for them, that the distresses of the Company reduced its Bombay government to recur to the expedient of issuing treasury bills, which are payable at twelve months sight, and bearing nine per cent. interest. These pass in the settlement as cash, and here afford the merchants an employment for the greater proportion of their deposits. It may therefore be said, that they guarantee the Company's credit to their constituents, at one per cent. which is the commission on money transactions. They fortunately steered clear of losses by discount during the war, though they were often choaked with paper; but extricated themselves from the pressure, by prevailing upon their constituents to subscribe to the Company's loans from time to time, and thereby lessened their engagements by paying the bills into the treasury as cash, in payment of their constituents' subscriptions. It has, however, taught their constituents to employ their own money, and thereby lessened the deposits. No agency house could, however, derive any great advantages without being connected with an established house of credit in England. This government is very much circumscribed; the most valuable appendages to it having been put under that of Madrass. Its present jurisdiction only extends over the islands of Bombay, Salsette and Caranja, which yield to the Company a revenue of twelve lacks of rupees, including land revenue, customs, farms, &c. collector and a custom master now collect the whole of it, which formerly gave employment to a dozen servants. The consequences were, that the revenues were always in considerable arrears, from an ignorance of the detail, and a total want of system; and lacks of arrears for One years have been written off to profit and loss. The present governor, who is certainly a very able man in the revenue line, has arranged every thing in a manner, that no arrears or defalcations now occur. He is daily consolidating places, an œconomy which has thrown upon the pavee a long list of civilians. It has long been said, that this government is to be done away, and put under the command of a military lieutenant-governor, with a garrison; in that case the present revenue would suffice for its support. A new appointment has lately been created here; it is a reporter of external commerce. The object of it is to see by what means the revenue can be extended and increased. Certain it is, if the present gigantic system of Indian policy is to be carried into execution and maintained, we shall, in the course of a very few years, be under the necessity of adopting gradually the Mogul system of taxation, which extended to every individual thing to support it. It is the idea of what the resources of India are capable, that makes us, I presume, so lavish of our money. The Moplars have the monopoly of the whole trade of the Malabar provinces, and it is through them that the Company alone can insure their pepper investments upon more moderate terms than individuals. It is the interest of the contractors to give them the preference, as they take off their hands more than two-thirds of the produce of the country. It is estimated from 9 to 10,000 candies of 680 lb. per candie. The price the Company pay is from 130 rupees to 140 per candie, while individuals pay from 160 rupees to 170. The Company's investment is about 8000 candies. Thus the whole of the Company's invest-, invest ment on this side of India for Europe does not exceed ten lacks of rupees. Inclosed I send you the Company's proposals for making up the annual investment at Madras. It is precisely the old French system; and nothing shews so much the reduced state of their commercial finances, as the adopting it. In fact, they have been carrying on their trade, for some years past, on the funding system; that is, by borrowing in India, to be reimbursed by bills at fixed periods on England. It is no more than what is styled circulation in Europe. Were the presidencies in India to draw for the balance due by the trade to the commercial loans, it would swallow up a very great proportion of the representative assets at home. It must come to an investigation ere long. I am no enemy to the privileges or the institution of the Company; but I heartily wish some leading commercial men of the court of directors would revise the system in time, and compare the administration of the chartered trade, with the principles that govern their own counting-houses. On some future opportunity I may perhaps furnish my ideas of the nature of the foreign European trade, and the encouragement which ought to be given to licensed individuals of our own country, in order to combat the too-successful rivalship of other maritime states in the Indian Seas, at our expense both of factories and of a protection their own power is unable to afford. I am, Sir, Your obedient servant. Proposals for making up the Annual Investment. In consequence of orders receiv-. ed from the Honorable Court of Directors, under date 23d June, for the introduction at this presidency of a plan for the provision of goods on account of individuals through the exclusive agency of the Honorable Company's commercial servants; notice is hereby given, that the following are the terms and conditions of the said plan; and private merchants are invited to transmit to the office of the board of trade, proposals specifying the quantity of goods they may be desirous of providing on their account respectively, under the proposed arrangement. 