produce 6,675,000l.; of which may be received, after the clofe of the year, 1,390,000l.; the remainder 5,285,000l. with the fum to be received from the fales made previous to the 1ft March 1800, amounting to 916,000l. will exhibit a total of 6,201,000l. as the amount expected to be received in the courfe of the year, on account of the fales of the Company's goods.

The whole fale is taken at 692,000l. lefs than the actual fale of last year, and the fum effimated to be received, at a million lefs than the actual receipt of the laft year; but it is not to be inferred from thence, that the diminution of the trade will be to the amount first stated, because the full effect of the warehoufing act, before referred to, will be found in the amount of the fales of this year; and if the fales are lefs from the customs being to be paid by the pur:hafers, thofe paid by the Company will likewife be diminifhed, in whatever fum they may amount to. The greater difference in the receipt arifes from the large fum that will not fall in courfe of payment within the year. From the caution with which, on an examination of the particulars, the estimate appears to be calculated, and from the neral appearance of the trade, a hope may be indulged, that unless any thing unforefeen fhould occur, the actual out-turn will be more favourable.

ge

As to the estimated payments, thofe on account of the charges immediately attaching to the goods, or to the concern in general, appear to be calculated on principles prefcribed by each refpectively: The customs, of courfe, at a very fmall amount compared with former years. The fupply to India and China, including the payment of Indian debt, rather exceeds average of the last three years. The liquidation of the debt to the Bank, poftponed the last year, is again eftimated to take place in the prefent.

the

The general refult of the estimate is, that in confequence of the large payments on account of India and China, and of the intention of liquidating the whole of the debt to the Bank, reckoning only on the produce of the fales, on a receipt from Government on fundry claims, and on the difpofal of the Loyalty Loan, the balance, on the 1ft March 1801, is expected to be against the Company to the amount of 368,0131

DEBTS AT HOME.

The ftate of the affairs at home, as to the debts and affets, contrafted with the laft year, is next to be confidered. First

the debts: On the 1ft of March 1799, they amounted to 7,103,7621. On the 1st March 1800, their amount by No. 23, was 5,830,2221. being a decrease of 1,273,5401. In a few inftances the debts have increased: the bond debt nearly 200,000l. as noticed in the receipts of the year. A larger fum is due on bills of exchange from India, and more is due to the proprietors of private trade. The decreafe proceeds from lefs fums being owing on bills from China, and on the Indian debt. The amount due on freight and demurrage is much fmaller than in the last year: but the greateft decreafe is in the customs, to the amount of 972,1471. This arifes from the circumftances repeatedly adverted to, and the computed value of goods will be found to have experi enced a confiderable reduction in confequence.

ASSETS AT HOME.

The value of the affets at home amount

ed on the ift March 1799 to 17,119,6281. On the ift March 1800, by No. 23, it was 16,185,950l. being a decreafe of 933,6781.

On the comparison of the feveral articles in the detail of this account with thofe of the preceding year, many and great variations are difcovered, which will require more minute explanation than has been generally heretofore thought requifite in this branch of the Company's affairs. The decrease in general has amounted to upwards of three millions and a half, and the increase to more than 2,600,000l. Of the former, the fmaller balance of cash and bullion, to the amount of 870,000l. being fuffici ently accounted for by the remarks on the expenditure, it will only remain to state, that the decrease above exhibited has ari fen principally from the lefs value of goods

in the warehoufe: the difference in this refpect is 2,693,000l. The quantity of goods on hand at the conclufion of the laft year was far beyond the ufual propor tion, in confequence of the numerous arrivals. The value, in that inftance, was, as ufual, the computed value, including the customs; in the prefent, it is calculated exclufive of the cuftoms; to which circumftance a material part of the difference may be attributed, of which the Committee must be aware, from the remarks made on the debts: but by far the greateft part may be accounted for from the difpofal of the goods. The prefent remains are still more than the general

appears-The amount due on the fales has been adverted to The large payments for exports will account for their increafed value, which, comprifing thofe actually Thipped, and thofe not thipped, was 1,111,000l.: but fome adjuftment will be made on this head in the fequel. The addition to the value of the buildings may readily be accounted for by their extenfion, alfo by the redemption of the land tax, as before noticed. The debt ftated by the Company to be due to them from Government, for ftores and fupplies to His Majefty's troops, is more than in the last year by 764,300l.; but as this account is fubject to further examination, an alteration may probably be hereafter made as to the ultimate balance.

