reposed in them. They first examined into the amount of the debt, which
they computed, at compound interest, to be 2,945,600_l._ sterling.
Whether their mode of computation, either of the original sums or the
amount on compound interest, was exact, that is, whether they took the
interest too high or the several capitals too low, is not material. On
whatever principle any of the calculations were made up, none of them
found the debt to differ from the recital of the act, which asserted
that the sums claimed were "_very_ large." The last head of these debts
the Directors compute at 2,465,680_l._ sterling. Of the existence of
this debt the Directors heard nothing until 1776, and they say, that,
"although they had _repeatedly_ written to the Nabob of Arcot, and to
their servants, respecting the debt, yet they _had never been able to
trace the origin thereof, or to obtain any satisfactory information on
the subject_."

The Court of Directors, after stating the circumstances under which the
debts appeared to them to have been contracted, add as follows:--"For
these reasons we should have thought it our duty to inquire _very
minutely_ into those debts, even if the act of Parliament had been
silent on the subject, before we concurred in any measure for their
payment. But with the positive injunctions of the act before us to
examine into their nature and origin, we are indispensably bound to
direct such an inquiry to be instituted." They then order the President
and Council of Madras to enter into a full examination, &c., &c.

The Directors, having drawn up their order to the Presidency on these
principles, communicated the draught of the general letter in which
those orders were contained to the board of his Majesty's ministers, and
other servants lately constituted by Mr. Pitt's East India Act. These
ministers, who had just carried through Parliament the bill ordering a