3t India Examiner . .Re- 
 printed from the Originn.1 Pa- 
 pers of that Periodical Publi 
 cation.
 
 UNIVERSITY OF CALIFORNIA 
 AT LOS ANGELES
 
 THE 
 
 AST INDIA EXAMINER. 
 
 REPRINTED 
 
 From the ORIGINAL PAPERS of 
 That Periodical Publication. 
 
 LONDON: 
 
 Printed for W. NICOLL, in St. Paul's Church- Yard. 
 M DCC LXVJ,
 
 m 
 
 nuc, 
 
 ADVERTISEMENT. 
 
 IT became neceflafy to publim a new 
 Edition of the Eaft India Examiners, and 
 I it was thought convenient to give the whole 
 : eleven Numbers in a fmall Pamphlet, that 
 \ the Public might have before them, in one 
 point of view, every thing that has been 
 wrote under that title. There are no altera- 
 tions from the original papers, more than a 
 few literal corrections, except in Number 
 ^ II. where five letters of Correfpondents are 
 ^ left out, as no ways efiential in the main de= 
 H- fjgn of the Examiner, and which at the time 
 c did not feem much relimed by the Public. 
 
 THE Examiner will not on this occafion 
 (as cuftomary) boaft of the favourable recep- 
 tion his labours have met with. Whoever 
 jj has attended to the irregular times of publi- 
 H| cation, and carelefs manner of anouncing it 
 I to the world, will fee that no interefted or 
 pecuniary advantage could be the object of 
 his writing. He has alfo fhown himfelf un. 
 
 4 354694 attach?d
 
 17 ADVERTISEMENT. 
 
 attached to any party in India politicks, and 
 that to inftruct his fellow proprietors, and to 
 eftablim true notions of the Company's af- 
 fairs, are what all his endeavours point at. 
 
 IT would argue the heighth of vanity to af- 
 cribe ail the knowledge of India and its com- 
 merce, which is to be found in thefe Num- 
 bers, to the capacity of one man. The India 
 Examiner has had helps of the beft kind, and 
 a communication of fads fo full and exact, 
 that the Directors themfelves, if they were 
 even willing, could hardly give the like. 
 On the whole, this collection, we venture to 
 fay, exhibits to the world a more compleat 
 and diftinct ftate of India affairs than any hi- 
 therto publifhed ; and we doubt not, will be 
 quoted for fome time to come as the true and 
 genuine ftate of the Eaft India Company in 
 the year 1766.
 
 THE 
 EAST INDIA EXAMINER* 
 
 NUMBER I. 
 SATURDAY, September 6, 1766. 
 
 TH E commerce of Great Britain with 
 China and the Indies, as carried on 
 by the Company, becomes every day a 
 more interesting object of public concern. 
 In former times, -when their flock was fmall 
 and of little value, their trade confined, and 
 their poflfeflions nothing, it was viewed al- 
 together in the light of a private adventure, 
 by which the merchants concerned might 
 either gain or lofe, without immediately af- 
 fecting the nation ; but at prefent as there 
 are near feven millions of property inverted 
 in that trade, an immenfe quantity of (hip- 
 ping employed, fleets and armies maintained, 
 and great pofleffions acquired ; every maa 
 alrnoft in thefe kingdoms finds himfelf af- 
 fefted by its profperity. By relation, by 
 connection, and by a thoufand other combi- 
 nations of intereft, we are all more or lefs 
 concerned j and the Eaft India affairs, next 
 B to
 
 2 THE EAST INDIA No. I. 
 
 to the conftitution of England itfelf, ought 
 to be the fubject of our moft ferious atten- 
 tion. 
 
 IT is therefore furprizing that the good 
 people of England, who are fo extremely 
 watchful over the conduct of their minifters, 
 fhould be fo negligent with regard to their 
 Eaft India Directors. In matters of ftate, 
 every private man thinks he has a right to 
 advife, and not a cobler but will lift up his 
 awl againft the minifter, and fay, What 
 doeft thou ? This liberty may be pufhed to 
 ridicule, but never to hurt. A good mi- 
 nifter will never be afraid to have his actions 
 fcan'd, but the proudeft Vizier that ever 
 ruled, will tremble at the Vox Populi, when 
 raifed againft him upon good ground. 
 
 THE prefent Directors of the Eaft India 
 Company are the only fet of men in power, 
 who have been able hitherto to flifle the 
 voice of the people, when jufily raifed 
 againft them upon account of their mifma- 
 nagement. While they, by unfair conceal- 
 ment of the real advantages obtained for the 
 Company, and by artful workings on the 
 fears of individuals, hoped to have fucceeded 
 in finking the actual value of frock, and 
 lowering it in expectation, the injured pro- 
 prietors have been precluded from all appeal 
 to the public, through the channel of the 
 daily papers. I (hall not pronounce whether 
 4 the
 
 No. L EXAMINER. 3 
 
 the publifhers have been gained by the Di- 
 rectors ; but it is certain, that moft letters 
 upon that fubject have been refufed at the 
 different papers, upon frivolous pretences, or 
 thrown mangled and disfigured into fome 
 bye corner. 
 
 To remedy that abufe, and to fecure a 
 ready communication with the public, this 
 paper is undertaken : We propofe landing 
 up the champions of Truth and the Propri- 
 etors, againft falfehood, injuflice and the 
 Directors; we will examine their conduct, 
 detect their intrigues, and expofe their weak- 
 nefs. We will endeavour, from uncontro- 
 verted facts and plain deductions, to afcertain 
 the real value of flock, that the Proprietors 
 may no longer be the dupes of defigning 
 men, and of Change Alley jobs. 
 
 THE Eaft India Company is compofed of 
 various fets of mankind. Befides the great 
 and opulent, there are the induftrious tradef- 
 man, who lodges the fruits of his labours in 
 that fund as in a place of fecurity ; the ftock- 
 holder, whofe fubfiftance depends altogether 
 upon his yearly dividend j and the widow 
 and the orphan, whofe capitals are placed 
 untransferable, in India Stock. 
 
 IT happens moft unluckily, that thefe 
 
 three laft orders, whofe welfare depends moit 
 
 upon the fuccefs and management of the 
 
 Company's affairs, are at the fame time moft 
 
 B 2 expofed
 
 4 THE EAST INDIA No. I 
 
 exoo r ed to the mifconduct and fmifter de- 
 fighs of a weak or wicked direction. When 
 things go wrong, the great and rich foon 
 flip their neck out of the collar; but the 
 honeft tradefman, whofe occupations turn 
 his attention another way, may be ruined 
 before he is aware. Thofe who live folely 
 on the revenues arifing from their dividend, 
 refide generally at too great a diftance to be 
 well informed ; and the widow and orphan, 
 helplefs and innocent, are fure to be the 
 lufferers. 
 
 IT becomes then an obligation of honour, 
 of juftice, for every Proprietor to commu- 
 nicate h's lights to his fellow adventurers, to 
 warn them of danger when he difcovers it, 
 or put them on their guard againft delufion, 
 when he finds it attempted. This (hall be 
 our tafk, and we invite every man who has 
 the welfare of the Company at heart to afiift 
 us by his advice and correfpondence. We 
 affedl not elegance of ftyle, or corrednefs of 
 compofition, but will readily infert any letter 
 \vith fentiments fuch as we approve, though 
 couched in the plaineft language. All Eafl 
 India intelligence, when it comes upon good 
 authority., or from perfons fubfcribing their 
 names, fhall alfo be inferted ; that this paper 
 may form a compleat reprefentation of India 
 affairs, as they really (land at this lime. 
 
 IT
 
 No. I. EXAMINER. 5 
 
 IT gives us fenfible pleafure to declare to 
 our fellow Proprietors, that while we find 
 fault with the management at home, we can- 
 not but approve of the fituaiion of the Com- 
 pany's affairs abroad. Our many and folid 
 advantages in commerce, lately obtained and 
 fecured, put us beyond all poffibility of dan- 
 ger ; and nothing but the mcft infamous in- 
 trigue, and underhand jobbing, could have 
 prevented the Proprietors from feeling already 
 the effects of our fucceffes in the advanced 
 price of flock. Had the Directors, laft 
 general court, honeftly declared a dividend 
 of 10 per cent, which circumftances would 
 have amply juftified, thofe people who have 
 been obliged to fell out, would have tafted 
 at lead in fome meafure of the Company's 
 advantages ; but how grating muft it not be 
 to fee the friends of the Directors fole gain- 
 ers, by what naturally tended to the good of 
 the whole ? Next year, when a much higher 
 dividend will in all probability be declared, 
 thefe gentlemen will triumph in the fpoils of 
 their brethren, and infult the eafy credulity 
 by which they profited. 
 
 THERE are, however, fome wife men of 
 old Proprietors, who will not fuffer them- 
 felves to -be thus deluded, and will not fail, 
 on a proper occafion, to call thofe to account 
 who have attempted to deceive them. 
 
 B 3 ONE
 
 6 T H E E A S T I N D I A No. I. 
 
 ONE cannot alfo behold without indigna- 
 tion, the late attempt on the rights of the 
 Company, by a junto of ielf-erecled nego- 
 tiators, who dared to treat on their own au- 
 thority, for the farrender of the property of 
 their conflituents $ and that too with a 
 nsoould-be minifter, who was as little autho- 
 rized as themfelves. This (ham negotiation 
 would only have excited laughter, had not 
 the friends of thefe mock ambaffadors feized 
 the occafion, by fprcading falfe alarms, to 
 monopolize the ftock to themfelves, at an 
 under value. Luckily, indeed, they were 
 detected before their fcheme could be ac- 
 compliihed j and the Proprietors, after a 
 moment's reflection, difcovered there could 
 be no reafon of alarm from the intentions 
 of a miniflry, in whom the nation have 
 juftly placed the higheft confidence. The 
 noble Lord, who is laid to prefide in all our 
 national councils, and his trends whom he 
 brought into adminiftration with him, are 
 declared enemies to injuiiice and oppreffion. 
 They flood up laft feffion, in a remarkable 
 manner, in fupport of the liberty of com- 
 merce, and the rights of particular charters ; 
 and it is not to be fuppofed on this occafion, 
 that they Will fport wiih the property of fo 
 confiderable a body, or tamper in private 
 with felf-fent deputies to betray their mailers. 
 
 FROM
 
 No. I. EXAMINER. 7 
 
 FROM the known charader of the prefent 
 adminiftration, as well as from honour and 
 juftice, we may be aflured whenever govern- 
 ment refolves to interfere in the affairs of the 
 Eaft Indies, they will, by a plain, ingenu- 
 ous, unequivocal declaration, let the Pro- 
 prietors know what they are to expect, that 
 they may not be left in prey to a fet of de- 
 figning men, who, by multiplying ima- 
 ginary fears, may create real evils. 
 
 IT is certain, government will not inter- 
 meddle, without firft fecuring a folid and 
 free trade to the Company, and alfo paying 
 them a full compenfation for the forts, 
 flores, 6cc. which they mail give up, and 
 alfo a full reimburfement of all the expences' 
 which they have incurred in their late acqui- 
 fitions. Even on this footing, we mould 
 hold our charter on a mcft lucrative tenure, 
 and every Proprietor would foon find his 
 flock at lead one third more in value, than 
 it is kept down to at prefent, by artifice and 
 intrigue. 
 
 MY next mall enter into a more minute 
 difcuffion of thefe matters, and perhaps open 
 the eyes of fome who have not already feen 
 clearly through all the dark manoeuvres of 
 the Directors. 
 
 B
 
 THE 
 EAST INDIA EXAMINER. 
 
 NUMBER II. 
 WEDNESDAY, September 10, 1766. 
 
 OUR intention was to have given a very 
 particular account of the trade of the 
 Eaft India Company, the ftate of their af- 
 fairs, and the revenues of Indoftan, as they 
 now (land, prior to any animadveriions upon 
 the intrigues and defigns of the Directors of 
 'that Company, as we would be loth to bring 
 charges ib fevere as we have to produce 
 againft any body of men, without firii fhew- 
 ing the ground upon which we found them. 
 But in deference to fcveral of our correfpon- 
 dents, and out of gratitude for the aid which 
 they have been kind enough to furnim fo 
 early towards the carrying on this paper, we 
 for this day poftpone the execution of our 
 plan, a-fid infert the following letters, which 
 we hope will be acceptable to our readers. 
 
 To the EAST INDIA EXAMINER. 
 S I R, 
 
 FROM the fpirit and candor which 
 breathe through your firfl perform- 
 ance,
 
 No. II. EXAMINER. 9 
 
 ance, I cannot help lamenting that you did 
 not take up your pen immediately upon the 
 firft fpecimen of mal-conduct in the direction, 
 of the Eaft-India Company. The career of 
 the artful and defignlng might then have 
 been cut four months morter, and many 
 honeft men, who have been the dupes of 
 cunning and treachery, might have been faved 
 from the heavy lofTes which they have fuf- 
 tained in their fortunes, by the prepofterous 
 fluctuations brought about in the value of 
 that fund in which they were Proprietors. 
 Several worthy advocates for the caufe of the 
 public have however appeared, from time to 
 time, in the daily papers, who, although they 
 have failed in Hemming the torrent of cor- 
 ruption, have neverthelefs been fome check 
 upon that avidity of growing rich at the ex- 
 pence of their ccnilitusnts, which has direct- 
 ed all the meafures of the Directors. 
 
 Dives qui fieri vulf 
 
 Et cito vu/t fieri Juv. 
 
 Is a maxim never more uniformly made good 
 at any one period of time than fince the i2th 
 day of April laft ; not even in the memora- 
 ble years of 1720 and 1721. 
 
 IN former directions of the Eaft India 
 Company, it was the conftant practice to read 
 every piece of intelligence in full board, and 
 publim it as foon as pomble after it was read: 
 and great care was taken to circulate the 
 z news
 
 io THE EAST INDIA No. II. 
 
 news at the fame inftant to every part of the 
 town, to prevent jobbing, and to give all the 
 Proprietors an equal chance of profiting. A 
 fhort abftract of the different articles of in- 
 telligence was written down on flips of paper, 
 and difpatched by runners kept ready for that 
 purpofe, the minute the doors of the India 
 Houfe were opened; and one or more of 
 thefe flips were generally ported up on one 
 of the pillars of the Exchange. If ever this 
 method was proper to be fufpended, it was 
 in time of war, or public calamity, when fuch 
 news might arrive as could not fail of materi- 
 ally afte&ing the credit of the Company. 
 This very circumftance did happen in a for- 
 mer direction, and occafioned a prudent de- 
 viation from the general rule; which gave 
 fo much offence to the fet of men now in, 
 but then out of power, that although the very 
 being of the Company was at ftake, nothing 
 lefs than a fpeedy and full recital of the ruin- 
 ous fituation of affairs abroad could filence 
 their uri}uft and ill-timed clamours. With 
 whatjuftice, then, in the moft flouriming 
 ftate which this or any other commercial 
 body ever did or can hope to arrive at, have 
 they, by an obftinate filence, attempted to 
 conceal from the Proprietors the particulars 
 of a fuccefs fo glorious for the Company, fo 
 falutary for its credit, and fo advantageous to 
 every individual concerned. Their behavi- 
 our
 
 No. II. EXAMINER. n 
 
 our on this occafion, and on the i8th of 
 June, juftiy acquired them the appellation of 
 Dumb Directors > a furname that will proba- 
 bly ftick by them as long as their date of 
 power, which fome people guefs will not 
 exceed the month of April nsxt. 
 
 BUT their conduct on that day (the i8th 
 of June) (bowing more abilities and finefle 
 than people in general are willing to allow 
 them, it will not be amiis to defcribe it par- 
 ticularly. 
 
 ON that morning when the Proprietors 
 attended, big with expectation of the news 
 they were to hear, and of the refolutions of 
 the board thereupon, a friend of the Direct- 
 ors, ready prepared, made a motion to increafe 
 the dividend 2 per cent. This motion, as 
 plainly appeared by his after-conduct, was 
 infidious, and only intended ?.s a trap for the 
 Proprietors, as a tub for the whale, that the 
 Directors might pafs with fafety on. The 
 motion was fupported, and a debate enfued 
 upon it : at length up rofe Mr. Chairman, 
 in all the majefly of a full-bottomed wig, and 
 declared, with a folemn face, Ci That the Di- 
 rectors held the motion to be premature." 
 Having thus fpoke, he fwallowed his tongue, 
 fat down and compofed himfelf, with the 
 fame empty importance with which he had 
 rifen. His friend the motion- maker, fully 
 convinced by the compleat reafoning con- 
 tained
 
 12 THE EAST INDIA No. II. 
 
 tainedin the word premature, withdrew his 
 motion, eat up all he faid, and the Proprie- 
 tors were turned out no wifer than they went 
 in. 
 
 THE next game to be play'd was, to im- 
 pofe upon the public by falfe reports and ru- 
 mours from India of Lord dive's death . of 
 Nabobs in the moon, of Mr. Law, and of the 
 Marattas, &c. &c. ' They gained fo far by 
 this trick, as to give one old woman the cho- 
 lic, me fold out in. a great pannic, and there 
 were not wanting people in the fecret to buy 
 it up. At the fame time, an affociation and 
 joint ftock was formed, to carry on their 
 projects at Amfterdam ; and the news-papers 
 here were furnimed out with falfe accounts, 
 to depreciate our flock, by magnifying our 
 debts. One man had the impudence to flate 
 the advance on the original ftock as a debt due 
 by the Company. It would require more 
 rhetoric than falls to the mare of any of the 
 prefent Directors, to perfuade a man, that the 
 more he can get for his flock, the more he 
 becomes in debt ; or in other words, the 
 richer he is, the poorer he is : but fuch pal- 
 try arts only ferve to expofe the weaknefs, 
 and betray the cloven foot of him who dares 
 to employ them. 
 
 I AM afraid, Sir, I have incroachtd too 
 much already upon your Examiner ; but I 
 will juft add a piece of intelligence to the 
 
 Pro-
 
 No. II. EXAMINER. 13 
 
 Proprietors, which you probably may have 
 heard of, though not from the Directors, 
 who are too wife to propagate truths that 
 make again ft them. On Friday laft was paid 
 in to the India Houfe a fum nearly equivalent 
 to the whole debt upon fhipping, about which 
 the Directors make fuch a rout ; and as to 
 our debt in Bengal, they may be affured that 
 by this time it is all paid off, and inveftments 
 made for the necefTary cargoes all over India, 
 for two years to come -, befides which, we 
 have a debt due to us of about 450,000!. by 
 the Nabob of Arcott, and well fecured upon 
 his pofleffions. 
 
 LET any Proprietor make a calculation 
 upon thefe facts, and then fee if our affairs 
 (land on the footing given out by the friends 
 of the Directors. 
 
 I am, Sir, 
 Your moft humble Servant, 
 
 A. B.
 
 THE 
 EAST INDIA EXAMINER. 
 
 NUMBER III. 
 
 SATURDAY, September 13, 1766. 
 
