efense of Mr. Suli van's 
 Propositions, with an 
 Abjections Against
 
 UNIVERSITY OF CALIFORNIA 
 AT LOS ANGELES
 
 DEFENCE 
 
 O F 
 
 MR. SULI VAN'S 
 
 PROPOSITIONS, 
 
 With an ANSWER to the OBJECTIONS 
 againft them ; 
 
 IN A LETTER TO 
 
 The Proprietors of Eaft India Stock; 
 
 LONDON: 
 
 Printed for W. NICOLL, at the Paper-Mill, 
 No. 51. St. Paul's Churdi-Yard. 
 MDCCLXVII,
 
 A A 7 
 
 lt-7 
 
 DEFENCE 
 
 C/> 
 
 5 OF 
 
 MR. SULI VAN'S 
 
 PROPOSITIONS, &c. 
 
 -./ j^HE plan lately given in to the Eafl 
 * India Company by Mr. Sulivan, to 
 7 ferve as a ban's of negotiation, with govern- 
 ment, upon the great matters now in agi- 
 tation between them, feeming to bid fairer 
 than any thing hitherto offered, for accom- 
 plifhing the defirable end of accommoda- 
 'jf tion, it may not be improper, for the fatif- 
 v| fadlion of the public in general, as well as 
 of thofe whofe interests are more immedi- 
 ly concerned, to examine this plan, to 
 demonftrate its advantages, and to refute 
 B the 
 
 354800
 
 the cbjeflions which ignorance envy and 
 faction have thrown out againft it. 
 
 I think it may be .obferved, to the ho- 
 nour of the worthy gentleman who offered 
 it, That although he muft have known 
 that the whole power of direction would 
 be imployed to depreciate whatever pro- 
 pofal fliould come from him, yet, without 
 regarding the hazard he run of affording a 
 triumph to his adverfaries, by a hafty deci- 
 fion upon a matter of fuch moment, he rea- 
 dily yielded to the folicitation^ of the Pro- 
 prietors, and in three days time digefted 
 and prepared his proportions, boldly throw- 
 ing them out to be peck'd at by the whole 
 flock of his opponents. Indeed I confefs 
 that, to me, this circumftance of hafte ap- 
 pears to have been in his favour ; if he had 
 had time to have confulted all his friends, 
 and opportunity to have called them in, to 
 a fecret conclave at Leadenhall, he might 
 perhaps have produced a plan as injudicious 
 as perplexed, and as inadmiffable as that of 
 the Directors. 
 
 I hall
 
 ( 7 ) 
 
 I (hall here give Mr. Sulivan's propofi- 
 tions according to a copy which I am 
 allured is exact, and which, if otherwife, 
 that gentleman may have an opportunity of 
 disclaiming, and I fhall readily acquiefce 
 in the correction. 
 
 Proportions tofervc as the baps of a nego- 
 ciation with government. 
 
 I. That the prefent charter of the Eaft 
 India Company, which expires in 17^0, 
 be extended to the year 1817, being 
 fifty ye^s from the prefent time. 
 
 JI. That out of the territorial revenues of 
 Bengal, Bahar and Orixa, and of the 
 five Northern Provinces on the coaft of 
 Coromandel, there fhall firft be de- 
 ducted the whole expence of the mili- 
 tary eft ablifh meat (which fhall remain 
 under the direction of the Company as 
 at prefent) alfo the expences of repair- 
 ing old fortifications, and building new 
 ones, and of collecting the faid terri- 
 torial revenues : and that out of the re- 
 B 2 fidue,
 
 ( 8 ) 
 
 fidue, there mall be deduced a furn 
 fufficient to pay the Proprietors a divi- 
 dend of 14 fer cent, for fifty years or* 
 their capital Stock, when increas'd to 
 four millions ; and that the net remain- 
 der (hall be the property of government, 
 and valued at two (hillings and a penny 
 Sterling, the current rupee -, for which 
 the Agents of the Company (hall draw 
 bills in favour of the Chancellor of the 
 Exchequer for the time, being, payable 
 fix months after the fale of thofe car- 
 goes in which the merchandize pur- 
 chafed therewith fhall have been in- 
 
 . velled - 
 
 J 
 III. That the Eaft India Company fhall 
 
 have leave to raife a fum of two millions 
 Sterling, by increafing their capital 
 eight hundred thoufand pounds, at 250 
 per cent, in which the prefent Proprie- 
 tors mall be entitled to a preference, in 
 proportion to their refpective fhar.es in 
 the prefent capital Stock. The pay- 
 ments to be made as follows :
 
 ( 9 ) 
 
 . 
 
