_at their risk_; and the subscribers, instead of receiving certificates
payable out of the produce of the sales in Europe, are to be granted
receipts, on the payment of their advances, bearing an interest of eight
per cent per annum, until exchanged for drafts on the Court of
Directors, payable 365 days after sight, at the rate of two shillings
per current rupee,--which drafts shall be granted in the proper time, of
three eighths of the amount subscribed, on the 31st of December next,
and the remaining five eighths on the 31st of December, 1783."

The plan of April divests the Company of all property in Bengal goods
transported to Europe: but in recompense they are freed from all the
risk and expense, they are not loaded with interest, and they are not
embarrassed with bills. The plan of May reinstates them in their old
relation: but in return, their revenues in Bengal are charged with an
interest of eight per cent on the sum subscribed, until bills shall be
drawn; they are made proprietors of cargoes purchased, under the
disadvantage of that interest, at their own hazard; they are subjected
to all losses; and they are involved in Europe for payments of bills to
the amount of eighty lacs of rupees, at two shillings the rupee,--that
is, in bills for eight hundred thousand pounds sterling. It is probably
on account of the previous interest of eight per cent that the value of
the rupee on this scheme is reduced. Mr. Hastings and his colleagues
announce to Lord Macartney no other than the foregoing alteration in
their plan.

It is discouraging to attempt any sort of observation on plans thus
shifting their principle whilst their merits are under examination. The
judgment formed on the scheme of April has nothing to do with the
project of May. Your Committee has not suppressed any part of the
reflections which occurred to them on the former of these plans: first,
because the Company knows of no other by any regular transmissions;
secondly, because it is by no means certain that before the expiration
of June the Governor-General and Council may not revert to the plan of
April. They speak of that plan as likely to be, or make a part of one
that shall be, _permanent_. Many reasons are alleged by its authors in
its favor, grounded on the state of their affairs; none whatever are
assigned for the alteration. It is, indeed, morally certain that
persons who had money to remit must have made the same calculation which
has been made