The Letters of Gracchus on the East India QuestionMiles, William Augustus
History
The Letters of Gracchus on the East India Question
Miles, William Augustus
East India Company; India -- Politics and government -- 1765-1947
It is equally manifest, from the correspondence of the Court of
Directors with Government, that, in agreeing to the proposition of
opening the Export Trade to the out-ports of the United Kingdom, they
were free from any apprehension, that the continuance of the present
dividend could be endangered by their conceding that point. And,
therefore, although the Proprietors were precluded from entertaining any
reasonable expectation of _an increase_ to their dividends, they were
perfectly warranted to consider the continuance of that which they now
receive, as free from any hazard, in consequence of the extension
proposed to be granted to the Export Trade.
Whether they may remain in the same confidence, under _all_ existing
circumstances, is a question which the Proprietors are now earnestly
solicited to examine. The point at issue (if I may apply that expression
to a case, in which the Company are upon the disadvantageous ground of
petitioning for the renewal of a privilege, now about to expire) is,
whether the ships which shall be permitted to clear out from the
out-ports of the United Kingdom, ought to be allowed to return to any
given description of those ports, or whether they should all be
compelled to enter at the Port of London? And upon _this point_ is made
to hinge a question, which may affect (not the _British Empire and
Constitution_, but) the main interest of the Proprietors, namely, _their
dividends_. For no man can be so inconsiderately sanguine as to suppose,
that the Company, under the present pressure of their pecuniary
embarrassments, (whatever may have been the causes from whence they have
arisen;) embarrassments proceeding from a debt, in India and in England,
of _more than forty-two millions_; nearly four millions of which are in
accepted bills on England, which will shortly become due, and for the
payment of which there are not funds at the India House; no man can be
so inconsiderately sanguine as to suppose, that the dividend may not
become a little precarious, under such circumstances. It must be evident
to the most superficial observer, that the credit of the Company with
the Public can only be sustained by the prompt and liberal aid of
Parliament; and it will hardly be maintained, that it is a _propitious_
mode of soliciting that aid, to connect with the solicitation an avowed
determination to oppose a measure, which Government represent it to be
their duty to recommend to Parliament, for the general benefit of the
community; a measure, founded on, and growing out of, the principle of
the Charter of 1793, which first opened the private trade between India
and this country; the provisions respecting which trade have been
progressively extended at subsequent periods, and of which trade the
Public will now call for a further enlargement and participation, as a
just and necessary qualification to the proposed renewal of the
Company's Charter.
Public-domain text, read in full here on John Shaqi.
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