,ors >\st India t John Fiott UNIVERSITY OF CALIFORNIA AT LOS ANGELES LETTER TO THE PROPRIETORS OF EAST INDIA STOCK, ' By Mr. J. F I O T T, OF LONDON, MERCHANT. TO WHICH IS ANNEXED, COPY OF MR. ALD. LE MESURIER's PROTEST, AGAINST The CONTRACT for SHIPPING, Entered into by the COURT of DIRECTORS of the EAST INDIA COMPANY, for the Seafons 1792, 1793. LONDON: SOLD BY W. RICHARDSON, ROYAL EXCHANGE ; J, DEBRET, PICCADILLY; AND j. JOHNSON AND MESS. RWNGTONS, ST. PAUL'S CHURCH-YARD. JIDCCXCIU to THE PROPRIETORS OF EAST INDIA STOCK. SIRS, IT was aflerted, by fome of the Directors, at the General Court held in May laft, fpecially on fhip- ping affairs, that public contract was the pratfice of the Court; and the fame aflertion was repeated at the enfuing -Quarterly Court, in June, although no traces of it are to .be found in the printed* papers of their proceedings. i As the queftion of public contract, brought before the General Court in May, had been kept from a Ballot, by. fimilar aflertion?, and by the manoeuvre of an amend- ment; I pledged myfelf, injune laft, previoufly to the renewal of that important queftion, to put fuch afTer- tioris to the proof, by tendering new fhips of their own fize, built under their own infpection, commanded by .-their, own .officers, and in every reipedr, conformable Jo all; their, regulations > that in cafe they did not ac- of the loweft tender, under fuch circumfrances, 354898 ( 4 ) they might be left without excufe. I fulfilled this pledge in July laft, on their advertiflng for tenders of (hips from any perfons y &c. Mine were at . 18 per ton to China, when theloweft of other tenders were at . 20 per ton to China ; and many were as high as . 23 ioj. to China, and to other parts in proportion. After a fecret conference held by the two chairs with the Old Owners, it was finally agreed, to take the (hips of the Old Owners, as follows ; the loweft, at .19 los. per ton to China, for large (hips ; . 23 per ton to China, for the (mailer, and fo in proportion for other voyages ; while mine, at. 18 per ton to China, as above mentioned, were rejected. The proteft of one of your worthy Directors, Mr. Alderman Le Mefurier, againft fuch proceedings, is re- markably full and ample upon the fubject ; and having been called for and read at the laft General Court, is now become a public paper ; and as fuch I beg permiflion to offer it to your confideration. The printing of it, with a few other papers, refpe&ing the Company's late contract for (hipping, was agreed up- on at the laft General Court. My friends had retired in, that confidence, but advantage being taken of their ab- 'fence, the queftion was unexpectedly put, when there was a fmall majority againft printing and laying them be- fore you. The purport of the other papers, however^ may eafily be gathered, from this plain and manly appeal, of one of your Dire&ors, to your understandings. After this laft negociation, furely no man, who value* his character, will again afiert that public contract is ad- fcmf ( s ) Mtred to. The prefent ftate of the queftion is therefgrt fhortly as follows : The annual tonnage employed by the company is now upwards of 33,000 tons. The price, in Auguft 178^ J when this competition firft began, was, for peace freight, 33 P er ton kut ' s now re duced to j. 21 5*. per ton, viz. 2783, 33o tons at -33 P cr ton > 1 792, 33,000 tons at the prefent average price about . 21 5*. per ton, Saving already effected per ann. But as it is notorious, that the whole may be done at jf . 1 8 per ton, which is a fadl admitted by feveral Direc- tors, and fcarcely denied by any, it will make a farther faving of, fay, on 33,000 tons at . 3. 5*. . 107,250 Add faving as above, . 387,750 Total faving eafily effeded. . 495,000 * A fum more than equal to the whole of your dividends. v Were we to go by the tenders, which pour in upon the Company, we might ftate the faving immenfely more ; but the above faving of near half a million per annum, is already in part effected, and the remainder incontroverti- bly can be fo, whenever the fclfifh interefts of individuals lhall give way to the public good, or gentlemen ceafe to i enjoy the privilege of voting refpe&mg their own con- / tracts. What, therefore, the independent Proprietors have in .Tiew, is not merely to obtain the faving of the additional . 107,250, but to eftablifh.a principle^ thatlhall prevent corruption from hereafter regaining its afccndancy, and recovering ( 6 ) recovering thefe hard-fought acquifitions, when the at- tention of the Proprietors fhall, by degrees, be drawrs off to their own more immediate affairs. It is impoflible for the ability of any man to fuggeft a principle more fafe, more falutary, more unfufpicious, and which fa readily executes itfelf, as that of Public Contrafl ; to which, at a proper time, therefore, I fhall again prefume to call your attention. I have the honour to be, with great refpeft, Sirs, Your faithful and obedient Humble fervant, JOHN FIOT*. Pencburcb-ftreet, Jan. I, 1793. PROTEST O F Mr. ALDERMAN LE MESURIER. " LONDON, lid Augufl^ K GENTLEMEN, " I beg leave to enter my diflent a'gainft the twofol- " lowing Refolutions agreed to by the Court on the j6th their total tonna S Hindoftan, f * 8 55 tons, favings at zor Ceres, tons J per ton ' ' ***7 7 other Chinafhips790each 5530, favings I0ij. 2765 o o 12 Coaft & Bay, 9480 do. do. . 9480 o Total favings on the common Shipping plan, . 17832 10 " But (hould the Court concur with me in opinion, ** that the terms I have propofed a.re proper, an addi- *' tional faving will take place as follows, viz. On ii large and faiall China Ships, freighted at i8/. 10^. inftead of I9/. IDS. and 22/. inftead of 23/. faving 20^. per ton j on 1038510115 - 10385 O 4 Bombay and Bencoolen do. .at do. in- ftead of 24/. 10s. faving 2/. ics. per ton, on 3160 tons - - - 7900 O J2 Coaft and Bay do. at do. inftead of 25/. ioj. Taving 3/. los. per ton, on 9480 tons Additional faving Prefent faving as above - Total propofed faving for this feafon on 23025 ton of Shipping ( 14 ) Having dwelt fo long on this refolutlon, I fhall hot * detain you Jong on the other ; particularly as I agree <* in the propriety of difcharging the Committee of Ship- " ping from thfe Court's references, to confider of Mr. * Fiott's Tenders for the faid Tenders being now open ^ to the confideration of the Court, I conceive that an u opportunity will foon occur for confidering their me- ** rits ; but I do moft ferioufly proteft againft the reafon- ** ing of the faid refolution ; viz. * As the Owners have " agreed to a reduction in their Freights, which will be