188 ENGLAND. 



From the report of the committee, in 1773, appointed by parliament 

 on Indian affairs, it appears that the India company, from the year 

 1708 to the year 1756, lor the space of forty-seven years and a half, 

 divided the sum of 12,000/. or above 280,000/. per annum, which, on 

 a capital of 3,190,000/. amounted to above eight and a half per cent, 

 and that at the last-mentioned period it appeared, that, besides the 

 above dividend, the capital stock of the company had been increased 

 180,000/. 



The revenues of the countries ceded to the company by Tippoo 

 Sultan, were stated in 1793 at 390,000/. and the future revenues of 

 the British possessions in India were estimated at nearly 7,000,000/. 

 leaving a net surplus, after deducting the interest on the debts in In- 

 dia, and the civii, military, and commercial charges, of 1,059,000/. per 

 annum. The annual sales of India goods in Europe were estimated 

 at nearly 5,000,000, which exceeds the prime cost and charges by 

 743,600/. and the net surplus on the whole of the revenues and trade 

 of the East-India company, after paying 8 per cent, divided on the 

 capital stock of 5.000,000/. is estimated at 1,239,241/. per annum. 



In July, 1797, Mr. Dundas stated the total amount of the foreign 

 revenues at 8,154,872/. and the charges upon them at 6,517,057/, 

 leaving a net surplus of 1,637,815/. He at the same time stated the 

 amount of the receipts and sales of the company at home, at 

 7,316,916/. Since that time the wealth and trade of the company 

 have considerably increased. 



South-Sea company.. ..This company was established under the 

 reign of queen Anne, and incorporated under ihe title of " The Go- 

 vernor and Company of Merchants of Great Britain trading to the 

 South Seas, and other Parts of America, and for encouraging the 

 Fishery," Sec. 



The company at first set out with good success ; and the value of 

 their stock for the first five years, had risen faster than that of any 

 other company ; and his majesty, after purchasing 10,000/. stock, had 

 condescended to be their governor. Things were in this situation, 

 when the South-Sea bubble was projected ; the pretended design of 

 which was, to raise a fund for carrying on a trade to the South-Sea, 

 and purchasing annuities, &c. paid to the other companies : and pro- 

 posals were printed and distributed, showing the advantages of the 

 design, and inviting persons into it. The sum necessary for carry- 

 ing it on, together with the profits that were to arise from it, were 

 divided into a certain number of shares, or subscriptions, to be pur- 

 chased by persons disposed to adventure therein. And the better to 

 carry on the deception, the directors engaged to make very large di- 

 vidends, and actually declared that every 100/. original stock would 

 yield 50/. per annum ; which occasioned so great a rise of their stock, 

 that a share of 100/. was sold for upwards of 800/. This was in the 

 month of July; but before the end of September it fell to 150/. by 

 which multitudes were ruined, and such a scene of distress occa- 

 sioned as is scarcely to be conceived. Most of the directors were 

 severely fined, to the loss of nearly all their property ; even those 

 Who had no share in the deception, because they ought, to have op- 

 posed and prevented it. 



This company is under the direction of a governor, sub-governor 8 

 deputy-governor, and twenty-one directors ; but no person is quali- 

 fied to be governor, his majesty excepted, unless such governor has, 

 in his own name and right, 5000/. in the trading stock ; the sub»go- 



