The Letters of Gracchus on the East India Question by William Augustus Miles

Author:William Augustus Miles [Miles, William Augustus]
Language: eng
Format: epub
Tags: Classics, General, Fiction, Nonfiction, Reference & Language, Reference, Fiction & Literature
ISBN: 4064066125745
Google: Xb3HDwAAQBAJ
Publisher: Good Press
Published: 2021-05-19T04:00:00+00:00

FOOTNOTE:

[4] A Short History of the East India Company.

* * *

LETTER VII.

Wednesday, Jan. 27, 1813.

There is an irritability manifested at the present moment, by those who are intimately united in interest with the East India Company, which appears strongly indicative of an unhealthy case. It is well known, that the revenues of the Company, far from being able to contribute to the revenues of the State that augmentation which was made the condition of the Company's present Charter, have, from causes which the Directors could not control, been so deficient, that they have been obliged, at different times, to apply to Parliament for pecuniary aid; that they are burdened with a debt of not less than forty-two millions; and that they are now unable to discharge their engagements, without again coming to Parliament to obtain the means. Yet, "an Old Proprietor" feels no uneasiness from this state of the Company's affairs; and this, we must suppose, proceeds from an opinion, that the dividend he now receives is secured to him for the time to come.

But Parliament has never, directly nor indirectly, made itself a collateral security to the Proprietors, for the payment of a dividend of 10½ percent. The aids, at different times granted by Parliament, have proceeded from a mixed principle, of equity and of liberal support. Of equity, in so far as the embarrassments of the Company have been occasioned by political events; of liberal support, in so far as those embarrassments may have been caused by disappointment in trade. If the Proprietors should not discriminate between these two principles which have actuated Parliament, but claim the whole of the succours afforded, upon a ground of positive right, they might impose upon Parliament the necessity of requiring the East India Company to bring their affairs to a final settlement; in order that it may be accurately determined, how far the Public are equitably pledged to the Proprietors, and how far the Proprietors must be left to settle their own accounts with the Company alone. And it is possible, that the result might not afford that confidence of a well-secured dividend of ten and a half per cent., which an Old Proprietor considers it an attack upon private property even to question.

Such an issue, however, does not appear to be very likely to occur, unless the Managers of the East India Company's concerns, from any ill-advised determination in their counsels, should take some steps, by which their affairs should be abruptly brought to a settlement: in which event, any disappointment or loss sustained by the Proprietors will be chargeable upon those Managers, who thus desert their duty to their Constituents; and not on the Public, or the Government. The Managers of the East India Company, having so clear and responsible a duty binding upon them, ought to be most scrupulous of failing in that duty, through any capricious or speculative "adherence to points not essential to their existence;" for, if they should sacrifice the interest of the Proprietors by

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