Company's affairs are made to appear in a much more favourable point of view than I believe they will be feen in, when I íhall have stated the different exceptions that I have to their account: but I beg leave again to call to the recollection of the House, that I did not ftand pledged to prove that these were actual errors in the account. It might be regularly calculated, and the fums very properly caft up. I do not venture to say that there are pofitive falsehoods in the statement; all that I faid, and all that I pledged for, was, that I would state rational objections to articles in this account, to the amount of more than twelve millions. These objections may not convince the House they convince me. I beg that gentlemen will go along with me in the statement, and put down the articles as I enumerate them; for in fo complicated a matter, they cannot follow me with memory.

The first article in the account, held out as the property of the Company, is 4,200,000l. as the debt due to the Company from Government, at three per cent. intereft. To this article I do not object: but I must make this obfervation; that this fum is to be confidered as property held in the funds of the country, as not otherwife available to the individual than in respect of the annual interest, for there is no obligation of payment; they could not force the production of it; they could not make Government come to a fettlement with them; but they stand exactly like the other creditors of the public, fecure of the interest, but not armed with powers to come when they please at the principal. Another obfervation too occurs on this. They take and state this fum with evident error. Surely it is no otherways to be estimated, than as they can carry their stock to market. They are not to fet it down in this statement of their property at the nominal amount, but at the marketable value of the commodity. The marketable value of the commodity is three-fifths of the nominal value, and at no more ought they to have stated this fum of property, because for no more is the principal available in their prefent circumftances.

circumftances. It is very true, that this money was to be repaid to the Company, if Government fhould ever put an end to the monopoly which the Company enjoyed of the trade to India. In that cafe, the full fum of 4,200,Gool. must of course be paid; but as the money was lent, and that Government was never to repay the principal, if they chose, while they continued the monopoly, I must say, it was not fo very fair to ftate the fum lent at the full value of 4,200,000l.; for if the monopoly fhould, in any cafe, be annihilated, without the will of Government, then the money could not be called for; and if the Company wished to fell their interest in that loan, which was funk in the three per cents., they would of course lofe about two fifths of the whole; and therefore the account fhould, in candour, have stated, that towards paying their debts, they had in the three-per-cent. ftock a property that. would fell for 2,520,000l.

The next article is of a very fingular nature indeed, and gives the House a specimen of the principle on which this account is made up. A charge is made on Government of 260,687 1. for the fubfiftence of prisoners in the war which concluded in 1763. To this article I did not mean to object, as a debt desperate, and to be altogether ftruck out; but in their present emergency, is it to be confidered as an article of available property? This claim was made on France immediately on the conclusion of the war in 1763, and for fifteen years in fucceffion, that is, until the commencement of the laft

war.

The payment of the fum was conftantly fought for, and as ftedfaftly denied. Now, though I for my own part would promife and pledge myself to the Company, that I would exert every effort of my mind and power to accomplish this payment, though there is a negociation at this inftant going on at Paris for the payment of it, and though I would pledge myself alfo for the exertion and activity of the noble Duke now at Paris on the fubject, ftill I ask if a fum which

had

had been contended for in vain for fo long a time, is to be affumed in fuch an account as available property?

The next article of 139,8771. for expences on the Manilla expedition, and of 21,4471. for hofpital expences, bear the fame complection. They are all fums which have been in contention for fo long a time, that though they may be fairly due, they cannot be estimated as property at hand, in fund, or comeat-able; they have been difallowed by every fucceeding Treafury, including even that of the Earl of Shelburne; I therefore beg to afk the Houfe, whether thefe three fums, making 422,0111., ought to have been brought forward in the prefent statement as property applicable to the difcharge of their debts?

