A. D. 1773- 539 



prices of the bufhel of wheat including baking, and of the Correfponding 

 prices of bread. [i^Gfo. Ill, r. 62.] 



Whether this is an ufeful meafure of poUcy, or not, is a queftion, on 

 both fides of which much has been faid. 



For feveral years bypafl the affairs of the Eafl-India company had 

 appeared to be in a very profperous condition, and they had thence 

 been encouraged to raife their dividends to twelve and a half per cent i 

 the highefl they were by law empowered to make fuice the interference 

 of government in their concerns, and indeed the highefl: that had been 

 ever made fmce the union of the old and new companies. The vaft 

 amount of their commercial and territorial revenues gave them a pleaf- 

 ing profpecl of the peiTnanency of their profperity, and flattered them, 

 that, notwithftanding the heavy prefTure of the annual fum paid to go- 

 yernment, they would foon be enabled to reduce their debts within 

 very moderate bounds, But thele fplendid profpeds foon vanifhed : 

 for it now appeared, that the prodigious increafe of their revenue and 

 authority in India had encouraged many of their fervants there in in- 

 numerable ads of mifcondud, profufion, and oppreflion. Since the year 

 1765 the company's annual expences had increafed from £700,000 to 

 ^i ,700,000. They paid almoft ;^2, 000,000 every year to government in 

 cufl:om-houfe duties*, and the indemnity ftipulated to be paid for the de- 

 ficiency of the revenue on tea by the redudion of the dutyf, together with 

 the tribute, or compofition, for the territorial revenue. 13y thefe means 

 government had in the lafl: five years reaped extraordinary emoluments 

 from the company, beyond thofe of former years, to th6 amount of 

 >C3, 1 95,000 ; while they themfelves, though their mercantile profits had 

 in thefe five years averaged ;i^464,ooo annually, had received altogether 

 in their dividends fcarcely ^^900,000 above fix per cent upon their 

 capital ; whereas their trade alone, independent of their territorial reve- 

 nue, was capable of affording a dividend of twelve and a half per cent. 

 The great territorial revenue was reduced to a comparatively fniall fum 

 by the payment of the rent to the Great mogul, the penfions to the no- 

 minal nabob of Bengal and his officers, the lupport of the civil eftablifh- 

 ment, of a military eftablidiment of near 30,000 men, and, perhaps 

 above all, by the profuie expenfcs of colledion. The pretious metals in 

 Bengal, though formerly abundant, being the acquifition of induftry, 

 not the produce of native mines, could not hold out againfl; fuch drains 

 as the annual remittances to England, and the inveflments to China, 

 which had of late been regularly furnillied from tliat province, to fay 



• On the 9" of Dtcembcr 1772 tlie company by this I'nJcmnity not left than ^(,000,000, of 



paid ;^Z05,468 : o : 8 in one payment at tlic cuf- which the government received ^yoCjOCO, and 



tom-houfc for duties on goods impuited under the confumers had the benefit of the rcrooining* 



their bond. ^300,000 iu the reduced prices of tea. 



t It WM calculated, that the coin]>any had loft 