 ' | "^ H E Directors and their friends having 
 J[_ taken great pains to reprefent the Eaft 
 India Company almoft in a (late of bank- 
 ruptcy, at this very time, when I am tho- 
 roughly convinced, neither this Company 
 nor any other ever was in fo flourifhing a 
 condition ; I mall now endeavour to give a 
 ftate of their affairs, not only in India, but 
 at home. The former (hall be the fubject 
 of this paper, and I hope will be found 
 tolerably exacl j and the latter, if it is not 
 fo, the world will at leaft fee that I make the 
 moft ample allowances. If the Directors, 
 inftead of ftabbing the credit of the Company 
 by terrifying their conftituents, upon the Ex- 
 change, and in every Coffee-houfe, had com- 
 plied with their obligations of balancing their 
 books, as required by the bye-laws, or had 
 laid a full ftate of the Company's affairs 
 
 before
 
 No. III. EXAMINER. 15 
 
 before the Proprietors, there would have 
 been lefs occaficn for this paper *. 
 
 I SHALL begin with the revenues of Bengal 
 for this year, taken from a ftate made out 
 by Lord Clive in India, before the laft fhips 
 failed. 
 
 Rupees. Pounds flerl. 
 
 Bahar 56,00000 700,000 
 
 Bengal - 150,00000 1,875,000 
 
 Company's Lands of Burd- 
 
 wan, &c. - 50,00000 625,000 
 
 Cuftoms of Calcutta - - 1,50000 18,750 
 Duties on fait, beetlenut, and 
 
 tobacco, to be allowed to the 
 
 Company, in lieu of their 
 
 {hare of the monopoly - 9,00000 112,500 
 
 R. 266,50000^3,33 1 ,250 
 
 To (how the moderation of this ftate, I 
 need only mention, that the revenues of 
 Bengal and Bahar, which are here fet down 
 
 * The 2910 bye-law is in thefe words: " Item, it 
 " is ordained, That the court of Directors (hall annu- 
 " ally, in the month of June, caufe a general ftate of 
 " the Company's affairs to be drawn out and laid before 
 ' them for their obfervation." 
 
 The 15th bye-law ordains, That the books contain- 
 ing the general accounts of the Company in England 
 {hall be balanced to the 3oth of June yearly, and the 
 balance drawn out within three calendar months after 
 every 3oth of June ; and the books of the Company 
 in India are alfo ordered to be yearly balanced, and fent 
 home. 
 
 at
 
 16 THE EAST INDIA No. III. 
 
 at no more than 206 lacks, or 2,575,000 1. 
 were rated in the year 1762, according to 
 the accounts taken from the books of Cof- 
 fini Ali Khan's exchequer, at 2 crors 86 
 lacks, 76,813 rupees, or 3,584,601 1. fter- 
 ling. So that they exceed the above ftate 
 by one million nine thoufand fix hundred 
 and one pounds fterling. 
 
 THE accounts hitherto delivered in by the 
 canongoes, or public book-keepers, as the 
 true ftate of the revenue of the feveral pro- 
 vinces ceded to the Company, have always 
 been found falfe and under-rated. It ap- 
 pears that the diftricls of Burdwan, Mid- 
 napoor, Chettygong, and Calcutta, never 
 yielded in former times more than 40 lacks, 
 or 500,000 1. fterling j but fince they have 
 been in our pofleffion, they have produced 
 yearly about 50 lacks, or 625,000 1. without 
 varying more than 6 per cent, between the 
 beft and worft years, notwithstanding the 
 late difturbances. From thefe confiderations, 
 and our fupericr method of collection, which 
 would be too long to explain here, the beft 
 judges of thefe affairs are perfuaded, that 
 Bahar and Bengal will foon produce, with 
 proper management, five hundred thoufand 
 pounds fterling annually more than they are 
 ftated at in the account which we have here 
 followed. 
 
 WE
 
 No. III. EXAMINER. 17 
 
 WE (hall next proceed to an eftimate of the 
 money to be paid this year, out of the reve- 
 nue of Bengal, viz. 
 
 For the army 
 
 Military (lores 
 
 Marine expence? 
 
 Civil lift - 
 
 Fortifications and buildings at 
 Calcutta - ' - 
 
 Barracks and buildings to be 
 made at Coffimbuzar, Patna, 
 and Mongheer 
 
 Yearly revenue to the King 
 
 Ditto to the Nabob, for his 
 expences, 18 lacks, and for 
 the charges of his govern- 
 ment and collections 35 lacks 
 and 40,000 rupees ; but 
 on this laft fum it is ex- 
 peeled there will be a fav- 
 ing to the Company of 8 
 lacks, of which, however, 
 J (hall take no notice, but 
 fet it down in full 
 
 Total of this year's expences 
 at Bengal - 
 
 Rupees. 
 
 46,80,000 
 .3,20,000 
 3,60,000 
 16,00000 
 
 585,000 
 40,000 
 45,000 
 
 200,000 
 
 8,00000 100,000 
 
 6,00000 
 26,00000 
 
 75,000 
 325*000 
 
 163,00000 
 
 So that from the amount of the yearly 
 revenues of Bengal, as ftated above, 
 being ji 
 
 Deducting the expences for the prefent 
 year, which amount, by this account, 
 to 
 
 There remains a balance to the Company, 
 out of this year's revenue, of 
 
 And to this fum muft be added, the 
 remainder unpaid of 50 lacks due 
 C 
 
 53,40000 667,500 
 2,037,500 
 
 2,037,500 
 ^293,750 
 
 fronj
 
 i8 THE EAST INDIA No. III. 
 
 Brought over 1,293,750 
 from Souja Dovvla, by treaty, being 45 
 lacks, or 562,500 
 
 Which makes in all - 1,856,250 
 
 From this I deduct the debt 
 of -2 lacks, which it is faid 
 we owe by bonds, &c. in 
 Bengal - 900,000 
 
 And alfo a balance of the re- 
 ftitution money agreed by 
 treaty to be made good by 
 the Nabob, for the lofTes 
 fuftained by the merchants 
 and Company's fervants, 
 and thofe who were cut off 
 in the late war, amounting 
 to 18 lacks. 
 
 And the donation promifed 
 by the late Nabob to the 
 army, a balance yet due of 
 3 lacks. 
 
 "Which fums, making toge- 
 ther 21 lacks, muft be re- 
 garded as a debt due by 
 the Company, fmce they 
 now put themfelves in the 
 Nabob's place. I hear, in- 
 deed, that the Directors 
 have fent oat orders for 
 Hopping the payment of 
 the reitiiution ; yet as that 
 order is thought to be ille- 
 gal, and in this account I 
 make every allowance, I 
 fhall deduct the' whole 2 I 
 lacks, or - - - 262,500 
 
 1,162,500 
 
 So that this year there will remain a balance of 693,750 
 
 THUS,
 
 No. III. EXAMINER. 19 
 
 THUS, after making the moft ampleallow- 
 ances, dating every thing to be paid at the 
 higheft rate, and every thing to be received 
 at the loweft, there remains a clear balance 
 of fix hundred and ninety-three thoufand 
 feven hundred and fifty pounds in favour of 
 the Company from Bengal alone ; and this 
 is the real fituation of their affairs which 
 have been reprefented as in the moft lament- 
 able condition. 
 
 BESIDES the accounts above exhibited, we 
 ought alfo to take notice of the revenues of 
 other provinces granted at the fame time; 
 which although they will not probably be 
 received this year, will flill increafe the re- 
 venue in time to ccme. 
 
 THE province of Orixa, at prefent in pdf- 
 feffion of 3 or 4 thoufand Morattas, can be 
 eafily taken, and as ealily defended, having 
 only one inlet through the hills to the foutli 
 weft. ,The revenues may be reckoned at 1 5 
 lacks, but we mail put them down only at 
 10 lacks, or 125,000 1. 
 
 THE five northern provinces, or fifcafs, 
 when in pbrTefiion of the French, were 
 fettled at 3 5 lack, or 437,500 1. 
 
 THE grant of thefe fircars, though a'd 
 acquifition of great confequence, was not 
 mentioned to the proprietors at the laft court j 
 for what reafon, the Directors can beft ex- 
 plain. 
 
 2 The
 
 20 THE EAST INDIA No. III. 
 
 The revenues and duties 
 at Madrafs, MafTulipatam, 
 and Nazampatam, (exclu- 
 fjve of the five northern 
 provinces, or ficcars) a- 
 mount to - 670,000 Pagodas. 
 
 And the expence of the 
 eftablifhment there only to 450,000 
 
 So that there remains a 
 
 clear balance in favour of 
 
 the Company of - - 220,000 Pag. or 88,000 
 
 BUT this I (hall not bring into the ac- 
 count, becaufe that fum may be reckoned 
 counter-ballanced by the overplus expences 
 of the other governments in India, which do 
 not fupport themfelves from their own reve- 
 nues, of which I here give a fhort Iketch as 
 follows : 
 
 AT Bombay, the expence of the efta- 
 blifhment exceeds in a fmall fum the reve- 
 nues and duties there. 
 
 AT Bencoolan, the eftablifhment amounts 
 to 50,000 /. flerling, while the duties and 
 revenues there do not yield above a few 
 thoufand pounds ; and St. Helena cods the 
 Company about 1 6,000 /. per ann. for the 
 eftablifhment there. 
 
 So that, as I have faid above, ! leave thefe 
 expences to be compenfated by the faving of 
 88,000 /. at Madrafs. 
 
 LET us now proceed to a general ftate 
 of the Company's effects and debts due to 
 them in the Eafl Indies. 
 
 BALANCE
 
 No. III. EXAMINER. 21 
 
 BALANCE that will remain in Bengal") 
 this year, after paying every demand ^ 693,750 
 and charge, as before dated, J 
 
 BALANCE due by the Nabob of Arcot,"j 
 which can be received at pleafure, as we }> 450,000 
 have his country for fecurity, J 
 
 DEBTS due by the French for main- t 
 tenance of prifoners, $ 
 
 REMAINING in china, after loading ? 
 15 fhips arrived, and to arrive this year, \ OO t CO 
 
 AMOUNT of effe&s fhipped off frono 
 London laft winter and fpring, which ( , 
 long before this time (it is to be hoped) | 
 are in pofleffion of our iervants in India. J 
 
 THIS is befides the goods fent out the 
 former year, remaining in the warehoufes 
 abroad, or fold, and not paid for. 
 
 COST of our fortifications, &c. which"! 
 every man muft allow to be the befh laid j 
 out money the Company ever paid, and j 
 may properly be called, the purchafe- | 
 money of our revenues. No man would [ 
 wifh this fum returned to our treafury on J 3,000,000 
 condition of deftroying thefe fortifications, 
 or would, in the prefent fituation, hefitate 
 to vote four times that fum for making fuch 
 fortifications, if they did not already 
 exift. J 
 
 To this account might be added the 
 Company's one- third of half a million, fUll 
 due on the Manilla ranfom ; but as this is 
 an affair not finally fettled between the 
 two crowns, we leave it out. 
 
 Total of the Company's effects in India ' 55243,750 
 
 FROM this fair and impartial ftate both 
 
 of our revenues and effects in Bengal, may 
 
 be formed an idea of the prefent flourifliing 
 
 C 3 fituation
 
 52 THE EAST INDIA No. IIJ. 
 
 fituation of the Company's affairs, and every 
 Proprietor may be able to judge from calcu- 
 lation and deduction, whether the Directors 
 have acted a juft and honourable part in re- 
 futing them a fmall proportion out of their 
 own abfolute property. From the above 
 calculation, it is alfo manifeft that Bengal 
 yielding a revenue of 1,293,000!. and the 
 four northern provinces 437,000!. with 
 half a million more, which by a moderate 
 computation we may fuppofe they will 
 amount to in a few years, we (hall foon en-, 
 joy a clear territorial revenue of 2 millions^ 
 after, defraying all expences of the civil efta- 
 blifhment in the Eaft Indies, charges of 
 buildings, fortifications, barracks, &c. and 
 when thefe laft articles of expenceceaTe, their 
 amount Will be fo much addition to the clear 
 ballance. 
 
 IT mall be our bufinefs in another paper 
 jo lay before the Proprietors, a true fUte of 
 their commerce as we have now of their 
 revenues, by which it will appear that the 
 profits arifing from thence amount to more 
 than 640,000 1. which of itfelf would afford 
 a dividend of 20 per cent. 
 
 IF then the parliament fhould take the 
 territorial pofleffions from the Company, al- 
 lowing them 3 or 4 millions by yearly pay- 
 ments for the value of their fortifications, 
 artillery, &c. and taking upon themfelves 
 
 the
 
 ' No. III. EXAMINER. 23 
 
 the expence of all our eftablimments in the 
 Indies, by which the nation would acquire 2 
 millions a year clear in a few years; yet even 
 upon that footing, the profits upon the trade 
 alone, will, as I h.ave already faid, yield, in a 
 fhort time, a dividend of 15 if not 20 per 
 cent, and therefore nothing could be more 
 unjuft, or I may venture to fay more wicked, 
 than to refufe to increafe the dividend to 10 
 per cent, at the laft general court, the con- 
 fequences of which have been fatal to infinite 
 numbers who have fold their ftock for lefs 
 than half its value. 
 
 IF it could even be fuppofed that the trade 
 of the Company fhould hereafter yield them 
 nothing, is it poffible to imagine that the par- 
 liament would hefitate to allow to the Pro- 
 prietors a fum of 320,000 /. yearly out of 
 the immenfe revenues of which it is fup- 
 pofed they are to be deprived by a ftrong 
 exertion of the legiflative authority ? No man 
 can doubt of this, and therefore in every 
 view, the conduct of the Directors in re- 
 fufing the increafe of dividend to loper cent* 
 muft excite the indignation of every unpre- 
 judiced mind.
 
 THE 
 EAST INDIA EXAMINER. 
 
 NUMBER IV. 
 WEDNESDAY, September 17, 1766. 
 
 THE ftate of the Company's affairs in 
 India, as exhibited in my laft paper, 
 I find has given general fatisfaction to the 
 Proprietors. They are now in fome mea- 
 fure on a par with the Directors, and are en- 
 abled to oppofe them with arguments found- 
 ed upon fads, which have hitherto been fo 
 induftrioufly concealed. 
 
 THE recent publication of our firft char- 
 ter, has likewife put it in every man's power 
 to compare the conduct of the Directors, 
 with the duty prefcribed to them by our 
 conftitutions, and we can no longer be in 
 doubt as to the right of the Proprietors to 
 demand an exhibition of papers which 
 hitherto it has hardly been pofiible to attain. 
 
 BEFORE I enter upon the fubject of this 
 day's paper, it will not be amifs to obferve, 
 that in the eftimate in my laft, of our re- 
 venues
 
 No. IV. EXAMINER. 25 
 
 venues and difburfements at Bengal', I have 
 charged as articles of expence, the debts of 
 '900,000!. which we owe by bonds, and 
 262,500!. upon account of reftitution ; 
 but thefe fums are temporary expences, and 
 will not for the future be charged on the 
 yearly revenue. The fum of 75,000 1. 
 charged for barracks and buildings at Caf- 
 fimbezar, &c. will alfo ceafe after the pre- 
 fent year, fo that our clear annual revenue 
 will then amount to 1,363,750!. befides 
 the five northern fircars,. and the province 
 of Orixa, and it is further to be hoped, 
 that the expence of 100,000 1. for pub- 
 lic works at Calcutta, will not continue 
 long. 
 
 I MEAN now to acquit myfelf of the pro- 
 mife made to my fellow proprietors, of lay- 
 ing before them a ftate of their affairs at 
 home. I wilh I could pretend to the fame 
 accurate knowledge of this, that I have in 
 thofe of India; I have not here accefs to 
 the proper papers ; this is a fatisfaction the 
 Directors chufe to deny to their conftituents; 
 I am therefore obliged to proceed upon ge- 
 neral ideas, and the lights I have received 
 from men much converfant in the India 
 trade. 
 
 FOREMOST in our lift of effects m'all be 
 placed the fums due to us from the Govern- 
 ment, which are precife and fixed. 
 
 Debts
 
 26 THE EAST INDIA No. IV. 
 
 Debts due to the Company, viz. 
 
 JL,oan to the Government of our entire ca- . 
 
 pital. by charter 1698, - - 2,000,00* 
 
 Ditto to Ditto - - 6th of Queen Anne i,200>oco 
 
 Thefe two fums due to us from the Govern- 
 ment, form our prefent capital ftock, 
 
 which gives the nght of voting, and 
 
 upon which our dividends are made 3,200,000 
 
 The G- v. rnment owes us befides, a loan 
 j/th George II made without any call 
 on the Proprietors - 1,000,000 
 
 So the total of the debt which the nation 
 owes to the Company upon which we 
 receive an imcref} of 3 per cent, is jf 4,200^000 
 
 Effects in England, viz. 
 
 Houfes, warehoufes, and all 
 other immovable flock, I 
 value at - 200,000 
 
 Goods in hand remaining of 
 former cargoes, or due for 
 goods uncleared, including 
 the prompt payment made 
 a few years ago - - - 1,200,000 
 
 Produce of the cargoes ar- 
 rived and to arrive this 
 year, after deducting duties, 
 on a moderate computation 2,750,000 
 
 Sum 4,150,000 
 
 Tptal of effects, debts, &c. belonging to 
 
 the Company in England - - 8,350)000 
 
 HAVING thus given what we take to be a 
 true ftate of our effects at home, let us next 
 fee what 5s the amount of our debts there. 
 I ftate nothing on account of the expence of 
 
 the
 
 No. IV. EXAMINE R. 27 
 
 the civil establishment in England, or for 
 the rents of houfes and warehoufes there, 
 becaqfe the duties on private trade, inwards 
 and outwards, &c. fully compenfate them. 
 
 Dr. Cr. 
 
 Brought over - - - 8,350,ooq 
 Due for money borrowed by 
 
 aft of parliament, viz. 
 Bonds, afterwards converted 
 
 into annuities, bearing 3 per 
 
 cent, interefl by 23 Geo. II. 
 
 C. 22. - - - j3,QOO,000 
 
 Bonds (Till remaining, the ex- 
 aft amount not known, but 
 we (hall fuppofe them, nei- 
 ther to exceed, nor fall fhort 
 of the fum allowed by par- 
 liament to be borrowed - 3,000,000 
 
 Total of borrowed money 6 3 ooo,ooo 
 
 Occafional Debts, viz. 
 
 Owing upon account of 
 
 freight - 750,009 
 
 ^Reftitution money paid to the 
 Company by Jaffejr Ali 
 Cawn, 1757, for the pri- 
 vate fufFerers in the war 
 with Sowrajah Dowla, 
 which was illegally detained 
 by the Directors, and now 
 awarded to be paid by a de- 
 cree in Chancery, about 5 
 kcks of rupees, or - 62,500 
 
 The Company's acceptances, 
 for draughts from India, by 
 the fhips of laft feafbn, at 
 pne year's fight, about - 200,000 
 
 Carry forv/ard 73012,590
 
 28 THE EAST INDIA No. IV, 
 
 Dr. Cr. 
 