Taking the debts and affets as fhewn in the account now referred to, the refult of the examination of the home concern in this regard is, a decreafe in the debts to the amount of 1,273,5401.; from which deduct the decreafe of the affets as above 933,6781. an improvement will then be exhibited amounting to 339,8621

CHINA AND ST. HELENA.

From the obfervations on the ftatements of the last year, the Committee are prepared for the fatisfactory information refpecting the amelioration of the ftate of the affairs in China.

By those statements, the balance against the Company at China was 1,073,6071. By No. 24 of the prefent accounts it is 202,0221. being an improvement of 853.5851.

The view of the affairs at St. Helena cannot be brought down to the latest date for want of the books: as the variations

are feldom to a confiderable amount, it may not perhaps be reckoned material. The prefent ftatement is one year in ar

fituation of the affairs in general, in thefe refpects, compared with the last year.

The debts in India have appeared to increafe in the fum of 1,962,881L; thofe at home have decreased 1,273,54cl; fo that the net increafe of debt is 689,341 The affets in India exhibit an increase of 336,2041; thofe at home have decreased 933,6781 The decreafe of aflets 597,447L when deducted from the improved fitua tion of China, amounting to 853,585L and of St. Helena to 7,9871. together 861,5721. will fhew the net increase of affets to be 264,0981. The difference be tween this fum and the increase of debts, as above, is 425,2431. which is the amount in which the ftate of the concern, in this view, appears to be worfe than at the conclufion of the last year. But the fame kind of further inveftigation has been found neceffary in this year as in the laft. The Indian flock accounts were closed on the 30th April 1799, and appear to have included a part of the confignments, for which credit is taken in the home aflets; as their arrival could not poffibly be known at the time of making up the accounts in the latter inftance. From this circumftance there will still remain to be added 202,4501. The total 627,6931. is the amount in which the ftate of the whole concern appears in a worfe point of view than at the conclufion of the last year.

Having accomplished the inveftigation of the numerous accounts, and, I truft, arranged the whole fubject to which they relate, in as clear and intelligible a point

of view as its extenfive nature would admit; the completion of the plan origi nally propofed for the confideration of it will only require a few further obfervas tions, in the way of recapitulation, in or der to lead the attention of the Com mittee to correct inferences on the general view of this great concern. In fo doing, the foreign concern and the honte will be placed in two diftinct branches; the propriety of which will probably feem obvious, from their different afpect in a financial view. On this principle, the affairs of India will be firft attended to. When this fubject was last before the Houfe, the distance of the period from knowledge of events which had occurred the dates of the actual accounts, and the

fince the formation of the cftimates for the year 1798-9, enabled me to draw tolerably accurate conjectures, that the charges would much exceed the fum efti mated; and my fufpicions to that effect were accordingly ftated. The refult has been as expected; and it appears, that the expences have not only confiderably ex

ceeded

poffeffions on the peninsula of India, for many years, from this power, in direct and avowed connection with our natural enemies, being remord, and the turbulence of our own immediate tributaries being thereby effectually checked, it is to be expected that the military expences may be much reduced; from which, with the additional refources obtained from the acceffion of territory, there is every pro fpect that, at no diftant period, the trea furies will be replenished, the debts diminifhed, and every effect exhibited in the accounts before the Committee fully re paired.

