The enormous private fortunes made in India led people to believe that the company was far richer than it really was. During the late wars the dividend was 6 per cent. In 1766 the proprietors urged an increase. To this the directors objected that the debts of the company were heavy, and that a premature increase would raise the price of stock to a point at which it could not be maintained, and might end in a disaster like that of the South Sea Company. The ministers sent a message of warning, announcing that the affairs of the company would probably be considered in parliament. They concerned the public, for the company enjoyed protection and privileges granted by the nation. Nevertheless the proprietors carried their point, and a dividend of 10 per cent. was declared. Chatham held that the time had come for parliament to inquire by what right the company administered its territorial revenues. He considered that it had no right to its new position of a virtually sovereign power, that the sovereignty of the crown should be asserted, and that in return for the privileges which it enjoyed it should contribute a portion of its revenues to the national treasury. The company should apply to parliament to make good its defective title, and parliament should then settle what portion of its revenues should be assigned to it by way of favour. His ideas were based on an imperial policy. As early as 1759 he held that the territorial acquisitions of the company should be claimed for the nation. With him it was a matter not merely of revenue but of government, and though his ideas are indistinctly indicated, and were perhaps vaguely formed, it is probable that he had in his mind some idea of making the government of India an imperial matter. Yet, sharing as he did the general belief as to the wealth of the company, he certainly attached much importance to the possibility of obtaining from it an increase of the public revenue.