 Brought ovr 7,012,500^8,350,000 
 
 Expences of i ooo foldlers to be 
 
 fent out this feafon, at 20 1. 
 
 each - ... 20,000 
 We (hall further allow, in lieu 
 
 of all other debts due in 
 
 England, by the Company, 
 
 fuch as for balances of for- 
 
 mer cargoes outwards, cuf- 
 
 toms, and to the Bank of 
 
 England, a general fum, 
 
 which we are perfuadedwill 
 
 more than difcharge the 
 
 above debts - - - 1,200,000 
 
 Total of debts due by Company - - .8,232,500 
 
 Clear balance in favour of the Company, or 
 exceedings of their effefts over their 
 debts in England alone - - 117,500 
 
 Balance of our effects in India, as Jftated 
 
 in our laft paper - - 55 2 43>75 
 
 To prevent all cavils, I will declare once 
 more, that the foregoing eftimate of debts 
 and effects at home is not taken from ac- 
 counts upon which exact calculations may 
 be founded, but only from a general know- 
 ledge of thofe matters ', and as I have on 
 every article of credit made the moft ample 
 allowances, and on the debit always rather 
 exceeded, I flatter myfelf, that, on the 
 whole, it forms a pretty true, and rather 
 modeft reprefentation of the Company's 
 
 prefent
 
 No. IV. EXAMINER. 29 
 
 prefent flourishing fituatjon. If the Direc- 
 tors difpute my eftimates, it is their bufinefs, 
 from proper vouchers, to refute them. 
 
 ALTHOUGH by this ftate we have fhewn 
 clearly that the Company poflefTes in India 
 and at home, five millions three hundred and 
 Jjxfy-one thoufand two hundred and fifty 
 Pounds, of clear effe&s more than they 
 owe, yet ftill it may be objected, that the 
 Company will not be in cam, from thefe ef- 
 -fefts, to anfwer the dividend required. To 
 this I anfwer, that the circulating bonds, 
 which exceed the debt due by the govern- 
 ment, in i, 8oo,oool. and are in our ac- 
 count ftated as paid off, will be a fund of 
 ready cam in our hands, near fix times more 
 than fufficient to anfwer that demand : For 
 the cargoes of this and the former year un- 
 applied, amount to 3,950,000!. and the 
 debts for freights and other articles, exclu- 
 live of the circulating bonds, amount only 
 to 2,232,500!. fo that there remains a ba- 
 lance of i ,,71 7, 500!. And if the Com- 
 pany's debts in England mould in fad: ex- 
 ceed, by near a million and a half, the fum, 
 at which we have ftated them, there (till 
 would be enough to pay the dividend of 10 
 per cent. 
 
 AND let me obferve in general, that it 
 
 would be the height of imprudence to pay 
 
 off thefe bonds ; and I will venture- to fay, 
 
 4 that
 
 3 o THE EAST INDIA No. IV. 
 
 that none but an enemy of the Company 
 could propofe it. Thcfe bonds, though in 
 fad: chargeable on the Company as a debt, 
 are, at the fame time, one of the sreat 
 
 f 7 O 
 
 fources of our riches, as well as a national 
 conveniency. By means of this valuable 
 privilege granted by parliament, of pledging 
 their fecurity, as well as our own, we are 
 enabled to raife 3 millions, at the low inte- 
 reft of 3 per cent, which fum, employed in 
 trade, yields at leaft fix times as much. 
 Nothing then can be more abfurd than to 
 talk of paying off thefe bonds j on the con- 
 trary, I am of opinion that it would be much 
 to our advantage, if we were allowed to ifTue 
 a million or two more, to difcharge our 
 debts for freights, and to make our purchases 
 for the future with ready money, which in 
 the end would turn out highly beneficial to 
 our commerce. 
 
 THUS after demonftrating to the Propri- 
 etors the folidity of their bottom at home, 
 their happy fituation abroad, and the great 
 territorial increaling revenues they have ac- 
 quired in the eaft, it only remains to give 
 them, as far as in me lies, a general view of 
 their commerce, by which they may be en- 
 abled to judge how far that alone could be 
 able to fupport them in credit and profperity, 
 in cafe government (trould interfere, and af- 
 fume the territorial revenues to thernfelves. 
 
 THIS
 
 No. IV. EXAMINER. 31 
 
 TH 3 bugbear of government's interfering 
 has been the happieft engine in the bands of 
 the Directors, for frightening the Proprie- 
 tors, and beating down the value of the 
 ftock ; bat I have ihown alre \dy, that there 
 can be no caute to apprehend any ti n from 
 that quarter but what is founded on juftice 
 and generofi ty. If it C"u!d be fuppofed that 
 the parliament would a fib me the lands they 
 will alfo undertake the expence of dc: ending 
 them, and repay us fully a '.I .the money laid 
 out on fortifications, artillery, &c. Reduced 
 then to the diftrids neceflary for the purpo- 
 fes of trade, without the expence of defend- 
 ing them, and their revenues b-ing fufficicnt 
 to defray our civil eftabliftimer,!:?, we {hall 
 thei; 1 enjoy the profits of our trade clear and 
 undiminiihed, 
 
 BY making an eftimate, then, of thefe 
 profits, we fliail reprefent the commercial 
 fituation of the Company, upon fuppofiticn 
 of government's doing the worft that can be 
 apprehended from it; but it is to be con- 
 fidered, that our commerce, m thefe cir- 
 cumftances, would certainly increnfc, both 
 as to extent and profit. Our European ri- 
 vals cruihed, the Indies in a manner iub- 
 dued, and our Company alone trading under 
 the wings of a powerful nation, we mould 
 be able lurely to carry dealings to a pitch 
 they never could reach before. But that I 
 i may
 
 32 THE EAST INDIA No. IV. 
 
 may not feem to raife vain expectations in the 
 minds of the Proprietors, I fhall make all 
 my computations upon experience of the paft, 
 and leave their imaginations to fupply the 
 reft. 
 
 LET us reckon that, one year with an- 
 other, 27 {hips will be fent from England to 
 India, their cargoes outwards, and the pro- 
 duce of their fales there, I eftimate as fol- 
 lows, viz. 
 
 Prime coft in Produce in Indian Produce in 
 
 England. 
 5 Ships for Bengal 95>ooo 
 2 Ditto for Madraf* 21,000 
 5 Ditto for Bombay 150,000 
 15 Ditto for China 210,000 
 Sent to China from Eencoo- 
 len, about 8co tons of 
 pepper, by the fliips which 
 call there 50,000 
 
 money. 
 10 lacks 
 70,000 pagodas 
 16 la-cks 
 
 fterling. 
 125,000 
 
 28,000 
 
 2CO,CO 
 
 i-o,coo 
 
 100,000 
 
 > 
 Then from the produce deducing the prime coft 526,000 
 
 The difference will be a clear profit on our outward trade, of , 407,090 
 We have next to value the profits on cur homeward trade, 
 upon which our chief aorr.mcrcial advantages depend. 
 
 Prime coft Prime coft in Produce in 
 
 in India. fterling. England. 
 The cargoes of 5 (hips 
 
 from Bengal 4,300,000 rup. 540,000 1,175,000 
 
 Ditto of 2 fhips from 
 
 Madrafs 340,000 pag. 136,000 2OO,co 
 Diitoof 5 fhips from 
 
 Bombay 280,000 rup. 175,000 250,000 
 
 Ditto of 15 from 
 
 China 4jo,coo i,8co,oco 
 
 1,301,00* 
 
 Then from the produce deducting 
 the prime colt 
 
 Remains 
 
 From
 
 No. IV. EXAMINER. 33 
 
 Brought over 207^00 
 
 From which is to be dedudted 
 for cuftoms (the excife being 
 paid by the purchaser) 6co,oco 
 
 And for freight - 432,000 
 
 1,032,000 
 
 There will remain then a balance of clear profit 
 
 on our homeward trade^ of J,09^ > oca 
 
 Which, with the profits on our outward trade, 
 
 amounts in all to i, it 3,000 
 
 AND let no man be furprifed at thefe pro- 
 fits ; for without thefe, or much higher, 
 how could the Company have maintained 
 wars for fifteen years in the different parts 
 of India, before they acquired almoil any 
 territorial revenue ? 
 
 THUS, upon our fuppofition, the profits 
 of trade will amount to one million two 
 hundred and ninety-nine thoufand pounds: 
 But this makes no allowance for lofTes at fea, 
 from weather, or the enemy, average upon 
 damaged goods, mifmanagement, &c. Make 
 then what allowance for thefe accidents you 
 pleafe, even to almoft one half of the above 
 profits ; we ftill have demofirated what we 
 venture to affert, That our trade alone, even 
 upon the footing that it is at prefent, does 
 actually afford, and ought always to afford 
 in time to come, 640,000 1. a fum fufficknt 
 to pay an annual dividend of 20 per cent. 
 
 SINCE then, by the real ftate of our free 
 
 ftock, from the revenues coming in to us, 
 
 and from ihe profits upon trade alone, we 
 
 are every way juftifled in making the reafon- 
 
 D able
 
 34 T H E E A S T I N D I A No. IV. 
 
 able demand of 10 per cent, dividend, how- 
 can the Directors juftify their obftinate de- 
 nial : If the Proprietors in fitted upon the 
 payment immediately, there would be fome 
 colour for refufal ; but we only afk it to be 
 paid nine months hence ; which will give 
 a time for the goods on hand to be fold, and 
 many of the Company's debts to be acquit- 
 ted. Nothing can be more abfurd and un- 
 juft than the excufe of the Directors, that it 
 is ncceffary to clear off all our debts, before 
 we pretend to increafe our dividend. If this 
 reafon is good at all, it is equally good 
 againft all dividend whatfoever. Poflefled as 
 we are of an abfolute free ftock, upon a 
 balance of our books, and of immenfe profits 
 coming in, upon that very ftock, are we to 
 deny ourfelves a prefent fubfiftence, becaufe 
 we have fome debts ftanding againft us ? No 
 man in contiderable private trade, is in any 
 other fituation. He owes a great deal, and 
 has a great deal owing to him ; and if, upon 
 a fair balance, he finds he has an overplus 
 ftock, he reckons himfelf well, and does 
 not hefitate to enjoy a part of the interme- 
 diate profits of his trade to make him live 
 with cafe and affluence. Nor would any 
 wife man, pofleffcd of a landed eftate of 
 10,000!. a year, confine himfelf to live on 
 50-^ 1. becaufe he happened to owe a debt of 
 20.000 1. 
 
 BESIDES,
 
 No. IV. EXAMINER. J$ 
 
 BESIDES, in our fituation, it is the highefl 
 injuftice, to thofe Proprietors who were 
 embarked in the fame bottom, who partook 
 of all our former rifks, and now, in the 
 midft of fuccefs, arerefufed a (hare. They, 
 from many caufes, may be incapacitated from, 
 keeping up their (lock, till a future day. In 
 the mean time they are obliged to part with 
 it vaftly below its real value, and are in a 
 manner robbed of their property, by the 
 intrigues of the very men, whcfe views in 
 depreciating it to others, were that they 
 might be able to buy it up for themfelves. 
 
 AN immediate declaration of the increafe 
 would remedy all thofe evils j it would fix the 
 value of ftockat 270 or more, for thofe that 
 are obliged to fell out. And for thofe who are 
 willing to continue Proprietors, but have no 
 way of judging of the value of their flock 
 but by the dividend, they will now entertain 
 better hopes, and no longer be the dupes of 
 artful men, who fee farther into confe- 
 quences than themfelves. 
 
 D 2 THE
 
 T H E 
 
 EAST INDIA EXAMINER. 
 NUMBER V. 
 
 SATURDAY, September 20, 1766. 
 
 TH E public will acknowlege that I have 
 complied with myengagements to them 
 and the Proprietors, in expoiing the grounds 
 upon which I went in ceniuring the condudl 
 of the Directors j and as I fubmit the foun- 
 dation of my complaints to their examina- 
 tion, fo do lalfo the fairnefs and juftice of 
 the inferences I draw. After demonstrating 
 by calculation and accounts, built upon in- 
 conteftible truths, that our Company is in a 
 iituation beyond what even the moft fanguine 
 imagination could ever have carried it j after 
 mewing that by our free flock, by our yearly 
 revenues, and by our trade, we are every way 
 intitled to a dividend greatly fuperior to that 
 v/e afk ; can I be blamed for ftigmatizing 
 the refufal of the Directors at the laft gene- 
 ral court with the moft odious epithets of 
 contempt and indignation ? 
 
 AND
 
 No. V. EXAMINER. 37 
 
 AND yet it may be faid, that their mo- 
 tives, if they cannot fanctify, may at leaft 
 palliate their fault j that they may have acted 
 at that time from excefs of caution, from 
 wanting proper time to recoiled: themfelves, 
 or from perhaps that little fpirit of pride ib 
 inherent in our natures, that turns us alide 
 from an avowal of our wrong, that we may 
 not afford a triumph to our adverfaries. 
 
 IF this indeed was the cafe, I make the 
 moft tender allowances for the weaknefs of 
 the human heart. Far be it from me to im- 
 pute errors of judgment to any one as un- 
 pardonable faults, or to conftrue their frail- 
 ties into crimes. I had reafon, from what 
 was paft, to fufpect the defigns of the Di- 
 rectors, and the indifcreet behaviour of feve- 
 ral of their number in the Alley and upon 
 the Royal Exchange, fum*cient!y juflified the 
 reflections I have made ; but in deference to 
 thofe who afcribe their conduct to lefs cul- 
 pable motives, I will fufpend my final judg- 
 ment till next general court ; it will be there 
 that their motives as well as their actions 
 will appear: To err is human, but to perfifl 
 in error, argues the greateft depravity of the 
 human mind. If the Directors, after proper 
 information and full recollection, ftill perfift 
 in their denial of juftice, then every imputa- 
 tion of guilt will be properly applied, and 
 the Proprietors will be juftined in charging 
 
 :iij4P thcm
 
 3 8 THE EAST INDIA No. V. 
 
 them with incapacity, mifmanagement, and 
 bafe defigns, and they may fafely exercife the 
 power repofed in them by the charter, of 
 chafing fuch roguidi and blundering pilots 
 from the helm of their affairs. 
 
 PEOPLE who have not ftudied our confti- 
 tutions with the attention they ought, may 
 think I have afcribed a power to the Propri- 
 etors that does not belong to them. To 
 fatisfy all fuch, I {hall here give a fair tran- 
 fcript of two claufes of our charter, the one 
 relating to our power of turning out the Di- 
 rectors, and the other to our right of regu- 
 lating the dividends. 
 
 " AND moreover, we do by thefe prefents, 
 < will, direct, and appoint, that the faid Di- 
 " rectors, or the major part of them, for the 
 cc time being, (hall from time to time, upon 
 <c demand to be made by any nin$ or more 
 " of the faid members, having each of them 
 * e 500 1. or more intereft or lhare of the faid 
 ({ Itock, within ten-days after fuch demand, 
 e fummon and call fuch general courts to be 
 ' held of the members of the fame Com- 
 " pany qualified for electors as aforefaid ; 
 ' and in default of the faid Directors, or 
 " the major part of them, to fummon and 
 ? c call fuch a court, it mall and may be law- 
 ' ful to and for the nine, or more members, 
 ?' having each 500!. fterling (lock as afore- 
 ff faid, upon ten days notice in writing, to 
 
 " be
 
 No. V. EXAMINER. 39 
 
 u be fixed upon the Royal Exchange in 
 ** London, to fummon and hold a general 
 <e court, and there to do and difpatch any 
 <f bufmefs relating to the government or af- 
 *' fairs of the faid Company, and to hear and 
 " debate any complaint that (hall be made 
 " againft any Director or Directors for mif- 
 " management of his or their office or 
 " offices; and if fuch Director or Directors 
 " fhall not clear him or themfelves of fuch 
 " complaint, to the fatisfaction of the major 
 '< part of the members of the fame Compa- 
 " ny in the faid general court aflembled, that 
 '* then within ten days, another general 
 " court (hall be called and held as aforefaid 
 *' of the members of the fame Company 
 <e qualified to vote as aforefaid, finally to de- 
 " termine the fame by the majority of their 
 " votes as aforefaid, who may remove or 
 " difplace all or any of the faid Directors for 
 " fuch mifdemeanors or abufe of their offi- 
 " ces, and elect and chufe others in his or 
 " their rooms in manner before prefcribed j 
 " and in every fuch cafe, where any Direct- 
 or or Directors mall happen to die or be 
 te removed, or his office {hall otherwife be- 
 tc come void before the expiration of the 
 <c term for which he {hall have been elect- 
 <c ed, the major part of the members of the 
 * c fame Company to be aflembled in a gene- 
 " ral court, and being qualified as aforefaid, 
 D 4 " mall
 
 4 a THE EAST INDIA No. V. 
 
 < {hall and may elect or chufe any other 
 <f member or members of the faid Compa- 
 fi ny, qualified as aforefaid, in the office of 
 " fuch Director or Directors that {hall fo die 
 " or be removed, or \\hofe office mall be- 
 " come void j which perfon fo to be chofen, 
 " (hall continue in the faid office until the 
 " next ufaal time hereby appointed for elec- 
 <c tion, until others (hall be duly fworn and 
 tc chofen, unlefs he mail be removed as afore- 
 . faid." 
 
 THE paragraph relating to the dividend is 
 in thefe words : " That all and every of the 
 " faid members qualified for electors as afore- 
 " faid, (hall have full power, and they are 
 " hereby authorized in the general courts 
 l( or afiemblies aforefaid, by majority of 
 <e their votes as aforefaid, to make and conftl- 
 fi tuie reafinabh bye '-laws ', conftitutions^ or~ 
 ft ders, and ordinances from time to time as 
 " "well for railing and calling in any pay- 
 <f ment of monies for an additional joint- 
 . c ftock, for the better carrying on and ma- 
 " naging the faid trade, and for apply ing and 
 te proportioning the profits, advantages and 
 " produce arifing by the faid joint-itock and 
 " trade, as for the good government of the 
 " faid trade to the Eaft Indies." 
 
 THRSE claufes fix beyond difpute the 
 power of the Proprietors over the Directors *, 
 and there is a very remarkable precedent of 
 
 the
 
 No. V. EXAMINE R. 41 
 
 the exercife of this power by the General 
 Court held on the 9th December 1726. 
 
 IT appears that there was a complaint 
 lodged that day againft Mr. Ecclefton, one 
 of the Directors, (it was not a combination 
 of the whole Board) for unfair proceedings 
 at the fales, where he, by concealing the 
 quality of the goods, and taking advantage 
 of his knowledge of their real worth, had 
 laid a fcheme to deceive the buyers, and 
 engrofs the whole profits to himfelf. Al- 
 though that affair related to the fale of Goods, 
 and the prefent to the fale of Stock, yet the 
 reafons alledged againft the Directors are fo 
 iimilar to our own complaints, that I cannot 
 omit tranfcribing them from the Memorial 
 of the Merchants, as to be found in the 
 Craftfman of that date, leaving the reader to 
 make his own comment upon them. 
 
 IT is fet forth, That the Directors, " by 
 " the then private foreknowledge of that 
 < affair, would have made an unjuft gain at 
 " the Company's expence, and have done a 
 " manifeft injury to the lefs knowing buy- 
 (f ers j that thole Directors who are buyers 
 " at thefe fales have evidently too much ad- 
 "' vantage of others, and that even the Dutch 
 *' have often had the fame unjuft advantages 
 " communicated to them by fome means or 
 te other, to the great detriment of the Com- 
 pany, and of the fair buyers of our nation, 
 
 " who
 
 42 THE EAST INDIA No. V. 
 tc who would have been ruined by fuch a 
 " courfe of trade, and the Company muft 
 " have been deprived of any other buyers 
 <c than their own Directors and the Dutch 
 <c Gentlemen, or fuch as could obtain an 
 " equal knowledge with them of this fecret; 
 '* and that there can be no effectual remedy 
 " of their evils unlefs all the buyers be put 
 " upon the fame foot, &c." 
 
