sequently render any claim of the public, for the present, invalid; not from want of funds to meet it, but because payment could not be demanded, under the peculiar circumstances of the company's affairs. With respect to the establishment of the fund for the liquidation of the debt, the grounds on which his lordship had proceeded appeared to him quite conclusive. He had calculated that the company possessed the means of employing four millions in investments, and would be able to apply two millions to the liquidation of the debt. Of these six millions, he had conceived that one million might be obtained abroad, and the other five millions in this country. The resumption of hostilities had interrupted this system; but still, even during the continuance of war, he was not at all convinced that some progress might not be made towards the reduction of the debt. The noble lord concluded these observations with a few remarks on the contract for a loan to the amount of 1,200,000. in India, and affirmed, that although every exertion was made to have all loans necessary for the service of the company negotiated in Europe, the loan in question had arisen out of local and unavoidable circum

stances.

It was contended by several members, that the affairs of the company were by no means in the prosperous state in which they had been described. On the contrary, it was asserted, that in the course of the five last years the company's debt had increased upwards of eleven millions; and that in general their affairs were exposed to a constant accumulation of embarrassments. Assurances had, formerly been held out, that

the whole India debt would speedily be extinguished, and that considerable relief would be afforded to the financial demands of the empire at large. For in 1793, when the charter of the company was renewed, it was stipulated that, after a certain period, five hundred thousand pounds should annually be paid to the public. Of this sum, however, nothing either had been or was likely to be received. And the debt of the company, which last year was stated to be eighteen millions, now. amounted to nineteen, with every prospect of further accumulation. The debt, indeed, was represented to have been trebled within the last ten years; and it was expected, that, if the same system were pursued during the remaining ten years of the charter, the present debt would augment in a similar ratio. It was admitted, that the revenues abroad for ten years past, had, as represented by lord Castlereagh, exceeded by eleven millions every foreign expense whatever. The directors had assumed a profit on their trade, for the same period, of ten millions. Twenty-one millions were therefore to be accounted for. Seven, and something more, were disposed of in dividends; one million had· been paid to government, and the other out-goings had been inconsiderable. The difference, it was observed, ought, by every rule of business, to appear in an improvement of the stock by computation, which professed and ought to de monstrate the true state of the company's affairs, at the period when it was made up: a comparison, therefore, of this account in the different years, would show every improvement and deterioration of the whole concern. The difference between the balances of 1795 and 1804 was only 180,000%;

which could not be the case if the directors' estimate were correct. Notwithstanding the measures

which had been taken to prevent the competition of foreigners in the carrying trade and commerce of India, it appeared by the Calcutta port list of August last, that only fourteen English ships were loading at Calcutta, while not fewer than twenty Portuguese and Americans were taking in cargoes then for Europe. It was acknowledged that the latter were neither of the burthen, nor laden with commodities equally costly with the com

pany's investments; but they were profitable, while those of the com pany's were losing, adventures.

These observations were advanced chiefly by Mr. Prinsep. Their application was disputed by Mr. Grant, who entered into a number of elaborate details, in order to prove that our commercial affairs in India are in a state of considerable improvement. From one of the most material statements which he pro. duced upon this occasion, it appears, that by an account made up for the last fifteen years, the profits of the company amounted to

With respect to the commerce carried on by the Parsees, Arabs, and Armenians, it was represented, that we had no right to exclude them from the trade of their own shores, which they had possessed for centuries before us, and which they now prosecuted with advantage to our settlements, where only they found protection, and where they and their riches must at length settle. But the manner in which the Americans conducted their Indian trade, it was allowed, was a proper subject for investigation. The commercial treaty with them established the privilege of a direct trade between America and our Indian possessions: but, not contented with the fair enjoyment of this advantage, they carry on a circuitous trade between India and

Europe. It was not denied that this was an abuse which ought to be corrected. After some further observations, the motion of lord Castlereagh, that the proper officer be directed to lay before the house an account of the revenue and charges of India for the last ten years, from 1793 to the year 1803, distinguishing each year, and the accounts relating to China from those of India, was carried without a division.

On the 24th of July, a number of important resolutions relative to the finances of the country were moved by the chancellor of the exchequer, and agreed to without opposition. In the course of the sitting, the right hon. gentleman took otcasion to affirm, that there was a power in this country to meet and to M 3

surmount

surmount difficulties beyond what has been possessed by any nation in the history of the world. It was truly surprising that the last war, which had continued for ten years, under extraordinary difficulties, while it necessarily increased considerably our public debt, did not at all impair the sources of our wealth and prosperity. During hos tilities, as well as in peace, the national wealth had been progressive, and had kept pace with our debts. The sinking fund had not only kept pace with it, but constantly gained upon it; insomuch that, although it was but in the proportion of 1 to 77 of the capital of the debt the year before the war, it had increased its proportion last year to 1 to 73.-Mr. Addington, upon the same occasion, dwelt upon the advantages of raising the supplies as much as possible within the year. As a proof of the increase of the resources that might be applied to this purpose, he stated, that in 1803 the war taxes had been calculated at ten millions; but the return amounted to nearly twelve millions. From the flourishing state of the finances, if the expenses were not more than at present, the war might be prosecuted, not only without an increase, but with a diminution of the public debt; for the expenses of the first years of warfare were necessarily greater than those afterwards incurred. The increase of the sinking fund, therefore, must continue, unless some unforeseen calamity should arise.