 20 per cent, on Friday, April 24, 400,000 
 
 jo ditto, - Friday, June 5, 200,000 
 
 20 ditto, - Friday, July 3, 400,000 
 
 1 5 ditto, - Friday, Aug. 14, 300,000 
 
 lo ditto, - 'Friday, Sept. 25, 200,000 
 
 15 ditto, - Friday, Oft. 30, 300,000 
 
 jo ditto, - Wedn. Dec. 2, 200,000 
 
 On receipts not bearing anyintereft, but 
 from and after the faid fecond day of 
 December, the new Stock {hall become 
 confolidated with the old, and (hall be 
 intitled to the Chriftmas dividend. 
 
 And of the two millions fo raifed, 
 1, 200,000 1. fhall be applied to the 
 difcharge of the Company's debts j and 
 the remaining 800,000 1. {hall be ap- 
 plied as in the next proportion. 
 
 JV. That the fum of 800,000 1. be paid to 
 government, within twelve months 
 from the prefcnt time ; which fum, to- 
 gether with the advantages fpecified in 
 the fecond article, mall be in confide- 
 ration of the extenfion of the charter, 
 
 and
 
 ( 1 ) 
 
 and of fuch relief, in point of duties on 
 tea, muflins and calicoes, as to the 
 wifdom of parliament fhallfeem meet : 
 and that the public "(ball be entitled to 
 the advantages mentioned, in the faid 
 fecond article, from the firft day of Ja- 
 nuary 1767. 
 
 By the above plan, the feeming imprac- 
 ticability of ieparating the revenue from 
 the trade, is not only got over, but the 
 whole profits of the trade may either be 
 annually laid up as a fund to guard 
 againfl contingent emergencies, or ap- 
 plied to the future increafe of dividends 
 beyond the i^per cent, refer ved as above 5 
 and which may (it the Proprietors fee 
 fit) be declared at Chnfhnus next. 
 
 The fir.il article of the foregoing propo- . 
 
 fitions, which ftipulates a renewal of the 
 
 charter, is fo plain, md fo conformable to 
 
 the general ienfe of the Company, that it 
 
 requires neither defence nor explanation. 
 
 The fecund I fha.l uifcafs v^ry minutely, 
 
 :s it is j;i tj} r, Su-ivan chiefly dif- 
 
 :rs froii; th^ Di.eclcis, ai.u difplays that 
 
 clear-
 
 ( II ) 
 
 clearnefs and precifion, which enabled him 
 to obviate all the difficulties and perplexi- 
 ties of their plan. 
 
 He fets out upon a principle of reafoii 
 and juftice, that the whole expences of fe- 
 curing and collecting thofe revenues mould 
 be firfl deducted out of them. Nothing 
 furely can be more equitable than this; 
 and government, if they really intend an 
 amicable accommodation "with the Com- 
 pany, can never refufe it. The condition 
 of leaving every thing flill under the Com- 
 pany's, management, is honourable for us, 
 and, I think, in found policy, advantage- 
 ous to the nation. By this the jealoufy of fo- 
 reign ftates, from beholding fo imm'enfe a re- 
 venue immediately in the polTeflion of Great 
 Britain, may be in great meafure avoided, 
 the confufion and difcord which would eter- 
 nally prevail between the King and the 
 Company's officers in India, to their mu- 
 tual prejudice, totally prevented, and the 
 dangerous acceffion of power, which the 
 difpofal of fo many places might throw into 
 hands of an afpiring minister, at the hazard 
 of our liberties, effectually guarded againft. 
 2 Mr.
 
 Mr. Sulivan next propofes, that 14: 
 per Cent, per Ann. for fifty years, upoii 
 the whole capital of the Company, fhould 
 be allowed, out of the neat territorial re- 
 venues, as a dividend to the Proprietors. 
 I will venture to pronounce that there is no 
 real proprietor, however fanguine in his 
 expectations, who would not be glad to fee 
 thenegociation brought toa termination upon 
 that footing. Fourteen per Cent, fecured 
 for fo long a period, befides the profits of 
 trade, which may be computed at fourteen 
 more, may be efteemed a reafonable gain ; 
 and none but ftockjobbers, who abhor all 
 certainty, as tending directly to fpoil their 
 game, could ever dream of oppoiing it. 
 There may indeed be fome men of real 
 property, who, although they would chear- 
 fuily accept of thofe terms, wi(h to have 
 them deferred or concealed until they mall 
 pofiefs themfelves, at an under-rate, of the 
 largcft (hare of Stock which they are ca- 
 pable to hold. 
 
