pany's dividend to seven per cent. after the discharge of the said loan, until their bond debt shall be reduced to one million five hundred thousand pounds, appears to your petitioners a limitation not founded upon any just calculation of the Company's commercial profits; nor can it with reason be alledged, that it is necessary either to their credit, or that of the public, that they should be so restrained, as the additional dividend of one per cent. contained in the Company's propositions, though an object of considerable consequence to the proprietors, could be no material delay to the reduction of their bond debt.

Your petitioners humbly submit to this Honourable House, that the hardship of this limitation is exceedingly aggravated by a consideration of the great losses which they, as proprietors, have sustained, and the expences they have incurred in acquiring and securing the territorial revenues in India, at the risk of their whole capital, while the public have reaped such great advantages; more especially as they have received repeated assurances from their late chairman, that the intentions of the chancellor of the exchequer were totally different in this respect. Upon the faith of these assurances, the proposals which have been made the ground of the said restrictive resolutions, were of fered by the Company to Parliament; restrictions which they cannot but consider as peculiarly hard upon men who have already suffered so much.

Your petitioners most humbly beg leave to represent to this Honourable House, that the resolution limiting the Company to a term

not exceeding six years, for the possession of their territories in India, appears to be altogether arbitrary, as it may be construed into a conclusive decision against the Company, respecting those territorial possessions, to which they humbly insist they have an undoubted right; a right against which no decision exists, nor any formal claim has ever been made.

That the Company, with all due deference and humility, beg leave to represent to this Honourable House, that they cannot acquiesce in the resolution, whereby threefourth parts of the surplus neat profits of the Company at home, above the sum of eight per cent. per ann. upon their capital stock, should be paid into the Exchequer for the use of the public; and the remaining be applied either in further reducting the Company's bond debt, or for composing a fund, to be set apart for the use of the Company,in case of extraordinary emergencies; because such disposal of their property, otherwise than by their own consent, by a general description, comprehending their trade as well as revenues, does not appear warranted even by the largest pretensions that have been formed against them. And they most humbly represent, that when your petitioners offered a participation in a different proportion of the said surplus, it was in the full assurance that they might freely enjoy the remainder.

That the limitation prescribed by the said resolution, respecting the application of the one fourth part allotted them in such participation, after payment of all their simple contract debts, and after reducing their bond debt to the point [P] 2

of

of credit which this Honourable House has fixed, appears to your petitioners to be subversive of all their rights and privileges, by denying the disposal of their own property, after all their creditors shall be fully secured according to law; that rather than submit to such conditions, (as proceeding from their own consent expressed or implied) they beg leave most humbly to declare to this Honourable House their desire, that any claims against the possessions of the Company that can be supposed to give rise to such restrictions, may receive a legal decision, from which, whatever may be the event, they will at least have the satisfaction of knowing what they may call their

own.

Your petitioners therefore humbly pray, that this, Honourable House will not annex such terms to the loan proposed by the East-India Company, as will tend to weaken the good faith and confidence which the subjects of this country ought ever to have in the justice of the le gislature.

And your petitioners shall ever pray, &c. East-India House, April 30, 1773.

Message from the Committee, appointed by the General Court of the East-India Company, to take the most effectual Measures for opposing a Bill now depending in Parliament, entitled, "A Bill for establishing certain regulations for the better Management of the Affairs of the East-India Company, as well in India as in Europe," to be laid before the Court of Common Council.

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To the Right Hon. the Lord-Mayor, Aldermen, and Commons of the City of London, in Common-Coun cil assembled.

Tthe General-Court of the HE Committee appointed by

East-India Company, to take the most vigorous and effective mea sures for opposing a bill now depending in parliament, entitled, "A bill for establishing certain regulations for the better management of the affairs of the East-India Company, as well in India as in Europe," have unanimously thought it their duty to apprize the city of London of the attack made upon the Company's charter rights by the said bill.

This bill (without regard to the public faith, or to the valuable con sideration paid for the franchises granted in the Company's several charters) is calculated totally to al ter the constitution of the Company at home, and the administration of its presidencies abroad, in order to subject all their affairs, both at home and abroad, to the immediate power and influence of the Crown.

This bill, if it should pass into a law, will, without delinquency charged, or any specific ground of forfeiture assigned, disfranchise above twelve hundred freemen of the Company, who are to be de prived of any vote in the manage ment, directly or indirectly, of any part of their own immediate pro perty. The directors, who, by the still subsisting charter, are elected annually, are to be taken from under the control of their constitu ents, and to be continued for a term of years.

