18 ASIATIC the receipts of this Prefidency is small, compared with the others; but the differences are proportionably greater. The furplus receipts amounted to 51,3331. and the deficient to 32,2421. In the former, the cuftams amounted to 17,8281. The collection was not only more than the eftimate, but exceeded likewife the laft year, which was very productive. The annual increase of this refource is a proof of the increafing commerce on this fide of India. A greater fum than estimated was received from the Rajah of Travencore. The excess amounted to 33,5021.; and it was obferved, when the estimate was confidered last year, that more might have been reckoned upon. The prefent receipt is on the engagement in the permanent treaty, and on the recovery of arrears; and it is to be remarked, that the complete realization appears, from the ftipulations being brought to the credit of the Rajah, in his contract account for pepper, &c. The deficiency in the receipt is principally in the land revenues, and the collections from the ceded countries; the former is a fmall amount, chiefly from an error in the eftimate; and the latter in 25,4941. from the effects of the difturbance in Cotiote, of the difputed fucceflion of Cherical, and of the death of the Zamorin. Although the estimate may have been rated too high on account of the productive col lections in 1796-7, a hope may be indulged that no eventual lofs will accrue, as the difference may be rather confidered a delay of payment than otherwise. The charges were estimated to amount to 844,050l. and actually amounted to 939,9211.; being more than estimated 95.8711. The only charge below the estimate was the Marine, in a fmall amount. A furplus has occurred in every other item: the ciwil in 15,1341. which may mostly be attributed to the increase of salary to the members of council, and to the expence of an embaffy to Travencore and to Colapore. The excels in the military charges was 59,450l. part owing to the difturbances in the Malabar Province, and part to a greater expence for ftores. The expence of buildings was increased, from the neceffity of ftrengthening the defences; and the revenue charges in contingencies, and the expence of repairing embankments. A greater expence has been fuftained in the eded countries, amounting to 10,1871. from the appointment of a Committee for making arrangements in the Malabar Province, the employment of a greater number of fervants, and other circumstances, which could not be foreseen at the time of forming the estimate. The furplus of the receipts, ftated to amount to 19,0891. deducted from the furplus of the charges, 95,8711. the net furplus of the charge is found to be 76,7821. and the furplus of the actual charges of this Prefidency is, in the year 1797-8, 601,7321. which is more than the furplus charge of the preceding year by 75,8431, and is accounted for, principally, in the increafed military expences. Eftimates, 1798-9. The expectations of the Prefidency of Bombay, in the year 1798-9, are stated in the laft column of the accounts numbered 7 and 8. The revenues are comput ed to amount to 346,110l. and the charges to 996,6991. making afurplus in the charges of 650,589. In the revenues derived under this Prefidency, the net difference from those collected in the last year is but fmall; no more than 7,92ol. Few obfervations are neceffary. The collections from the ceded countries are expected to be more from the receipt of fums deferred laft year, as explained in the remarks on the actual ac counts. On the other hand, the customs are expected to be lefs, on the fuppofition that the trade may not be to the extent of the year preceding; and the receipt from the Travencore fubfidy, from the payment of arrears in that year. The charges, in the whole, are eftimared at five lacks more than thofe of the year 1797-8. The grofs excefs is 76,1821. Of this, 64,7951. is in the military expences, chiefly from the neceffity of placing the army on a footing to refift any attack which might be made on the coaft; and 9,1651. in buildings and fortifications, from the repairs and additions required for the further fecurity of the poffeffions. Thofe articles of charge which are calculated to be less than the laft in year, an amount requiring remark, are in the marine and revenue departments. The former, 9,6951. principally in the contingencies and the fupply of ftores; in the latter, 8,0771. partly from contingent expences incurred in the last year, not expected in this. In the refult, the net charge of this Prefidency, estimated for the year 1798-9, exceeds that of the year 1797-8 by 48,8571. As, at the time of framing the estimate, the measures in contemplation at the other Prefidencies were not known at Bombay, no calculation was made on that account. From the diftinguished part the army of this Prefidency took in the fubfequent tranfactions, it may readily be fuppofed that a very confiderable additional expence has been incurred: indeed, the fact is af certained by the advices. Other charges have have alfo been greatly increafed; but the the fettlements of BENCOOLEN, PENANG, &c. The general refult of the revenues and charges of the feveral Prefidencies in India, in the year 1797-8, is as follows, viz. The revenues and charges of Fort Marlbro', the chief Refidency of Bencoolen, and the fettlements