 THE Craftfman relates, that Mr. Eccle- 
 ftone, uncapable of denying the charge, only 
 pleaded in excufe, the frailties of his nature, 
 and the merit of his paft fervices, which in- 
 clined the Court to lenity. He was only fuf- 
 pended from his office, and thus efcaped a 
 more exemplary punifhment, which his 
 mifbehaviour furely deferved. 
 
 I KNOW this llory will be applied, , and 
 every man will be for rinding out his own 
 Mr. Eccleftone in the prefent Court of Di- 
 rectors : If the cap fits any of their crowns 
 let them wear it; my defign, as I have ob- 
 ferved above, is only to quote a precedent for 
 the exercife of the power of calling the Di- 
 rectors to account, which is lodged by Char- 
 ter with the Proprietors. 
 
 IF it were neceffarv to adduce inftances in 
 fupport of the opinion I hold, with regard to 
 the treatment the Directors deferve, if they 
 ftill perfift in injuitice and mifmanagement, I 
 might quote the authority of a well-governed 
 ftatc that has lately difmiflcd with difgrace 
 7 the
 
 No. V. EXAMINE R. 43 
 
 the Directors of their Bank, upon parallel 
 accufations j an article of news in the Daily 
 Acivertifer laft Saturday, will explain what I 
 point at : it runs thus. 
 
 " LETTERS from Stockholm,datedAuguft 
 <e the 2 1 ft, fay, that the principal charges 
 f s contained in the nine articles which have 
 * occafioned the difmiffion of all the depu- 
 " ties of the Bank is, that they have difpofed 
 <c of large fums, conferred confiderable em- 
 * c ployments, and regulated important af- 
 <c fairs, without giving any information 
 ft thereof to the Commiffioners of the faid 
 " Bank j that, in fpite of the ordinances of 
 ft the fecret Committee of 1764, they have 
 i' advanced upwards of fourteen tons of gold 
 " to the Crown, on the falfe principle, that 
 " the intereft of the Crown and the Bank 
 f( were the fame." 
 
 THE whole pafTage is extremely appofite, 
 and the laft paragraph fo peculiarly applica- 
 ble to the late tranfaclions of our Directors, 
 with the Government, that I cannot let it 
 pafs unnoticed. I am not fo well verfed in 
 Swedifh coin as I am in Sterling or India, but 
 I conceive that if it be a crime at Stockholm, 
 for Directors to advance fourteen tons of gold 
 to the Government, without confulting their 
 conftituents, it cannot be a virtue in London 
 to treat about the furrender of one hundred 
 and fixty lacks, or two millions Sterling per 
 ami, without authority from the proprietors, 
 
 out
 
 44 THE EAST INDIA No. V.- 
 
 out of whofe pockets it is to be taken. I (hall 
 expert to hear that myftery alfo cleared up at 
 the General Court, and will be happy to find 
 the Directors able to exculpate themfelves 
 from fo heavy a charge. In the mean time 
 I repeat, that I repofe myfelf on the juftice 
 of Parliament, and cannot look for rapine or 
 violence from the Guardians of the liberty 
 and property of Great Britain. Public cre- 
 dit too is a mod dangerous fubject to tam- 
 per with ; attempt but to remove the fmalleft 
 prop that ferves to fuftain that amazing fyf- 
 tem, and you fha'ke the whole fuperftructure; 
 foreigners behold the danger, withdraw their 
 confidence, and leave the tottering fabric to 
 overwhelm in ruins the nation who raifed it: 
 But at all events, fhould reafons of policy in- 
 duce the Parliament to be rather fevere upon 
 the Ea(t India Company, I have (hewn that 
 we (hall dill enjoy untouched a moft confider- 
 able free eftate, and a flouriiliing commerce, 
 that mud immediately yield 15, and foon en- 
 creafe to 20 per cent, for an annual dividend. 
 Ourfr.ock,ofcourfe,muftraife to four hundred, 
 or five hundred per cent, in value, or even to 
 jive hundred and fixty, the price at which is 
 actually fold the Eaft India flock of the Dutch ; 
 a wile and cautious people, who, with half 
 our advantages, do not hefitate to grant to 
 their Proprietors a dividend of upwards of 
 twenty per cent, nor has the ftate ever yet 
 thought of interfering with their profits.
 
 [ 45 1 
 
 THE 
 
 EAST INDIA EXAMINER, 
 NUMBER VI. 
 
 TUESDAY, September 23, 1766. 
 
 AMONG the various arts devifed by 
 the faclion of the Directors, to fcare 
 the timorous, and entrap the unwary, none 
 has been more fuccefsfully employed than 
 the repetition of the word Bubble. The 
 nation had been too often bubbled out of 
 their property ; and ftili fmarting in a man- 
 ner from the deep wounds of the South Sea 
 in 1720, the very name carried terror along 
 with*it : The Directors faw this, and knew 
 how to availthemfelves of it; the golden 
 harveft of 'our Eaft India profperity lay fair 
 before them ; they wanted to gather it in 
 folely for themfelves, and they hung up this 
 fcarecrow, to frighten away others who 
 wifhed to come in for a fhare. 
 
 I WILL not quarrel with the Directors for 
 their term ; on the contrary, I agree to it, 
 
 in
 
 46 THE EAST INDIA No. VL 
 
 in its full extent, and (hall demonftrate to 
 my readers, that their conduct tended natu- 
 rally to turn the India Company into the 
 moil notorious and barefaced bubble that 
 ever was impofed on public credulity. My 
 notion of a bubble 3s, vvhen thole in the ma- 
 nagement of affairs, knowing exactly the 
 true (ituation, either conceal real advan- 
 tages, to fecure them wholly to themfelves, 
 or give out vifionary profpects of gain, to 
 trick the public out of their money, and fill 
 the pockets of thofe in the fecret. It is ei- 
 ther way a bubble, to make a (hilling pafs 
 for a guinea, as in 1720, or a guinea to 
 pafs for a. (hilling, as at prejfent in 1766; 
 and the contrivers of fuch iniquitous projects 
 have the fame laudable defign at bottom, 
 to build their own fortunes on the ruin of 
 their fellow citizens. The Directors of the 
 South Sea Company hung out falfe lights, 
 to lead the unwary to (hipwreck, upon their 
 coaft; the Directors of the Eaft India 
 Company keep us in the dark, that we may 
 (tumble into the fnare that they have drefled 
 for us. 
 
 IT is a fure mark to know a bubble, when 
 you fee it wrought up by Directors. None 
 but thole in the management can ever at- 
 tempt it. Proprietors neither know enough, 
 nor are united enough, to carry it through j 
 befides, were they foolifli enough to aim 
 
 at
 
 No. VI. E X A M I N R, 47 
 
 at it, one declaration from the Directors 
 would burft their airy bubble, and reduce 
 it to that nothing from whence it fprung. 
 A bare expofition of the Company's affairs 
 muft infallibly deftroy it; becaufe, where 
 men have an opportunity of feeing with 
 their own eyes, and examining coolly, they 
 never can be fo egregiouily deceived as to 
 part with their property at half its value, 
 or believe it ten times in value above its 
 worth. 
 
 BUT when thofe in the fecret conceal 
 their accounts, and leave no opportunity to 
 the Proprietors to come at the truth, then it 
 is you may work on the pafiions of man- 
 kind, and make either their hopes or their 
 fears fubfervient to your intereft, as bell 
 fuits you at that time. 
 
 ANOTHER criterion by which to judge of 
 a bubble, is, when great men in the go- 
 vernment of the ftate are feen to interfere. 
 The famous Syfteme or Miffifippi fcheme, 
 was carried on by the Duke of Orleans, 
 Regent of France; and in England, in 
 1720, our great ftatefmen did not difdainto 
 lend their breaths to blow up the bubble of 
 the South Sea. My Lord Sunderland, then 
 at the head of the Treafury, had 50,000 /. 
 of the original fubfcription fct down in his 
 name, without either advance or fecurity ;- 
 Mr. Craggs, fenior, 30,000 /. Mr. Aiflabie, 
 
 Chancellor
 
 43 THfi EAST INDIA No. VI. 
 
 Chancellor of the Exchequer, 4,000 /. and 
 all this before ever the act palled the houfe. 
 But you may believe the bill went on never 
 the worfe for it. Let me obferve, by the 
 way, that in this fcene, the fame Mr. 
 Craggs, whom Pope has recorded as 
 " Statefman, yet friend to Truth" &c. 
 played a moft confpicuous part. After this, 
 let no man who has money defpair of an 
 epitaph. There is an anecdote aifo of Mr. 
 Aiflabie, that I think ought to -be clapped 
 on his tomb-flone. When the fubfcription 
 was firft offered to him, he modeftly de- 
 clined taking any more than the trifling fura 
 above-mentioned, but afterwards, upon fe- 
 rious reflection, he liftened to reafon and 40 
 percent, and 'accepted of 20,000 /. more at 
 the original price, though it was then ad- 
 vanced to the value I mention. 
 
 LET no man imagine, there is the moft 
 diftant allufion intended to any tranfaiticns 
 with the prefent men in power ; except, 
 perhaps, the weather-cock, with his .worthy 
 afibciates of (harpers and bankrupts, their 
 integrity is beyond fufpicion; but it is un- 
 happy for them and the public, that their 
 names mould have been lugged in to ferve 
 private ends. The Directors knew their 
 bubble could not be compleat without the 
 name of a Statefman in the middle. 1 have 
 {hewn it to be efienthl to it? nature - } there- 
 I
 
 No. VI. EXAMINER. 49 
 
 fore, refolving to have theirs compleat in 
 all its forms, they ufed every art to procure 
 a mefiage from Government, and did not 
 neglect to exaggerate this meffege to their 
 own purpofes, when it was obtained. By 
 this handle of danger from Adminiftration, 
 they knocked down the flock ^percent. 
 in a few days, and the very rumour affected 
 all our other funds abroad. 
 
 I WONDER how it comes about that no 
 mention was ever made of the word Bubble, 
 with regard to the Dutch Eaft India Com- 
 pany, though their ftock fells at this moment 
 at above 560, that is r four hundred and fixty 
 per cent, above its original value j the reafon 
 is very plain, the Directors, inflead of con- 
 cealing their advantages, make a fair dif- 
 piay of them to their Proprietors, and ho- 
 Deftly declare a dividend in proportion to 
 the profits they acquire. But were they 
 in Holland to attempt impofing upon the 
 public, by keeping up the advices from, 
 abroad, to fink the flock to 200 per cent, fo 
 flagrant a deceit would roufe the indignation 
 of that flegmatic, but refolute people ; and 
 the beft that the Directors could expect 
 would be to be de Witted on the occafion, 
 and thereby avoid an enquiry which, per- 
 haps, might bring them to more regular 
 punimment. In that frugal and commer- 
 cial ftate, the leaf! fraud in the management 
 E cf
 
 50 T H E E A S T I N D I A No. VI. 
 
 of their public funds, or joint flocks in 
 trade, is looked upon in a worfe light than 
 high treafon ; but here, to cheat the public 
 with addrefs, is rather matter of boafting; 
 he that fqueezes his fortune . out of the 
 bowels of the nation, is in the high road to 
 preferment ; and we fee peers at this day, 
 whofe fortunes and titles had no better foun- 
 dation than a bubble. 
 
 THE Directors, faithful to their pur- 
 pofes, have changed their defences as oc- 
 cafion required, and when beat out of one 
 ftrong poft, have not failed to occupy ano- 
 ther behind. Their laft evafion to the 
 Proprietors, was the danger arifing to the 
 Company's credit, mould they declare an 
 increafe of dividend immediately : We are 
 told they owe confiderable fums, and mould 
 they declare the dividend required, their 
 creditors would make a call upon them di- 
 rectly, and they would be obliged to fell off 
 their goods at an undervalue, to anfwer 
 their demands. Can it be fuppofed that any 
 of our creditors, who never fcrupled our 
 credit in the moft perilous times, mould 
 now entertain the fmalleil doubt, becaufe 
 ive are to declare the trifling addition to 
 our dividend of 64,0007. payable nine 
 months hence, when we have actually in 
 our ware-houfes, and on board the True 
 Britain, Kent, and Grofvenor, jufl arrived, 
 
 more
 
 No. VI. EXAMINER. 5 i 
 
 more than fufficient to pay all thefe debts, 
 2nd other veffels expected every day. 
 Should thefe gentlemen be fq wanting, to 
 their own intereft, and to ours, as to prefs 
 us on this occafion, we mould be under no 
 neceflity of felling off our goods at an un- 
 der value, as the Directors pretend j we 
 ihould find enough of people to advance the 
 money at 4 per cent, to fatisfy the demands 
 of thefe ill-advifed creditors. 
 
 BUT no argument can be more abfurd; 
 than that of not enjoying our profits becaufe 
 pur affairs are not wound up, and that we 
 have a great many debts outftanding, which 
 even, perhaps, we are not able to command 
 in a ftated time, or goods in our ware- 
 houfes that we cannot realize at a moment's 
 warning ; at this rate, no private merchant hi 
 London could be juftified in fitting, down to 
 dinner with 1 00,000 /. value in his ware- 
 houfe, if he has not, in abfolute cam, where- 
 withal to pay his debts. The contrary is fo 
 far the cafe, that moft confiderable dealers 
 are in that fituation ; and ftill further, I will 
 venture to affirm, that hardly a merchant in 
 the Weft India or North American trade* 
 has erfedls on this fide the water to anfwer 
 one half of his demands at home ; and yet$ 
 which of them, even the moft prudent, re- 
 fufes to live . on the profits of his trade ? 
 The India Proprietor has furely then as 
 E 2 good
 
 52 THE EAST INDIA No. VI. 
 
 good a right, from his fituation, to enjoy 
 10 per cent, on his ftock, as the other has 
 to fpend 5007. a year. 
 
 IT is alfo unjuft to fay that no dividend 
 ought to be declared till Chriftmas. If we 
 have a right to it now, why' conceal the 
 value of our ftock for three months longer ? 
 it only gives an opportunity for the know- 
 ing ones in the Alley, to cheat the honeft 
 Proprietor, who, judging of his ftock only 
 by the dividend declared, may be induced 
 to part with it before that declaration is 
 made. The bye-laws tie us up, that no 
 dividend {hall be declared in lefs than fix 
 months before the term of payment; but 
 this can be no reafon why it may not be de- 
 clared upon a longer notice. As foon as the 
 Directors have a perfect: knowledge of the 
 profits obtained, it is their duty, by a fpeedy 
 declaration, to remove all poffibility of job- 
 birjg; and if this falutary meafure had been 
 adopted at laft general court, a great many 
 evils would have been prevented, with which 
 the Directors are now juftly reproached. 
 
 IT has likewife been urged, that there is 
 an impropriety in declaring a dividend till the 
 Parliament meets; as if no man in this 
 country dare partake of the fruits of his own 
 induftry without leave from Parliament. 
 This is a doctrine new and ftrange, and 
 xvhat I fancy will not make many profe- 
 
 lytes
 
 No. VI. E X A MI N E R. 53 
 
 lytes in this age of liberty. It is a principle 
 upon which the right of Parliament itfelf 
 is founded, that every man is mailer of his 
 own property, to fpend or give away at his 
 own difcretion; and he who talks other- 
 wife is an enemy to his country, and fpurns 
 its conftitution. I can fee why fome deign- 
 ing men mould take pains to propagate this 
 doctrine in our cafe, becaufe, by putting off 
 the declaration till Parliament meets, they 
 then expect a new handle to work with on 
 the fears of individuals, by which they hope 
 to accomplim what they have long medi- 
 tated, the engrofiing all the gains to them- 
 felves. 
 
 THUS I have endeavoured to lay before 
 the Proprietors, not only the grounds up- 
 on which I condemn the Directors, but 
 alfo expofed the futility of their defences. 
 Thsir conduct to me has appeared weak 
 and culpable in the higheft degree, ever 
 fince they firft afTumed the management 
 of our affairs. At home, we fee, they 
 have trifled with the property of their 
 conftituents, and hitherto baffled every at- 
 tempt to bring them to an explanation. 
 
 NOR has their conduct in the affairs of 
 India been lefs liable to cenfure : They 
 have followed, in the powers delegated to 
 particular fervant-, the very meafures which 
 they fo openly condemned in others ; they 
 E 3 have
 
 $4 THE EAST INDIA No. VL 
 
 have armed their own minions with defpo- 
 tifm, to ruin the faithful fervants of the 
 Company, who had riiked their lives and for- 
 tunes in all our dangers ; they have occafion- 
 ed heart-burnings, jealoufy, and divifions, 
 in all our fettlements, and by an uncommon 
 ftretch of injuftice, have, upon alledged 
 crimes, given orders for attaching, before 
 trial, the effetfts of thofe fervants, by whofe 
 good conducV the Company's affairs had 
 been raifed to the moft flourishing condition: 
 ever known : Thus rendering themfelves 
 both judge and party in their own caufe. 
 
 FELLOW Proprietors, fuch are the Di- 
 redtors, whofe conduct to morrow will be 
 the fubject of your deliberations. Hear 
 them with patience, and pronounce with 
 candor. If incapacity appear their greateft 
 crime, let indulgence be mixed with refent- 
 ment ; or if peradventure five righteous men 
 be found among that devoted band, let not 
 the innocent be confounded with the guilty ; 
 but at all events, lofe not fight of the true in- 
 tereft of the Company, and let not the 
 property of the widow, the orphan, and 
 of your abfent friends, be given away, or 
 your own frock, in fpite of all your great 
 acquifitions and folid profits of trade, be re- 
 duced to the ftate of a mere empty and air- 
 blown bubble. 
 
 THE
 
 [ 55 1 
 
 THE 
 EAST INDIA EXAMINER. 
 
 NUMBER VII. 
 
 TUESDAY, September 30, 1766. 
 
 IN my laft paper I endeavoured to ex- 
 pofe the arts of the Dire&ors, warned 
 my fellow Proprietors of their danger, and 
 pointed out the General Court to be held 
 the day after, as the proper time, by an 
 united effort, to eftablifh the intereft of 
 the Company, and refcue their property 
 from the hands of iil-defigning men. 
 
 JUSTICE at length has declared in favour 
 of the Proprietors, and my wifhes at leaft 
 are accomplifhed, mould even niy labours 
 have little contributed to their completion. 
 Nothing can be added to the full convic- 
 tion of every man prefent at Merchant- 
 Taylors-Hall on Wednefday laft, from the 
 arguments ufed by the gentlemen who fup- 
 ported the caufe of the Proprietors, and 
 refuted their adverfaries with ib much de- 
 cency and force : yet for the fake of thofe 
 who were neceflarily abfent on that im- 
 E 4 portant
 
 56 THE EAST INDIA No. VII. 
 
 portint day, I will attempt to give th e 
 fubftance of what was fpoken on tha c 
 lide j nor mall the arguments of the Di- 
 rectors, and their three defenders, ' be fup- 
 preffed, if falfe affertions and muffling eva- 
 iions deferve that name. 
 
