be depended on as perfectly accurate: but the question discussed by the Honourable Committee, although appearing upon the first view to have some affinity to the subject we have been considering, is nevertheless perfectly distinct from it. Our enquiry is this-Has the commercial branch of the Company's concerns been relieved to any and what amount from their territorial revenues? The answer is, that from 1793-4 to 1808-9 it had been so assisted to the amount of 20,405,1231.; and this result cannot be affected by any consideration connected with increase of assets, because the cost of those assets, so far as they are territorial, is understood to be included in the charges. The Honourable Committee have forborne to grapple with this question in any other way, than by taking for granted that all the interest on the whole Indian debt must be charged to account of the revenue, thereby diminishing the proportion of loss which

66

the

"These stores (speaking of dead stock) are composed partly of stores purchased and paid for in India, and partly "of stores purchased and paid for in England: the cost of "the former has been included in the Indian charges "cost of the latter has been stated in the home charges."— Papers printed Feb. 1830, No. 19, p. 40. 3 A

VOL. II.

would otherwise fall upon commerce, by producing an apparent deficiency of revenue, to be supplied by loans; but if there were no deficiency of revenue beyond what has been shewn, it necessarily follows that this admitted loss of 12,606,5281. was a loss by

COMMERCE.

In the 3rd Report the Honourable Committee have engaged in elaborate and somewhat abstruse calculations, to show the probable application of the "EXTRAORDINARY" receipt and disbursement of India from 1792-3 to 1808-9 inclusive; for which purpose they App. 26 to bring to the debit of the statement the loans in 3 Rep.

India and the supplies from England; and to the credit the political and commercial disbursements, to which in their judgment the former have been applied; beginning with the alleged excess of political charges, 5,078,015/. before alluded to: but in this, as in other instances, the real question at issue is altogether avoided. If it were asked whether the Company can account by commercial and political disbursements, for the whole of their receipts, including Indian loans, the results given might be received as sufficiently conclusive; but when it is further enquired how much of these is properly political, and how

much commercial, we discover that an additional process is necessary. Let us then try the effect of separating from the blended statement of the Honourable Committee, so far as circumstances will permit, those facts which are certainly and exclusively COMMER

CIAL.

In the statement No. 26, Appendix to Third
Report, we have a list of disbursements
clearly commercial, or in direct supply of
England, including the net supplies from
India to China, amounting to

.......£34,597,435

In the same statement we have an account of

(And losses at the several presiden-
cies, not included in the charges, which

may be either territorial or commercial,
461,4287.)

In page 11 of the Third Repart we are ap-
prised that in the "charges of India,"
is included a sum paid on account of Cey-
lon and the Dutch settlements, to be re-
ceived in England from His Majesty's go-

vernment.

(Mem. I do not here debit commerce with a further sum of 3,313,2681, also to be received from His Majesty's Government on the same account charged in the "Interest paid in India," having

873,403

3,675,533

Brought forward

....

...£39,146,371

in my statements only admitted as a
charge of interest against territorial re-

venue, the sum properly due on territorial
debt.)

In page 14 of the Third Report, we have a
statement of "deterioration," or loss,, as
before mentioned, which is certainly com-
mercial

Making together an amount supplied to com-
MERCE of .....

Now how much of this amount has
commerce supplied from its own resour-
ces? The Honourable Committee an-
swer that question in their statement
No. 26, Appendix to the Third Re-
port.

Received in supplies from England –

-

"Sales of goods and stores......£8,904,068

"In bullion

"For bills of exchange on the

7,360,752

12,606,528

51,752,899

Leaving an amount which has been derived from other sources, not commercial, and, therefore, from territorial revenues, or through the medium of loans, with which territorial revenue is charged

...£20,348,669

The correspondence of this amount with the result of the annual statements of revenue and loan accounts in p. 703, though remarkable, is not the circumstance relied on in proof of the correctness of the principle, by which territorial revenue had through that process, being found a creditor of commerce 20,405,1237.; perfect accuracy is not to be expected from any separate statement of the commercial concerns of the Company, founded only on the inadequate documents laid before Parliament; but the accounts of Indian Revenue are not in the same degree open to the same objection; and upon these must rest the PROOF of the true relations between the two branches of the Company's affairs.

I proceed to state, upon the same principles, the Revenue Accounts of the subsequent years, from the same authorities.