Arcot]; but whether it has or has not, certain it is you are guilty of
an high breach of duty in _concealing_ it from us."

These expressions, concerning the ground of the transaction, its effect,
and its clandestine nature, are in the letters bearing date March 17,
1769. After receiving a more full account, on the 23d March, 1770, they
state, that "Messrs. John Pybus, John Call, and James Bourchier, as
trustees for themselves and others of the Nabob's private creditors, had
proved a deed of assignment upon the Nabob and his son of FIFTEEN
districts of the Nabob's country, the revenues of which yielded, in time
of peace, eight lacs of pagodas [320,000_l._ sterling] annually; and
likewise an assignment of the yearly tribute paid the Nabob from the
Rajah of Tanjore, amounting to four lacs of rupees [40,000_l._]." The
territorial revenue at that time possessed by these gentlemen, without
the knowledge or consent of their masters, amounted to three hundred and
sixty thousand pounds sterling annually. They were making rapid strides
to the entire possession of the country, when the Directors, whom the
right honorable gentleman states as having authorized these
proceedings, were kept in such profound ignorance of this royal
acquisition of territorial revenue by their servants, that in the same
letter they say, "This assignment was obtained by _three of the members
of your board_ in January, 1767; yet we do not find the _least trace_ of
it upon your Consultations until August, 1768, nor do any of your
letters to us afford any information relative to such transactions till
the 1st of November, 1768. By your last letters of the 8th of May, 1769,
you bring the whole proceedings to light in one view."

As to the previous knowledge of the Company, and its sanction to the
debts, you see that this assertion of that knowledge is utterly
unfounded. But did the Directors approve of it, and ratify the