COM 
vious to March I, 1781. But it was provided that, after 
payment of a yearly dividend of eight per cent, to the 
holders of India ftock, the furplus of all the net proceeds 
of their trade and revenues (hould be applied, three-fourths 
to the ufe of the public, and the remaining one-fourth to 
the ufe of the company. The debts incurred by the com¬ 
pany, in the wars fublifting in India at and after that pe¬ 
riod, prevented any fuch furplus from arifing; and there¬ 
fore no participation of revenue took place under this 
aft. On the contrary, the prelfure of thole debts, and the 
cotnpulfory claules of an aft of 17S4, by which the com¬ 
pany were obliged to keep a ftock of teas always in their 
warehoufes, fufficient for one year’s conlumption, ren¬ 
dered it neceftary for them to enlarge their a flu si trading 
capital, by new 1’ubfcriptions to five millions of pounds, 
for which they had the fanftion of parliament granted 
them by flat. 26 Geo. III. c. 62. In 1783, the public 
agreed to forego any participation of the funds of the 
company, until certain debts fhould be dilcharged ; and, 
by the relief-aft of 178+, the participation, as fettled in 
1781, was to be refumed as foon as the debts therein fpe- 
cified were paid, and the bond debt reduced to a million 
and a half. 
The mode of conducting the Eaft-India bufinefs is as 
follows : the books of the company are at all times open 
for the admiflion of every defcription of perfons, natives 
or foreigners, who may defire to become members, and 
have money to adventure. It knows no diltinftion of 
profeffions, religions, or even fexes, and in the general 
courts there is the raoft perfeft equality; every one pre- 
fent has the fame right with another to fpeak his fenti- 
ments and-give his advice. A difference is made only in 
voting, which, when taken by the holding up of hands, 
requires five hundred pounds Itock ; and, when by ballot, 
one thoufand pounds ftock for a fingle vote, three thou- 
fand pounds for two votes, fix thoufand pounds for three 
votes, and ten thoufand pounds for four votes, which is 
the largeft number of votes any member is allowed to 
polfefs; two thoufand pounds ftock qualifies any member 
to become a candidate for the office of a direflor or chair¬ 
man. In the beginning of the year 1794, the number of 
votes was about one thoufand feven hundred ; that of ac¬ 
tual voters, however, not much exceeding one thoufand 
four hundred. A proprietor of ftock to the amount of 
one thoufand pounds, whether man or woman, native or 
foreigner, has a right to give a vote in the general courts. 
The directors are twenty-four in number, including the 
chairman and deputy-chairman, who may be re-elefted in 
turn, fix each year for four years fucceffively. The meet¬ 
ings, or courts of directors, are to be held at leaft once a- 
week, but are commonly oftener, being fummoned as oc- 
cafion requires. Out of the body of diredtors are chofen 
ieveral committees, who have the peculiar infpeCtion of 
certain branches of the company’s bufinefs ; as the com¬ 
mittee of correfpondence ; committee of buying; com¬ 
mittee of treafury j houfe committee; committee of ware- 
lioufe; committee of fhipping; committee of accounts; 
committee of law-fuits; committee to prevent the growth 
of private trade ; and a committee of fecrecy. 
The bulk of the company’s exports confifts of camblets, 
cloth, and other woollens; metals, (particularly tin, lead, 
and copper;) naval and military ltores; and filver in 
bullion. The company referved to themfeives the ex- 
clufive export of cloth, woollens, copper, bullion, and mi¬ 
litary ftores; and alfo clocks, toys, and other articles or¬ 
namented with jewels. Other articles exported from hence 
are chiefly purchafed in India by Europeans for then- 
own conlumption, and are carried abroad (in what is 
called private trade) by the commanders and officers of 
the company’s fhips. The company may licence whom 
they pleafe to trade in the Ealt Indies. The officers and 
fubprdinatgs of their (hips, being thirty in number for 
every (hip, are allowed the benefit of it, both in export 
and import, according to their different ranks. This is 
called private trade ; and what they pay for this perniif- 
Vpt. IV, No. 246. 
