uncertain, where the remainder would be incorporated. On this head the Committee further remark, "that the balance of ef"fective property abroad would not come "out in favor of the Company, if the goods in the warehouses for export, as well as "import, were not set in account against "the bond debts abroad, though in reality 66 66 they cannot be applied to the payment of "it. For it should always be remembered "that the goods for exportation are gene rally destined to load the ships of the "season to England, and that to keep the "investments going on, advances must be "made in the course of every year equal to the amount of merchandize sent away, "otherwise there will soon be a defect in "the warehouses at home. For example, "if from the goods in Bengal the amount of one crore was consigned last year to England, a crore of Rupees would be "wanted from time to time for the purchase "of others to replace them; and the like "at other Presidencies from whence car After making these and some other deductions, the Committee leave under the head of effective property "ali balances of cash in "the hands of Paymasters, Residents, Pro 66 vincial Councils, &c.," which must be considered as appropriated in those respective employs and situations- that is, to immediate monthly expences, and therefore no sooner disbursed than requiring to be renewed.* Besides which, articles have been admitted which the Committee declare "are by much over"rated." Whilst of the "effective stock at "Bencoolen" the Committee further remark, that being "a losing establishment, no pro"ductive property can be expected from thence "without equivalent imports from, or drafts "on, England. What is there already, ex"cept pepper, is only for stock and current 66 use, and cannot ever be valued as a counter"balance to the bonds, which must finally be liquidated in England, or by assets from "other settlements." The balance of effective property abroad from 1782, given in the annexed statement, is therefore only produced by including among -- * On this description of property, as well as goods in store, Mill likewise observes:- "The goods and effects in hand "which are necessary for the immediate movements of the "machine, and, in the course of immediate consumption, "justly go for nothing: as if any part of them is taken "away, it must be immediately replaced, and cannot form "part of a fund available to any other purpose without di"minishing some other fund to an equal degree."- Mill, vol. iii. p. 270. the assets the cash balances mentioned in the preceding paragraph, on which the Committee further add, that though liable to the objections above stated, "they agreed to let them stand, though convinced in their own "minds that they never can be brought in "abatement of the Company's real debts;' adding in another place "Your Commit"tee think it their duty to observe that "the bond debts, and other debts in India, "will not, and cannot, be paid, or even reduced from the amount of effective pro 66 perty set in opposition to them, but must be liquidated from future savings in the "revenue; whilst, from the present situa"tion of affairs, these bond debts are encreasing monthly. Even by the accounts 66 66 now produced (more than twelve months "back), they amounted to at least two and a "half millions sterling at the three Presidencies."* With all the losses, dubious credits, dormant and unproductive property above adverted to, admitted into this account, a favorable balance is exhibited of 6,384,3197.; but of this the Com' mittee observe, that the sum of 2,165,534/. only, including the floating adventures, is effective; and this is all that can be produced to meet a * Vide Committee's Report, ut supra, p. 148 and 154. capital of 3,200,000l. The Committee close their report with the following passage:"Before your Committee close this report, 66 66 66 66 66 they beg leave to say a few words on the subject of the reference made to them, and to assure the proprietors that if they have "exceeded the limits of their appointment by giving opinions instead of adhering to figures only, they did solely from a per"suasion that their report would be incomplete without such remarks; and that if "these remarks have carried them into mat"ters not wholly comprised under debit and "credit, they were so connected with ac"counts as to be the very source and cause "of them. For situated as the Company "now are, it is impossible to discuss the sub 66 ject of trade and expence without adverting "to collateral objects on which the others materially depend; because the Company may be successful in war, extend their possessions, and controul the politics and princes of the East, while they are poor in " revenue, distressed for resources to defray expences, and bankrupts in trade."* 66 66 With these explanations and corrections, the account for 1782 is accordingly intro * Com. Ninth Report, p. 156. duced. The remarks of the Committee are very important, as having been passed by a body of Proprietors on their own account. They are deserving of the reader's particular attention, because stock accounts of this description, where the debts, be it remembered, are positive, undoubtedly owing by the Company, and must be paid, asset accounts, such as the Company's always are, would, without a similar analysis, infallibly lead to erroneous conclusions as to the real state of the Company's affairs. From 1782 the table No. 3 is afterwards continued to 1792-3-1809-10 and 1827-8. The examination of the stock accounts of 1793 and 1810 was effected by the Select Committee of the House of Commons in 1812 (vide Fourth Report, p. 36), on which Mr. Mill has the following appropriate remarks: "The East "India Company has availed itself of its "mercantile capacity to bring forward regularly a statement of assets as a compensa"tion for its debts. This, however, is ob"jectionable on a second account; because, according to the mode in which this state"ment is framed, it may exhibit at pleasure either a great amount or a small. Some "of the principal articles have hardly any "marketable value; could produce little, if 66 66 66 |