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Deducting increase of debts above, from increase of assets, 1,082,581 the state of affairs at home appeared better in 1796, by

Upon a general comparison of debts and assets, Mr. Dun

das concluded, that the company's affairs were better, as to 1,240,490 debts and assets, than last year, by

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These meretorious men had laboured under many hardships; they had not the same chance with his majesty's officers, of being put upon the staff. They could not return to their own country for the benefit of their health without giving up their commissions and losing their pay. They had not often the means to enable them to return, nor any half pay if they should quit the service. These were the grievances they complained of, and he certainly thought that their complaints were just. These complaints had been completely remedied, and the regulations to that effect had been sent to India, where they were highly approved of by the great bulk of the officers. The enforcing of these regulations would be attended with an expense of about four millions. He represented the affairs in India

to be in a state of progressive improvement. He stated, however, that the expenses to be accounted for in the next budget 'would be greater on account of the armaments that had been fitted out against the island of Ceylon, the spice islands, and the other possessions which had been captured from the Dutch. He then presented a series of resolutions pursuant to his statements.

Mr. Hussey contended, that the revenue of India, after the necessary deductions, fell short of the appropriation of a million, nor could he look upon the revenues of the company as increasing, because the estimates of the present year were less than the former. He insisted that the company was now insolvent, as it would turn out; that were all its effects turned into money, it would not have enough to pay all demands; the former he calculated at 6,734,000l. and the latter would amount to 7,780,000l. The resolutions were agreed to.

Mr. secretary Dundas, on the

.

14th of July, brought forward a He entered into an examination of

second India budget; the accounts he then submitted to the committee had been made out to the latest period, and so far as related to the explanation of their statements, he followed the same plan which he had done in the former accounts.

the house accounts, and, lastly, shewed the flourishing state of the company's finances, by giving a comparative view of the accounts presented this year with the estimate on which the arrangement of 1793 was formed.

A GENERAL VIEW OF THE RESULT OF THE ESTIMATES.

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The assets in India, consisting of cash, goods, &c. last year,

amounted to

By the present statements

Increase of assets in India

8,867,266

8,958,669

91,403

Upon

Upon a comparison of accounts presented this year, with the estimates on which the arrangements of 1793 were formed, the estimated surplus of 1790-7, was 1,584,008/. which exceeded the estimate of 1793 by 70,4317. L.

- 7,316,916

The total of the estimate of receipts and sales of 1793, was 5,185,987 The total of the actual ditto in 1796-7, was

actual} 1,882,964

He made the net excess of payments over the actual receipts for 1796-7, amount to

He next begged the committee to observe, that though there appeared to be a decrease in the state of the company's affairs, they were, notwithstanding, as favourable and as flourishing as the most sanguine person could wish. Some causes of a diminution of revenue he had pointed out last year, one of which was a diminution in the sale of various articles, particularly that of opium, during war; and the other, was the increased amount of charges, on account of increased military arrangements in the various settlements abroad. He wished the present state of the company's affairs might be compared with their former condition, when their solvency was a matter of public disputation. In 1783, on account of the height to which party had run, every thing relating to their affairs was delusive.

In 1786, the debts of the company amounted to four millions beyond the assets; since that time they had indeed increased their capital 3,740,000l. but against that was to be placed the sum of 3,330,000l. as the expenses of carrying on the war with Tippoo, and in the capture of the French and Dutch settlements in the East Indies. In 1796, it would be found that the affairs of the company had been made better by the sum of eleven millions than they were in 1786.

BODLY

It appeared from the statements that the company's assets abroad exceeded the debts to the amount of 660,000l. and that if their whole affairs were wound up, they would receive an annual interest of 950,000l. He concluded with moving a series of resolutions pursuant to his statements, which were agreed

to.

LIOT

1797.

E

CHAP.

CHA P. III.

Review of the Negotiation at Paris in 1795.-His Majesty's Declaration on that Subject.-Debates in Parliament on the Negotiation.—In the House of Lords. In the House of Commons.—Endeavours of the Opposition Party to remove the Obstacles to Peace.-Motion to that Effect in the House of Lords.-Further Discussion on the Subject of Peace in the sume House.-Motion for Peace in the House of Commons.

