adopted by regarding A.D. 1833. to such regulations as parliament shall enact for the protection of the commercial and political interests of this country. 2 That it is expedient that, in case the East India Company shall transfer to the crown, on behalf of the Resolutions Indian territory, all assets and claims of every description belonging to the said parliament Company, the crown on behalf of the Indian territory shall take on itself all East India the obligations of the said Company, of whatever description, and that the Company said Company shall receive from the revenues of the said territory such a sum, and paid in such a manner, and under such regulations, as parliament shall enact. 3. That it is expedient that the government of the British possessions in India be intrusted to the said Company, under such conditions and regulations as parliament shall enact, for the purpose of extending the commerce of this country, and of securing the good government, and promoting the religious THE COURT OF PROPRIETORS, EAST INDIA HOUSE. - From an original drawing by J. L. Williams. and moral improvement of the people of India." It is so remarkable as to be not undeserving of record, that these resolutions, though involving the future government of India, and the consequent condition of its myriads of inhabitants, were passed almost without discussion, and awakened so little interest that a very large majority of the members of the House of Commons did not even deign to be present. Adverting to the fact a few weeks afterwards, the late Lord Macaulay thus expressed himself:-"The house has neither the time, nor the knowledge, nor the inclination to attend to an Indian budget, or to the statement of Indian extravagance, or to the discussion of Indian local grievances. A broken head in Coldbath Fields excites greater interest in this house than This apartment was formerly the tea sale-room. In niches were statues of Lord Clive, Warren Hastings, Sir Eyre Coote, General Stringer Lawrence, the Marquis Cornwallis and the Marquis of Wellesley, Sir George Pococke, and, subsequently to his death, the Duke of Wellington. three pitched battles in India ever would excite. This is not a figure of speech A.D. 1833. but a literal description of fact, and were I called upon for proof of it, I would refer to a circumstance which must be still in the recollection of the house. When my right honourable friend Mr. Charles Grant brought forward his important propositions for the future government of India, there were not as many members present as generally attend upon an ordinary turnpike bill." bodying adopted by The resolutions adopted by the House of Commons were, on the 5th of July, Bill emintroduced to the House of Lords by the Marquis of Lansdowne. He could resolutions enter more fully than Mr. Grant had done into the particulars of the measure, House of as the bill, embodying all its provisions, had been laid on the table of the House Commons. of Commons, and read a first time on the 28th of June. The discussion which followed was remarkable chiefly for the opposition which the resolutions, and the government plan generally, received from the Duke of Wellington, and the contrary view taken by his brother, the Marquis of Wellesley, who, though unable from indisposition to attend in his place, had authorized the Marquis of Lansdowne to express his entire concurrence in them. The first reading of the bill in the House of Commons had been merely formal, but on the 10th of July, when the second reading was moved, an attempt was made to delay further procedure by the following amendment:-"That the confiding the political administration of our East India possessions, with the interests of 100,000,000 of people, to the direction of a joint-stock company, and taxing the natives of those countries for the payment of the dividends of a mercantile concern to the constantly varying holders of East India stock, is a question involving too many important considerations to be hastily decided on, more especially for so long a term as twenty years; and that, as the other business of the session is already more than sufficient to occupy the whole time and attention of the legislature to bring it to a satisfactory completion, it is expedient that a short bill be passed for the opening of the trade with China in April, 1834, and that all the arrangements which may be thought desirable for the administration of India should be deferred till next session." This amendment was feebly supported. While the bill was in committee motions were made to limit the term of the Company's government to ten years, to prevent proposed changes in the constitution of the presidencies, to restrict the legislative power given to the governor-general in council, and to prohibit any extension of the ecclesiastical establishment; but these, with various others of minor moment, found little favour, and the bill came out of committee with its features almost unaltered. The third reading was fixed for the 26th of July, but three days previously the directors applied for a postponement. Several of their suggestions, particularly that of giving a right of appeal, or at least of publicity, in the event of a difference of opinion between the court and the board, had been unceremoniously rejected, and they had therefore summoned a court of proprietors for the purpose of considering whether they ought not to bodying of House of A.D. 1833. present a petition to parliament stating their objections to the bill as it now stood. Ministers declined to postpone the third reading, but the proprietors Bill em- agreed to a petition, objecting particularly to the absence of any provision for resolutions reporting differences between the board and the court to parliament, to the Commons changes in the constitution of the subordinate governments, to the erection of regarding a fourth presidency at Agra, to the extension of the ecclesiastical establishment, Company and to the expense needlessly incurred in the maintenance of the college at Haileybury. They prayed to be heard by counsel in support of these objections. This was refused, mainly on the ground that the application was too late, and the third reading passed. East India the bill. Resolutions of court of directors. The bill transmitted to the House of Lords was read a first time on the 29th of July, and a second time on the 2d of August. When about to be committed on the 5th, the proprietors again presented their petition, and Progress of prayed to be heard by counsel. The application was refused as before, but Lord Ellenborough, who led the opposition, and was seconded by the Duke of Wellington, moved, "that it be an instruction to the committee to omit all such clauses in the bill as relate to alterations in the constitution and powers of the governments of the several presidencies of India." This motion having been rejected, the bill made rapid progress in committee, and was reported on the 9th of August. Before the third reading was proceeded