"--That the operation of the system of convoys had afforded complete security to the trading capital of Bombay, of which the amount insured at this settlement, from May 1st, 1806, to October 31st, 1808, has been 6,700,000_l._; that the premium paid by the trade on that sum amounts to 445,000_l._; that the losses by captures amount to 61,000_l._; that the losses by sea risks extended to 69,000_l._; and that the profits to the underwriters amount to the sum of 314,000_l._; the losses by captures being under one per cent, on the principal insured, and exceeded by those arising from sea-risks; while the former have occurred beyond the influence, or have been a consequence of a departure from that regular system of convoy, by which the commerce of the western division of the peninsula of India has been so extensively benefited. "--That the advantage resulting from protection by convoys, which the trade of this port has thus experienced, has originated in that system which was established, and has prevailed, since the succession to the command of H.M.'s ships in India by Sir Edward Pellew; a system proposed at his express invitation, in the letter addressed to his Excellency by the three leading firms in behalf of the merchants of Bombay, on the 12th of February, 1806, and adopted in the reply of his Excellency's secretary of the following day. "--That at a time when the enemy has sacrificed his maritime reputation, and every feeling of naval ambition, to a degrading system of privateering, in the prosecution of which national ships of superior force and construction are employed, for the purpose of committing depredations on our trade, it is indispensable to the successful prosecution of our commercial interests, essential to our national credit, and justly due to the character of those to whom the protection of these valuable and important trusts is committed, that a steady adherence to that system should be observed, of the solid advantages of which, the experience of three years has afforded so decided a proof.