The language employed by the Court of Directors at the present day, in opposition to the proposition for allowing private ships returning from India to import to the places from whence they had sailed upon their outward voyage, is feeble and languid; in comparison with the passage which has been just now recited, from the Report of their Special Committee, made upwards of twelve years ago, upon the proposition then submitted by Mr. DUNDAS. That Minister, in his reply of the 21st March, 1801, to the Court of Directors, observed, "_I have reviewed my own opinions with the most jealous attention, and I have weighed, with the most anxious care, the arguments of those who suppose that the system which I have recommended, is likely to produce any inconvenience or danger to the rights, privileges, and exclusive interests of the East India Company: but it is my misfortune to view the subject in an opposite light. If any thing can endanger that Monopoly, it is_ AN UNNECESSARY ADHERENCE TO POINTS NOT ESSENTIAL TO ITS EXISTENCE." Mr. Dundas then adverted to a letter of the 30th September, recently received from the Governor-General, Marquis Wellesley, which, he said, "had with clearness and precision ably detailed and demonstrated the grounds of those opinions." But, the judgment and reasoning of Mr. Dundas, elucidated by the arguments of Marquis Wellesley, (which were founded on the knowledge of what, at the time, was passing under the eye of the Governor-General,) had not influence upon the Court of Directors, sufficient to make them adopt the proposition of the President of the Board of Control; and still less, the enlargement of that proposition, as suggested by Lord Wellesley; who represented, "the great advantages that would result to the Sovereign State, by encouraging the shipping and exportation of India; and, that if the capital of the Merchants in India, should not supply funds sufficient for the conduct of the whole private Export Trade from India to Europe, no dangerous consequences could result from applying, to this branch of commerce, capital drawn directly from the British Empire in Europe:" thereby taking that trade from foreign nations, whose participation in it was become "_alarmingly increasing_."