to draw upon Europe, at a
time when the Council of Bengal direct them to draw bills to so enormous
an amount.

The second remarkable circumstance is, that the Board of Trade in
Calcutta (the proper administrator of all that relates to the Company's
investment) does not seem to have given its approbation to the project,
or to have been at all consulted upon it. The sale of opium had been
adjudged to the Board of Trade for the express purpose of selling it in
Bengal, not in China,--and of employing the produce of such sale in the
manufactures of the country in which the original commodity was
produced. On the whole, it appears a mere trading speculation of the
Council, invading the department of others, without lights of its own,
without authority or information from any other quarter. In a commercial
view, it straitened the Company's investment to which it was destined;
as a measure of finance, it is a contrivance by which a monopoly formed
for the increase of revenue, instead of becoming one of its resources,
involves the treasury, in the first instance, in a debt of two hundred
thousand pounds.

If Mr. Hastings, on the expiration of Mr. Mackenzie's contract, the
advantages of which to the Company had been long doubtful, had put
himself in a situation to do his duty, some immediate loss to the
revenue would have been the worst consequence of the alleged
depreciation; probably it would not have been considerable. Mr.
Mackenzie's contract, which at first was for three years, had been only
renewed for a year. Had the same course been pursued with Mr. Sulivan,
they would have had it in their power to adopt some plan which might
have secured them from any loss at all. But they pursued another plan:
they carefully put all remedy still longer out of their reach by giving
their contract for four years. To cover all these irregularities, they
interest the settlement in their favor by holding out to them the most
tempting of all baits in a chance of bills upon Europe.

In this manner the servants abroad have conducted themselves with regard
to Mr. Sulivan's contract for opium, and the disposal of the commodity.
In England the Court of Directors took it into consideration. First, as
to the contract, in a letter dated 12th July, 1782, they say, that,
"having condemned the contract entered into with Mr. Mackenzie for the
provision of opium, they cannot but be _surprised_ at your having
concluded a new contract for _four_ years r