EAST INDIA COMPANY

been 80 long monopolized by the East India Company. But this will not explain the small surplus of Indian revenue; for, however ill fitted to serve as a commercial engine, the East India Company has governed India with singular discretion; and has made the most praiseworthy efforts to enforce economy in all departments of the administration, and to appoint the best men to all situations of power and emolument in that country. The patronage of India has always been le jobbed and abused than that of Flngland; and there are few governments that have made more vigorous exertions to repre abuse, and to protect the rights of their subjects. Under the act 3 & 4 W. 4. c. 85., to which we have alluded above, for continuing the charter till 1854, the functions of the East India Company have been rendered wholly political. She is to continue to govern India, with the concurrence and under the supervision of the Board of Control (see Control, Board of) nearly on the plan laid down in Mr. Pitt's act, in 1784, by which the Board of Control was constituted. All the real and personal property belonging to the company on the 22d of April, 1834, is vested in the crown, and is to be held or managed by the company in trust for the same; subject, of course, to all claims, debts, contracts, . already in existence, or that may hereafter be brought into existence by competent authority. The company's debts and liabilities are all charged on India. The dividend, which is to continue at 10^ per cent., is to be paid in England out of the revenues of India; and provision is made for the establishment of a security fund for its discharge. The dividend may be redeemed by parliament, on payment of 200/. for 100/. stock, any time after April, 1874; but it is provided, in the event of the company being deprived of the government of India in 1854, that they may claim redemption of the dividend any time thereafter upon 3 years' notice. (3 & 4 Will. 4. c. 85.) Company''s Stock — forms a capital of 6,000,000/., into which all persons, natives or foreigners, males or females, bodies politic or corporate (the Governor and Company of the Bank of England only excepted), are at liberty to purchase, without limitation of amount. Since 1793, the dividends have been 10^ per cent., to which they are limited by the late act. General Courts. — The proprietors in general court a embled are empowered to enact by-laws, and in other respects are competent to the complete investigation, regulation, and control of every branch of the company's concerns; but, for the more prompt despatch of busine , the executive detail is vested in a court of directors. A general court is required to be held once in the months of March, June, September, and December, in each year. No one can be present at a general court unle po e ed of 500/. stock; nor can any person vote upon the determination of any question who has not been in po e ion of 1000/. stock for the preceding 12 months, unle such stock have been obtained by bequest or marriage. Persons po e ed of 1000/. stock are empowered to give a single vote; 3000/. are a qualification for two votes; 6000/. for three votes; and 10,000/. and upwards for four votes. There were 2003 proprietors on the company's books in 1825; of these, 1494 were qualified to give single votes; 392, two votes; 69, three votes; and 48, four votes. Upon any special occasion, 9 proprietors, duly qualified by the po e ion of 1000/. stock, may, by a requisition in writing to the court of directors, call a general court; which the directors are required to summon ■within 10 days, or, in default, the proprietors may call such court by notice affixed upon the Royal Exchan^. In all such courts the questions are decided by a majority of voices; in case of an equality, the determination must be by the treasurer drawing a lot. Nine proprietors may, by a requisition in writing, demand a ballot upon any qaestion, which shall not be. taken within 24 hours after the breaking up of the general court. Court of Directors — The court of directors is composed of 24 members, chosen from among the proprietors, each of whom must be po e ed of 2000/. stock; nor can any director, after being chosen, act longer than while he continues to hold stock. Of these, 6 are chosen on the second Wednesday in April in each year, to serve for 4 years, in the room of 6 who have completed such service. After an interval of 12 months, those who had gone out by rotation are eligible to be re-elected for the ensuing 4 years. Formerly, no person who had been in the company's civil or military service in India was eligible to be elected a director until he had been a resident in England two years after quitting the service; but this condition no longer exists; and all