and the price for which the engagement was made. As neither party can be compelled to make good these engagements, their own sense of honour, and the disgrace, and the loss of future credit which attends a breach of contract, are the sole principles by which this business is regulated. When a person refuses, or has not the ability to pay his loss, he is termed a lame duck. This mode of dealing, though expressly contrary to law, is yet carried on to a great extent. In itself it is nothing more than a wager respecting the price of stocks at a fixed period: but the facility which it affords for extravagant and unprincipled speculation, and the mischief and ruin which it has been known to produce, have very wisely determined the legislature to lay a penalty of 5001. upon every person making such contracts; and the same sum upon all brokers, agents, and scriveners, employed in transacting or writing such contracts. The East India Company. THIS company was first incorporated by a charter granted by queen Elizabeth, on the 31st of December, 1600, when the first subscription for the purpose of carrying on their trade with the East amounted to 739,7821. 10s.: and soon after, by an additional subscription of 834,8261., the stock was raised to 1,574,6087. And with this capital they established a commerce, by the Red Sea, to Arabia, Persia, India, and China, and various islands in the Indian Ocean. About the beginning of the protectorate of Oliver Cromwell, however, it was imagined that laying open the trade to the East Indies would benefit the whole nation, that commerce was made general, and thus continued till the year 1657, when experience having proved that the separate trade was detrimental to the undertakers, they were, for the good of the whole, united to the company by the legislature. But in the year 1698, a new East India company was established, which caused the dissolution of the old company after the expiration of a certain term which was allowed for the disposal of their effects. This new company immediately advanced two millions sterling to government at eight per cent. The two companies were, however, ultimately united in the year 1702, when a new charter was granted to them, under the title of "The United Company of Merchants of England trading to the East Indies." And the old company had their share of the two millions. In the 6th of queen Anne, the united company lent the government 200,0007., making their whole loan amount to 3,200,000l. In the year 1730, the company obtained a renewal of their charter from parliament, notwithstanding the powerful opposition which was raised against it by a considerable body of merchants and others, in London, Bristol, and Liverpool, who had associated for the purpose of overthrowing the old joint-stock trade, and of establishing a new regulated company upon its ruins. In the year 1744, the East India company agreed to advance to government one million sterling at three per cent interest, in consideration of having their exclusive privileges prolonged for fourteen years beyond the term prescribed in the act of parliament passed in 1730. By the act which legalized this agreement, the company had authority to borrow any sum, not exceeding the million which was wanted, on bonds, under their common seal, at similar interest to that which they had covenanted to receive from the state. The war which broke out between England and France in 1744, produced an extraordinary change in the company's concerns in India, and ultimately led to their present territorial aggrandisement. The history of the military contests in India, under the direction of the celebrated Lord Clive, and afterwards of Mr. Hastings, Lord Cornwallis, and other distinguished characters, to the present period, cannot fail to excite a strong interest in the mind of a general reader but even the bare enumeration of the principal events would be too voluminous for our limits: we therefore conclude the present article by stating: That the late bill which passed the legislature for the government of India for the further term of twenty years, took effect on the 10th of April, 1814. This bill limits the operation of the company's exclusive charter to places lying to the north of 11 degrees of south latitude, and between 64 and 150 degrees of east longitude. To other parts within the specified limits, ships of 350 tons burden may trade, and under certain restrictions bring all the produce of the East, tea excepted. Persons desirous of going out to India for commercial purposes, must apply for a license to the court of directors; and in fourteen days from the time of their application, if it be not complied with, they may apply to the board of control, who may order the court, if they think proper, to grant a license. This act also acknowledges the duty of this country, as a Christian nation, "to promote the interest of the native inhabitants of the British dominions in India, and to adopt such measures as may tend to the introduction of useful knowledge, and of religious improvement among them." Sufficient facilities, also, are afforded by law to persons desirous of going to and remaining in India, for the purpose of accomplishing those benevolent designs, provided the authority of the local governments respecting the intercourse of Europeans with the interior of the country be preserved. General Post Office.... THIS national institution is, perhaps, the most perfect system of internal economy of its kind in the world. It keeps up a constant communication, directly or indirectly, with every town in the united kingdom, as well as with every foreign port in the most remote degree connected with the British empire. It possesses, likewise, the double advantage of being incalculably useful to individuals, and affording a large revenue to government. Indeed, of all the means of finance, this, beyond comparison, is the best: while, at the same time, it may be justly regarded as the soul of commerce. This office is held in Lombard Street. Joint Post Masters General-Earl of Chichester, and Marquess of Salisbury. Secretary and Resident Surveyor-Francis Freeling, esq. Assistant Secretary-G. H. Freeling, esq. TABLE OF THE RULES AND RATES OF POSTAGE. In Great Britain. Postage of a Single Letter. 'From any post office in England or Wales, to any d. place not exceeding 15 miles from such office. For any distance above 15 miles and not exceeding 30 miles.. ....... ....... For any distance above 30 miles and not exceeding For any distance above 80 miles and not exceeding 7 8 ............... 9 For any distance above 120 miles and not exceeding 170 miles•••• 10 For any distance above 170 miles and not exceeding 230 miles.. 11 For any distance above 230 miles and not exceeding 300 miles. • • ☀ ☀ ☀ ☀ 1227 For any distance above 300 miles and not exceeding 400 miles.... For any distance above 400 miles and not exceeding 500 miles.... And so in proportion; the postage increasing progressively one penny for a single letter for every like excess of distance of 100 miles. 13 14 |