 After thefe deduction of expenccs, and 
 the 14 per Cent, to the proprietors, Mr. 
 Sulivan propofes that the clear balance 
 
 mould
 
 ( '3 ) 
 
 be given to the ftate ; and, to avoid 
 'all difputes and intricate fettlements of ac- 
 counts with government, fixes the mode 
 of payment, by draughts upon the Com- 
 pany payable to the Chancellor of the 
 Exchequer. The valuation of a rupee at 
 2 s. id. is undoubtedly in favour of the 
 Company. The weight of a licca rupee 
 is feven penny- weights eleven grains, and 
 its finenefs 161 better than ftandard (liver. 
 Upon thefe principles, let any man make the 
 calculation, and he will foon convince him- 
 felf ivbo will have the beft of that agree- 
 ment ; a fecret which we have no bulinefs 
 to reveal. I will further refer, as a facl, 
 to any man, converfant in the currency or" 
 that country whether he cannot purchafe 
 more goods or proviiions in Bengal with 
 a current rupee than with 2s. id. in any 
 Britim coin ; and it is well known that the 
 common exchange there has been, for years 
 pad, never under 2S. 3d. the rupee : but at 
 all events this never can be the fubject of 
 difpute in a negociation, when the mala 
 articles are agreed to. 
 
 It
 
 ( 14 ) 
 
 It may here be remarked, with hov/ 
 much eafe Mr. Sulivan has got over the 
 difficulty which puzzled the twenty-four 
 Directors and their feven Cabinet Counfel- 
 lors. They deemed it impracticable to di- 
 ftinguifh between revenues and trade, and 
 therefore made a ram and dangerous offer 
 to ad'miniftration, which however the lat- 
 ter had honefly enough not to accept. Had 
 the State been once ailbciated a partner 
 with the Company, not only the exclulive 
 gains arifing from the vaft commerce of 
 China, and the various branches of the In- 
 dian traffic, to which government does not 
 pretend the fmalleft claim, muft have been 
 ihared with it, but alfo every equipment 
 every voyage muft have been under the con- 
 troul of a mimfter, unfkilled in commercial 
 affairs, yet by his fituation obliged to decide, 
 and our books left open to the infpection 
 of every little clerk of the treafury : thus 
 facrifking the dignity, interefls, and inde- 
 pehdance of the Company to the imbeci- 
 lity or fmifter defiVns of their Directors. 
 j & 
 
 But by the proportion now in queflion 
 your commerce is left free and independent, 
 
 5 y u
 
 you have no accounts of profits to render, to 
 any minifter, and you enjoy the further fa- 
 cility of making all your inveftments with 
 the government's money, only to be re- 
 placed fix months after your fales are made; 
 the intereft of the State and of the Com- 
 pany fo happily blended together, that 
 protection, favour, and encouragement mud 
 necelTarily flow from the one, and proper 
 fubmiflion, zeal, and attachment from the 
 other. 
 
 I come next to examine the third propo- 
 fltion ; and here, I think, I can difcover the 
 fame penetration and clearnefs of head 
 which fo eafily overcame the difficulties in 
 the former article. Here is a plain method 
 devifed, by which the Company raife afum 
 t.o acquit their debts, make a handfome 
 prefent to government, and increafe their 
 own capital at the fame time. The crude 
 and abfurd method propofed by the Di- 
 rectors of borrowing at one hand to pay off 
 at the other, without eafing the Company, 
 could onlyhave turned out a money-making 
 job to thofe who were let into the fecret ; 
 and no doubt their feven fage Advifers, like 
 C 2 the
 
 the Wife Men in the Eaft, would have beer^ 
 the firfl to fee the Star, and wormip it. 
 But Mr. Sulivan takes away all poffibi- 
 lity of favour to particular men, the pre- 
 ient price of flock is made to turn out to 
 public emolument j every individual in the 
 Company muft reap the benefit of the ge- 
 neral debt being paid off. The new fub- 
 fcription alfo offers terms fufficiently ad- 
 vantageous to thole who choofe to embark 
 in it, and the preference is juftly preferved 
 to the prefent Proprietors, in proportion to 
 their flock. This preference alfo bears un- 
 , tcdimony to the great difintercft- 
 cvlne's and fair dealing of Mr. Sulivan. 
 Had he once thought of making a job of 
 it, he had friends enough to take the whole 
 iubfcription among them. The objection 
 of thofe who fay that the price of the fub- 
 fcription is too high, and that it will not 
 11, is very frivolous; for at the very time 
 of Mr. ouli van's giving that preference to 
 the aclual Proprietors which they have a 
 right to, he had in his pocket the names 
 of ten men only for tjie whole fubfcription. 
 The Dutch alfo are fo much, convinced 
 of the fuperior value of the flock on Mr. 
 
 fiuli-'
 
 ( '7 ) 
 
 Sulivan's plan, that they are now quarrelling 
 about the right to the fubfcription, faying, 
 that every perfon who holds flock in his 
 name for others, by loan or otherwife, is 
 intitled to his (hare, till fuch time as the 
 ftock is actually taken out of his hand. 
 This can be founded only on their think- 
 ing the flock intrinsically worth more than 
 the price of the fubfcription 5 yet it is not 
 fair that they, who have actually fold their 
 flock, but not delivered it, or who hold it 
 in mortgage, mould profit at the expence of 
 the buyer, or borrower. I fay, it is not 
 fair, as they would not hold themfelves 
 bound to take any mare of the fubfcription, 
 if it was above the real value of the flock, 
 and therefore I hope Mr. Sulivan will 
 take care to explain hirnfelf fully on this 
 head. 
 