The facility procured for trade over a great additional tract will tend to promote the commercial interefts of the Company, and will open a more extenfive market for the manufactures of this country. As from the general view of the whole fituation of the affairs in the Eaft, either as it refpects the internal ftate of the provinces, or the connection with other powers, there is every reason to conclude, that the influence and profperity of the Company are established upon a permanent basis; the inferences fuggefted from the mere infpection of the prefent statements will be materially changed, and the attention will be directed to the advantages which I hope the Committee will admit are moft evidently prefented.

The home affairs offer a very favourable view, whether their ftate be confidered as directly fhewn by the accounts now before the Committee, or by the general complection of the trade. The continuance of the demand for the produce of India fully demonftrates the advantages refulting from the measures adopted for the confignment of inveftmeuts. The fales for the immediate account of the Company, notwithstanding they fell short of the amount in the preceding year, have been very productive. The debts are below their ordinary level; and the value of the affets being in a far greater proportion above, are proofs of the amended fituation of the home con

cerns.

From the produce of the fales, the Company have been enabled to make advances in repayment of the confignments from abroad to a great amount: of thefe a confiderable part has been applied in the export of goods from this country. The reduction of the debts to the Chinese merchants fhews, that this valuable branch (the China trade) is again restored to a flourishing ftate; and the immenfe fale of the teas furnishes a proof of the propriety of the remarks offered

on the subject, on the examination of the accounts of last year.

The final refult of the whole is, the financial departments in India have expe rienced material deterioration from the united preffure of war expences and provi fion of investments, but not in a degree to afford ground of alarm. A large proportion of the increafe of the debt has been the occafion of adding to the affets; from whence the home concern has been confiderably enriched. It certainly is of the first importance to devife a method, by which the prefent burthens on India may be relieved; and I am happy in be ing enabled to remark, that the means for accomplishing this defirable object are to be found in various ways:-in princi ples of economy, as to the future expenditure; and in a proper application of the increafed resources abroad. An examina tion must likewife be made, by what mode the home treasury can contribute to the diminution of the foreign debt.

From the circumftances of the war, the eftablishments have been confiderably extended. It will be a point of my diligent and close attention that every practicable reduction fhall be carried into effect; from which, with the favourable profpect to be indulged from the ftability and permanence of the refources, and the unexampled profperity of the commerce, no apprehenfions need be entertained on account of the magnitude of the prefent debt: I am prepared, indeed, to meet it at fourteen millions. My confidence in the means of retrieving the ftate of the finances abroad is further strengthened, by reference to the experience of former times. The fituation of the Company on the first establishment of the prefent fyltem, is well known to have been fuch, that the full extent of their difficulties could not be afcertained till the year 1786. In the year 1797 I took occafion to offer to the Committee a moft flattering view of the furprifing improvement brought about in the courfe of ten years. The reduction of the debts, and the increase of the affets, were to an amount exceeding 11,100,cool. fterling. It is true, that within that period money had been raised on additional capital, to the amount of 3,740,000l.; but it must likewife be taken into confideration, that the remainder may be termed a a net improve

ment, under the events of an Indian war, at one time threatening serious difafters, though finally concluded highly to the advantage of the Company: under the events likewife of the prefent European war, during four years of the period,

6

which

which caufed enormous additions to the expence of freights, and of the provifion of every article of equipment; and occafioned alfo great expences by feveral expeditions, from which our rivals were deprived of their poffeffions in the Eaft. But I have carried the comparison three years further, which will take in a great part of the immenfe expenditure of the late war with Myfore, and find, that the improvement, during thefe thirteen years, on the fame principle, 11,880,000l. If it be inquired what is the ftate of the concern between 1796-7, and the date of the prefent accounts, in which period the extraordinary preffure has been moftly felt, it is fatisfactory to difcover, that, without any aid from increase of capital, the improvement has ftill been 747,000l. It is fair then to infer, that, fo far from apprehenfions, the most fanguine hopes may be indulged from the prefent general affect of the Company's affairs, whether confidered politically or commercially; that unles any thing unforeseen fhould occur, the debts may, in a few years, be reduced to the amount at which it may be prudent to limit them; and that the furplus produce of the revenues may be applied to the purposes intended when the laft arrangement took place.

