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India Gazette Newspaper Archive: March 15, 1790 - Page 1

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Publication: India Gazette

Location: London, Middlesex

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   India Gazette (Newspaper) - March 15, 1790, London, Middlesex                                Vol. X.] MONDAT, March 15, 1799. [No. 487. TO THE EDITOR OF THE INDIA GAZETTE. SIR, You will oblige a Correfpondent, and many of your Sub-" Icribers, by inferring the accompanying LETTER, is foon as poHlble, in your India Gazette, Akotshirs, Fcbrutry 2.3, 1790. I am, Sir, -Vour obedient Servant, OBSERVER. HE Right cfan Editor has been the Subject, not ofi fition, in its original ambiguity; indeed, it is fcarcely poffible to define that which muft reft on the various circumftances of the times, and the temper pf mind of the community, in a public, as well as private, point of view. Every man muft have experienced, in the in-ftance of himfelf or his acquaintance, the li-Geritioufnefs of a News-paper-A Printer, who is unduly the engine of another, is re-prehenfible for the ill felection of his Subjects; but, fuch errors have fome palliation, com-pared with the intrufion of his own invention. In modern days, fcarce a paragraph appears of a well authenticated fact, but a conclufion is fabricated, or confequences inferred by the Printer, dignified by the addition of we arid us, with flourishes of wild'excreflences from his own fancy. It is difficult, and not within the prefent object, to mark the line of conduct for an Editor j a radical cure of the evil complained of cannot, therefore, be expected'; but point- house of commons. JULY \6th, 1789. Hafy Sketch ofTejler day's Bufinefs, report of commjtteb-on east india petition. As foon as the Report was brought up, Mr. Hujfey rofe and faid, lie had re-examined his calculations, and found them all right. That there were, however, miftakes in the accounts, which the Right Honourable Gentleman who opened the cafe or' the Eaft India Company, as (landing on their Petition, had declared to him in private, he had himfelf discovered, on a revifion of the accounts, fince Monday.- Mr. Hufley then pointed out particular items of the printed accounts that he conceived to be erroneoufly Hated, and mentioned, that fome of the accounts he had moved for himfelf, with a view to bring them more fully not oftener, of difqui-   before the public. After defcanting fome time ,      , -~     .   on the figures that he conceived to be mifta-t       de,erte     ted, he laid, the accounts were made up to anfwer a particular purpofe,  and when he found they did not, the clear refult was, that it was all imaginary, and the Accounts were worth nothing, as no reliance whatever could be placed on them.   Mr. Hufley compared the price of the purchafe of. an annuity of 8 per cent in different Stocks.   If he bought it of the Eaft India Company, it would coft him 170I-IS in the 3 per cent. Confuls. 240I-If in another trading Company, the Bank of England, it would coft him 206I. India Stock, therefore, compared with Bank] Stock, was 36 per cent difcount. Mr. Hufley laid confiderable ftreSs on this circumftance, and confidered it as. a conclusive argument, againft the value of Eaft India Stock, compa-read with other Stocks at market: declaring, that if he had money that he wanted to lay out, it fhould not be in Eaft India Stock. lity.   If any deficiency mould happen, there would be a provifion made to enable the Company to pay their capital at a fum from 170 as low as 159 or 158.   Mr. Dundas remarked, that he had not allowed one fix-pence for a variety of property belonging to the Eaft India Company in India, fuch as their difFerent  forts,   warehoufes,   export flocks, remaining in India, &c. &c.   With regard to his ftatement and the prefent con-teft reSpecting it between him and,the Hon. Gentleman,  pofflbly the Hon. Gentleman was too apprehenfive on the one hand, and he might be too Sanguine on the other; and if the truth fhould ftick between them, it would turn outinfavourof his calculation. Hetrufted, however, from what he had faid, either then or on Monday, that no man would imagine he meant to have it underftood that there was any probability of the Company's Charter not being renewed.   