INDIA ON THE EVE OF CROWN GOVERNMENT 61
the century, things were very different. In 1709, after the union, it was only 8% rising, in 1710 to 9% and two years later to 10%, the average rate during the century would work out at about 9% and it only rose above from 1768 to 1771. In 1723 a slight fall was caused by the competition of the French Company, and a further fall of 1% followed an increase of capital and the foundation of the Swedish Company in 1732. In 1744, it rose again to 8% and continued at this rate for eleven years in spite of the continual war both in Europe and in the Carnatic. In J 755, the unsettled condition of the affairs at last had effect and a fall of 2% resulted. In 1760, the cession of Burdwan and other provinces increased the working costs of the Company, and kept the dividend at 6%, so that the sum distributed annually was £1,91,644. In 1767, in consequence of the acceptance of the territorial sovereignty of Bengal, the dividend was raised to 10% and the amount distributed reached £3,19,408. This rise was quite unjustifiable and was largely due to the exaggerated estimate of the prosperity of India. The increased dividends declared in anticipation of large profits which were never fully realized, were paid by means of loans raised at exhorbitant interest. For five years the Company hung on in the hope of better days but in 1772 the crash came and the dividends fell from 12 12 [% to 6%. Lord North then intervened and, for the future, ] the Company’s dividend was subject to ministerial control. The Regulating Act was followed by revenue prosperity and the dividend continued to rise slowly. In 1792 me conclusion of the peace with Tipoo, whereby the Company received a revenue of £2,40,000 and an indemnity of £l,600,000, was followed by a further rise of 2% and in 1802, the dividend reached 11%.” [1] Besides this, “the sums of money paid to the (English) public by the United Company of Merchants of England trading to the East Indies, for their privileges, etc.,” “between the years 1798 to
1803 have been estimated by Mr. Macpherson at £25,343,215.” [2] Not only India has helped England in her war with America by taking the harden of £3,858,666 but has helped towards the furtherance of Education in America for Mr. Yale founded the Yale College after his name from the money earned exclusively in the Indian Trade.
F. P. Robinson—“ East India Company”, pp 159, 160, 161.
cf.. “European Commerce with India” (1812), Appendix No. II.