A. D. 1767. 465 



cinded ; and thofc, who had Ipeculated largely in India l\ock upon ihc 

 hopes of a further increafe, were grievoufly difappointed. 



In fupport of the ftrong meafure of reducing the dividend, it was ar- 

 gued, that the company ought to diicharge all their debts, before they 

 pretended to enlarge their dividends, and that the expectation of large 

 dividends would introduce a boundlefs and ruinous fpirit of gambling. 

 On the other hand it was obferved, that no commercial company can 

 ever be entirely free from debt, but that the company polTefTed abun- 

 dant funds for the difcharge of every demand ; of which their creditors 

 were fo well aflured, that inftead of exprefling any anxiety for their pay- 

 ment, as parliament was doing for them, they fliowed, by the premium 

 they demanded for parting with the company's bonds, that at Icafl: a 

 majority of them were rather unwilling to receive payment : and finally, 

 that to exprefs a doubt of the company's ability to pay their debts, and 

 at the fame time to demand from them an annual payment, much larger 

 than the whole of their dividends, was at leaft vei-y inconiill:ent. The 

 bill was not carried through parliament without very keen oppofuion in 

 both houfes,many members infifting that the objections to the dividend 

 of 12^ percent per annum, which was legally voted by the proper 

 court, were entirely without foundation, and exceedingly injurious to 

 thofe who had occafion to fell ftock ; and the meafure was moreover 

 highly exceptionable, as being an ex pojlfaclo law, which in its confe- 

 quences would be very injurious to private property, and alarming to 

 public credit. 



The company, when they found themfelves in the hands of a power, 

 with whom they could not deal on the equal terms of accepting, or re- 

 jedting, a propolal, and with whom they could far lefs contend, had pre- 

 fented to parliament a petition, containing two propofitions, one of 

 which, they hoped, would be accepted. 



By the firft, the company requelted government to grant them fome 

 advantages refpeding the inland duties on their teas, and a drawback on 

 the exportation of them to Ireland and the colonies, and fome others 

 refpeding raw filks, calicoes, muflins, the recruiting fervice, and mi- 

 litary {tores. And they propofed in return, that, after deducting 

 /j400,ooo a-year, in lieu of the company's former commercial profits, 

 the net produce of the remaining revenues and trade, after deduding 

 all charges, fliould be equally divided between the government and the 

 company, provided the company's property in the new acquifitions con- 

 tinued tor three years. 



Jiy the fecond, the company offered, npon the fame terms, to pay to 

 government for three years, the fpecific fum of /^400,ooo a-year in half- 

 yearly payments, and to indemnify the revenue for any lols that might 

 proceed trom the advantages they required xn the tea trade, if the ad- 

 vanced conlumption of it, taken on an average of five years, fliould not 



Vol. III. 3 N 



