| timate 77,156,, in consequence of the
larger sales, as already stated. The
charges of buildings and fortifications
were 36,5351. less than estimated.
the other articles there is some variation
Deducting the excess of charges from the
excess of revenue, the actual account is
better than the estimate by 345,546l.
The total nett revenue of this presidency
in the year, was 2,539,9681. The reve-
nue for the year 1794-5 is computed to
amount to 5,580,606/. and the charges to
3,278,6344., leaving a nett revenue
of
2,501,972/., which is 237,9961. less than
the actual nett amount in the preceding
year, and is a proof of the caution with
which the estimate is made.

leases, occasioned the revenues at first to
fall short of the amount of preceding
years; but the second year the collections
were considerably increased; and in the
next the year to which these accounts be-
long, a large amount of arrears having
been paid, the total received exceeds the
collections of former years, and produced
139,968. more than was computed on
in the estimate, which was formed on the
amount received in the preceding year.
The produce from the sales of salt also
exceeded the estimate, the total receipt
being 1,293,458. In my observations
last year, it was stated that the increas-
ing prosperity of the country warranted
the expectation of a million per annum
from this article; and in a letter then just
received, it was remarked, that the sales
would probably amount to about the
sum above stated: and this, it was ob-
served, arose not from an enhanced price,
but chiefly from an increased sale. In
some of the sales, however, the price ap-
pears to have been higher than it ought
to be in a plentiful season: in order, there-
fore, to allow for a reduction of price, the
estimate for the following year is taken at
1;113,600.-In the sale of opium, the
amount has exceeded the estimate by
49,754/. The trade in this article has con-
siderably increased, partly owing to the
facility with which it can be carried on to
the Eastward islands, by means of the new
settlement at Prince of Wales' island.
Beside which, in the present year, that
part of the trade in opium, which by
treaty was allowed to the French, has been,
in consequence of the war, taken from
them, and produced an addition to the
Company's profit of upwards of a lack of
rupees. A new article of revenue, levied
for the purpose of preserving the police,
has fallen short of the estimated sum, and
the charges of the same have exceeded
the estimate. But when the assessment
shall be more regularly established, it is
expected the receipts will equal the ex-
penses. The charges of the Bengal go-charges therefore is 298,078. which add-
vernment for 1793-4 were estimated at
3,238,3461.; the actual amount was
3,331,978., being more than the estimate
93,6321. This is principally accounted
for, by an additional donation granted to
the Bengal troops that served in the late
war against Tippoo Sultaun, not known
in India when the estimate was made,
amounting to 46,729. The advances
and charges for the manufacture and sale
of salt and opium, were more than the es-

MADRAS. The finances of this presidency, for the years to which the accounts now before the committee refer, have not been in a settled state. The war with Tippoo Sultaun continued till near the end of 1791-2. In the next year a new treaty was made with the nabob of Arcot and rajah of Tanjore, the particulars of which could not be carried into full effect immediately. It required also some time to settle the revenues and ascertain the charges of the countries ceded to the East India Company by Tippoo: and in the last year, the French possessions in that part of India were captured, which occasioned an extra expense, and produced some revenue. From these circumstances it follows, that an average of the revenues of those three years would not be applicable to show the amount that may be realised at that presidency in future years. The first account to be referred to is, therefore, the comparison of the estimated and actual revenues for the year ending the 30th of April 1794. The revenues were estimated to amount to 2,232,0777., and the actual amount was 2,110,0894. being less than the estimate 121,9881. The charges were estimated to amount to 1,701,298., the actua! amount was 1,999,376l. The excess of

ed to the deficiency of receipts as above stated, 121,988/., the actual account is worse than the estimated, by 420,066l. For the following year, the annual revenues are estimated to be more productive, and to amount to 1,855,317, and the charges to 1,782,2477., leaving a nett revenue, without any extra aid of 73,070,

BOMBAY.-The account last presented, shows the estimated and actual revenues and charges for the year ending 30th of

437,047
80,778

8,733,796

8,807,600

.73,804

625,747

HOME ACCOUNTS. Sales of
Goods, 1794.-The estimate
for last year was ...............
............................. 5,364,358
Actual amount
..... 5,521,858
Actual amount exceeding the
estimate.....

...

Charges and Profit on private
Trade estimated.....

Actual amount

Less than estimate...

The Debts at home, including the Debt transferred from India, amounted in March 1794, to

In March 1795, to...

