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The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria cover

The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria

Chapter 51: EAST INDIA AFFAIRS.
By Edward Farr
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About This Book

The volume traces British political, parliamentary, and military developments from the accession of George III through the early nineteenth century, chronicling changes of ministry and cabinet, debates over colonial taxation and the American conflict, parliamentary controversies involving figures such as Wilkes and Warren Hastings, questions of Catholic relief and slave-trade abolition, and responses to the French Revolution and Napoleonic wars, including major naval and continental campaigns, the union with Ireland, and domestic legislation on finance, civil liberties, and parliamentary reform.

EAST INDIA AFFAIRS.

During this session the charter of the East India Company was prolonged for the further term of five years, on conditions similar to those in the last agreement. The company was to continue to pay £400,000 per annum, and to continue to export British goods, at an average of equal value with those sent to India during the last five years. The company, however, was now allowed to increase its dividend to twelve and a half per cent., provided it did not in any one year put on more than one per cent. If any decrease of dividend was found to be necessary, then the sum payable to government was to be reduced proportionately, and if the dividend fell to six per cent., it was to cease altogether. This bargain had scarcely been renewed when intelligence arrived from Hindostan, that Hyder Ally had reduced the company, after an expensive war, to sue for a dishonourable peace, and India stock fell rapidly.