receipt nearly to what you suppose.

2ndly. In making up the amount of the private debts, you take in
compound interest at the different rates specified in our paragraph.
This it was not our intention to allow; and lest any misconception
should arise on the spot, we have added an express direction that the
debts be made up with simple interest only, from the time of their
respective consolidation. Clause F f.

3rdly. We have also the strongest grounds to believe that the debts will
be in other respects considerably less than they are now computed by
you; and consequently, the Company's annual proportion of the twelve
lacs will be larger than it appears on your estimate. But even on your
own statement of it, if we add to the 150,000_l._, or 3,75,000 pagodas,
(which you take as the annual proportion to be received by the Company
for five years to the end of 1789,) the annual amount of the Tanjore
peshcush for the same period, and the arrears on the peshcush, (proposed
by Lord Macartney to be received in three years,) the whole will make a
sum not falling very short of pagodas 35,00,000, the amount of pagodas
7,00,000 per annum for the same period. And if we carry our calculations
farther, it will appear, that, both by the plan proposed by the Nabob
and adopted in your paragraphs, and by that which we transmitted to you,
the debt from the Nabob, if taken at 3,000,000_l._, will be discharged
nearly at the same period, viz., in the course of the eleventh year. We
cannot, therefore, be of opinion that there is the smallest ground for
objecting to this arrangement, as injurious to the interests of the
Company, even if the measure were to be considered on the mere ground
of expediency, and with a view only to the wisdom of reestablishing
credit and circulation in a commercial settlement, without any
consideration of those motives of attention to the feelings and honor of
the Nabob, of humanity to individuals, and of justice to persons in your
service and living under your protection, which have actuated the
legislature, and which afford not only justifiable, but commendable
grounds for your conduct.

Impressed with this conviction, we have not made any alteration in the
general outlines of the arrangement which we had before transmitted to
you. But, as the amount of the Nabob's revenue is matter of uncertain
conjecture, and as it does not appear just to us that any deficiency
should fall wholly on any one class of these debts