By the first of these operations the proprietary being reduced to a very

N

very

small number, will be rendered more manageable for ministerial purposes; and by the second, the Directors, no longer annually responsible to their constituents, it is to be feared, will become less attentive to their trust, and more under the direction of the treasury, to whom they owe this prolongation of their power.

The whole government of the settlements in India, which by its charter belongs of right to the Company, is by this bill taken from them, and in effect transxferred to the Crown. A general presidency is to be established over all their affairs. The first nomination of the president and his counsellors is to be made in the House of Commons, and the future vacancies are to be filled by the King.

The nomination of judges for India is also vested in the Crown, although the charter of justice has given the appointment of those who exercise judicature in India to the Company.

Notwithstanding that the Company is thus deprived of its fran chise in the choice of its servants, by an unparalleled strain of injustice and oppression, it is compelled to pay such salaries as ministers may think fit to direct to persons in whose appointments, approbation, or removal, the Company is to have no share.

It is not necessary to explain to the city of London the consequence of this subversion of the Company's charter, and the subjection of all its great concerns to the immediate authority of the Crown, nor to state with what facility those principles and those powers, which are used to

justify and to effect the ruin of the Company's independence, may be applied to destroy the independence of the city of London itself, and of every other corporate body in the kingdom.

The Company have never been called to answer for any abuse of the franchises which are attempted thus violently to be taken away from them; much improper invective has been employed, but no specific accusation has been stated. If they were not certain, that with merits evident to the world, they were able fully to refute the calumnies of their enemies, they would not think themselves worthy the support of a body, representing the most illustrious city in the world, whose concurrence in oppo sition to this bill they think it their duty to request.

The city of London have a com mon cause in the preservation of charter rights and privileges, and a peculiar interest in the prosperity, of the Company, which having the seat of its operations fixed in this great metropolis, has contributed in no mean degree to its opulence and power.

Whatever the fate of this appli cation may be, they have the satis faction of knowing that they have not been wanting to guard against the danger, and in time to warn others against an attempt which may be of the most fatal consequence to the commerce, the laws, and the liberties of their country.

Signed by H. C. BOULTON, Chairman of the Committee..

EDWARD WHEELER.

To the Hon. the Commons of Great

Britain in Parliament assembled. The humble Petition of the LordMayor, Aldermen, and Commons of the city of London, in Common-Council assembled,

Sheweth,

THAT this Court having taken into their most serious consideration a bill now depending in parliament, entitled, A bill for establishing certain regulations for the management of the affairs of the EastIndia Company, as well in India as in Europe, are of opinion that the said bill is a direct and dangerous attack on the liberties of the people, and will, if passed into a law, prove of the most fatal consequences to the security of property in general, and particularly the franchises of every corporate body in this kingdom; first, by throwing such an accession of power into the hands of the Crown; and, secondly, by destroying, without any legal proceeding, or any just cause, the most sacred right of the subject, purchased for a valuable consideration and sanctified by the most solemn charters and acts of parliament.

That this Court is the more alarmed by these proceedings, as the privileges the city of London enjoy stand on the same security as those of the East-India Company, which are thus attempted to be violated; and as the bill has been brought into the House of Commons with a degree of secresy incompatible with the principles of the constitution in matters of such public concern.

Your petitioners therefore humbly pray this Honourable House, that the said Bill may not pass into a law.

To the Hon. the Commons of Great Britain in Parliament assembled.

The humble Petition of the united Company of Merchants of England trading to the East-Indies.

(Presented May 28.)

Sheweth,

THAT your petitioners observe with great concern, that a bill is now depending in this Honourable House, entitled, A bill for establishing certain regulations, for the better management of the affairs of the East-India Company, as well in India as in Europe; and that the said bill, if passed into a law, will destroy every privilege which your petitioners hold under the most sacred securities that subjects can depend upon in this country. That the appointing of officers by Parliament, or the Crown, to be vested with the whole civil and military authority of the presidency of Bengal, and also the ordering, management, and government, of all the territorial acquisitions and revenues of the Company, in the kingdoms of Bengal, Bahar, and Orissa, together with the other superintending powers over the settlements of Bombay and Madras, independent of any choice in the Company, or any real power of control in the Directors or General Courts of the said Company, or power in the said Company of removing the said officers for misbehaviour, or filling up of vacancies in case of death or avoidance, is a measure so extraordinary, (while the possessions are alledged to remain in the Company) that your petitioners beg leave to call the attention of parliament to this

most