 The lafl article, which flipulates the pay- 
 ment of the 8co,oool. to government, as 
 an equivalent for the prolongation of our 
 charter, and other advantages in trade, is 
 judicious and equitable ; and when we con- 
 fider that this equivalent is to be paid, and 
 
 thefe
 
 thefe advantages obtained, without any real 
 expence to the Company, we cannot enough 
 approve of the mode of effecting it, efpe- 
 eially as this payment of 800,000). fecures 
 1 4. per cent, on the whole capital to the 
 Proprietors. 
 
 A orii 
 
 Such are the proportions which Mr. Su- 
 Kvan -offers, as the ground-work of a ne- 
 gociation with government ; and I chal- 
 lenge every impartial man to declare whe- 
 ther he has not, with a due attention to 
 the demands of the ftate, preferved a-rea- 
 ibnable and folid benefit to the Company, 
 from the acquilijtions lately made. 
 
 And yet this plan has met with oppofers ; 
 their arguments, indeed, moflly partial, 
 nugatory, and fallacious. One man. who. 
 figns a PROPRIETOR in a daily 
 paper, has pretended to refute it by cal- 
 culation : but unluckily for him his er^ 
 rors are fo manifest, that they carry contra- 
 diction in the very face of the account. It is 
 therefore almoft unnecefTary to expofe them. 
 However, as I am told that this candid per- 
 formance
 
 formance Is claimed by a Director, front 
 the refpedt that I bear to the honourable 
 board, I mall here examine it, and leave 
 the reader to judge whether ignorance or 
 mifreprefentation had the greateft mare ia 
 the competition, 
 
 <To the Printer of tie GAZETTEER. 
 
 " As Mr. Sulivan's plan has appeared 
 in the public papers, 1 think every man is 
 at liberty to give his fentiments upon it ; 
 and I fubmit the following difcffion of his 
 fecond proportion to the public. 
 
 " He propofes to deduct 560,000!. from 
 the revenue at Bengal, and the five Sircars 
 (or provinces of Golconda) for a dividend 
 of 14 per cent, to the Proprietors, and the 
 refidue to be the property of the govern- 
 ment, and to be paid to them fix months 
 after the fale of the cargoes of the year in 
 England, at 2s. i d. the current rupee, 
 Let us fee how this will operate. 
 
 The five Sircars are not yet in 
 our poffeffion j but we will 
 fuppofe they were, and I will 
 
 eflimate
 
 ( 20 ) 
 
 eftimate the revenues thereof, 
 and thofe of Bengal, all mili- 
 tary expences, and fortifica- 
 tions deducted, at 1,500,000 
 
 Deduct i^fer cent, to the Pro- 
 prietors - ~ 560,000 
 
 The Company will have to pay 
 
 into the Exchequer - - 940^000 
 
 They will have to pay the coil 
 
 of cargoes out, fuppofe - - 460,000 
 
 Bills for coral, and remittances 
 indulged the fervants x which 
 other wife mufl go to French 
 and Dutch - 200,000 
 
 Intereft on bonds, their own ma- 
 rine at home, warehoufes, &c. 
 and contingent expences, fup- 
 pofe . - - - - 300,000 
 
 Sum total to be paid in England 1,900,000 
 
 They
 
 They will have to receive 
 the produce of their cargoes, 
 which fuppofe increafed from 
 one million prime coft in India 
 to 1,700,000!. and, I believe, 
 no man flatters himfelf with 
 a pombility of extending it 
 beyond that, even with all the 
 affiftance government can give* 
 and considering how the in- 
 ereafe in quantity would de- 
 creafe the profit, I believe the 
 moil fanguine will not expect 
 it to yield, clear of duties, &c. 
 above - - - jT. 2,100,000 
 
 Deductlofs on remitting 946,000!. 
 at 2 s. i d. which is i oper cent. 
 above the real value - - 94,600 
 
 2,006,000 
 
 Thus the clear gain in Europe, 
 fuppofing the whole chapter 
 of accidents to be in favour of 
 the Company ; fuppofing uni* 
 Verfal peace in India j fuppo- \ 
 
 D fing
 
 oJ ". ?d bluow Jl 
 
 ( 22 J 
 
 fing the emperor of China 
 lay no embargo on the expor- 
 tation of filk, and finally fup- 
 pofing every fhip to arrive fafe, 
 would be 106,000!. which de^ 
 du&ed from the 560,000!. for 
 the i^per cent, dividend, would 
 fink annually out of the capital 
 four hundred and fifty-four 
 thoufand pounds, which, in 
 feven years, would be - . 3,178,00 
 
 To be paid for prolonging the 
 
 charter - 800,000 
 
 To make the plan admirable - 22/000 
 
 4,000,000 
 
 Some people may fay, c but there muft be 
 a great deal left in India :' by my calcula- 
 tions, fuppofing no one military operation, 
 there would be about 250,000 1. per ann. 
 but that is but a poor refource againft ac- 
 and difappointments. 
 
