The Statesman.
London, England, 1812-06-16 00:00:00

end, he would givetholorttueresnatnhbdeeeryitiehareersiSitepa,:eharisif,h !net,
a"dmMiatredyothueylivheald
t tb y Ilan
shewn themselves honest debtors, and had paid wirit
they owed. The truth was, it was wonderful thew
had struggled as they had, for the whole period of
their charter had been one of continued war. It was
no less tree, however, that they had now compered
every think id India that was to be conquered; and
at a very great ezpence they had acquired the quiet
possession of a country which produced 16,00°,0001•
of revevtue. It should be remembered also, that they,
the East India Company', paid four millions yearly
to thrievenne of the country, and that was a 5,,,„
not to be sneezed at. [Great laughter.] The Direr.
tors, he contended, had not bee.' to blame in any
thing they had done. The present estimate was corn.
plained of on the ground of its not having baen re.
(erred to the Committee of Inpply. It was not,
however, from any commercial blunders that the
present demand proceeded. The Company had long
been pouring is large contributions to the Exohequer,
and he joined 41 the wish that the time might not be
fat' distant when the affairs might be thoroughly et.
amined.

Sir THOMAS TURTON declared, that he had
heard uo grounds whatever laid to induce the House
to grant away, under the present financial circum.
stances of the country, so large a sum of the public
money. What security had the Right Ifon. Geut.
shewn on the part of the Company ? Goods unsold,
and consequently in a state of deterioration, were
reckoned as assets at their original value. If the
Company were in distress, was not the cots s 150?
And were they, at a time when a loan of %mime.
dented amount was wanted for the country, to de.
press the money market, by adding so large a sum to
it, without one tittle of evidence as to the fairness or
validity of the grounds on which the application was
made to them.

Mr. C. GRANT denied that the Company owed
one farthing to the Government; on the contrary,
they were creditors and to a very large amount.—
The ground of the present application was
Ever since the institution of the Board of Controul,
the Indian Government had been the joint co icern of
the Company and the British Government. Since
that period, more than 20 millions of debt had been
contracted in support of various wars. This was al-
together a territorial debt, and had no connection
with the Company's commerce. About 1J v•,ars
ago, a principle entirely new was introduced into the
system of borrowing in India. About 15 millions
was raised upon bonds, stipulating the re-payment
of the principal within a limited period in England.
had been stated by a Noble Lord at the head of
the Board of Controul, in 1803, that at the period
when these bonds should become due, means would
be. required to enable the Company to discharge
them ; and no objection was then made to the prim'.
ple. A great part of the debt had, however, been
made payable in India, and a portion of it was to be
liquidated at home. Compared to this country, In.
dia-was certainly in a state of comparati►e prosperity,
as her whole debt did not exceed two years' rent. As
to the accounts not being more full, the papers had
not yet arrived from abroad; but he had heard the
lion. Gentleman complain, on former occasions, of
the documents being too yeltimfooes. He was sorry
that nothing would please hint. Ito again denied
that the Company were in debt• td Government.—
They had only, in the last nine/ears, borrowed one
million and a half, and this they had already paid
off. With respect to the notion of the Company
being lessees, this was to his judgment an entirely
new idea.

Mr. HUSKISSON submitted the propriety of
enlarging the sinking Fund applicable to India Loans,
sou to provide for the redemption of the Company's
debt within the period to be limited by the proposed
charter.
Mr. VANSITTA RT replied, that Government had
bad this object in contemplation, but had not yet de-
cided on the mode.
Mr. CREEVEY complained that in all discus-
sions on the Company's debt, the Directors blamed
the political measures of the Board of Controul,
while the Board asserted that the fault was with the
commercial blunders of the Company.
Mr. GRANT explained.
Mr. HALL said, that 174 millions had been raised
on optional bondsi would the present grant meet all
the claims on the Company at heme
Mr. WALLACE replied in the retire, and that
there were three millions and a halts! the payment of
which was not yet provided for.
Mr. HALL then declared that this was what he
had suspeCted, nothing was ever fairly brought before
them.
Mr. W. SMITH had no doubt, hearing the Right
Hon. Gent. (Wallace) talk of liberality and justice,
if the East India Company had arty claims on the
counttfl, *hit they woofed ke Met waif-141'y aegree of
liberality and justice by that House. He was of opi-
nion, however, that in advancing 24 millions to the
Company now, while they remained sahject to an ail-
ditional call on them of 34 millions, the House did
i not exercise due liberality and justice to Ate Public;
particularly, if the Proprietors of East India Stock
were to go on receiving their dividends of 10 per
percent. before the interest of the present loan *as
paid. He was afraid, when the question of the Char-
ter came to be discussed, the refusal of any one point
contended for by the Company, would be adduced a!
a reason why the present loan could not be paid.
Mr. WALLACE assured the Hon. Gentleman th;tt
it was intended the interest of the present Dill
should be paid before any dividend among the pro-
prietors was made.
Mr. R. THORNTON concurred in this statement.
All the Company/tow asked to borrow of the coun
try was, in fact, 000,0001. they having already ml-
vanced for the country 1,600,0001. There vo
now, 1n their warehouses, as a security fur this su,l,
and for their engagements in this country, foil'. nu-
lions in value, and in March, 1813, if thei- ships
arrived, this would be increased to eleven millions.

The louse then divided,
Fur the Vote .
Against it
.. .

71
a

Majority . . (16
ARMY EXTRAORDINARMS,
In a Committee of Supply, after a pretty leng
contersatiou on minor details)