He had ftated the Situation of the Company in the moft unfavourable point of view poifible, for the purpofe of ma times as to prevent their incurring demurrage in India; one fliip is to go every fea-Son to Bengal and China, and load home from the latter place, by which means remittances may be made from Bengal to China, in goods, &c. The Company's Bengal piece goods fold in June laft, produced a Small profit, The privilege, and private trade, fold, immediately after, at a loSs, owing to their being badly bought, and aflorted at Madras, as-well as Bengal. Average price of indigo, fold on account of the Company, 79,5621b. at 3s. Sd. per lb, -Private trade, on privilege, 77,3951b. at 4'. iod, . The Snow Bridget, Captain JackSon, arrived in the/river on Thurfday laft from Malaca.--This veflel was cut off by the Malays fome time fince, and tlw chief-officer murdered: (he war, however, retaken by one of_the Cruizers belonging to the King of Acheer., formerly called the Swallow, after king Gentlemen fully aware of all the danger I being four days in pofleflion of the Malays, and all the rifque couild. that any view attend the complying with the prayer jof the Company's Petition, in fuffering them to advance the million they defired to be permitted "to advance. That Government, he declared, would deferve every imputation of folly and impolicy, that did not embrace the interefts of the Eaft India proprietors.. It might be depended upon that their interefts, and the" interefts of the public, were one and the fame. They muft rife or fall, exift or perifti, toge-gether. Whatever arrangements with ref-pect to the renewal of the Company's Charter might therefore be formed, there was no doubt, they would be fuch as would add im-menfely to the interefts of our navigation; immenSely to the encreafe of our export trade, immenSely to the general objects of our corn- Mr. Dundas faid, it was impoffible for him �m?rcii> and immenfely to the proSperity and not take fome notice of the argument of the I ^vantage of both countries. ing out particular inftances, may leflen the influence of its infection. In the Calcutta Cbrcn'ule, of the nth Inftant, at the head of the fir ft Column, the attention of the Reader is arretted by the following Paragraph: " The unexpected promotions which have *'. taken place in the infantry corps, difufe "a Spirit of good humour and Satisfaction " throughout the whole army. - Gentlemen whofe. views extended no farther than that of coming on the ftrength as enfigns, at a period far diftantfrom the prefent day, now to their joy and furprize find thcmfelves advanced to ** lieutenants within the eftab limed number."; Here the Printer, in confideration "of the dulnefs of his Readers, marks hn> particular illusions by Italics.-Promotion to a young Officer, glowing to rife and diftinguifti himfelf ih his'profellioh; much be received with tj0y, and may have been unexpected; but from our footing -in India, Surrounded by neighbours Jealous of our Empire, where the Army may be faid to reft from fatigues, rather under a SuSpenfion of War, than in the Security of Peace, futprize can fcarcely accompany a Summon for it's exertion. The public arrangement of Officers is doubtlefs a fit Subject for an Editor; but, here ;the Calcutta Chronicle, miferably fails j&point of corre&nefs, while he trefpafies on decency by the exercife of his pen, on the views, � and SuppoSed effect, of an advancement, jon , the: minds of a body of Gentlemen; and is . highly difreSpectful in felecling their private feelings for the Subject of a News-paper. Honourable gentleman.   With regard to the real value of Eaft India Stock, it was a queft-ion which the Honourable Gentleman and he ftiould never agree upen.   Individuals muft ever differ upon fuch a topick;   the faireft way, therefore, was to fee what the opinion of the public was respecting it: at the Same time that a Bill was in agitation, which had made confiderable noiSe in the country, (Mr. Fox's Bill of 1783-4), India Stock had been So low as 123I. It rofe foon after he" came to have any concern in the affairs of the Eaft India Company up to 143I, and it was now worth 173I.   The difference on India Bonds alfo was equally remarkable.   In 1784, they were at a confiderable difcount;   whereas, according to the prefent price, (he ftated the different gradations) India-Bonds had increased in price full fe
                            

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