 A PROPRIETOR."
 
 ( 23 ) 
 
 It would be an eafy matter to mow that 
 this Anatomifl proceeds altogether upon 
 falfe principles ; but to cut him up with 
 his own knife, let us for once admit his 
 data, and confine ourfelves to fhow how 
 he has gone on from blunder to blunder, 
 in the calculations upon his own prin- 
 ciples. 
 
 ... : 3ffl 
 
 If, as he fuppofes, contrary to all infor- 
 mation, that the whole revenues fhall 
 amount to no more than 1,500,000 1. there 
 will certainly be payable to the govern- 
 ment, yearly, no more than 94,000 1. I 
 fhall therefore admit this charge, as alfo 
 the other articles of his debit, although 
 very unexaft and over-rated. But in exa- 
 mining the credit fide of his account, we 
 find an omiffion (perhaps a wilful omif- 
 fion) of 126,000!. due from Government 
 for intereft of lent money -, and this appears 
 more remarkable, as he has taken care to 
 charge the Company with the interests pay- 
 able by them. The credit he allows for 
 the produce of our cargoes homeward is alfo 
 very extraordinary. If the whole of the reve- 
 nues, which he values at i,coo.oool. clear, 
 
 _ - 1_ 
 
 D 2 the
 
 ( 24 ) 
 
 fhe 200,000 1. received in caflh for bills to 
 the Servants, and the 460,000 1. which he 
 charges for the oiitwkrd cargoes, in all 
 2, 1 60,000 1. are inverted in India, it is 
 rtrange that they fhould produce no morfe 
 in England than 2,100,000!. clear. But 
 lie fuppofes " only 1,700,000!. inverted, 
 which is the exact fum of the two firft at*- 
 tides ; therefore the 469,000 1. with what- 
 srij 'ever profit it has produced in India, muft 
 ^3ffj remain there, and ought to have beea 
 "brought into the account. How unfair 
 and infidious a rtate this is, appears in his 
 firrt fuppoling, without foundation, that the 
 whole fum could not be inverted, and then 
 fuppofing all to be loft which he did not 
 chufe to invert, tfiffe&dr, you had better 
 have fuppofed the whole to be loft at once, 
 to fave the trouble of a calculation. 
 -ib i ' 
 
 It is notorious that our outward trade 
 yields a clear profit of about 30 per cent. 
 but I fhall fuppofe that the 460,000 1. ferit 
 from England produces 552,000!. net, 
 which is only 20 per cent, advance ; and 
 adding this to the 1,500,000!. of clear 
 revenue, and the amount of the bills, there
 
 will be found a fum of two millions 
 Jhundred and fifty-two thoufand for invefl> 
 Xnents in India. The profits on the home<- 
 ward trade are known to be immenfe : they 
 enabled us, in the worfl of times, when we 
 had an expenfive war upon our hands, and 
 borrowing money in India at. 8 per cent, to 
 divide 6 and 8 per cent, on our capital. 
 At prefent, when we are in peace, and all 
 charges of every kind defrayed out of the 
 revenues, it is impoffible to fay what they 
 imay arrive at. It was generally computed 
 that one pound in India produced three 
 hese, of vvhich one went for freight, du- 
 ties, &c, and one went to profits ~, but 
 I mall fuppofe that our inveftments of 
 2,252,000 1. in India turn out no more 
 than 2,700,000 1. net here, which is after 
 his own rate of calculation, and which 
 would only afford a trifle more than a di- 
 vidend of 10 percent, to the Proprietors r 
 yet even this Is fufficient to expofe the fal- 
 lacy of his computation. 
 
 The deduction of 94,000!. from our 
 profits, which forms the lafl article of the 
 Proprietor's flate, is fo palpably abfurd that 
 
 it
 
 h confutes itfelf* He charges that fum as 
 Jo& by accepting of the rupee at 2 s. id. 
 Herling, when it is notorious to every 
 inan converfant in coins (as I have already 
 ihown) that the rupee is not over- valued * 
 and difcretion requires the Proprietors to 
 be iilent on this head. 
 
 Let us now fee, even upon the erroneous 
 principles of the DiJJetfor, with only a cor- 
 rection of the different articles, how this 
 will operate, according to his own phrafe, 
 and adopting his confufed manner of 
 blending revenues and trade together.
 