 THE Court was opened in the ufual 
 form ; after the minutes of the laft were 
 read, and the motion therein contained 
 withdrawn for the prefent, to make way 
 for affairs of more immediate concern, 
 the Directors ordered their clerk to read a 
 mefTage in writing from the Duke of Graf- 
 ton, and others of his Majefty's Minifters, 
 which had been received fome time ago. 
 Every body was anxious to hear this mef- 
 fage : it had been long employed without 
 doors to the very effectual purpofes of 
 keeping down the price of ftock ; it had 
 been reprefented as full of the moft dange- 
 rous threats to the Company, and /Inking 
 at their very exigence. Judge then of the 
 jfurprize of all then prefent, when they 
 found this dreadful mefTage to be no more 
 than a friendly intimation, " That as the 
 ' affairs of the Eaft India Company had 
 " been mentioned in Parliament lafl fef- 
 " lion, it was very probable they might be 
 " taken into confideration again j therefore, 
 " from the great regard which they had 
 (i for the welfare of the Company, they 
 
 u informed
 
 No. VII. EXAMINER. 57 
 
 <e informed them the Parliament would 
 ** meet fometime in November." 
 
 FROM this it plainly appeared, that the 
 Directors had dared to make tools of very 
 refpectable names, for purpofes, which 
 confidence alone in the prefent adminiftra- 
 tion had been able in fome degree to d feat. 
 
 THE Directors next ordered to be read 
 feveral paragraphs of a letter from Lord 
 Clive, and the fecret committee, getting 
 forth the happy fituation of our affairs 
 abroad, immenfe treafures flowing into the 
 coffers of the Company, peace reftored, 
 trade extended beyond all former dealings, 
 debts recovered from the Nabob, which 
 not long ago were held to be defperate, 
 and in mort, fuch a profpect opened to 
 the Company, as the mofl fanguine Pro- 
 prietor had never dared to picture to him- 
 ielf. The reading of this letter, fo full a 
 confirmation of what the Proprietors had 
 always advanced, and (o much in juftifica- 
 tion of their prefent demands, induced 
 them to think that the Directors intended to 
 be before them, and to declare an augmen- 
 tation thcmfelves, until Mr. Chairman, 
 after this di.fplay of our profperous ftate, 
 rofe up, and declared, with confiflency and 
 truth, " That the Directors were unani- 
 " mwfly of ooinion, that they were not 
 
 in
 
 58 THE EAST INDIA No. Vlf, 
 
 * c in a condition^/ to think any augmen-? 
 " tation prudent." 
 
 IF 1 may interrupt the thread of this nar- 
 rative, to give my own comment on this 
 fhort but pithy fpeech, I would beg Mr. 
 Chairman to add my opinion to the unani- 
 mous twenty-four j for till fuch time as the 
 Directors accomplish their ends, and in- 
 grofs the bulk of the flock to themfelves, 
 at an under-rate, I agree, that they are not 
 yet in a condition to think any augmentation 
 prudent" 
 
 BUT to purfue my narrative, this ftrange 
 declaration alarmed the Proprietors ; they 
 now faw clearly that the Directors were 
 pre determined, in fpite of reafon, in fpite 
 of truth, and even againft the fpirit of their 
 own advices, which they had juft ordered 
 to be read, to depreciate the Company's af- 
 fairs, and deny to the Proprietors the mare 
 of the profits which they had a right to 
 expect ; a gentleman then got up, and with 
 candour, perfpicuity, and great intelligence 
 of the fubject, expatiated on the advanta- 
 ges of the Company, mowed the prodigi- 
 ous afcendant we had acquired in the com- 
 merce of India, enjoying a free and ex- 
 tenfive trade, difincumbered of the expence 
 of wars and fortifications to maintain it, 
 which the revenues acquired now amply 
 defrayed, and even a confiderable balance 
 
 over,
 
 No. VII. EXAMINER. 59 
 
 over, our debts in India extinguifhed, and 
 effects at home fufficient to anfwer all our 
 demands ; and therefore concluded with a 
 motion, that the dividend for the next 
 half-year, commencing at Chriftmas, and 
 ending at Midfummer, mould be increafed 
 from three to five per cent ; or in other 
 words, that the dividend mould be raifed 
 to the rate of ten per cent, per annum. To 
 this it was replied, by the Deputy-Chair- 
 man, that it was true the Company had 
 immenfe riches in reverfion; but intreated 
 the Proprietors to have patience till the 
 Directors mould think fit to allow them a 
 fhare ; that it muft come ; it would come; 
 it mould come; and that nothing could 
 prevent its coming ; but that many very 
 diftreffing circumftances had happened of 
 late to the Company ; that more and richer 
 cargoes had come home from China than 
 were ever known in one year, which re- 
 quired great fums to be paid for freight, 
 demurrage, and duties ; that there were 
 more teas, and other commodities, in their 
 warehoufes than it would be prudent to 
 bring at once to market ; that there were 
 bills drawn from Bombay to the amount 
 of 129,0007.; that he had made a very 
 exacl: calculation of the demands which 
 muft be anfwered, and the monies which 
 would be received, before June next, and 
 
 found
 
 60 THE EAST INDIA No. VII. 
 
 found that the receipts muft fall fhort of 
 the dilburfements ; and that although the 
 Company's credit was very great, he did 
 not think himfelf juftifiable in borrowing 
 
 money to divide among ourfelves. No 
 
 fooner had Mr. Deputy finished his lament- 
 able ditty, than an honourable gentleman, 
 of more loquacity than argument, who has 
 long aflumed the privilege of tiring the 
 Court, rofe up in iupport of his friend, 
 and with admirable tautology, inforced 
 all that the other had faid : He fain would 
 have intimidated .the Court with the name 
 of Adminiftration, and the Authority of 
 Parliament : He talked in a confufed man- 
 ner of the melancholy ftate of the affairs 
 fome years ago, depreciated the prefent, 
 and endeavoured to intimidate for the fu- 
 ture. But I will not attempt to give an 
 abftract of his arguments : for it requires 
 a head conflrudted like his own to retain 
 what none but himfelf is capable to ex- 
 prefs. 
 
 To all thefe far-fetched and fallacious 
 arguments of the Directors, was anfwered 
 fimply, That feeing the immenfe wealth of 
 the Company was acknowleged on all hands, 
 there could be no reafon for delaying the 
 augmentation of dividend j that fuch a de- 
 lay would only give an opportunity to the 
 rich of taking advantage of the neceffitous, 
 
 or
 
 No. VII. EXAMINER. 61 
 
 or to foreigners of buying in at our ex- 
 pence, particularly the Dutch, who had 
 money at command ; that nothing but an 
 increafe of dividend could fix the value of 
 flock to fome fettled price, and put an end 
 to that jobbing which was fo pernicious 
 both to individuals and the flare; that as 
 to the diftr effing circurnflances which the 
 Deputy- Chairman had enlarged fo much 
 upon, he would find it very difrkul<, with 
 all his rhetorick, to perfuade the Proprie- 
 tors that rich cargoes from China, and im- 
 menfe wealth in their warehoufes, was any 
 great fubject of diftrefs ; that the extraor- 
 dinary amount of freights and duties which 
 they had this year to pay was a proof of 
 the extenfion of their trade, which muft 
 redound greatly to their advantage, as well 
 as the increafe of the revenues of the ftate ; 
 that the bills drawn from Bombay this year 
 were trifling in comparifon of the bills 
 drawn from India in former times, and even 
 thefe owing to a miftake j for it was in- 
 tended to defray the expences of all the 
 other fettlements from the treafury of Ben- 
 gal, and money was actually appropriated 
 there for that ufe, where, not being called 
 for by the draughts being made on London, 
 it will remain in good hands at an interdt 
 of 8 { er cent, to the Company, and next 
 year be fent home in goods, with an addi- 
 tional
 
 62 THE EAST INDIA No. VlL 
 
 tional profit ; that calculations of the Com- 
 pany's affairs, made up only .till June next, 
 was falfe and deceptious, oecaufe in the 
 months of July and Auguft we are reafbn- 
 ably to expert three millions and a half 
 more of effects from India ; lout that it was 
 abfurd to talk of paying off all their trifl- 
 ing debts before the grant of dividend to 
 the Proprietors -, that they have a right, 
 with effects on hand more than equivalent 
 to all demands made againft them, to enjoy 
 the intermediate profits they acquire, as is 
 conftantly pra&ifed by every prudent man 
 concerned in private trade ; that even if it 
 were neceffary, the Company might bor- 
 row, at a low interefr., any fum fufHcient 
 to difcharge thefe debts, and allow the Pro- 
 prietors the dividend they afk ; that this is 
 not borrowing money to divide among our- 
 felves, but only what every private mer- 
 chant does, living upon our gains, and bor- 
 rowing money to extend our trade. 
 
 THESE and many more arguments, urged 
 home with a clearnefs and force which I 
 am uncapable of intimating, Ib hampered the 
 Directors, that they could not tell what to 
 re ly, till the Chairman cried out peevifhly, 
 I do fay, that the Company has not aflets. 
 The def uty feemed much furprized and 
 difconcerled at this declaration, made with 
 more hafte than prudence, and it was im- 
 6 mediately
 
 No. VII. EXAMINER. 63 
 
 mediately taken up with fpirit by a Gentle- 
 man who had the Company's welfare too 
 much at heart to let this pafs unnoticed. 
 He faid the Chairman ftruck directly at the 
 credit of the Company. That fo public a 
 declaration would infallibly fink the value 
 of flock to nothing : that if we had not 
 ajfits we were then bankrupts, and he ad- 
 vifed appointing a committee directly to en- 
 quire into our affairs, and lay them honeftly 
 before the world. Upon this the Chair- 
 man rofe again, trembling, and in the 
 greateft confufion, and faid he only fpoke 
 as to qflets at home, and offered afterwards 
 to produce an eftimate of them ; but as to 
 the effects abroad, he fairly confeffed he 
 had made no calculation about them. 
 
 THE Directors mud have entertained a 
 very contemptible idea of the underftand- 
 ing of the Proprietors, to pretend to put 
 them off with a partial reprefentation of 
 their affairs, and that taken too from the 
 leaft advantageous fide. Therefore, as they, 
 either from negligence or deiign, had made 
 out no general eftimate for the fatisfaction, 
 of the Proprietors, it was refolved not to. 
 proceed upon fo partial and unfair a (rate of 
 accounts. Upon this a Proprietor, willing to 
 give the Court a fatisfaction, which the Di- 
 rectors owned themfelves incapable to give, 
 produced very exact calculations of our ef- 
 forts
 
 64 THE EAST INDIA No. VII. 
 
 fects and revenues in India, and of the pro- 
 fits of our trade at home, by which he 
 proved that we were fully enabled to de- 
 clare a dividend, not only of 10 but of 20 
 per cent, and concluded with obferving, that 
 the word Parliament could not be ufed with 
 any propriety in this debate -, that no power 
 on earth has a right to dictate or judge for 
 Parliament ; or in other words, the King, 
 Lords, and Commons of Great Britain, 
 would do no injuftice with their eyes open. 
 At this time it was alfo declared, that not- 
 withftanding the infinuations to the preju- 
 dice of the Company's credit, there was a 
 Gentleman there in the Houfe willing to 
 advance a million within a month, to fup- 
 port the credit of the Company, and pre- 
 vent their goods from being hurried to a 
 glutted market, which otherwife would in 
 a fhort time produce thrice the flim. 
 
 THE Directors thus foiled in all their 
 arguments were obliged to fly to the paltry 
 refource of ftaving off the decifion for a 
 few days, by getting one of their friends 
 to propofe a ballot, and after much trouble 
 got nine Proprietors to fign the requeft. In 
 juftice to the diftinguifhed merit of one 
 Gentleman who at this time fpoke in fa- 
 vour of the Directors, and againft the di- 
 vidend in queftion, I muft not omit to ob- 
 ferve, that he was the fame who laft Court 
 4 made
 
 No. VII. EXAMINER. 65 
 
 made the motion for the dividend, when 
 the Company had three millions lefs of 
 effects in England, and half a year's revenue 
 lefs in Bengal, than they have now. His 
 inconfiftency mocked the Proprietors, and at 
 length, fenfible himfelf of his own abfur- 
 dity, he fat down in a confufion obvious to 
 every body. 
 
 THUS I have attempted to give a fum- 
 mary of the proceedings of that important 
 day, and fhall defer my own remarks there- 
 upon to a future occafion. The Proprietors 
 of the India Company have eftablifhed, in 
 fome degree, the value of their flock, upon 
 the cleared evidence, and have mown the 
 world that they are not to be bullied out 
 of their rights, nor gulled out of their 
 property by their own fervants ; a proper 
 leflbn to all thofe who, under the fpecious 
 name of Directors, arrogate to themfelves 
 the fole power of difpofing of the wealth, 
 profits, and emoluments of the refpective 
 Companies with whofe affairs they are 
 blindly entrufted. 
 
 THE
 
 t 66 ] 
 
 THE 
 EAST INDIA EXAMINER. 
 
 NUMBER VIII. 
 WEDNESDAY, Otfober 8, 1766. 
 
 NOT HI N G can recfound more to the 
 honour of the Proprietors of Eaft 
 India flock, and the caufe which they 
 efpoufe, than the moderation with which 
 they ufed their victory over the Directors. 
 After detecting all their arts, and expofing 
 their mifmahagement, they contented them- 
 felves with eftablifhing their own property 
 upon the moft moderate footing which they 
 had a right to require from the prefent ftate 
 of the Company's affairs. People did in- 
 deed expect that the Directors would have 
 been immediately called to account for their 
 paft mifcondcct ; but every thing was at this 
 time facrificed for the fake of peace, that no 
 inteftine broils might weaken the defence 
 that we (hall foon, in all probability, be ob- 
 liged to make, in fupport of our privileges. 
 The Directors, foiled in all their argument?, 
 not a fingle plea to be urged in their behalf, 
 and not one man in their party capable to 
 fyeak for them, faw fhemfelves, in the ie- 
 
 cond
 
 No. VIII. EXAMINER. 6f 
 
 cond court, at the mercy of the Proprietors. 
 It was then that confideration for the public 
 weal, more than tendcrnefs for them, ftept 
 in to fave them. The Proprietors waved 
 all their motions. The firft court was the 
 victory of juftice ; the laft was the triumph 
 of moderation. 
 
 IT is true that on Thurfday laft, although 
 the majority was clearly three to two on the 
 Tide of the Proprietors, the Directors had 
 muftered a ftronger pofle than they had ex- 
 hibited the Thurfday before j and people 
 are at a lofs to guefs how fo many men 
 could be brought to act fo diametrically op- 
 pofite to their own interefts, and fo mani- 
 feftly to the general prejudice of the Com- 
 pany. I do not pretend to be an adept in 
 the art and myftery of Direftormip, but I 
 think I can throw out fome lights to help to 
 account for this ftrange phenomenon. 
 
 MY reader muft know, that for the hap- 
 pinefs of thefe kingdoms, there exifts in 
 this metropolis five great companies, where 
 twenty millions of property are left entirely 
 at the difpofal of Directors, whofe fole at- 
 tention is to preferve their own power, and 
 fruftrate every attempt of Proprietors to 
 (hake off the yoke. There fubfifts, there- 
 fore, between thefe Directors, a conftant al- 
 liance, offenfrce and defenji^e^ again ft the|^ 
 conftituents, by which, in cafe of an attack"; 
 F 2 each
 
 68 THE EAST INDIA No. VIII. 
 
 each party is obliged to aflift the league j not 
 by contingents, like German princes, which 
 are never furnimed, but tofts viribus, with 
 their whole ftrength, like the Swifs Can- 
 tons ; and this obligation is ever moft reli- 
 gioufly complied with. 
 
 The South Sea Company fends - 24 
 The London ArTurance - - 24 
 The Royal Exchange A durance - 24 
 The Bank - - 24 
 
 And our own worthy Direction, 
 
 though laft, not leaft, - - 24 
 Corhpofing in all an army of I2otrufty 
 troops, who, upon the firft alarm that the 
 craft: is in danger , repair to the ftandard, and 
 with one voice cry out for their great Diana 
 cf the Epiefans. 
 
 BUT our Directors, befides thefe alliances 
 with thefe independent powers, maintain 
 alfo a landing army, who are hired into the 
 fervice, and may be properly filled the 
 houflold troops of our. moft gracious fove- 
 reigns. Thefe are compofed of clerks, de- 
 pendents, brokers, weavers, dyers, fhips- 
 liufbands ; and even the worfhipful Society 
 ef Packers make up forty- five, as their quota 
 of this militia. It is faid that in former 
 times the ftrength of the houfe went only 
 to 200 votes -, but the prefent Directors, by 
 %eir ftiperior Jkill in bargain making, have 
 increased it to 300. Thus fenced in with 
 
 alliances,
 
 :% T o. VIII. EXAMINER. 69 
 
 alliances, and guarded on all fides by faith- 
 ful myrmidons, they affect to Jaugh at all 
 attacks from their conftituents ; and yet we 
 fee, when the real interefls of the Com- 
 pany are at ftake, and the miimanagement 
 grois and palpable, as in the late cafe, the 
 Proprietors will unite, and overthrow them 
 and their mercenary bands. 
 
 ONE refource that the Proprietors infor- 
 mer times had always left agalnft undue in- 
 fluence, was moving for a ballot, upon any 
 queftion of importance. 
 
 THIS method gave opportunity to every 
 man to follow his own opinion, without in- 
 curring the difpleafure of the Directors, 
 Even their own tradefmen, on fuch an oc- 
 cafion, would often vote according to their 
 own conference, when they were fure to loft: 
 nothing by it. To remedy this dangerous 
 evil, the Directors have hit upon a lucky 
 expedient, and, it is faid, practiied it with 
 ^reatfuccefs in the laft ballot , they now re- 
 uire all their dependents, who. would find 
 favour in their fight, to deliver in their pa- 
 pers open. By this means all defertion is 
 prevented, and their tradefmen {land by 
 them, overawed as much on a ballot as on 
 a divifion. To what poor fliifts are not men 
 reduced, when they depart from the plain 
 road of truth and candour ! 
 
 F 3 Ax a
 
 7o THE EAST INDIA No. VIII, 
 
 AND yet, in fpite of all this influence, aryd 
 thefe undue practices, the Proprietors carried 
 the augmentation of the dividend to 10 per 
 cent, by a majority of near three to two, 
 upon a ballot. It is not to be doubted, that 
 the Directors, upon a future occafion, will 
 endeavour to mufter the fame formidable 
 corps of dependents, to fupport their caufe j 
 but they may be allured this meafure will be 
 objected to, and ftopt of courfe. 
 
 THE endeavours of the fadion, united with 
 the Directors, to depreciate and keep down 
 the value of flock, did not ceafe with the 
 declaration of the dividend ; vanquished in 
 the field, they continue to plot in the cabi- 
 net. The true value of ftock after the rate 
 of 10 per cent, yearly intereft divided upon 
 it, independent of all future profpects, ought 
 to be near 260 j but the great Companies, 
 and rhonied people who are friends to the 
 Directors, keep up from purchafing, that 
 they may force the prefent Proprietors to 
 part with their ftock at an undcr-value, and in 
 facl,thofe who have been obliged to fell, have 
 fallen a prey to this ftratagem : but I intreat 
 my fellow Proprietors not to be ram in giv- 
 ing away their property j let them confider 
 the great riches the Company has acquired, 
 and the prodigious extenfion of their lucra- 
 tive and unrivalled commerce, as I have dif- 
 played them in the courfe of thefe papers, 
 
 which
 
 No. VIII. EXAMINER. ji 
 
 which the Diredlors themfelves were forced 
 to acknowledge. Let them reflect on the 
 prefent advantage they enjoy by the dividend 
 of 10 per cent, and let them not haftily part 
 with a flock of fo much intrinfick worth, 
 yielding fo confiderabJe a prefent intereft, 
 and fo promifing in its future appearance ; 
 let them ftrain every nerve to fupport its cre- 
 dit, and not let the whole profits of the Com- 
 pany center in the pockets of a few men, 
 who after declaring, thefe profits muftcome 
 - they would come they ihould come, and 
 that nothing mould prevent their coming, 
 would fain have them to come only for them- 
 felves and their own adherents. 
 