Decrease

70,000
62,459

£. 7,541

to be an improvement to the amount of ............. ......... 1,412,249 Having thus explained the several statements relative to revenues and charges, the debts and assets of the British settlements in India, together with those which respect the trade in general of the East India Company, I think it right, as having recommended to parliament, in 1793, the arrangement entered into between the public and the Company, to state how far the accounts now before the committee differ from the estimates on which my calculations were founded. In those estimates the revenues of India were computed to yield annually a certain sum towards the provision of investment, which, with an estimated amount of exports from home, and bills drawn from India and China, should be sufficient to provide a quantity of goods, 157,500 from the sale amount of which, with other receipts, those bills should be discharged, exports provided, and all other annual expenses defrayed: and a surplus remain, out of which 500,000l. was to be appropriated to the payment of the debt transferred from India, and 500,000l. to government. But previous to this arrangement being made, or before the orders could arrive in India to stop the drawing of bills on that account, a large amount of debt had been transferred from India, of which upwards of a million sterling became due in the first year, and 933,0951. in the last. The payment of these large sums, and other circumstances, have, for the present, deranged the order of that appropriation. In my general observations on the estimates, laid before this House in 1793, I remarked that the annual surplus revenues of the British provinces in India, applicable to the provision of investment or liquidation of debts, would exceed the 584,695 amount on which the resolutions, in this respect, submitted at that time to the committee, were founded. The accounts laid before the House in the last and present year have corroborated the truth of those remarks. A comparison between the particulars in the accounts from India 101,729 for the year 1792-3, and the estimate of 1793, I stated to the committee last year; and for the year 1793-4, the surplus, applicable to the purchase of investment or other purposes, was 617,269. In the estimate for 1794-5. as extraordinary charges are supposed to be incurred on account of the war, and the receipts from

7,006,500 6,946,323

£.60,177

Assets at home and afloat, 1st
of March last, is stated at ... 10,413,354
The same articles valued last

............

524,518

year, at .... ............. 9,888,836 The value of these articles is therefore more by Adding decrease of Debts to increase of Assets, the Company's affairs appear better at home by The balance at China and St. Helena was, in last year's accounts, in favour of the Company By the last accounts stated...

.....

.....

.... 1,080,881
979,152

Balance less at present ......... The General Result of the comparison between the state of the Company's affairs, with respect of Debts and Assets, as exhibited by the accounts laid before this House in the last and present year, appears

the sale of imports, and from certificates, | I have already observed, that upwards of are stated to be less than in the last year, a million of the debts, or 1,008,6371. the surplus to be applied to the provision transferred from India became due in of investment, payment of commercial 1793-4, and 933,0951. in 1794-5. By charges, &c. is computed at only the regulations of the act of 1793, 1,811,3667. At home the sale amount of 500,000l. of these debts were to be paid the goods was 533,5581. more than was annually; an excess, therefore, of computed in 1793. The charges and 941,732l. became due in those two years. profit on private trade were less, although This amount, by the engagements under the amount of goods sold on that account which the bills were drawn, the company was larger than it had been before, owing were bound to discharge; but the liquíto the reduction in the duties payable to dation of so large an amount of debt, the the Company. The total of the charges delay which took place in 1793 in the of customs and freight paid in the last payments made by the purchasers of year is 995,683 more than the estimate goods sold in that year, and the increase of 1793; above half of which arises from of expenses in freight, &c. have prevented the quantity of tea which the Company the receipts from keeping pace with the found it expedient to purchase on the demands: it was therefore only by allowcontinent, and the greater amount paid ing the bond debt to continue at a higher for goods and stores exported. The In- amount than was originally intended, that crease of 24 per cent. to the dividend on all the payments, including the one the capital stock, is also included among to government, were made in the first the charges of the last year, which, by year; and if any farther large demand the former computation, was to be de- had been made in the last year, it frayed from the estimated surplus. The could have been complied with, only by increase of assets belonging to the com- issuing an additional number of bonds. pany in the valuation of the goods in To meet any urgent necessity of this warehouse, and of exports afloat outwards, kind, I last year brought in a bill to above their amount in March 1794, is enable them to extend the amount of equivalent to the extra sum paid for tea, their bonds in circulation to the extent of and the larger amount expended for ex- three millions; but as the interest of ports in the year; if, therefore, an allow-money in the public funds had increased, ance be made for these sums and the increase of dividend, the surplus of the last year, in this point of view, will appear as large, or more than was computed in the average estimate in 1793.

Under these circumstances it may be asked,-Why have not the Company been called upon to pay the 500,000l. in the last year to the public? Without entering into a discussion of the question, how far they are liable to be called upon for that payment (which the Company, considering this arrangement on the principles of an annual cash account, may be disposed to dispute), a slight view of the state of their affairs since the commencement of that arrangement, will show the propriety of not making the demand. The present and future participation of the public must depend on their surplus revenues abroad, and the profits on their commercial transactions; it would therefore be short-sighted policy to enforce a demand for present convenience to government, which might occasion immediate embarrassment to the Company, and greatly retard the future operation of some essential parts of that arrangement. [VOL. XXXII.]

in consequence of the war, the premium on the Company's bonds had decreased, and if a large additional quantity had been brought to market, the Company might have been obliged to issue them at a discount, or to have raised the interest on the whole of their bond debt, either of which must have occasioned a considerable loss.

The prospect, also, of their expenses increasing in the present year, affords another reason for not making so consi derable a demand in the last. By the estimate, it appears that the ordinary receipts of the Company in this year, and the cash in the treasury, will probably not be adequate, by a sum of 371,838, to defray their expenses, and pay the amount of debt transferred from India becoming due. The million sterling in bonds, which, by the act of the last session, they are empowered to issue, will enable them to provide for such exigency, if it should occur. The payments in the present year being estimated to exceed the receipts, do not give a favourable idea of the state of the Company's trade; but it must be considered that a part of those payments [G]