"Instead," say they,
"of allowing the subscribers to retain an interest in the goods, they
are to be provided entirely on account of the Company, and transported
_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.
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