fubordinate, are stated. Bengal by No. 3, in the account, No. 10 (a). On the average of the three years, 1795-6 to 1797-8, inclufive, the revenues amounted to 5,1771. and the charges to 104,7071. being a net charge of 99,5301. This is 14,7491. more than the net charge calculated on the average of the accounts prefented last year. The excefs of that average beyond the preceding one was ftated to arife from expences of buildings. In addition to the effect of that circumfance, which is more particularly felt in the calculation now made, an increafe of allowances, in the civil department, and an extenfion of the military force, may be affigned as caufes of the prefent increase. The net expence of the refidency of Marlbro' in 1797-8 was 108,9011. which is more than the average above stated, from the increase of civil and military charges adverted to. As this refidency and the fettlement of Penang are immediate dependencies upon Bengal, and the expences are defrayed by fupplies from thence, the actual amount of thofe fupplies has been usually stated with what has been fent to St. Helena. They were eftimated to amount to 85,840l. and actually amounted, by No. 18 and 19, to 163,2991. being more than eftimated 77,4591. That the actual expence should be almoft double the estimated, muft excite fome furprise, and raife doubts of the accuracy of the calculation in the cftimate. It certainly does appear, that fufficient allowance was not made for the probable exigencies of Bencoolen, where almost the whole difference refts; but, on the other hand, the fupplies appear to have exceeded the actual demand of the year, probably from the neceffity of making up for the deficiency in the year before, and of affifting the provifion of the investment; a part, 6, Madras Bengal by No. 3, . REVENUES OF £5,782,741 1,938,950 338,189 -£8,059,880 CHARGES OF £4,031,660 - 6, Bombay - - 9, 2,515,774 7,487,355 £572,525 163,299 Total Charges with charges 16,989 559,018 The amount now pointed out as the fum applied to commercial purposes in the year 1797-8, although lefs by 200,00cl. than expected, is fill very confiderable when compared with any former year. The fupply for the China investment exceeded 230,000l. A queftion naturally arifes, by what means fo extensive a commerce was maintained and carried on, when the furplus of the revenues, formerly productive to an immenfe amount, was reduced fo low as in the present year, and when, in confequence, the demand of funds upon this account was carried fo high as 2,200,000l.? The diminution of the cash and bills in the treasuries, compared with the last year, and the bills drawn on the Court of Directors, contributed largely; but the great fupply has been from loans, which will appear in the addition made to the debts. The cargoes actually fhipped for Eu rope in 1797-8, with charges not added in the invoices, No. 22, amounted to 2,583,6901. Excluding the fupply to China, this fum exceeds the advances, 338,000l.; but as the fpices purchased at Columbo, paid for in this year, were fhipped for Europe in the laft, the excefs will be 602,000l. This difference was fupplied from the ftock of goods in warehoufe at the beginning of the year, the The remainder, is the amount eftimated to be forthcoming for the purchase of invettments, payment of commercial charges, &c. In this year, the provision of investment is calculated upon a more confined feale than the laft, in confequence of the de mand of funds for the purpofes already mentioned. The advances and charges including the fupply to China, are stated at 1,800,000l.; but whether the trade will have been carried to the full extent of this fum, or not, cannot be well determined, till the accounts of the year are received. The value of the affets in India, confifting of cafh, goods, ftores, and debts ow. ing to the Company,, calculated at the fame exchange as the debts, amounted, on the 30th April 1797, to 10,531,1451. On the 30th April 1798, by No. 21, it was 9,922,9031. The decrease of the value of aflets is 608,2421. In two articles only have the aflets increafed; the ftores, and the debts owing to the Company: the former, in confequence of the war; and the latter, from the balances of revenue principally. The decrease is in the smaller quantity of import goods, and falt, opium, &c.; the remains of which muft generally depend the extent of the fales in the year; but the great diminution is in the export goods, and the cafh and bills, as already noticed. upon Adding to the above decrease of affets the increase of debts, 1,738,1061. the general state of the affairs in India is, on the comparison with the last year, worfe by 2,346,3481 HOME ACCOUNTS. The inveftigation of the state of affairs at home, to which the attention of the Committee is now requested, will, I doubt not, afford the highest degree of fatisfac tion, from exhibiting a fignal difplay of the increafing wealth and improving commerce of the Company. It will be found alfo, to diffipate any alarm which may have been occafioned from the fhort amount of the fales of the last year. In that year, from difappointment in the arrival of cargoes, which, during war, is at times unavoidable, the fales certainly fuftained a very confiderable check: the very grounds on which the estimates were formed were completely changed; and the defalcation in the