I should esteem it, in such uncertainty of doing any good of any kind, extremely improper for the public to make a common cause with the East-India Company, further than I have already stated, and likewise by assisting them with some necessary pecuniary aid in their present distress. The consequences of the public taking upon themselves the direction of the Company's trade, or even of their territorial acquisitions, I apprehend would be most ruinous. No nation has ever attempted any thing of this kind without being greatly losers by it, even where government was carried on principles infinitely more favourable to such an enterprise than the free constitution of this country admits of. France has often been compelled, in order to preserve the trade to India and their Companies from sinking, to interfere, and I believe is still concerned in the national trade to India; but this is on mere compulsion and necessity, and is, and has ever been, a very losing business to the Crown of France. If this is so, then how much worse must it be here, where the advantages taken of the public in every public business are enormous: and indeed the uncertainty of the time of payment, and the difficulty of passing the account, do warrant a demand of a great latitude at any time; but at present, when the ordnance debentures are at 30 per cent. discount, and the navy bills, which carry an interest of 4 per cent. are at 17 per cent. discount, it is almost impossible to say on what terms a contract with Government would be advantageous. In more settled times, I believe, 25 per cent. on estimate, and near 50 per cent. on arbitrary statements, did not vary much from the difference, to the disadvantage of the public, betwixt public and private contracts for the same performances.