may sustain by any fluctuation that may happen in the market price of the stock which constitutes their qualifications. I should therefore think that it would be very useful to the public to reduce the number of directors to twelve or to nine; and if handsome salaries could be annexed to those situations, I should be clear for adopting means for their being prohibited from having an interest directly or indirectly in contracts, or in any commercial transactions whatever, in which the Company may have the smallest concern.
'At the same time, however, if one or both of these points should be carried, I would not by any means recommend that they should retain the power of appointing Governors, Commanders-in-Chief, or Members of Council at any of the Presidencies; the honour and interest of the nation, the fate of our fleets and armies, being too deeply staked on the conduct of the persons holding the above-mentioned offices, to render it safe to trust their nominations in any other hands but those of the Executive Government of Britain. But as this measure, though not in fact deviating very widely from the existing arrangement by which the King has the power of recalling those officers, would at first appear a strong one, and would be vehemently opposed, I would give it every qualification that the welfare and security of the country would admit of I would establish it by law, that the choice of the civil Members of Council should be
