A. D. 1781. 693 



* court of JLiftice ! let the court of juftice remain upon the earth, or the 

 ' earth cover it !' 



The gov<;rnor and council declared in their petition, that, if they had 

 not adcd as they did, the interefls of the Eaft-India company, and'thofe 

 of the Britifh nation, infeparably conneded with them, mull have been 

 abfolutely ruined. And, as they had been compelled by the urgency of 

 the cafe to take fteps, which were irregular, they requefted an act of 

 indemnity for themlelves and others, who had adcd under their au- 

 thority. 



It was very evident to every perfon, that fuch a ftate of affairs m 

 Bengal, wherein neither the European nor the native inhabitants could 

 pofTibly know, to which of the two contradictory powers, both of whom 

 they were bound by law to obey, they fhould yield obedience, covdd 

 not continue long : and it was univerfally agreed, that a change was in- 

 difpenfibly necellary. 



In the meantime the attention of the minifter was turned upon the 

 agreement to be made with the company for the renewal of their char- 

 ter, which was now approaching to the end of its term. But the con- 

 ditions he propofed were ftill thought fo exorbitant by the company, 

 that there appeared no prolpecl of any cordiiil accommodaiion taking 

 place : and it was even repeatedly propofed in their meetings, that, 

 rather than comply with fuch demands, they fhould difpofc of all their 

 property at home and abroad, diflblve their partncrlhip, and rell their 

 claims on the decifion of a court of juftice. 



May 23'' — When the confideration of the renewal of the charter 

 was again refumed in the houfe of commons. Lord North ftrenuouHy 

 infifletl, that the company Ihould pay to the public ^^600, 000 as a com- 

 pofition for three fourths of the furplus of the net revenues over the 

 dividend of eight per cent, which, he alleged, belonged to the public. 

 But Mr. llulley made it apparent, from a ftatement he laid before the 

 houfe, that the commercial and territorial revenues taken together, upon 

 an average of fi.xteen years pafl, had amounted only to fixteen per cent, 

 ulne of which proceeded from the company's commerce, and conlequent- 

 ly there were qx\\^ fcven remaining of that part of the profits, to which 

 the public could form any prctenfions. 



July 18"' — After many debates in parliament, and in the India houle, 

 the affairs of the company at home and abroad were fettled by two ads 

 of parliament in the following manner. 



It was agreed, that the Eaft-hidia company Hiould pay into the ex- 

 chequer the fum of ;^400,ooo by four inflallments in the courle of tliis 

 year, as a full compenlation for all claims the public might have upon 

 ihem from the time that their bond debt was reduced to /. 1,500,000 to 

 the 1" of March 1781. The company's exclufive trade, and the pof- 

 feiTion of their territorial acquifiiions, were thereupon continued to 



3 