’ANY. 877 
fion, and in lieu of freight, is called company's duties, and 
forms an article of the company’s profits. The fervants 
abroad are alfo frequently permitted to remit home their 
fortunes in merchandize, for which they pay a freight to 
the company. This latter trade is diftinguiffied from the 
former by the name of privileged trade. Befides this, 
abundance of Britiffi goods are lent to India by illicit 
trade carried on direftly from Great Britain ; and all'o by 
clandtftine trade from various parts of Europe, in Britiffi 
ffiips under foreign colours. The goods imported by the 
company from India, confift chiefly of muflins, callicoes, 
and other piece goods, raw filk, cotton, indigo, pepper, 
faltpetre, opium, and various forts of drugs; and from 
China, tea, coffee, and japan and china-ware ; the other 
articles are comparatively of a trifling value. Sugar has 
occafionally been imported in fmall quantities, which ap¬ 
pear to be annually increafing. The whole average amount 
of the cuftoms and inland duties on the import trade of 
India and China to Great Britain, may be eftimated at 
upwards of a million per annum ; and the fale amount 
thereof at nearly fix millions per annum. 
The temporary rights of the company confift, r. Of 
the l'ole and exclufive trade with India, and other parts 
within the limits already dtJcribed j fo that none other 
of the king’s fubjebls can go thither or trade there except 
it be by leave of the company, or purfuant to the direc¬ 
tions of 33 Geo. III. c. 52. 2. They have the adminiftra- 
tion of the government and revenues of the territories in 
India, acquired by their conquefts during their term in 
the exclufive trade, fubjedl, neverthelefs, to the various 
checks and reftridlions contained in thofe Ieveral llatutes 
which velt that adminiftration in them. The rights which 
the company poffefs in perpetuity, are, to be a body cor¬ 
porate and politic, with perpetual fucceffion. 3 Geo. II. 
c. 14. 17 Geo. II. c. 17. 21 Geo. III. c. 65. To putchafe, 
acquire, and difpofe at will, of lands and tenements in 
Great Britain. In their charter of 10 Will. III. the va¬ 
lue in Great Britain was not reltridfed ; but, by 3 Geo. II. 
c. 14. the value therein is not to exceed ten thoufand 
pounds per annum. By the charter of king William, lo 
make fettlements to any extent, within the limits of their 
exclufive trade; build forts and fortifications; appoint 
governors; eredt courts of judicature; coin money; raife, 
train, and raufter, forces at fea and land; repel wrongs 
and injuries; make reprifals on the invaders or difturbers 
of their peace; and continue to trade within the lame 
limits, with a joint ftock, for ever, although their exclu¬ 
five right of trading ffiall he determined by parliament, 
Thefe rights, it appears, the company hold under the im¬ 
mediate authority of parliament; they embrace all thofe 
of the old chartered company which fublifted from the 
year 1600 to 170S, when, as lias been already obferved, 
they became veiled or abforbed with all their fortreffes, 
fettlements, aad factories, and other property, real and 
perfonal, in the prelent united company. They are a 
perpetual corporation; and, although their exclufive right 
to the trade, and their power of adminiftering the govern¬ 
ment and revenues of India, were to be determined, they 
would ltill remain an incorporated company in.perpetui¬ 
ty ; with the exclufive property and poifeffion of Calcutta 
and Fort William, Madras and Fort St. .George, Bom¬ 
bay, Bencoolen, and St. Helena, and various other lettle- 
ments and landed eftates in India; and alfo a right of 
trading thither with a joint ftock, together with all their 
repofitories and other conveniences adapted to their com¬ 
merce and the prel'ervation of their merchandize, both 
abroad and at home. The only privileges they can be 
conllitutionally deprived of, are, thofe of trading to the 
cxclufion of others, and of governing the countries and 
colledfing.and appropriating the revenues of India. 33 
Gea.. III. c. 52. 
The other ftatutes now in force relative to the trade 
and concerns of the Eaft-India company, are, 9 & 10 
Will. III. c.44. by which perlons trading to the Eaft In¬ 
dies arc firlt to give fecuritv for caufing all goods laden 
jo O on 