 88 
 
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 2*15-2S "ss 
 
 s^logs-s^g.s 
 
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 Amoun 
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 Net prod 
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 N 
 
 there remns 
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 H^ 
 
 So that 
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 ^.3 
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 88 
 
 o o 
 
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 o o 
 o o
 
 *Thu$, by the Anntomiffs own flate rec* 
 tified, we find a clear fund fufficient to al-, 
 low the Proprietors an annual dividend of 
 i^-fer cent, and an overplus of 366,000!. 
 to anfwer contingencies, or to be applied as 
 an aggregate to the capital ; fo little did he 
 know to make his principles and calcula- 
 tions coincide ; and when, with the beft 
 heart in the world, he wanted to prove that 
 an augmentation of 560,000!. per annum 
 to the Company's income, would bring 
 them to bankruptcy in feven years," he 
 luckily had not bead to execute it. 
 
 After I had begun to examine the ftates 
 of this accountant, I had put into my hand? 
 a printed letter to the Proprietors, which, 
 upon perufal, I find to be nothing more 
 than the humble effay of my old friend 
 promoted to a pamphlet. There is the 
 fame honefty in the ftate, the fame clearness 
 in the explanation, and every where the 
 fame mafterly hand to be perceived thlt 
 penn'd the other. It is needlefs therefore 
 to enter into a particular difcuffion of his 
 arguments ; the fame anfwer will do for 
 both. I mall only fubjoin a few ftruftures, 
 
 iipori
 
 ( 29 ) 
 
 tiptin a choice improvement, in this new 
 edition. 
 
 Before he rofe above the level of a news- 
 paper, he contented himfelf with falfe 
 charges and unfair omiffions ; but in thisj 
 he not only adopts all the falfities and 
 omiffidns of the former, but has alfo, in 
 the face of the public ventured, upon the 
 mbft glaring contradiction that ever expofed 
 a man to mame iipon conviction, n'ot- 
 withftanding of his having allowed that the 
 inveftment of two millions in India muft 
 yield an advance of 20 per cent, in Eng- 
 land, and having given credit for 2,400,000!. 
 accordingly; yet he, with barefaced afiur- 
 ance, flates in the debit 650,000!. for 
 freight. Now this fum of 650,000!. if 
 deducted from the produce of his fales, 
 which he puts down at 2,400,000 1. leaves 
 only 1,750,000!. fo that our investments 
 in India, inflead of turning out to profit, 
 muft at that rate bring a lofs of upwards 
 of 12 per cent. To have advanced fo pal- 
 pable an abfurdity, would have expofed 
 him to the derifion of every reader : He 
 therefore feems to admit a profit of 20 per 
 E cent.
 
 ( 30 ) 
 
 cent, on the one hand, while he flily and 
 and infidioufly fleals into the other, a 
 charge which takes that entirely away, and 
 adds 12 per cent, dead lofs, into the bargain. 
 Such a behaviour muft either proceed from 
 the moft grofs flupidity, or from fomething 
 worfe, which I fhall no further charac- 
 terife, than by faying H is altogether un- 
 worthy of a gentleman. 
 
 And yet it is now faid that this perform- 
 ance does not come from the Director, but 
 from a gentleman, who flands a candidate 
 for that office, and publifhes this as a thefes 
 for his admimon into that learned college. 
 The only excufe that I have ever yet heard 
 alledged is, That he is a poor bear, who 
 ibid out all, in hopes to lower the flock 
 and buy in again -, the contrary happened, 
 flock rofe, and he was left to fuck his 
 paws, and now runs round the Alley mad 
 with rage and difappointment. 
 
 But to refume the fubjecT:. I imagine 
 
 that to exhibit to the Proprietors a fair and 
 
 candid flate of what would be their real 
 
 fituation, according to Mr. Sulivan's plan, 
 
 4 would
 
 would be an eflential fervice done both to 
 them and the public. I own myftlf unequal 
 to the tafk, but I will endeavour to throw 
 out a fketch which may ferve to give fome 
 idea of the matter, until fuch time as that 
 gentleman mall chufe to take this tafk upon 
 himfelf. 
 
 Firft, Let me premife, that from the 
 loweft eftimates, even from my Lord dive's 
 ftate of receipts and difburfement, the clear 
 revenues of Bengal, Bahar and Orixa, can- 
 not fall much fhort of 1,700,000 1. and the 
 net revenue of the five northern Sircars 
 300,000 1. and it is allowed that both are 
 fufceptible of great improvement; with 
 what degree of modefty then, can our cal- 
 culator above quoted (if he. has any know- 
 Isge of the fubjecT:, or has had any com- 
 munication of papers) fet down the whole 
 at no more than 1,500,000!. I believe 
 every man converfant in the affair, will ac- 
 knowlege that it is a modeft computation 
 at two millions j but to give the fairefl play 
 to all oppofers, I mall accept of his ftate, 
 and rate them at no more than a million 
 and a half. 
 
