subject with suspition, supported as it
was by persons who, though highly respectable, were
too obviously interested in the measure being adopted,
or else it would have taken upon itself the responsibi-
lity of the Company, more especially if they expected
any very beneficial results would accrue to the West
India trade as a consequence of the measure.
Mr. HUSKISSON said' that if he understood the
proposed Company to be what the Honourable Mem-
ber bad just described it, he should certainly object to
it at once upon principk. The Honourable Member
had argued as if a monopoly were about to be granted
by Charter or by Act of Parliament, to private indivi
duals; but, if be understood the Bill, the Company were
not to be traders at all—(hear, hear).— The Honourable
Member represented them as buyers and sellers of sugar.
But as far as he understood the plan, they only intended
to place themselves in the condition of a house for West
India consignments—to receive consignments of West
India produce, and sell them as a.,ents ; but not to go
into the market for the purpose of buying and selling'
on their own accounts. He had no private Interest what-
ever, either in the proposed Company or in the West
India Colonies; and in supporting the second residing
of the Bill, he wished to state his belief that it would not
have the effect of raising the price of sugar. Without
entering into causes upon the present occasion, it was
enough for him to state that the Planters we.e suffering
such distress as threatened destruction to their property.
So great, indeed, was it, that last year, and again this
year, they had applied to the Government to advance
them Exchequer Bills upon the security of their land.
There were strong objections to the Government being
in possession of such security, and the application was'
refused. The object of the present Company appeared
to him to be that of affording the assistance which the
'est Indian producer could not obtain elsewhere, and
which was absolutely necessary to the preservation of
his property. He was surprised to hear it said that im-
provement in the condition of the slave was to be ex-
pected from the distress of the planter—(Hear,ltear).—.
He would put it to the House if the property did not
produce a sufficiency to enable the planter to live,
whether or not the slave was likely to have his comforts,
moral or physical, increased ?—(Hear, hear.) Ile wished
the situation of the planter to be considered by the
House, and that Honourable Members would operate
cordially and sincerely with those who desired progres-
sively and cautiously to ameliorate the condition of the
slave. If the planters were driven to despair, a scene
must follow which it was dreadful to contemplate, and
in which the negroes must participate in the sufferings
'of their masters. Ile should vote for the second read-
ing of the Bill, but he did not pledge I..itnself to sup-
port it after it came out of the Committee. He thought
it would be better that the capital of the Company
should be limited, and he did not at present see that
any case was made out to warrant the granting of a
Corporation.
Dr. LUSHINGTON considered the measure one of
great importance—a measure which, it carried into
effect, would certainly end in the destruction of all the
capital that should be embarked in it, a consequence
which he, perhaps, would not much lament; but it
would also enhance. the price of sugar to the Public,
which that House should prevent. The only reason
which the Right Hon. Gentleman had given for sup-
porting the measure was the state of distress in the
West Indies. It was well known that persons lending'
money on mortgage to the West Indies made a profit
amounting 'to ten per cent. And why did they not ad-
vance whatever money was wanted by the planters
The reason was, that the capital was insecure from the
state of the West Indies and the trade with those islands.
By the Bill the new Company were also allowed to hold
lauds in Britain as a collateral security, which would
be attended with tire worst consequences ; and, from a
consideration of the whole subject, he would oppose the
further progress of the Bill.
Mr. F. 131iXTON, after the length to which the dis-
cussion had proceeded, would in a few words only pro.
Ite-t against the measure as highly detrimental to the
!interests of the slaves. In the first place, by enharcing
their value it would make the chance of their ruanu-I
I mission more remote; and in the second, by placing
them in the powcr—not of their owners, but, of persons
who would not have the power, even if they had the
iiiconation, to give them their freedom, it would render
their situation tar more hopeless than it was at present.
Ile should, therefore, led it to be his duty to oppose the
Bill at every possible opportunity.