I beg leave to conclude, by fubmitting, as ufual, the refolutions fuggefted from the accounts upon the table:

"Resolved, That it appears that the annual revenues of the Eaft-India Company in the provinces of Bengal, Bahar, and Oriffa, and from Benares and Oude, under the heads of mint or coinage duties, poft-office collections, Benares revenue, Oude fubfidy, land revenues, police taves, cuftoms, fales of falt and opium, and ftamp duties, amounted, on the average of three years, 1796-7 to 1798-9, both inclufive, to the fum of 5 crores, 88 lacks, and 875 current rupees.

That it appears that the annual re venues of the Eaft-India Company in the provinces of Bengal, Bahar, and Oriffa, and from Benares and Oude, ander the fame heads, which were citimated for the year 1-98-9 to amount to 6 crores, 15 lacks, and 52,008 current rupees, amounted to 6 crores, 15 lacks, and 36,152 current rupees

"That it appears that the charges incurred by the Eaft-India Company in the provinces of Bengal.. Bahar, and Oriffa, and in Benares and Oude, under the heads of civil, judicial, military, and marine, the charges of buildings and fortifications, of collecting the revenues and cuftoms, and the advances and charges on account of falt and opium, and the charges

of the ftamp-office, which were estimated, for the year 1798-9, at 3 crores, 95 lacks, and 28,473 current rupees, amounted to 4 crores, 12 lacks, and 42,912 current rupees.

"That it appears that the annual revenues of the Eaft-India Company in the provinces of Bengal, Bahar, and Oriffa, and from Benares and Oude, under the heads of ming or coinage duties, poftoffice collections, Benares revenue, Oude fubfidy, land revenues, police taxes, cuftoms, the receipts from the fales of falt and opium, and the stamp duties for the year 1799-1800, are eftimated by the Governor General and Council to amount to the fum of 6 crores, 19 lacks, and 67,33% current rupees.

"That it appears that the charges to be defrayed by the Eaft-India Company in the provinces of Bengal, Bahar, and Oriffa, and in Benares and Oude, under the heads of civil, judicial, military, and marine, the charges of buildings and fortifications, of collecting the revenues and customs, and the advances and charges on account of falt and opium, and the charges of the ftamp-office, for the year 1799-1800, are estimated by the Governor General and Council to amount to the fum of 4 crores, 15 lacks, and 75,534 current rupees.

"That it appeaas that the annual revenues of the East-India Company at the Prefidency of Fort Saint George, and the fettlements fubordinate thereto, and in the Carnatic and Northern Sircars (exclufive of Ceylon), under the heads of mint or coinage duties, poft-office collections, fea and land cuftoms, fubfidies from the Nabob of Arcot, the Rajah of Tarime, and the Nizam, land revenues, and farms and licences, amounted, on an average of three years, 1796-7 to 1798-9, both inclufive, to the fum of 46 lacks and 78,531 pagodas.

"That it appears that the annual revenues of the Eat-India Company at the Prefidency of Fort Saint George, and the fettlements fubordinate thereto, and in the Carnatic and Northern Sircars, under the heads of mint or coinage duties, poftoffice collections, fea and land cuftoms, fubfidies from the Nabob of Arcot, the Rajah of Tanjore, and the Nizam, land revenues, and farms and licences, which were estimated, for the year 1798-9, to amount to 52 lacks and 96,834 pagodas, amounted to 52 lacks and 73,049 pagodas.

I hat it appears that the charges incurred by the Eaft-India Company at the Prefidency of Fort Saint George, and the fettlements fubordinate thereto, and in the Carnatic and Northern Sircars, under

the