 BUT I hope every man, who has it in his 
 power, will endeavour to corns in for a mare; 
 and I will further venture to fay, that any 
 man, even the mod fanguine for affuming 
 the revenues of Indoftan to the government, 
 in fpite of all charters, may be certain of 
 gaining ico per cent, to himfelf in a fhort 
 time by a purchafe of ftock ; and he will at 
 the fame time do a real fervice to his coun- 
 try, by refcuing the ftock out of the hands of 
 foreigners, who otherwife cannot be prevent- 
 ed from coming in with the Directors fqr a 
 fhare of the plunder, which furely thefe gen- 
 tlemen never intended them. I will do them 
 the juftice to believe that it was for their own 
 F 4 behoqf
 
 72 THE EAST INDIA No. VIII. 
 
 behoof alone that their bubble was firit 
 blown up. 
 
 IN the prefent fiourifhing'condition of the 
 Englifh Eafl India Company, nothing but 
 the mofl glaring mifmanagemem can prevent 
 us from reaping a benefit from our trade fu- 
 perior to all other nations j we have Bengal 
 at our feet, and the great continent of India 
 a]mcft intirely in our own hands. In China 
 we acquire an afcendant every day from our 
 great command of ca(h and extenfive pur- 
 chafes ; what then can prevent us from di- 
 viding equal to the other Companies, who 
 trade with a trifling capital, and with half our 
 advantages ? The Dane, the Swede, as well 
 as the cautious Hollander, draw at leafl 26 
 per cent, on their capital j and indeed it 
 would be a ftrange thing, and totally dif- 
 couraging to commerce in general, could not 
 the merchant adventurer expedite reap that 
 benefit from the boldefl voyage and moil 
 diftant traffick in the univerfe. 
 I WILL therefore pronounce that there is 
 a moral certainty of being able to divide i 
 per cent, foon upon our flock; and if arifing 
 from our commerce alone, with all the ad- 
 vantages we pofTefs, and no expence of efta- 
 blimments abroad, we cannot yield that pro- 
 fit to our Proprietors, the Eaft India trade is 
 not worth the carrying on. 
 
 IN
 
 No. VIII. EXAMINER. 73 
 
 IN another paper I {hall difcufs at large 
 the fubjeft of the Eaft-India trade in general; 
 and fhew its advantage to this nation in par- 
 ticular 3 but to conclude tHis, (hall (hew fome 
 attention to my correfpondents, whom per- 
 haps Ihave too long neglected. 
 
 IN my fecond number I threw in rather 
 crudely fome letters which had juft come to 
 hand : I was then bufy arranging and digeft- 
 ing the accounts which I afterwards exhibit- 
 ed to the public ; and the laft papers have 
 been taken up by the deductions I drew 
 from thefe. 
 
 A CORRESPONDENT, who propofed call- 
 ing a previous meeting, was furely too late in 
 his propofal, but we fhall be very glad to 
 hear further from him, according to his pro- 
 mife. 
 
 ANOTHER, who conveys to us informa- 
 tion of two very grofs and palpable miftna- 
 jiagementSy muft fign his name before we in- 
 Tert his letter. 
 
 SELF-INTEREST has appeared in part in 
 the public papers. 
 
 WE are much obliged to a correfpondent 
 who has fent us hints upon a great many 
 points relative to India affairs, ' and mall not 
 fail to avail ourfelves of them as occafion re- 
 quires. 
 
 WE have received a long letter figned an 
 impartial Proprietor, containing nothing 
 
 more
 
 74 THE EAST INDIA No. VIII. 
 
 more than a fummary of what has been faid 
 in our Examiners. When this correfpon- 
 dent offers any thing new, we (hall be glad 
 to infert it. 
 
 WE are much obliged to our military 
 correfpondent for the letter which we here 
 infert. 
 
 I 
 
 MR. EXAMINER, 
 S I R, 
 
 HAVE read your paper with great atten- 
 tion, and I believe that no public paper 
 was ever wrote with more candour, truth, 
 and judgment. However, I fee many peo^. 
 pie who have fears of the duration of our 
 profperity in India, and that it may change 
 by revolution or the attack of fome European 
 power. In anfwer to thefe fears I {hall give 
 you my opinion. We have hacj war in 
 thofe countries for thefe ten years, and we 
 fee that one regiment of 700 Europeans, 
 was never beat by ioo 3 ooo or a million of 
 Indians, who have always ated uniformly 
 from the earlieft times down to the prefent 
 clay ; there are inftances of great courage in 
 particular men, fomething Tike the courage 
 of defpair; but none of their armies ever 
 gained a victory, except againft one another. 
 BESIDES, we are now matters of Bengal, 
 ftrong by its fituation, and a chain of moun- 
 3 tains ;
 
 No. VIII. EXAMINER. 75 
 
 tains ; and we have feapoys and numbers of 
 its inhabitants in our pay, who ferve with the 
 fame attachment and fidelity that the Swifs 
 do in Europe. 
 
 WE have like wife better fortifications 
 there than in any part belonging to the 
 crown of Great Britain. 
 
 FROM all thefe reafons, and many others 
 which I could bring to fupport my opinion, 
 it appears evident, that not only our iflands 
 in the Weft Indies, but even the kingdom of 
 Ireland, is txpofed to more danger, and is 
 more fubjecl: to be conquered, than the 
 jdngdom of Bengal. 
 
 S I R, 
 
 Your moft humble fervant, 
 AN OFFICER, who ferved in India.
 
 THE 
 EAST INDIA EXAMINER, 
 
 NUMBER IX. 
 
 SATURDAY, October 25, 1766. 
 
 IN my lad Number I endeavoured to ex- 
 plaia the influence, and expofe the con- 
 federacy, by which our Directors expedt to 
 maintain themfelves in power, in fpite of 
 the efforts of the Proprietors; it may not, on 
 this occafion, be thought improper to fpeak 
 of the nature of fplit votes, a weapon which 
 has been employed equally on all fides. But 
 as this is afubjecl: that admits of fome dilcuf- 
 lion, before we decide, let us proceed with 
 candor to examine the effects of that practice. 
 IT is a fundamental principle in fociety, 
 that power mould follow property \ and in 
 our political conftitution it evidently has great 
 weight and influence. If this maxim be 
 right, as to the conftitution, with how much 
 more propriety may it be applied to the af- 
 fairs of a trading Company, where every 
 
 plan
 
 No. IX. EXAMINER. 77 
 
 man is immediately and directly gainer or 
 lofer, in proportion to the ftock he holds. It * 
 is abfurd to fay, that a man of 20,000 1. Eaft 
 India ftock will not be more anxious for the 
 profperity of the Company, than he who 
 only holds 500!. Every man who fees his 
 own intereft will infallibly purfue it ; and 
 when difference of opinion does arife upon 
 meafures proper to be followed for the pub- 
 lic good, the lefTer intereft mould in common 
 juftice give way to that which rifks moft 
 upon the event. That this is the fpirit and 
 intention of our conftitutions in the Eaft In- 
 dia Company, is manifeft from the charters} 
 and the oath of qualification feems clearly 
 defigned to exclude only guardians and trui~ 
 tees, who have no real property of their own 
 at ftake ; from counteracting thofe who have. 
 But however different mens opinions maybe, 
 as to the meaning of the oath of qualification, 
 I cannot apprehend any danger to the Com- 
 pany, from a practice which only gives a 
 right to every man to decide upon the gene- 
 ral concern, in proportion as he is interested 
 in it himfelf ; and in fact, in proportion as 
 he is railed above all influence of Directors or 
 their frends. When any queftion of real 
 import to the interefts of the Company is in 
 agitation, we may be afTured the great Pro- 
 prietors will aJopt that fide, which appears 
 to them moft conducive to the general good, 
 in which they are ib deeply involved ; to fplit 
 
 againft
 
 7 8 THE EAST INDIA No. IX; 
 
 again ft themfelves, would be like Mr. Bayes's 
 confufed fisherman ; Prince Volfcius hired 
 him to kill Prince Volfcius. The late quef- 
 tion of the dividend is decifive upon what I 
 fay; notwithstanding the Directors have 
 many friends, who formerly fplit to bring 
 them in as a matter of mere favour, and of no 
 material confequence to the Company, yet 
 on this occafion they left them alone with 
 their mercenary dependents, to fight it but 
 againft the whole body of Proprietors ; and 
 1 will venture to prophefy for April next, the 
 mifmanagement of the prefentfet being now 
 fo manifeft, that they muft once more trufl 
 to their bait/hold Troops ; for no independent, 
 uninfluenced voter will ever dream of truft- 
 ing his property any longer in fo weak; and 
 fo univerfally acknowledged incapable hands. 
 THE great evil which the Proprietors com- 
 plain of, the unbounded and unreftrained in- 
 fluence of the Directors over the tradefmen 
 and fervants of the Company. I do not find 
 fault that any man who poflefles five times 
 my flock (hould have five voices for my one 
 in our deliberations ; but I cry out againft the 
 injuftice of permitting the dependants of the 
 Direction, who have a bare qualification* 
 upon which the dividend is a paltry confeder- 
 ation, in comparifon of the profits they re- 
 ceive by their dealings with the Company, to 
 give laws to the real Proprietors, and decide 
 
 upon
 
 No. ix. EXAMINER; 79 
 
 tpon the Intcrefts of the very men, with 
 whofe money they are in a manner bribed to 
 ad again ft them. 
 
 THIS evil I hope to fee one day redrafted, 
 and an Act pafled to prevent any tradefman 
 who fupplies the Company, or fervant who 
 is dependant on the favour of the Directors, 
 from voting in our general courts. This re- 
 gulation, however falutary, need never be ex- 
 pected to proceed from men, whofe views are 
 alone directed to grafping of power in their 
 own hands, and who, while they aim their 
 blows with fury at the prefent Directors* 
 would be forry, in the fmalleft degree, to lef- 
 fen the influence of Direction. 
 
 As to fplitting of votes, if ever that again 
 become an object of Parliamentary delibera- 
 tion, I hope that wife body will fee the necef- 
 fity of allowing every man a vote in the dif- 
 pofal of his property, in fome proportion to 
 the greatnefs of his concern ; and although 
 they may think fit to limit it in its extent, or 
 alter it in the mode, they will never ftrike at 
 the root of a principle fo palpably founded 
 on id -as of reaibn and natural juftice. 
 
 THUS having diicuiTed pretty largely the 1 
 methods purfued by Directors to maintain 
 their own power, I {hall next proceed to lay 
 before my fellow Proprietors a remarkable 
 inftance of the conduct and management of 
 the prefent fet in difcharge of the truft re pofed 
 
 in
 
 o THE EAST INDIA No. IX. 
 
 in them. If half the zeal, affiduity, and at- 
 tention, even with the fniall degree of capa- 
 city which they pofiefs, had been beftowecf 
 on the affairs of the Company, which they 
 have applied to theif own concerns, we mould 
 not have now to reproach them with the ab- 
 furd and diftrefsful fituation of the tea trade. 
 But that I may proceed in my ufual manner, 
 to ftate my fads clearly before I attempt to 
 draw deductions from them, I mall firft give 
 
 An account of Teas remaining in hand unfold, before the 
 arrival of this year's (hips from China, 
 
 Bohea 
 Congou 
 Hyfon 
 Pekoe 
 Singlo 
 fcouchong 
 
 5,575,760 Ib. 
 
 433.3 
 164,570 
 4,800 
 2,018,800 
 94,080 
 
 at 2 
 
 4 
 ii 
 6 
 6 
 6 
 
 1 1 
 
 6 
 
 8 
 
 4 
 6 
 
 813,131 
 
 97,492 
 
 9 'S ! 3 
 i, 600 
 639,286 
 3>576 
 
 J 3 4 
 
 10 
 10 
 
 '3 4 
 
 1,672,600 6 8 
 Account of Teas received this year in 1 5 ftups from China^ 
 
 Bohea 6,698,100 lb. 
 
 at 2 ii 
 
 976,806 5 
 
 Congou 946,500 
 
 4 6 
 
 212.962 10 
 
 Hyfon 97.S 00 
 Pekoe 9>$oo 
 
 ii 
 
 6 8 
 
 53.625 
 3,166 13 4 
 
 Singlo 1,699,500 
 Souchong 120,200 
 
 6 4 
 6 6 
 
 538,175 
 
 3 g,c6 5 
 
 1,823,800 8 4 
 Add the value of Teas in hand, as above j 672,600 6 8 
 
 3,496,400 15 
 
 Difcount 6'- per cent. 227,266 
 
 Total value of Teas now remaining in 
 
 the Company 's warehoufe 3,269,13415 
 
 BY
 
 No. IX. EXAMINER. 
 
 81 
 
 BY thefe accounts, it appears that there is 
 more than the whole amount of the Com- 
 pany's capital bound up in the article of Tea 
 alone, and now lying perilling in their 
 warehoufes ; for as this article is managed at 
 prefent, the annual confumption does not 
 much exceed one million one hundred thou- 
 fand pounds, as the following ftate, taken 
 from the laft year's fale, will mow. 
 
 Sales of Tea for 
 
 1765, viz. 
 
 March 
 Sale. 
 
 5 
 
 Singlo Tea 
 Ditto 
 
 63,00010. at 4 
 125,020 4 
 
 2 
 
 6 
 
 1 3>I25 
 28,129 
 
 10 
 
 - 
 
 
 
 Ditto 
 
 176,960 
 
 4 
 
 3 
 
 37,604 
 
 
 
 
 
 Ditto 
 
 34,860 
 
 7 
 
 
 12,201 
 
 
 
 
 
 Ditto 
 
 117,180 
 
 7 
 
 6 
 
 43,942 
 
 10 
 
 
 
 
 Ditto 
 
 59,150 
 
 8 
 
 
 23,660 
 
 
 
 
 
 Hyfon Tea 
 
 53,800 
 
 ii 
 
 
 29,590 
 
 
 
 
 
 Souchong 
 
 59>35 8 
 
 6 
 
 6 
 
 I929I 
 
 7 
 
 
 
 
 Bohea 
 
 2,063,059 
 
 3 
 
 2 *- 
 
 33>949 
 
 
 1 1 
 
 
 
 Congou 
 
 95'7 6 5 
 
 4 
 
 6 
 
 2iS47 
 
 2 
 
 6 
 
 
 
 Pekoe 
 
 4,302 
 
 6 
 
 8 
 
 ''434- 
 
 
 
 Sept. 
 Sale. 
 
 I 
 
 Singlo Tea 
 Ditto 
 
 189,910 
 
 42,280 
 
 4 
 
 5 
 
 10 
 
 6 
 
 45,894 
 1 1,627 
 
 18 
 
 4 
 
 
 
 Ditto 
 
 71,820 
 
 4 
 
 1 1 
 
 17.655 
 
 '5 
 
 
 
 
 Ditto 
 
 233,590 
 
 7 
 
 
 81,756 
 
 10 
 
 
 
 
 Ditto 
 
 92,190 
 
 8 
 
 3 
 
 38,028 
 
 7 
 
 6 
 
 
 
 Ditto 
 
 76,790 
 
 8 
 
 6 
 
 3 Z > 6 35 
 
 r > 
 
 
 
 
 Hyfon 
 
 64,630 
 
 1 1 
 
 
 ** J $* 
 
 35>546 
 
 10 
 
 
 
 
 Souchong 
 
 51,669 
 
 6 
 
 6 
 
 i6,?9z 
 
 8 
 
 6 
 
 
 
 Congou 
 
 101,464 
 
 4 
 
 
 20,292 
 
 16 
 
 
 
 
 Pekoe 
 
 3,310 
 
 6 
 
 10 
 
 1,130 
 
 1 8 
 
 4 
 
 
 
 Bohea 
 
 1,953,101 
 
 3 
 
 3 
 
 3i7>3?8 
 
 18 
 
 3 
 
 
 
 
 
 
 
 
 1,181,213 
 
 7 
 
 4 
 
 Difcount 6'- percent. 
 
 76,778 
 
 : 7 
 
 
 Total, 
 
 which is as much as can be 
 
 brought 
 
 
 
 
 to fale in one year by the prefent 
 
 ma- 
 
 - 
 
 
 
 nagement i 
 
 1,104,434 
 
 10 
 
 '4 
 
 . 
 
 
 
 G 
 
 
 
 
 
 So
 
 gz THE EAST INDIA No. IX. 
 
 So that, by this ftate, our annual con- 
 fumption docs not take off above a third 
 part of our flock in hand, while our wile 
 Directors continue to import annually to the 
 value of 600,000 1. more than the demand, 
 do, in fact, form an aggregate fund, that 
 mutt in time, at their rate of management, 
 not only (ink the capital in that commodity > 
 but alfo every {hilling of credit we can ob- 
 tain. Left any man doubt that the Directors 
 can be fo ignorant or fo obftinate as to perfift; 
 in this obvious mifmanagement, I refer him 
 to the number of mips taken up for China 
 both laft year and the prefent j and do fur- 
 ther acquaint him, that befides the 2co 3 oco 1. 
 remaining in China after loading the laft 15 
 fhips, and the large amount of goods fend- 
 ing or already fent from hence, there is 
 actually ftated in the accounts from Bengal 
 24 lacks, or 300,000 1. to be remitted in cafh 
 to that country. 
 
 THIS is the real ftate of our China trade, 
 which the Deputy Chairman declared to be 
 diftrefling beyond meafure, and which he faid 
 obliged the Directors to borrow confiderable 
 fums to carry on. i)iftrcjfi>;g indeed to the 
 Proprietors, if, by the blundering conduct 
 and narrow views of their Managers, they 
 are neccflltated to i aife fums of money to pay 
 for goods which are thus allowed to rot in 
 their vvardioufes. 
 
 BUT
 
 No. IX. EXAMINER. 83 
 
 BUT there are remedies for thefe evils fo 
 fimple, that one mould think they muft 
 have occurred to the Directors, weak as they 
 are, if ever they had turned their thoughts 
 that way : For example, it would be a wife 
 policy to put up to fale a larger quantity of 
 Teas than we are at prefent accuftomed to 
 do, even though they fhould go at a lower 
 rate, as this would encourage a more general 
 confumption by the cheapnefs of the com- 
 modity, and we mould ftill fecure to our- 
 felves a moderate profit on a more confider- 
 able quantity, which would be better than 
 extorting an unreafonable gain on a narrow 
 fale, dictated by the paltry fpirit of mo- 
 nopoly. 
 
