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 by the directions of your Committee, and the result must have been equally clear to them,—­which is, that, instead of realizing two shillings and twopence the rupee on their subscription, as they proposed, they could never hope to see more than one shilling and ninepence.  This calculation probably shook the main pillar of the project of April.  But, on the other hand, as the subscribers to the second scheme can have no certain assurance that the Company will accept bills so far exceeding their allowance in this particular, the necessity of remitting their fortunes may beat them back to their old ground.  The Danish Company was the only means of remitting which remained.  Attempts have been made with success to revive a Portuguese trade for that purpose.  It is by no means clear whether Mr. Hastings and his colleagues will adhere to either of the foregoing plans, or, indeed, whether any investment at all to that amount can be realized; because nothing but the convenience of remitting the gains of British subjects to London can support any of these projects.