1st, That a subscription be opened until the 1st of April, to the extent of eight lacks of pagodas, for the provision of goods on private accounts. 2d, That the sums subscribed shall be paid into the commercial treasury, under the faith of government, not to be alienated to any other purpose. 3d, That the instalments shall be so arranged as to be most suitable to the periods for making advances; that is,one-third on subscribing, one at four months, and one at eight months: for the accommodation of subscribers, the balance of cash in the hands of their present agents being transferred to the commercial resident, his receipt will be accepted in payment of the first instalment. : 4th, That the subscribers do give sufficient security for the regular payment of their instalments. 5th, That in order to prevent the difficulty that would attend the apportioning the goods at the presidency, subscriptions to a less amount than five thousand pagodas will not be received. 6th, That the whole of the goods be provided of standard quality, if possible. 7th, That as it must unavoidably occur in the provisions of a large investment, that a certain proportion will be of inferior quality, this shall be disposed of at the presidency by public auction, and the sum received for such sales, be either re-advanced to the weavers or be carried to the credit of the general account with the subscribers, as may be may found most convenient; which sales will amply provide for the demands of the country trade. 8th, That the goods shall be provided, dyed, bleached and embaled by the Company's Commercial Residents in like manner as the Company's own investment; and there shall be no separation or distinction of interests, till the goods arrive at the presidency, where they are to undergo the customary process of examination by the Company's superintendent. 9th, That this examination shall be in the presence of any person deputed by the subscribers, if required. 10th, That the goods shall then be divided by the superintendent, giving to the Company and to each individual goods of all parts of the assortment, in an exact proportion to their respective shares in the original subscription, and to the funds allotted by the Company. 11th, That the provision of goods on account of subscribers shall be confined to long-cloths and salamporas, from twelve to twenty-four punjums, unless they stipulate for their proportions of the other articles composing the Company's investment at the time of subscribing. 12th, That all goods received at the different factories subsequent to the 1st of May, shall be brought to the joint credit of the Company and subscribers. 13th, That from the above period, the returns of advances to the manufactures, of the cloth received, of the progress of bleaching and embaling, and the invoices of goods shipped, shall be open for the inspection of the subscribers at the office of the superintendent of investment; who will uniformly intimate to those concerned the arrival at the presidency of each consignment. 14th, That to remunerate the residents, to cover factory charges, bad balances, and the risk of the transportation of the goods to the presidency, 124 per cent. shall be charged to subscribers on the original price of the goods. 15th, That the customary charges of boat hire, bleaching, embaling, and freight, shall as usual appear at the foot of the invoice free of commission. 16th, That upon application, tonnage for England shall be provided for the subscribers on the extra or regular ships of the Company, or upon Indian built ships chartered in conformity to the late regulations, at the same rate of freight as is specified in their several charter parties; and that the allotment of tonnage shall be proportioned to the tonnage in the roads, and the quantity of goods in store at the time, without any preference to the Company. 17th, That the accounts shall be made up at the India House with every practicable expedition; and the amount of proceeds, after deducting the duties and freight on the respective consignments with 3 per cent. for charges, shall be paid to the attorneys or agents of the several subscribers, with as little delay as possible. 18th, That it shall be in the option of subscribers, instead of receiving at the presidency a participation of the cloths, and shipping them on their own account, to let the provision be consigned at once to the Company; and those subscribers receive in England their exact shares of the net proceeds, which shall be paid to their order without any further charge than the duties, freight, and the 3 per cent. specified in the 17th article of these regulations. Published by order of the Board of Trade. (Signed) D. CRAUFURD, 4th March, 1803.J Some Remarks on the Country between the Jumna and Ganges, called the DA-AAB, from the Mountains to CAUDERGUNGE; by the late COLONEL IRONSIDE.