 THE next expedient is a natural one, and 
 could not have been overlooked by the pre- 
 fent Directors, had they ever thought of the 
 interefts of their conftituents in their appli- 
 cations to Parliament. But it is remarkable 
 that thefe Gentlemen have never applied but 
 twice to the legiflature, and both times with 
 regard only to the fecurity of their own 
 elections. There is a cuftom paid on Teas 
 at importation, of 23 1. 18 s. 7~d. per cent, 
 value, and this duty is never drawn back 
 upon re-exportation ; now this evidently 
 prevents us from coming in competition with 
 the Dutch, &c. in foreign markets, where 
 their commodity is brought to fale unin- 
 G 2 cumbered
 
 84 THE EAST INDIA No. IX. 
 cumbered with fuch a charge ; it would havq 
 been an cafy matter for our Directors to have 
 obtained a drawback of this cuftom, as it 
 yields at prefent a trifling revenue to the 
 ilate ; and the parliament has never Ken 
 known to refufe fuch drawbacks when ap- 
 plied for, and often, in the true fpirit of 
 commerce, have granted bounties to encou- 
 rage exportation. I hope the Directors will 
 now take the hint, and apply themfelves 
 ferioufly to have this clog taken off our 
 Tea trade. By this means we fhall clear 
 our hands of our dead flock, and foon be- 
 come the rivals, and perhaps even be en- 
 abled to underfel the Dutch, Danes and 
 Swedes in the European markets. One thing 
 too, worthy of our attention, we mail then 
 be able to furnifh our own Colonies at as eafy 
 a rate as they nowpurchafe it from the Dutch, 
 and fmuggle it in upon the.ir wide coafts. 
 
 HAD I not made it my conflant rule to 
 flate plain and clear facts that cannot be con- 
 troverted, I am perfuaded my readers would 
 have given little credit to what I have faid, 
 for it is hardly poffib'e to conceive that 24 
 men could be picked out from the whole 
 human race, to manage the affairs of a 
 great and flouriming company, with fu 
 much grpfs ignorance, mifconduct, and 
 neglect. 
 
 IF
 
 
 No. IX. E X A M I N E R. 85 
 
 IF I were to enter into the conduct of par- 
 ticular Directors, how fev.erely could they be 
 made to fmart, if they have any feeling 
 remaining; this however I (hall delay, in 
 hopes of feeing fome amendment in their 
 behaviour, and they may be aflured that 
 my labours mall not be wanting for. their in- 
 ftruction in the Company's affaiis. 
 
 G 
 
 THE
 
 [ 86 ] 
 
 THE 
 
 EAST INDIA EXAMINER. 
 NUMBER X. 
 
 WEDNESDAY, November 5, 1766. 
 
 TH E ftate of the Tea trade, as given in 
 my laft, proves the mifmanagement 
 of the Directors in a very flrong and incon- 
 teftable manner. I took no notice of the 
 September fale, becaufe it was not then 
 clofed ; and the fmall proportion by which 
 it leffens our flock on hand, will foon be 
 counterbalanced by the frefh importation. 
 It is abfurd in the Directors to attempt pal- 
 liating their mifconduct, by faying, that they 
 either have applied, or did intend to apply 
 to his Majefty's minifters for a remedy to 
 the evil we complain of. It was their duty 
 to have prevented the evil till fuch time as 
 they had their remedy prepared : they ought 
 not to have laid out the whole amount of 
 the Company's capital in tea alone, till they 
 were fure that it would not be left to rot in 
 their warehoufes. Weak and incapable as- 
 the Directors are acknowledged to be, fome 
 
 people
 
 No. X. E X A M I N E R. 87 
 
 people fufpect them of a degree of low cun- 
 ning in this affair, that is not inconfifrent 
 with weaknefs itfclf. By thus tying up the 
 Company's funds, they afforded a plaufible 
 plea of poverty and diftrefs for refilling an 
 increafe of dividend to the Proprietors, till 
 they and their friends fhould have gradually 
 got pollcffion of the whole flock at an under- 
 rate, and then have become the f icheft fubjecls 
 in Great Britain. 
 
 IT were endlefs to difcant upon the im- 
 prudence, negligence, and I may even fay 
 injuftice of the Directors ; but as I would fa- 
 crifice every thing for the fake of harmony 
 and unanimity, I mail be willing to bury 
 what is pad in oblivion, attentive to what 
 will pafs on the I4th of this month, wheri 
 their candour and difintereflednefs, if they 
 poffefs any, will appear upon a queftion of 
 the effential interefts of the public and the 
 Proprietors. I have no view in my labours 
 but the public good, without rancour or 
 animofity againft any man, or any particular 
 fet of men. It was indeed neceffary, at 
 times, to difclofe fome difagreeable truths to 
 the public, that they might not be deluded. 
 At prefent I mall confine myfelf to explain 
 the great advantages both to the nation and 
 Company, by the motion propofed to be 
 made at the enfuing General Court, which 
 will undoubtedly be carried by the Proprie- 
 G 4 tprs,
 
 88 THE EAST INDIA No. X. 
 
 tors, and alfo obtain the fandtion of Parlia- 
 ment. 
 
 IT is indeed fatisfactory to find that it 
 has already obtained the approbation of 
 feveral hundred of Proprietors, and that 
 none hardly oppofe it but flock-jobbers, 
 who expected to make their fortunes by the 
 fluctuations which otherwife would be in- 
 evitable in India flock. Some few may 
 likewife be difappointed, who expected to 
 enrich themfelves by the plunder and em- 
 bezzlement of the Company's territorial re- 
 venues in India: But it would be unjuft to 
 accufe the Directors, till it is feen whether 
 or not they oppofe the meafure. It is how- 
 ever certain, that a Director, or any one 
 who expects to be a Director, muft be againft 
 it, if he confults his own intereft preferable 
 to the good of the public and of the Com- 
 pany, its trade, and Proprietors. Any fixed 
 value given to India flock, however great, 
 cannot fuit their views j their bufinefs is to 
 keep it at a low uncertain value, as we find 
 it at prefent, while they behind the curtain, 
 knowing the time when they fhall raife the 
 dividend 2 per cent, and confequently the 
 flock 50 per cent, more in value, in the 
 mean time always declaring an increafe of 
 dividend premature* will be able by them- 
 felves and their friends with money pre- 
 pared, to purchafe gradually, and imper- 
 5 ceptibiy,
 
 No. X. EXAMINER. 89 
 
 ceptibly, the bulk of the Company's flock, 
 and then let the cat out of the bag. To a 
 management of this kind, one of the firft 
 Dutch houfes in this capital owes its rife, 
 and it is fufpected that by fuch another intel- 
 ligence with the Direction, the fame houfe 
 expect flill to increafe their immenfe wealth. 
 At this rate of management, every one of the 
 twenty-four Eaft India Directors would have 
 a more lucrative employment than the firfl 
 Lord of the Treafury; and as Sir Robert 
 Wai pole faid of his brother Horace, he will 
 cut up better, even though riches were his 
 principal aim, unlefs he was connected with 
 the Directors. 
 
 FOR flock-jobbers the harveft would be 
 compleat; fears, hopes, and falfe reports, 
 would raife and fink the value of India flock 
 40 or 50 per cent, occafionally, rendering it 
 a compleat and perpetual bubble. 
 
 BUT in order to difcufs the fubject pro- 
 perly, let us put down the motion to be 
 made on the i4th; a motion the moft wife, 
 judicious, falutary, and patriotic, that ever 
 yet has been propofed in the India houfe 
 iince its firft eftablifhment.
 
 9 b THE EAST INDIA No. X; 
 
 TO THE 
 
 Honourable the COURT OF DIRECTORS of 
 the UNITED EAST INDIA COMPANY. 
 
 Honourable Sirs, 
 
 T T T E the underwritten Proprietors of 
 W Eaft India ftock, being duly qua- 
 ' lifted, agreeable to the Company's charter, 
 < do defire that a General Court of the faid 
 Company may be called to meet on Friday 
 c the 1 4th of November next, to confider 
 on impowering You to treat with his Ma- 
 
 * jefty's minifters, about an application to be 
 
 * made to Parliament for extending the time 
 c limited for the expiration of the Com- 
 ' pany's charter, by a further grant of 37 
 c years ; and for tendering for the ufe of the 
 
 * public, the territorial revenues acquired by 
 ' the Company in the Eaft Indies, after de- 
 
 * dueling all expences, both civil and mili- 
 
 * tary, of the Company's fettlements, upon 
 ' the Company being allowed the fum of 
 
 * 480,000 1. per annum for 10 years certain, 
 ' as a yearly dividend of 15 per cent, to the 
 
 * Proprietors on their flock out of the firft of 
 e the revenues, after deducting the expences 
 
 * aforefaid, and for inviolably applying the 
 c profits of the Company's trade, which 
 ' muft be fuppofed to exceed 600,000 1. 
 
 4 pei 1
 
 No. X. EXAMINER. 91 
 
 per annum, during the faid term of 10 
 years, to accumulate to their prefent 
 capital ; and for applying the nett profit of 
 the Company's trade, after the faid 10 
 year?, to be divided amongft the Pro- 
 prietors ; with the provifo, that if the nett 
 profits of the Company's trade fliould not 
 be fufficient to make a dividend of 15 per 
 cent, the deficiency to be made up out of 
 the revenues. That by obtaining thefe 
 points, both the public and the Company 
 may enjoy great, folid, and lafting advan- 
 tages, from their acquifitions, which muft 
 otherwife be a continued fcene of rapine, 
 plunder, and ftock-jobbing, ferving only 
 to enrich individuals, and bring disorders 
 into the Company's affairs.' 
 
 We are, &c. &c. 
 
 THIS is the fubftance of the motion, as we 
 learn by the above letter prefented to the Di- 
 rectors on Wednefday lafl. We will con- 
 fider it feparately, in the two great views in 
 which it prefents itfelf to us, as members of 
 the Commonwealth, and Proprietors of the 
 Eaft India Company. 
 
 IN the firft place, it is clear from the 
 charters of the Company, particularly by the 
 laft in 1757, that they have undoubted rights 
 to their acquifitions in India, either by treaty 
 or conqueit ; and it would infallibly be de- 
 termined fo in Weitminfter Hall. But with 
 
 the
 
 9^ THE EAST INDIA No. X. 
 
 the fupreme legiflative body, it might be 
 taken up in another light. They do not 
 confine themfelves to the letter of the law ; 
 they coniider folely how far the p'nblic wel- 
 fare is involved in their decifions. They may 
 alledge the intention of thefe charters was 
 not to inveft a commercial fociety, forming a 
 diftinct body in the ftate, with territories and 
 revenues equal to moft of the great monarchs 
 in Europe; and thefe revenues, by our very 
 conftitutions, capable of being enjoyed by 
 foreigners. Their meaning goes no farther 
 (they may fay) than to allow the Company 
 poffefiions necefiary for the protection and 
 extenfion^ of their trade; all beyond that 
 may be juftly afTumed to the ftate. On the 
 other hand, Parliament, ever tender of the 
 property of individuals, and cautious of 
 touching in the gentleft manner, the fyftem 
 of public credit, would find itfelf greafly em- 
 barrafled on the occafion. The Proprietors, 
 fenfible of this, and willing to conciliate 
 their duty as Englishmen, with their intereft 
 as holders of India ftock, do freely offer 
 the revenues of Indoftan for the public fer- 
 vice, upon the juft and equitable conditions 
 of repaying 4,800,000!. the bare expences 
 which they have been at in their fortifica- 
 tions, magazines, and in maintaining the ar- 
 mies in India, by which thefe very con- 
 quefts were made ; and this fum too to be 
 
 paid
 
 NQ. X. EXAMINER. 93 
 
 paid only in 10 years, .at 10 different pay- 
 ments, out of theie very revenues which 
 were their own already by charter. Befides, 
 the fum required is no more than fufficient 
 to enable the Company to carry on its trade 
 to the greateft extent for the good of the 
 nation. 
 
 THIS is an acquifition to the ftate of one 
 million clear the firft year, one million and 
 a half the next, and in 10 years above two 
 millions per annum. Thefe revenues, if 
 left intire to the Company, after paying all 
 civil and military eftablifliments in India, 
 would amount, with a moderate accumu- 
 lation of intereft, to between 30 and 40 
 millions fterling in 14 years time; it is im- 
 poffibie like wife to fay, to what extent ter- 
 ritorial pofleffion may be carried in India. 
 
 BY thefe means the legiflature is freed 
 from the difagreeable neceffity of acting like 
 the minifters of defpotifm, who always 
 regulate their meafures upon prefent expe- 
 diency; a dangerous practice, which may 
 be drawn into an unhappy precedent in a 
 free ftate like ours, where publick credit is 
 of fo much importance, and where the 
 plain meaning of words in any act or charter 
 is confidered as facred and inviolable. How- 
 ever, to this difagreeable neceffity they might 
 be driven, were not the Proprietors to adopt 
 this meafure, for it is abfurd to think that 
 
 fo
 
 94 THE EAST INDIA No. X. 
 fo immenfe revenues ought to be left to the 
 Company. 
 
 I COME now to fpeak to my fellow Pro- 
 prietors. Not to enlarge on the advantage 
 of the extension of the charter, which is 
 felf-evident -, which of you would not be 
 contented with a gain of 150 per cent, in a 
 twelvemonth's time ? the avarice of a Vul- 
 ture Hopkins itfelf, would be fatisfied with 
 it ; and yet this is the very profit we hold 
 out to you : The additional dividend of 5 
 per cent, payable next year, and fecured 
 by Parliament, would infallibly render 
 every man's flock worth 150 per cent, 
 more at market, than it is at prefent. If 
 any Proprietor, after this, can be fo abfurd 
 as to reject fo advantageous a propofal, furely 
 he need expect little pity when he meets a 
 worfe. The fixing the real value of ftock 
 in this manner, is a capital point in favour 
 of the Proprietors, and as fuch will, no 
 doubt, be oppofed by the whole pofle of 
 flock-jobbers. Their game is fpoiled by 
 this flepj they can no longer play on the 
 hopes and fears of individuals ; nor can our 
 Directors now conceal the advantages of 
 the Company, and with immenfe wealth in 
 their pofleffions, declare a trifling encreafe of 
 2 per cent, on the dividend to be premature $ 
 foreigners on this occafion will alfo renew 
 their confidence in India ftock, they will 
 
 now
 
 No. X. EXAMINER. 95 
 
 now fee its value fixed and afcertalned, in- 
 dependent of artifice and grofs mifmanage- 
 ment ; they will know what they are to re- 
 ceive, as well as what they give, and will no 
 longer be led by falfe rumours to fling their 
 property away. The Company will have 
 already acquired two millions before the end 
 of this year, 1766 ; our trade will he im- 
 mediately free from the clog of eftablifh- 
 ments, and military expence, and our clear 
 profits go on accumulating to a capita!, 
 fufficient for any commercial purpofes. It 
 is difficult to pronounce, if even government 
 was to leave us our territorial revenues com- 
 pleat; if we mould be able to put fo 
 much as 480,000 1. clear, annually, into the 
 coffers of the Company ; it is more probable 
 that it would flow moftly into the pockets 
 of individuals, our faciors and fervants. 
 Rapine, violence, and luft of gain, might 
 extinguifh all fair commercial ideas, and we 
 might become, inftead of an honeft trading 
 fociety, a hord of plundering Tartars. A ,/\ 
 fenfible man, well acquainted in India affairs, 
 lately faid, that he was afraid to put his 
 money in that flock at prefent; that 
 knowing the villany of the management 
 abroad, and the folly of the management 
 at home, he could not think his property 
 fafe in fuch hands, and looked upon the 
 revenues acquired as an event that would 
 
 * turn
 
 96 THE EAST INDIA No. X. 
 
 * turn to the Company's hurt, and ruin the 
 ' trade itfelf in a very fhort time.' Thus 
 no territorial acquisition, let it be ever fo 
 great, gives any fatisfadtion to the Proprie- 
 tors; it is a certainty of a fixed dividend, and 
 that alone, that gives confidence in the minds 
 of men. But it is in the power of govern- 
 ment to reftrain the diforders, which we 
 might not be able to prevent ; and they may 
 draw a folid and lading income from thofe 
 polTeffions, which would only hamper and 
 perplex private merchants. 
 
 SOME have objected to the provifo in the 
 motion. It may be an objection for the Di- 
 rectors, but it is the very thing to be wimed 
 by the Proprietors ; it becomes a conftant 
 check upon the Direction ; and I will be 
 bold to fay, from my knowledge and long 
 experience in India affair?, that our trade 
 at the end of 10 years, with our accumulated 
 capital properly conducted, muft yield 15, 
 ray 20 per cent, profit to the company. It 
 gives greater fecurity to the ignorant, and of 
 courfe greater value to the ftock, and the very 
 provifo, is itfelf a fecurity that the evil 
 guarded againft will never happen. It is 
 alfo faid, that this motion gives too great 
 terms to the publick, and that it is throwing 
 away the Company's acquisitions. After 
 what has been faid, it is only neceffary to 
 obferve, that this objection comes from the 
 
 very
 
 No. X. EXAMINER. 97 
 
 Very men, who but a month ago, thought 
 fo meanly of the Company's affairs, as to 
 refufe a paltry increaie of dividend out of 
 the advantages acquired. But whatever ar- 
 guments may be made ufe of againft the mo- 
 tion, every body may be convinced of one 
 great truth, that the whole difference about 
 India affairs, if this motion can be contefted, 
 confifb in this flngle proportion : Is the divi- 
 dend to be made fixed and certain for a num- 
 ber of years, or is it to remain unfixed and 
 unfettled, and to be raifed gradually at the 
 will of the Directors, which, by continual 
 fluctuations, will enrich flock-jobbers, the 
 Directors, and their friends who are in 
 the fecret ? Some few may have fiill greater 
 views, by employing their friends abroad, 
 and plundering the territorial revenues of 
 Indoftan. 
 
 IT has been faid, that nothing is more 
 puzzling than to prove a propofition that is 
 lelf-evident. I find myfelf in that fituation 
 at prefent, in attempting to demonftrate a 
 thing fo clear, as the advantages arifing to 
 the Proprietors from the motion propofed to 
 be made. I mall therefore iniift no longer 
 on the fubject. But for any man, or any 
 body of men, who dare to ail in oprofition, 
 I will not fail, upon occafion, to unravel 
 the fecret folds of their hearts, and difplay 
 their true motives to the world. 
 H
 
 THE 
 
 EAST INDIA EXAMINER. 
 NUMBER XI. 
 
 WEDNESDAY, Nmemler 19, 1766. 
 
 IN my laft paper I endeavoured to de- 
 monftrate the equity and moderation of 
 the motion intended to be made by the Nine 
 Proprietors. Why this motion foreafonable 
 with regard to the public, and fo vifibly ad- 
 vantageous to the Proprietors, fhould not 
 have been immediately adopted, is matter of 
 great furprize to many - y but to me, who have 
 had occaiion to examine pretty clofely the 
 different fets of men of which our Com- 
 pany is compofed, the furprize is lefs, and I 
 think, I can clearly account for the effect by 
 carefully inveftigating the caufes which pro- 
 duced it. 
 