with, a short delay took place to allow the court of directors and proprietors to decide on the course which they were to pursue. They had made appearance in both houses as petitioners against the bill, and as their objections had not been obviated, it was possible that they might decline to part with their assets and accept of the government of India on the terms offered. On the 12th of August the court of directors adopted, in opposition to a strong dissent by both the chairman and deputy, the following resolution:-"That the East India bill having arrived at its last stage in the House of Lords, it becomes the duty of the court of directors to submit to their constituents a final opinion regarding the bill as it now stands; and while the court are still impressed with the belief that the cessation of the Company's trade will greatly weaken its position in this country, and consequently impair its efficiency in the administration of the government of India—whilst, also, they regard with much anxiety the increase of powers given by the said bill to the board of commissioners for the affairs of India, and greatly regret that parliament has not provided some rule of publicity to act as a salutary check both upon the board and the court; and whilst, further, the court entertain the most serious apprehensions of the injurious effect upon the finances of India, which must result from the loss of the trade as a source of direct profit, and as a safe and beneficial channel of remittance, and from the new charges which the bill imposes-yet, reviewing all the correspondence which has passed with his majesty's ministers on this subject, trusting that the extensive powers of the board will be exercised with of court of regarding moderation, and so as not to interfere with the independence of the Company A.D. 1833. as a body acting intermediately between the king's government and the government of India, which independence all parties have admitted it to be of vital Resolutions importance to maintain; and relying with confidence that parliament will directors interpose for the relief of any financial difficulties into which the Company may India bill. unavoidably be cast through the operation of extensive changes which the bill proposes to effect-the court of directors cannot do otherwise than recommend to the proprietors to defer to the pleasure expressed by both Houses of Parliament, and to consent to place their right to trade for their own profit in abeyance, in order that they may continue to exercise the government of India for THE COURT OF DIRECTORS, EAST INDIA HOUSE. -From an original drawing by J. L. Williams. passed. the further term of twenty years, upon the conditions and under the arrange- The bill ments embodied in the said bill." The opinion of the proprietors, ascertained by a ballot taken on the 16th of August, was in accordance with that of the directors. This seems to have been regarded so much as a matter of course, that a mere fraction of the proprietors recorded their votes, the numbers being 173 against 64. On the same day when this ballot was taken, the bill was read a third time, and on the 28th of August it received the royal assent. It ranks in the statute-book as 3 and 4 Wm. IV. c. 85, and is entitled, "An Act for effecting an arrangement with the East India Company, and for the better government of his Majesty's Indian territories, till the 30th day of April, 1854.” 1 This apartment is an exact cube of thirty feet, and the wainscotting being rich dark brown, and much enriched with gilding, and there being several large looking-glasses, the general appearance of the room is very cosy. The marble mantlepiece, sup ported by caryatides, boldly sculptured, represents merce. A.D. 1833. sections of bill. Though the general purport of this important act has already been explained, a brief analysis of its leading provisions seems still to be required. It Leading consists of 117 sections; but as many of these merely recapitulate former new India arrangements, or relate to points of which it is unnecessary to take particular notice, the analysis may be made without entering much into detail. The first section, after a recital of the Act 53 Geo. III. c. 155, which renewed the charter now about to expire, enacts, that from and after the 2d of April, 1834, all "territories now in possession and under the government of the said Company, except the island of St. Helena, shall remain and continue under such government," and that all "real and personal estate whatsoever" belonging to the Company at the above date, shall be held "by the said Company, in trust for his majesty, his heirs and successors, for the service of the government of India, discharged of all claims of the said Company to any profit or advantage therefrom to their own use, except the dividend on their capital stock secured to them as hereinafter is mentioned." By section 2 all rights, powers, and privileges, "whether military or civil," heretofore granted and not repealed, nor repugnant to the present act, are to remain intact with the Company. Section 3 enacts that "the exclusive right of trading with the dominions of the Emperor of China," continued to the Company by 53 Geo. III. c. 155, "shall cease;" and section 4, that the Company "shall, with all convenient speed, after the said 22d April, 1834, close their commercial business, and make sale" of all their "property whatsoever, which may not be retained for the purposes of the government of the said territories." Sections 5-10 inclusive, regulate the mode of winding up the commercial business, provide for the granting of reasonable compensations and allowances to persons whose interests may be affected by the discontinuance of the Company's trade, and charge all the actual debts of the Company, as well as those which shall henceforth be lawfully contracted on account of the government of India, on its revenues, declaring “that neither any stock or effects which the said Company may hereafter have to their own use, nor the dividend by this act secured to them, nor the directors or proprietors of the said Company, shall be liable to or chargeable with any of the said debts, payments, or liabilities." Rate and payment of dividend. Section 11 fixed the rate and payment of dividend, by enacting that out of the territorial revenues there shall be paid to, or retained by the Company, to their own use, a yearly dividend, payable in Great Britain by equal half-yearly payments, "after the rate of £10, 10s. per cent. on the present amount of their capital stock." This "present amount," as originally subscribed and successively augmented by a series of statutes, was exactly £6,000,000 sterling, but as it bore interest at 10 per cent., and was declared by section 12 not to be redeemable by parliament till the 30th of April, 1874, on payment of £200 for every £100 of stock, the real value as thus determined by the sum payable in the event of redemption was £12,000,000. This sum might by section 13 be |