IN in preceding volume, in re

N our preceding volume, in re

France, a short account was introduced of the negotiation for peace, which was attempted at Paris, in the latter end of the year 1796. The subject was brought before the British parliament, soon after the return of Lord Malmesbury, and under went a spirited and interesting discussion in both houses. The sincerity of ministers was questioned by some of the speakers on the side of opposition, and the extravagant terms (as they were deemed by that side of the house) proposed to the French were vehemently censured; while, on the other hand, the ministers defended themselves, by appealing to the abrupt and violent conduct of the French in hastily dismissing the ambassador, as a proof of their indisposition to peace, which they confirmed by a general review of the late politics of France.

His majesty's declaration on this subject was laid before the house of lords, on the 27th of Dec. by lord Grenville, wherein he acquainted them, "That the negotiation, which an anxious desire of peace had induced him to open at Paris, had been abruptly terminated by the French government.

"That his majesty had directed an overture to be made in his name, by his minister in Switzerland, to ascertain the dispositions of the French

government respecting peace; the answer which he received was at once haughty and evasive; it affected to question the sincerity of which his majesty's conduct had afforded so unequivocal a proof; it objected to the mode of negotiation proposed, (that of a general congress, by which peace had so often been restored to Europe); but it studiously passed over in silence his majesty's desire to know what other mode would be preferred by France; it asserted a principle, as an indispensable preliminary to all negotiation, under which the terms of peace must have been regulated; not by the usual considerations of justice, but by an implicit submission on the part of all other powers, to a claim founded on the internal laws and separate constitution of France, as having full authority to supersede the treaties entered into by independent states, to govern their interests, controul their engagements, and dispose of their dominions.

"A pretension so extravagant could in no instance be admitted; in the present, it led to nothing less than that France should, as a prelimiuary to all discussion, retain nearly all her conquests, and particularly those in which his majesty was most concerned; that she should recover back all that had been conquered from her; and that she should bring forward such farther demands, as

such

such unqualified submission, on the part of those with whom she treat ed, could not fail to produce. On such ground no negotiation could be established; neither did the answers of the French give any opening for continuing the discussion, since the mode offered by his majesty had been rejected, and no other had been stated, in which they were willing to concur.

"Not discouraged by this result, and in order to deprive his enemies of all subterfuge or evasion, his majesty renewed, in another form, and through the intervention of a friendly power, a proposal for opening negotiations for peace: the repeated overtures were of such a nature, that the French government found it impossible to reject them, with out avowing to all Europe an absolute determination to refuse all hope of the restoration of tranquillity. A channel was therefore at length indicated, through which the government of France professed itself willing to negotiate, and a readiness was expressed to receive a minister authorized by his majesty to proceed to Paris for that purpose. The repeated endeavours of the French government to defeat this mission in its outset, and to break off the intercourse thus opened; but above all, the abrupt termination of the negotiation, afforded the most conclusive proof, that at no period of it was any real wish for peace entertained by the French government. "It had been agreed, that compensation should be made to France by proportionable restitutions from his majesty's conquests on that power, for those arrangements to which she should be called upon to consent, to satisfy his allies, and to preserve the balance of Europe: at the desire of the French govern

ment, memorials were presented by his majesty's minister, containing the outlines of peace; the delivery of these papers was accompanied by a declaration, expressly and repeatedly made, both verbally and in writing, that his minister was willing to enter into the discussion of the points therein contained, or that of any other scheme of peace which the government might wish to substitute in its stead.

"In reply, he received a demand, in form the most offensive, and in substance the most extravagant, that ever was made in the course of any negotiation. It was peremptorily required of him, that he should, in twenty-four hours, deliver in a statement of the final terms to which his court would in any case accede. Having declined compliance with this demand, and explained the reasons which rendered it inadmissible, but at the same time ex-` pressed his readiness to discuss the proposal he had conveyed, he received no other answer, but an abrupt command to quit Paris within forty-eight hours.

It was therefore necessary that all Europe should understand, that the rupture of the negotiation did not arise from the failure of any sincere attempt on the part of France; but, from the determination of that government to reject all means of peace, by the obstinate adherence to a claim which never could be admitted; a claim which that government rested on the constitution of its own country, to be received by all nations as paramount to every principle and law in Europe, as superior to the obligations of treaties, the ties of common interest, and the most urgent considerations of general security.

"On these motives it was, that the further effusion of blood, the con

E 2

tinued

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