 THAT the Directors would oppofe it I 
 forefavv, they could no! act otherwile, in the 
 true fpirit of the corps. All Directors look 
 upon Proprietors as their fubjects and vaflals, 
 
 and
 
 fro. XI. EXAMINER. 99 
 
 and any propofal coming from them, however 
 falutary, is regarded as little lefs than high 
 treafon againfl the majefty of the refpect- 
 able order. They immediately take the alarm, 
 and the whole confederacy from the Bank 
 down to the London Affurance, unite their 
 endeavours to oppofe fo bold and dangerous 
 an innovation. But in this cafe there are 
 reafons particularly cogent againft this at- 
 tempt of the Proprietors : they had prefumed 
 to fix a dividend, which ftrikes directly both 
 at the power and perquifites of Diredtorfhip. 
 While the profits of the Company are lefc 
 to be dealt out at the difcretion of the hon- 
 ourable board) you may be fure neither them- 
 felves nor their friends are the laft helped. 
 When Directors can fay to day it is prema- 
 ture, but an increafe of dividend (hall come 
 in good time, it is natural to fuppofe that 
 they and their friends have the beft gucfs 
 when that day is to come about, and will 
 avail themfelves of this fore- knowledge ac- 
 cordingly. That this has been a practice in 
 former times is notorious, and that it will be 
 fo again is no lefs certain if left in their power. 
 The Proprietors therefore, in attempting to 
 retrench this peculiar prerogative of Direc- 
 torfhip, muft expect to be oppofed by every 
 one who bears the name. 
 
 THAT the whole herd of ftock- jobbers 
 
 fhotild oppofe this motion is rnoft natural, for 
 
 H 2 it
 
 ico T H E -E A S T I N D I A No. XI. 
 
 it manifeftly tends to the deftruction of their 
 trade. Should the Proprietors fucceed to fix 
 a dividend, there is an end at once to bul- 
 ling, bearing, making falfe Tales, falfe pur- 
 chafes, fpreading falie news, and the whole 
 fyftem of Exchange-alley politicks, which 
 the worthy profeffors of Jonathan's have put 
 in practice with fo much fuccefs for thefe fix 
 months pad, upon that moft excellent fub- 
 ject, the Eaft India ftock ; to the prejudice 
 of the weak, the abfent, and the uninitruc- 
 ted, and to the eternal difgrace of the Direc- 
 tors, who, by concealing the true ftate of 
 the Company's affairs, gave opportunity for 
 fuch infamous practices. 
 
 BUT this motion has not been fupported 
 even by many of the honeft uninfluenced 
 Proprietors; and this requires fome explana- 
 tion. The gentlemen who concerted and 
 propofed this motion, law that government 
 would certainly interfere in our affairs, and 
 endeavour to appropriate the revenues of 
 Bengal, for the u(e of the public, upon fomc 
 condition granted to the Company. They 
 therefore thought of a project, equitable on 
 all fides, moderate with regard to the Com- 
 pany, and advantageous to the ftate ; this 
 they propofed, fubmitting to the coniidera- 
 tion of their fellow Proprietors, without 
 making every effort to carry it through, and 
 willing to liiten to any other meafure that 
 
 fliould
 
 No. XL EXAMINER. lor 
 
 fhould be offered. The proportion did really 
 proceed from the fame let of men who have 
 all along flood up for the rights and interefts 
 of the Company again ft the Direction, their 
 faction and dependants, and did overthrow 
 the whole ftrength of that party upon the 
 queftionof a dividend, and therefore, if every 
 poflihle effort had been made, muft have 
 carried this point alfo ; but it muft be acknow- 
 ledged, that fome of the mod zealous upon 
 the former queftion, did oppdfe this motion. 
 They had entertained high notions (and juft- 
 ly) of the Company's profperity, and their 
 imaginations fet agog upon 30 per cent. to talk 
 only of fifteen feemed like taking one half 
 out of their pockets: many of them have 
 bought into this ftock, thus laying out their 
 money upon a plaufible appearance of ad- 
 vantage, as every country gentleman does in 
 fchemes of improving his lands, and they do 
 not chufe to be curtailed in their profpects 
 of gain, efpecially too as the Company's right 
 by charter to their acquifitions in India, is 
 clear and indifputablc. 
 
 THUS the combination of Directors, the- 
 clamour of Stock-jobbers, and difference of 
 fentiment among independent Proprietors, 
 and upon thefe accounts no vigorous exertion 
 on the part of thofe who were moft zealous 
 for the motion, have all contributed to let 
 this motion be loft ; yet I am convinced^ 
 H 3 although
 
 102 T H E E A S T I N D I A No. XI. 
 
 although perhaps it may not be credited 
 by many people, that, if the motion had 
 been put to a bailor, as demanded by the 
 nine Proprietors, the majority againft it would 
 not have exceeded the others in the pro- 
 portion of three to two. For my parr, I 
 am ftill of opinion that it was both juft and 
 falutary, and a proper medium between the 
 public and the proprietors. Some people 
 who are not concerned in ftock think it 
 even too favourable to the Eaft India Com- 
 pany. I cannot be of their opinion, When 
 J admit public good to be more powerful 
 than charters to give a right to parliament 
 to interfere in our acquifitions, I ftill think it 
 ought to be done with moderation and gene- 
 rofity. As a member of the commonwealth, 
 as well as a partner in India Stock, it appears 
 to me a conciliating propofal equally juft 
 and equally beneficial on both fides. A 
 fum of 480,000 1. per annum for ic years, 
 although very confiderable, when viewed as 
 a dividend of 15 per cent, on the capital, can- 
 not be reckoned 'an extravagant allowance to 
 the Company out of a revenue of 2 millions 
 yielded up to government. I cannot per- 
 fuade myfelf that the prefent miniftry, dif- 
 tin^uifhed for patriotifm and love of juftice, 
 or that the Earl of Chatham, the afferter of 
 the rights of mankind, the declared enemy 
 pf oppreffion, noble, equitable, and gene- 
 rous
 
 No. XL EXAMINER. 103 
 
 rous in all his meafures, would ever counfel 
 violence, or in fearch of public good, tread 
 private men underfoot. 
 
 THAT private mould yield to public in- 
 tereft is moft true, but that any particular 
 fet of men mould be facrificed to public 
 utility, when a reafonable compenfation can 
 be made, is a principle repugnant both to 
 natural juftice and civil liberty. I therefore 
 repofe the moft intire confidence in the wif- 
 dom, juftice, and upright intentions of the 
 prefent adminiftration : I know they will act 
 handfomely by us. The grand object of 
 every honeft proprietor is to have his yearly 
 income afcertained, and not left at the 
 mercy of defigning Stock-jobbers and blun- 
 dering Directors. This is what we afpire 
 at, and this, we truft, the generality of parlia- 
 ment and adminiftration will accomplish for 
 us. Give us what dividend we are in equity 
 entitled to, and let k be fixed ; refcue us 
 and our property from fraud, rapine, and 
 mifconduct, and we {hall no longer difpute 
 our pretenfions with the nation, or begrudge 
 giving up a great deal to fecure a certain and 
 peaceable enjoyment of a part. 
 
 To fome people who do not properly di- 
 ftinguim between the nature of trading ftock, 
 and that of a government loan, the rife of 
 a dividend to more than double in a fhort 
 time, appears ftrange, and unreafonable ; but 
 H 4 they
 
 104 THE EAST INDIA No. XT, 
 
 they mould confider that there is a wide dif-. 
 ference between a certain yearly intereft upon 
 a folid and well fecured fund, and a dividend 
 of profits upon a trade where both capital 
 and profits are expofed to accidents. The 
 Eaft India Company have experienced the 
 greateft viciffitudes of fortune ; they have 
 been on the very brink of bankruptcy, and 
 now are in the height of affluence, credit and 
 folidity. But a few years ago, in the late 
 French war, it was an even chance whether 
 we (hould have one foot of pofleffion, and 
 one (hilling of property left in Bengal, or 
 become abfolutc matters of the whole 
 country, with more certainty than we hold 
 the fugar iflands in the Weil Indies. The 
 call of the dice has proved in our favour ; 
 and as in the one caie we mould have loft 
 both ftock and dividend, fo on the other it 
 is but juft we mould enjoy a profit in fome 
 degree proportioned toourrifk. It is abfuid 
 to imagine that men could be ever brought 
 to embark their property in a trading com- 
 pany without profpecls of this kind. 
 
 THE Parliament has an opportunity of 
 feeing and examining the true flate of the 
 Company's affairs ; and it will be no difficult 
 matter afterwards to fix the dividend for 
 feveral years to come. If this meafure is not 
 adopted, the India-houfe will become a con- 
 tinual fcene of riot, faction, diforder, and in- 
 trigue 5
 
 No. XI. EXAiMINER. 105 
 
 trigue ; and the very acquisitions of wealth 
 to the whole body, will be a never-ceafing 
 bone of contention to individuals. Directors 
 will continue to combine fecretly, to raife or 
 fink the ftock at particular periods, known 
 only to them felves and their friends ; and 
 Proprietors will not furely fubmit, without a 
 flruggle, to fuch bafe and injurious com- 
 binations. The only way, then, to do 
 juftice, and prefer ve peace, is to put the 
 Company's affairs on fuch footing as the nine 
 Proprietors propofed. 
 
 IT is ftrange that an objection {hould be 
 made to this motion, from the difficulty that 
 might arife from any particular mode of 
 collecting the revenues, or regulating the 
 civil and military powers in India. The Pro- 
 prietors never meant, nor ever have pre- 
 fumed to prefcribe to Parliament upon this 
 article : they leave the mode of collection en- 
 tirely to the wifdom of that auguft body. 
 All that they propofed, was to infure to 
 themfelves a reasonable, fixed income, with- 
 out regretting that fuch immenfe revenues 
 (hould come into the coffers of the ftate, 
 and be applied to eafe the national debt, to 
 reduce the taxes, and relieve the opprefTed 
 and indufh'ious poor. The Proprietors for 
 the motion are willing that the public mould 
 enjoy the greateft (hare of thefe advantages ; 
 >ut the Directors would retain the whole in 
 
 their
 
 THE EAST INDIA No. XL 
 
 their hands, and would amufe Government, 
 and lull to fleep the claims of the nation, 
 by a delufive offer of a part, that probably 
 in a few years would dwindle to nothing, 
 by bad management, and the very form of 
 the conftitution of the Eaft India Company, 
 both at home and abroad. 
 
 ANOTHER objection is likewise made, 
 from the danger that may arife to the ftate 
 from putting Bengal into military hands r 
 under the power of the Minifter. Little do 
 thofe who ftart this objection know of the 
 prefent ftate of that country. It is at this 
 moment ruled upon principles of the mod 
 frightful defpotifm. J do not mean to throw 
 the leaft reflection on the prefent governor, 
 who will foon be at home to anfwer for him- 
 felf ; but the powers which were given him 
 are a difgrace to this land of liberty. A par- 
 cel of firnple merchants have iffued cut man- 
 dates from Leadenhall, that would have 
 hardly come from a Turkifh Divan, and 
 have rendered the government of Bengal 
 more nbfolute tlv.n that of the Great Mogul 
 himfelf. Were thefe territories in the hands 
 of Government, there could reign no fuch 
 defpotifm ; the powers would be more 
 equally ballanced. The Company's agents, 
 and the officers of the revenue, independent 
 of one another, would carry on their bufmefs 
 under the protection of the military force, 
 
 as
 
 No. XL EXAMINER. 
 
 as is practifed in our Weft India colonies j 
 and it is certain that the collectors of the re- 
 venue, having more particularly the protec- 
 tion of the miniftry at home, would be moft 
 refpected, and particularly fafe from the opr 
 preflion of the commander of the troops. 
 
 As to the danger of throwing too much 
 into the fcale of the executive part of go- 
 vernment here at home, it is to be obferved, 
 that the officers of the revenue muft na- 
 turally be chofen from the fervants of the 
 Company, who have acquired experience in 
 that country ; but at any rate, 10,000 1. fplit 
 into ten different employments at home, 
 gives more influence to the executive power, 
 than would arife from the whole of thefe 
 offices abroad. But were there danger to be 
 apprehended on that fide, it would be ftill 
 more to be dreaded, when under the ma- 
 nagement of Directors, who are no lefs liable 
 to the influence of government, and whofe 
 plunder and embezzlements, either of tbern- 
 felves or their fervants, would not be under 
 the check of a parliamentary infpection. 
 
 THERE is another objection of ignorance, 
 that is hardly worth the trouble to remove. 
 Some people, totally unacquainted with thofe 
 matters, have taken it into their heads that 
 the revenues have been ufually paid in 
 goods. Nothing fo falfe and chimerical : 
 they have been always paid in the coin of 
 7 A?
 
 io8 T H E E A S T I N D I A No. XL 
 
 the country ; and in former times, the greateft 
 part was remitted annually to the Great 
 Mogul in a diftant country, from whence 
 little returned, and where it was alfo a prac- 
 tice to bury large fums under ground, which 
 t>ecame entirely loft. Befides, it is hard 
 to conceive how the country will be more 
 drained by paying their revenues into the 
 Treafury of England, than into that of the 
 Company in Leadenhall-ftreet, where it muft 
 come at laft. In both cafes, they are equally 
 carried out of the country ; and it is a matter 
 of mere indifference to the inhabitants, 
 whether they pay them to the King of Qreat 
 Britain, or to the Eaft India Company. 
 
 IF it is faid that the India Company could 
 bring home the revenue in merchandize, 
 whereas the Government would bring it 
 home in coin, the anfwer is obvious : The 
 Company will unqueftionably bring home 
 to Europe, in either cafe, as great a quantity 
 of merchandize as can poffibly be difpofed 
 of, and if the revenues are colle&ed for Go- 
 vernment, the Company wilt be glad to re- 
 ceive cam in India to pay for thefe goods, 
 and will give to the colleciors of the revenues 
 draughts on the India Houfe in London for 
 the amount, and the overplus muft in both 
 cafes be brought home in coin or bullion. 
 
 UPON the whole, I would have the Di- 
 redlors to confider that, by rejecting this pro- 
 
 pofal^
 
 No. XI. EXAMINER. 
 
 pofal, they make themfelves refponfible for 
 the confequences, and become in a manner 
 bound to the Company to procure them 
 better terms. I {hall not judge before-hand 
 any terms which they are to procure for us. 
 I own, indeed, I have no very high idea, 
 either of their inclination or abilities j but I 
 (hall examine whatever may come from them 
 with candour, and in my ufual way firft prove 
 my facts, before 1 pretend to expofe their 
 unworthinefs to the world. 
 
 IT is a moft unhappy circumftance for 
 them, that they have not yet been able to 
 difprove any one allegation againft them. 
 On "the contrary, they have now pleaded 
 guilty in the moft unequivocal manner, by 
 their filence upon the only points on which 
 the Proprietors have attacked them, endea- 
 vouring to divert the attention of the Public 
 from the fubject of their mifmanagement to 
 the difpute between them and their fervants. 
 By this they may indulge their private re- 
 fentments, but it is in vain to expect to glofs 
 over their own mifdeeds, by attacking the 
 men who have defcrved heft at the Com- 
 pany's hands. Perhaps too, when they find 
 their conduct at home not defeniible, they 
 think to redeem their character, by mowing 
 an extraordinary zeal for the good of the 
 Company abroad ; perhaps even confcious of 
 the contempt they muft have fallen into in 
 
 2 the
 
 no THE EAST INDIA No. XL 
 
 the eyes of Government, they think to re- 
 gain their confidence, by this difplay of their 
 wifdom and activity, and thereby alfo to 
 cloak the violence which they have already 
 committed, and may hereafter commit in 
 that diftant corner. The Public know them 
 too well ; Government is too well inflrucled 
 in the affairs of India, to be the dupes of fo 
 ilimfy an artifice. The diforders in Bengal are 
 great; and one of thefe very Gentlemen, 
 whofc character they prefume to attack/ 
 lately allured me, from his knowledge of 
 thofe parts, that from the late great aeceffion 
 of power and territory in India, the ftate of 
 affairs in that country is now fo totally altered, 
 that Bengal mufl remain- the theatre of cru- 
 elty, injuftice, rapine, and depredation, un- 
 lefs, by the interposition of Government,- 
 proper checks are eftabliihed to controul 
 the defpotifm which muft always prevail *. 
 I SHALL take no further notice of the Di- 
 rectors for this day, but conclude my paper, 
 by fetting people right, by irrefragable facts, 
 upon a point on which I find many men, 
 eipecially at the other end of the town, are 
 mifbken. It is a commonly received notion, 
 
 * The government of fo rmmenfe and didant a coun- 
 try requires to be under the immediate infpection of our 
 government at home, and every part of that rich and 
 populous empire ought to feel the protection of the Bri- 
 tirfj laws, which never can happen under the prefect 
 fyftem. 
 
 although
 
 No. XI. EXAMINER. in 
 
 although erroneous, that the rife of India 
 Stock has an effect to lower all the other 
 funds ; for, fay they, people fell out of 
 thefe to buy into the other. It is true, that 
 they do j but it is as true that the people, 
 who fell out of India, muft buy again into 
 the other funds ; betides, it is notorious, 
 that there are vaft fums of money fcraped 
 together from all quarters that never were in 
 public funds before, and are now employed 
 to purchafc India, the price of which muft 
 of courfe be inverted immediately in the Go- 
 vernment Stocks. Even the Dutch, who 
 were formerly fo confiderable Proprietors, 
 have now fold out, fo that I will venture to 
 fay, there never was, fince the beginning of 
 the Company, fo little Stock in the hands of 
 Foreigners, and their money has been lent 
 to fubjects of this kingdom to lay out in In- 
 dia Stock. 
 
 WHAT I have faid fhows clearly, that the 
 effect ought to be the very reverfe of what 
 is apprehended : That the rife in India 
 Stock ought to occafion a proportionable 
 rife in all the others ; and that this is true, in 
 practice as well as in theory, any man may 
 convince himfelf, by fimply infpecting the 
 prices current for laft year. I (hall only in- 
 ftance three remarkable periods by way of 
 illuftration, and give them on the Confolidat- 
 cd 3 per cent, for brevity's fake. On the 
 
 i-th
 
 ii2 THE EAST INDIA No. Xf. 
 
 i^th April, laft, about two months before 
 the dividend on the Confolidated, 
 
 India Stock was at ^54 
 3 per Cent. Conf. 89^-3- 
 FROM the 2oth to the 26th of Auguft, 
 when India Stock was at the higheft, and 
 about the fame time before the dividend on 
 the 3 per Cent. 
 
 India Stock rofe even to 230 
 
 3 per Cent. Conf. 90-!- 
 FROM the beginning of September, when 
 India fell to 210, 207, and 200, the 3 per 
 Cent, fell down with it j and notwith- 
 ftanding India ftuck has rifen fince, the great 
 blow it got continues ftill to affect the 
 other funds, and amongft the reft the 3 per 
 Cent. Confolidated, although naturally that 
 ilock ought to have rifen, as the time of 
 paying the dividend drew nearer. The 3 
 per Cent. Confolidated, November ijth, 
 was only at 894. 
 
 IT may not be amifs to take notice of 
 what has been induftriouily fpread about, 
 that one of the nine Proprietors, who figned 
 the letter to the Directors, was a Foreigner. 
 This can refer to none but Mr. PUNCHAUD, 
 who is indeed a Banker in Paris, but born 
 a true Cockney in London, and in partner- 
 fhip with Mr. FOLEY, a Gentleman nearly 
 related to a family pofTefTed of one of the 
 greateft landed eftates in England. 
 
 *jy* *>AT 
 OWCA9


 
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