We shall now proceed to select a few of the most important of the resolutions moved by the chancellor of the exchequer, and principally those which serve to ascertain the prosperity and resources of the empire,

From these resolutions, it ap pears, that the total amount of the public funded debt of Great Bri tain was, on the 1st February 1804, 583,008,978/.; of which 77,698,467. had been purchased by the commissioners for the reduction of the national debt; and 21,147,8887. had been transferred to them on account of the land tax redeemed; leaving a funded debt unredeemed of 434,162,6221. A further debt, amounting to 18,200,000/. capital stock, has been created by sums borrowed in the present session of parliament. The total amount of the public funded debt created in Great Britain for account of Ireland was, on the 1st of February 1804, 25,548,000%; of which there had been purchased by the commissioners for the reduction of the national debt, 1,595,671, leaving a funded debt of 23,952,323. A further debt, amounting to 8,190,000l. capital stock, has been created by sums borrowed in the present session, in Great Britain, on account of Ireland. The unfunded debt, exclusive of the anticipation in the usual form of certain duties annually voted, and of exchequer bills provided for by aids 1803, amounted, on the 5th of January 1804, to 16,305,6074. ; exclusive also of 3,000,000. advanced by the bank, without in terest, for the renewal of their charter, to be repaid in 1806; of which sum of 16,305,607. 2,768,300. has been paid off, or provided for in the course of the present session. The amount of the outstanding demands unprovided for on the 5th of Janu ary 1804, exclusive of unfunded debt, and of the anticipation of certain duties annually voted, was 2,024,085.; but the surplus of ways and means for the year 1803,

being 1,370,6641., reduced the amount of these demands to 653,4211. The annual charge on account of the public funded debt of Great Britain, after deducting the charges of management on loans redeemed by the commissioners for the reduction of the national debt, and the interest on stock transferred for the redemption of the land tax, was, on the first of Febrnary 1804, 24,110,475/ A further charge of 736,190. has been incurred on account of the sum borrowed in the present session. The sum annually applicable to the reduction of the national debt of Great Britain, in pursuance of the several acts relating thereto, was, for the year 1803, 6,311,6267.; being about 1-77th part of the unredeemed debt existing in 1803, and may for the year 1804 be estimated at 6,851,192.; being about 1-73d part of the unredeemed debt exist ing in 1804. The total net produce of the permanent taxes, in the year ending the 5th of January 1804, including 43,9774 for bounties on corn and rice imported in the year 1803, amounted to 30,754,7247.

The official value of all imports into Great Britain in the year ending the 5th January 1804, supposing the imports from the East Indies, of which no account was at that time made up, to be the same as in the preceding year, was 27,441,874/., and on an average of six years, ending the 5th January 1804, was 29,490,9451. The official value of British manufactures exported from Great Britain in the year ending the 5th January 1804, was 23,834,3401. But the real value of British manufactures exported in the same year, may be estimated at 40,100,8707. This sum, however large it may appear,

is more than 8 millions less than the amount of the real value of British manufactures exported in the preceding year. The official value of foreign merchandize exported from Great Britain in the year ending the 5th of January 1804, was 11,537,1487., being about 7 millions less than the preceding year.

In the year ending the 5th of January 1804, the number of British ships entered inwards, in Great Britain, was 11,396; their tonnage 1,614,365; and the number of men employed to navigate them 93,004. The number of British ships cleared outwards was 11,072; their tonnage 1,444,840; and the number of men employed to navigate them 92,940. In the same year, the number of foreign ships entered inwards in Great Britain was 4,252; their tonnage 638,034; and the number of men employed in them 33,660. The number of foreign ships that cleared outwards was 3,662; their tonnage 574,542 ; and the number of men employed 30,414. The increase, therefore, in the year 1803, as compared with the year 1802, of British vessels entered inwards, was, 1049 ships, 235,745 tons, and 4,969 men. The increase of British vessels cleared outwards amounted to 790 ships, 99,219 tons, and 5,636. men. The diminution, in the year 1803, compared with the year 1802, in the number of foreign vessels entered inwards, was 1,245 ships, 142,121 tons, and 6,860 men; and the diminution of foreign vessels cleared outwards 1,964 ships, 230,338 tons, and 12,000 men. The number of registered vessels belonging to the British dominions, and employed in trade in the year 1803, was 21,445; their tonnage 2,238,249, and the number of men M 4 155,445;