 E 2 That
 
 That the whole of this revenue may be 
 invefted in trade, is a proportion that 
 puzzles the understanding of none but the 
 prefent Directors, their counfellors and 
 abettors. If thefe men are fo ignorant of 
 the nature of commerce, and fo confined 
 in their ideas of its extent, as to declare 
 this impoffible, let them acknowlege their 
 incapacity, and refign the management 
 into hands that are both able and willing 
 to undertake it. Mr Sulivan has faid that 
 he will both extend your trade and increafe 
 your profits, and this I believe he is very 
 capable to perform. Without pretending 
 to enter into that gentleman's ideas upon 
 the manner, it is obvious to me, that it 
 may be accomplifhed in various ways. To 
 touch only upon the extenfion : mall we not 
 have the advantage of all other European 
 powers in our purchafes ; by which it is 
 highly probable, that the greateft part of 
 the trade which they formerly carried on 
 "will fall into our hands. Does not the con- 
 fumption of all forts of Indian commodi- 
 ties daily augment in Europe ? and have we 
 not an immenfe exclufive growing market 
 in North America ? befides the facility of 
 introducing them into the vafl empire of 
 
 Spain
 
 ( 33 ) 
 
 Spain in that new wprld. To all this, if 
 ^ve add the opportunity we {hall have 
 to increafe the fales, by an eafe on the du- 
 ties upon teas, &c. and the great field that 
 opens tp us for the importation of raw filk 
 from Bengal, to fupply our flouriming ma- 
 nufacture at home j I fay, whoever confi- 
 ders this, will fee no difficulty in inverting 
 much greater fums than we receive, in goods 
 to fupply the markets here. I fhall there- 
 fore, in my calculation, fuppofe the wnole 
 inverted and fent home. 
 
 As to profits it has been objected, that 
 they muft naturally diminish in proportion 
 as the quantity of goods at market is in- 
 creafed : were this really to be the cafe, 
 it would make no difference to the Pro- 
 prietor, becaufe his dividend is upon a fix'd 
 capital, and not upon the fum actually em- 
 ployed in trade. A profit of 40 per cent. 
 iipon a cargo of one thoufand pounds, 
 yields no more dividend to him than a pro- 
 fit of 20 upon two thoufand. It is there- 
 fore to be wifhed, as a national good, that 
 the trade mould be increafed, even al- 
 though the profits mould be lowered, jQnce 
 
 it
 
 ( 34 ) 
 
 it does no real prejudice to the Proprietor, 
 and affords additional employment to our 
 men and mipping. But the fact is at pre- 
 fent, that the trade may be confiderably 
 increafed, without the fmalleft diminution 
 of our gains by the indulgencies from Go- 
 vernment and relief of duties, which would 
 enable us to fell our commodities cheaper 
 to the confumer, ftill preferving the fame 
 profit to ourfelves. Perhaps I might make 
 a tolerable guefs at our real profits upon 
 the homeward cargoes ; perhaps it would 
 not be prudent to expofe them to the pub- 
 lic ; but let any man confider the immenfe 
 undertakings which they enabled us to carry 
 through, befides paying a dividend to the 
 Proprieto.s, and he will fay that $^per 
 cent, clear upon the firft coft, is a very mo- 
 derate allowance. Nay, I am willing to 
 reft the whole of my argument upon this 
 fingle point, and be judged by the Direc- 
 tor. I fhall, in the mean time, ffcate the 
 advance after that rate. , 
 
 I mall fuppofe the outward cargoes 
 450,000!. and allow them a profit in the 
 country of 2.0 per cent, which will make the 
 iiiveflment from that article 540,000 1. 
 
 As
 
 ( 35 ) 
 
 As to the cafh received into the tre'fc- 
 fury of Calcutta, for bills on England, I 
 cannot fee what reafon there will be to re- 
 ceive it if we cannot remit it home, even 
 although the French and Dutch mould take 
 it; but as this makes no real difference in 
 the account I mall infert it. 
 
 In my ftate I cannot admit the compli- 
 cated article of intereits on bonds, variety 
 of expences, 6cc. &c. valued at 300,000!. 
 as in the letter I take notice of, becaufe 
 I know the exact amount of intereft is 
 no more than 1 80,000 1. and alfb know 
 that every other expence whatfoever is de- 
 frayed by a deduction of 5 per cent, at the 
 bottom of the fales, and by the duties on- 
 private trade. I mall therefore charge it as 
 it really flands. , 
 
 I fhall only add, with regard to the 
 800,000 1. of additional capital, that it 
 cannot, in any mape, be brought in either 
 as a charge or difcharge in the yearly efti- 
 mate of the Company's affairs. It procures, 
 in- fact, a relief of 1,200,000!. of debt 
 to the prefent Proprietors; and the dividend 
 
 of
 
 (36) 
 
 bf 14 per cent, upon the 800,000, is the 
 only charge that it brings upon them. I 
 accordingly allow this in the article of di- 
 vidend upon the confolidated capital. 
 