produce, whether on the comparifon of the year immediately preceding, or the average of three years, was to a great amount. The caufe of this difference being fully afcertained to be merely cafual, the eftimate for the year 1798-9, now under The aggregate amount of the fales of The fales of the Company's goods were The deficiency of the last year arofe from merchandize fold to an amount and at prices beyond expectation flattering. The falutary confequences of this highly advantageous event will ultimately be found to have extended to every branch of the Company's concerns, both abroad and at home, as will be more particularly noticed hereafter; the prefent intention being to point out its immediate effects upon the cash tranfactions at home. The account, No. 23, fhews the receipt and expenditure in the year 1798-9; and it will appear, on reference to the eftimate for that year, that variations have occurred, to a confiderable amount; but it will, I truft, be admitted, that disappointments fimilar to thofe of the preceding year, and events fo unexpected and unprecedented as thofe of the prefent year, muft almoft defy accuracy in calculation or eftimate. 'This obfervation is conceived neceffary to remove any doubts which might be enter tained of an attention to due care in ftating the profpects of the Company, in confequence of differences to fo large an amount having appeared in two fucceeding years between the estimates and the actual accounts. : A curfory view of the account now referred to will lead to the moft fatisfactory inferences and still more fo, on the comparison with the estimate for the period in queftion, or with the actual account of the last year. In that year, the unfavourable refult at first apprehended was prevented, partly by the help of refources on the credit of the Company, and partly from demands upon the Company being either protracted, or intended expences being deferred. In the prefent year, the refult was likewife expected to be unfavourable to a very large amount; but will be found to have terminated quite otherwife, without incurring any debt on loan, or by the flue of bonds, to an amount worthy of notice. The receipts in the actual accounts, on account of customs and freight on private trade, are never ftated in the estimates, being uncertain in their amount, and not forming any refource of the Company. Thefe fums are included in the disburse ments on the other fide, and are ufually adjusted in the examination of those items. The amount received for the fale of the loyalty loan beyond the fum eftimated, is hardly to be noticed, as it merely tended to reduce the affets under that head, though not in a degree with the fam received, on account of the advantageous difpofal of it: so that, exclufive of the receipts on account of private goods, of which no eftimate is ever made farther than the fum actually due on past fales, the whole of the receipts in the year were more than estimated, 2,017,1421. On the payment fide it will be found, that, excluding the private trade, as in the receipts, the, expenditure in general has exceeded the estimate to the amount of 75,0411. This difference is comparatively fmall, but may not be taken as a certain criterion of the accuracy of the estimate. In an expenditure fo immenfe, comprifing many branches, each exposed to a variety of contingencies, an exact correfpondence of the actual disbursement with the eftimated was not to be looked for, efpecially at the period in queftion of this the Committee must be aware, from the obfervations already made. Subftantial reafons may, however, be adduced for every difference. : In many items, the fums difburfed have been lefs than the estimate: and in those inftances where the estimate has been exceeded, which will appear to have been the cafe to a large amount, it is fatisfactory to remark, that most effential benefits have been already derived from the advances made. Of thefe advances beyond the amount eftimated, upwards of a mil From what has been obferved, the lion was in fupply of the funds abroad, the Committee are prepared for the informa- neceffity for which was not only impetion, that the change is chiefly to be at-rious, but juft, inafmuch as the amelioratributed to the receipt on the fale of goods. This receipt, cftimated to amount to 5,905,9271. actually amounted to 7,764,4041. being more than eftimated 1,858,477L The fum left due on the fales of the former year was only 314,600l. The amount due from the purchafers at the laft fales was 942,528L The receipts for charges and profit on private trade goods, estimated to amount to 120,000l. actually amounted to 317,3941; exceeding the eftimate in the fum of 17,3941. principally from the larger extentof the fales. tion of the home concern had been produced at the expence, and apparently to the detriment of that in India. Of this fum, upwards of 260,000l. was expended in exports of the manufactures of this country; the remainder was in bullion. The expected expenditure has been exceeded in the fum of 500,3251. by the payment of bonds by the purchafers at the fales. This, indeed, has occurred in an amount, more or lefs, for fome years paft; although it has never been stated in the estimates. The omiffion is very correct, because the circumstance depends entirely, whether the bonds are at a premium or |