The next article is under the head of cafh, which is ftated in money, in bonds paid in at the sales, and again to be issued, and in debentures and cuftom notes, to amount to 609,9541. Now to this I have an objection. The bonds are here stated as cash, and no notice is taken of a very material article which is the discount, on their being iffued again. They bear a very confiderable discount, and an allowance fhould have been made for this discount which they must suffer, on their being again ifsued. They cannot take any advantage of them but by iffuing them anew, and they must be iffued at a discount. Inftead therefore of ftating them on this fide of the account as cash, and charging them on the other fide as debts against themfelves, they ought to have stated merely the amount of the discount as an item against themfelves on the debtor fide of the account.

The next fum is ftated to be due for goods fold, but not delivered, 553,2581. To this I have no objection. The next article is the value of the goods in the warehoufes, of which the freights and duties are paid, 2,500,000l. This I did not. confider as proper to be taken in the way which they have taken it. It is to be inquired whether they can dispose of this property, and when-whether they can make it productive, and to the amount at which they have taken it-though I do

not

not believe that they can; yet I do not object to this article. At the fame time it might have been proper for them to have ftated the amount without the customs. They charge themfelves with the customs on the other fide indeed; but to have made the account regular, the fum fhould have been regularly ftated here without the double entry.

The next is the merchandise exported to India, but not included in the property here, as not being yet arrived, 1,219,0911. When a man is making out a state of accounts, to prove that he has in hand a fufficient quantity of goods, which he could immediately, or in a reasonable time, convert into money, one might be a little furprised to find him enumerating articles which, in their nature, could not be converted into money; and yet the Company have acted precifely in this manner; for they state, that merchandise to the amount of 1,219,091 1. has been exported to India, but not included in the accounts of property there, not being arrived when they were made up. Now in this account are included military ftores, to the amount of about half that sum, which were not to be used for any mercantile purpose, but were to be, if they had not already been confumed by the army: to the fum therefore of at least 600,000l. in this article, I would certainly except it forms no part of the means of the Company to pay their present debts, and therefore ought not to have been included in an account of Ways and Means. They could not bring them to any market, and they were not to be taken as available property. On this article, therefore, I take 600,000l.

The next fum is for filver remaining in the Treasury, 1,09ol. The only notice which I mean to take of this article. is, to declare my astonishment, or rather indeed not my aftonishment, but to point it out as a fact, which proves my statement of their finances to be right. After enumerating their millions afloat, their millions in the warehouses, they come to the calculation of their specie, and it amounts to the Tum of 1000l. This reminds me of an article in one of our

great

great bard's best plays, where speaking of one of his best characters, it is faid-fo much for fack; fo much for fugar; fo much for burnt hock; fo much for this, and fo much for that; but for the folid-the fubftantial-the ftaff of life-bread, one halfpenny: so it is with this flourishing Company: they have millions of goods, of bonds, of debts; but of filver they have one folitary thousand pounds.

The next article is for the advance of freight, to be deducted on the arrival of the fhips, 172,3341. To this article I have very great and folid objections. It is a piece of complete and most unpardonable fallacy. They ftate, in their favour, the advanced freight which they have paid, but they have not taken against them, on the other fide, the fum of freight and demurrage which they will have to pay. To fhew the fallacy of this article, I would fuppofe that I had 1cool. to pay on my note next Monday, of which, however, I had already advanced 100l. In estimating his account I took to my favour the 100l. which I had paid, but took no notice, nor made any provifion for the 900l. which I had to pay. The Company have advanced the freight on fifty-three fhips; of thefe, fourteen have come home, and there are ftill thirty-nine thips behind; but of thefe, two have been burnt and blown up; so that there remains thirty-feven ships in India, and coming home, on which the remaining freight and demurrage is to be paid, and this is to be estimated at 50,000l. a fhip. So that, instead of this fum which they have taken to their credit, they are to be charged in this account with 1,850,000l. for which they are bound, and which they must pay. This I call a very unpardonable fallacy. I defire to know what Parliament would think of any responsible minifter, paymafter, or fervant, who fhould act in this manner. Or is it poffible, that any man appointed under the present bill, and accountable to this House, could present an account fo miferably deficient as this is?

The next fum is a small charge for their shipping in England; it is only 12,300l.; and I might fay, de minimis non curat

prætor;