 Upon thefe principles I will how fubrnit 
 a calculation to my Fellow Proprietors, 
 which they will acknowledge, however 
 imperfect, to be at leaft fair and candid. 
 I chufe to ftate, as the moft diftincl: me- 
 thod, the whole monies received in Eng- 
 land as a charge upon their cam, and all 
 their payments of courfe as a difcharge.
 
 ( 37 ) 
 
 O O O 
 
 Q 
 
 n 
 
 cT 6* o 
 
 *4* i/"> O 
 
 ssS 
 
 pq 
 
 I 
 I 
 
 4 
 i 
 
 J 
 
 4 
 
 --c 
 
 = 
 
 F 
 3548CK) 
 
 By
 
 ( 3 ) 
 
 By this calculation it is made manifestly 
 to appear, that, by Mr. Sulivan's plan, the 
 Proprietors are fecured in a dividend of 
 14 per cent, out of the revenues, befides a 
 clear profit in trade of 772,000!. which 
 would afford a further dividend of 10 per 
 cent, and ftill leave 372,000!. yearly, to 
 be treafured up againft accidents, or accu- 
 mulated to the capital of the Company. 
 Is not this, Gentlemen, to put your affairs 
 on a ftaurifhing condition ? It is plain that 
 I have exaggerated nothing : I have taken 
 the revenues at the loweft computation, 
 and have eftimated the profits on your fales 
 at a rate much inferior to what they ever 
 in reality produced. Which of you, then, 
 would not wifh to fee a treaty commenced 
 with Government upon fo advantageous a 
 footing ? It may be objected, that thefe 
 are too good terms for Government to 
 grant ; but let us confider, that thefe ad- 
 vantages are. not obtained at the expence 
 of government ; that they arife chiefly from 
 the wife arrangement propofed as to the 
 trade and increafe of the capital ; and that, 
 on the contrary, Government is fecured in 
 a large and certain proportion of the reve-
 
 ( 39 ) 
 
 noes, without being involved in the intri- 
 cacies of a multiplied traffick to get at 
 them. 
 
 It has been faid, that Government mud flill 
 bepuzzled with accounts, and maybe drawn 
 into difagreeabledifputeswith the Company. 
 To this it is eafy to reply, that accounts 
 of cafh are fo fimple in their nature, and 
 thofe revenues being all received and paid 
 away in cafh, there can be no difficulty in 
 coming at the balance ; befides, were there 
 any fufpicion of unfair dealings, either from 
 the Company or their fervants, it would 
 be an eafy matter to eftablifh comptrollers 
 for the King, to check the collection in the 
 country j and perhaps it might not be im- 
 proper to allow to the Company a com- 
 miflion of one per cent, on the whole re- 
 venue collected, of which their governor 
 might have a fourth. Thus by different 
 ties of intereft, uniting all parties, and at 
 the fame time making them reciprocal 
 checks on one another. Thefe are mat- 
 ters to be confidered and adjufted in an amU 
 cable treaty with government. 
 
 F 2, Upon
 
 ( 40 ) 
 
 Upon the whole, the proportions give* 
 iri by Mr. Sulivan, feern to be the only ones 
 ppon which you can reft the foundation gf 
 a treaty. He fairly feparates the trade and 
 revenues, and dravs a'difanft line bet weeQ 
 Cfovernment and Company, which neither 
 can break through without endangering 
 e/ery tfring. He likewife unites your in-* 
 tere/ls fp clofely with thofe pf the nation, 
 tjiat inflead of clamouring againft your e^- 
 cjufive trade, the public yoke will be now 
 r.aiied in its favour, a$ the only means of 
 Maintaining and conveying fafe into the cof- 
 fers pf the (late an yearly revenue of a mil- 
 lion, to fink the national debt, and relieve 
 the induftrious poor. All good men wifh 
 to fee the mode fairly afcertained, ancl 
 none but would-be minjfters weather-cock 
 politicians would defire to delay it. It is 
 your immediate interefts, Proprietors, tQ 
 have this bufmefs brought to a conclulion, 
 that you may be no longer frightened out 
 put of your rights, and bubbled out of your 
 property. Let us then join, and oblige our 
 Directors, to come to a refolution, and, in- 
 ftcad of acting as we have done, like ih? 
 
 tools
 
 tools of a fa&ipus oppofition, fhew our- 
 felves willing to participate our fucceffcs 
 with our fellow^fubjedls, and to fettle every 
 thing amipably with a wife virtuous ad? 
 fpiniftration. 
 
 F I N I S ? 


 
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