* This county is now under no settled form of government, and is frequently overrun by parties of Seiks, and such other freebooters as can assemble a sufficient number of troops together, so as to be an overmatch for the village people. From these circumstances the zemindars have endeavoured to secure themselves in mud-forts; and, by taking advantage of the debilitated state of the government of Dehli, have rendered themselves in some, measure independent, and will not pay even to the king's officers any revenues, unless he has a force sufficient to intimidate them to compliance. When I was at Byce Gaut, there was a party of Seiks about six coss from thence. They were collecting the revenues of the country, or rather plundering the riots for their sole emolument; and the Brahmins at and near Hurdwar, were apprehensive they would plunder them. They told me they had made a demand for the revenues of some villages, which the king grants to the Brahmins of Hurdwar for their support. During the time I was prosecuting my survey from Byce Gaut to Anoopshier, scarcely a day passed, but I heard of the exploits of these vagabond Seiks, who plundered the country, as far as this last-mentioned place, of every thing they could lay their hands on; and from that place to within fifteen cose of Furruckabad, the country was kept in continual alarm by a notorious robber called Ally Khawn. Thus a fertile and extensive country is desolated by a set of rapacious villains, and the riots reduced to the lowest step of human misery; not having a dependence on a crop they have laboured to produce, which probably a day or two before it would be gathered, is eaten up by the horses of these locusts, who are the curse of this unhappy country. Remarks * See a Biographical Membir of this officer in our last volume. Remarks on the Country of BOGALE CUND, the Territories of Sohagy Gaut, or Pass, which is the road from Allahabad into this country, is near a thousand yards in length, and its ascent is very steep, full of loose stones, which renders it very difficult for loaded camels to get up. Artillery without any other assistance but that of cattle, as they are usually drawn, must have recourse to some other method for the success of such an enterprise, such as taking the guns from the carriages, and loading them on elephants. On the summit of the hills, and the extremity of the Pass, is a redoubt, or place of arms, which will contain three hundred men; and unless these were dislodged, great loss must be sustained before the Gaut could be taken possession of. The most probable step towards success, would be to send a party up the hills in the night, which they can ascend with their arms only, and attack this port by surprise; for, until it was secured, it would be a forward step to attempt forcing the Pass. After you have ascended the Pass of Sohagy, the county is like a table land, and you have no descent, as is generally the case when on the tops of mountains. The roads from Sohagy Gaut to Rewa are tolerably good, as they are in every part of Bogale Cund that I saw. The country of Bogale Cund is well cultivated, and produces tolerable good crops of grain. The villages are in good order, full of inhabitants, who appear to be industrious. The produce of this country is wheat, barley, and different kinds of pease, and they have also large herds of cattle and flocks of sheep. Rewa is the residence of the Rajah. It stands on the banks of a small river, with a rocky bottom. His house is in a fort of considerable size, but of no strength, being surrounded only by a common brick wall. Hajeet Sing, the present Rajah, is a weak and avaricious man, and very meanly supports the dignity of an independent prince. It did not appear that he had more than three hundred horse in his pay. His infantry are not regular troops, but are, in general, the principal farmers in the country, and hold their lands by a kind of military tenure, in which they have considerable advantages. On any emergency they are assembled, and put themselves under the Rajah's direction, though the genius of the hill-people seems to be averse to oppression. He has in some measure infringed on the privileges of his subjects, for which he is despised, and held in a very contemptible light by them. He is surrounded by a set of designing men, who have an entire ascendency over him in all his actions; a prostitution of his power to their private emolument must and is the inevitable consequence of such a government. The roads from Rewa to Mirzapoor are very good. You descend the hills by two gauts, at a considerable distance from each other, and loaded bullocks ascend with ease. Should a military force ever have occasion to march into this country, these gauts are much preferable to that of Sohagy. On |