unsatisfactory as the state of the Indian business is become. Notwithstanding the communication of Government, the advice of the directors and of the honestest proprietors, they came to a declaration of increase of dividend by a great majority composed of factious sets of men, and appointed the Thursday after to go greater lengths as to Lord Clive, &c.; but though the majority was very great, the public confidence did not follow it, and the stock stood; till they have been obliged to prevent its falling, to retreat, and join the others in a general language of entire confidence in Parliament."[1]
Shelburne was among those who denied the right of the Company to territorial revenue, and starting from this position he briefly sketched the heads of a plan of reform as follows:[2]
"Three points are to be considered, (1) The right as to the Charter. (2) The advantages that the public can avail itself of, with due regard to the trade, always the first object to it and to the Company itself. (3) The mode of doing it.
"1. The Charter. Clear.
"2. What may be done. As this Company is become an object of public policy, and the support of the trade greatly depends upon the future support, as it appears hitherto to have existed by the aid of Government, and as a particular set of proprietors may be led away by the hopes of present profit (not having the proper materials before them to judge of points of general policy, which may be intermixed with other considerations regarding the general interests of the State both at home and with foreign Powers), it seems absolutely necessary to prohibit for the future their raising the dividend further without consent of Parliament, so as to prevent the dangerous consequences which might result from the nation being at any time embarked in disputes, and so great a trade being hazarded, without Parliament being apprized of the danger, or being able timely to consider of such remedies as may suggest themselves to prevent such dangers.