civil or military servants of the company in India, supposing they are otherwise eligible, may be chosen directors immediately on their return to England,provided they have no unsettled accounts with the company; if so, they are ineligible for 2 years after their return, unle their accounts be sooner settled. (3 & 4 Will. 4. c. 85. § 28.) The directors choose annually, from amongst themselves, a chairman and a deputy-chairman. They are required by by-laws to meet once in every week at least; but they frequently meet oftener, as occasion requires. Not le than 13 can form a court. Their determinations are guided by a majority. In case of an equality, the question must be decided by the drawing of a lot by the treasurer: upon all questions of importance, the sense of the court is taken by ballot. The company's officers, both at home and abroad, receive their appointments immediately from the court, to whom they are responsible for the due and faithful discharge of the trust reposed in them. The patronage is, neverthele , so arranged, as that each member of the court separately participates therein. Secret Committee. — The principal powers of the court of directors are vested in a secret committee, forming a sort of cabinet or privy council. All communications of a confidential or delicate nature between the Board of Control and the company are submitted, in the first instance at least, to the consideration of this committee; and the directions of the board, as to political affairs, may be transmitted direct to India, through the committee, without being seen by the other directors. The secret committee is appointed by the court of directors, and its members are sworn to secrecy. The territorial po e ions of the East India Company are divided into the three presidencies of Bengal, Madras, and Bombay, at each of which the executive government is administered by a governor and three councillors, the governor of the Bengal presidency being at the same time governor-general of India. In their several presidencies, the governors and their councillors po e the privilege of enacting and enforcing laws; subject, however, in some cases, to the concurrence of the supreme court of judicature, and, In all cases, to the approval of the court of directors and the board of control. We copy the following tables of Revenue, . from Mr. M'CuUoch's Statistics, vol. ii. p. 619. An Account of the Total Annual Revenues and Charges of the British Po e ions in India under the East India Company, from 1809-10 to 1829-30; showing also the Nett Charge of Bencoolen, Prince of Wales Island, and St. Helena, the Interest paid on account of Debts in India, and the Amount of Territorial Charges paid in England. — (Pari. Papers, No. 22. Se .1830, and No. 306. Se .1833.) Years. Total Gro Revenues of India. Total Charges in India. Nett Charge of Bencoolen, . Interest on Debts. Territorial Charges paid in England General Result. Cost of Political Stores. Pensions, . Total. Surplus Revenue. Surplus Charge. 1809-10 1810-11 1811-12 1812-13 1813—14 1814—15 1815-16 1816-17 1817-18 1818-19 1819-20 1820—21 1821-22 1822—23 1823-24 1824—25 1825-26 1826—27 1827—28 1828-29 1829—30 16,464,391 16,679,198 16,605,616 16,459,774 17,228,711 17,231,191 17,168,195 18,010,135 18,305,265 19,392,002 19,172,506 21,292,036 21,753,271 2.3,120,934 21,238,623 20,705,152 21,096,960 23,327,753 22,818,184 22,692,711 21,662,310 13,775,577 13,909.983 13,220,967 13,659,429 13,617,725 14,182,454 15,081,587 15,129,839 15,844,964 17,558,615 17,040,848 17,520,612 17,555,668 18,083,482 18,902,511 20,410,929 22,346,365 21,424,894 41,778,431 19,298,622 18,300,715 203,361 199,663 168,288 201,349 209,957 204,250 225,558 205,372 219,793 210,224 142,019 220,043 207,816 154,761 257,276 279,277 214,285 207,973 272,014 250,794 213,304 2,159,019 2,196,691 1,457,077 1,491,870 1,537,434 1,502,217 1,584,157 1,719,470 1,753,018 1,665,921 1,940,327 1,902,585 1,9.32,835 1,694,731 1,652,449 1,460,433 1,575,941 1,749,068 1,958,313 2,121,165 3,007,693 190,'i28 217,703 154,998 193,784 64.267 129,873 81,903 194,374 81,941 13.3,162 265,055 228,058 202,735 204,147 395,276 414,181 740,728 1,111,792 805,016 449,603 293,873 867,097 901,688 922.770 1,184,976 1,148,156 1,064,223 1,199,952 1,071,176 1,094,701 1,150,378 1,150,391 1,072,106 1,175,149 1,364,960 758,590 1,166.078 1,076,504 1,318,102 1,255,125 1,517,802 1,464,867 L. 1,057,225 1,119,391 1,077,768 1,378,768 1,212,413 1,194,596 1 281.885 1,265,550 1,176,642 1,280,540 1,415,446 1,300,164 1,377,884 1,559,107 1,153,866 1,580,259 1,817,232 2,429,894 2,060,141 1,967,405 1,748,740 L, 681,516 651,182 147,677 1,528,853 730,791 736,530 271,634 1,004,992 310,096 689,152 1,323,305 1,466,164 727,479 3,025,746 4,856,857 2,484,076 3,250,715 945,275 608,142 377 Page 391