This imposing monument, subscribed for the British inhabitants of Bengal at the close of Cornwallis's first administration in 1793, was entrusted to John Bacon, who had just finished the statue ordered by the Court of Directors for erection in the East India House. The statue for Calcutta was unfinished at the time of Bacon's death in 1799, and was completed by his second son four years later. On its arrival at Calcutta it was placed in the Town Hall and remained there until its transfer to its present position in 1920. Except that it is on a larger scale, the principal figure is identical with the statue for the East India house already mentioned (now in the India Office).

In accordance with the convention then prevalent, Cornwallis is represented in Roman costume, his left hand grasping a sheathed sword (the point of which rests upon his left thigh), while the right extends the olive branch of peace. At his feet a corncopia pours forth an abundance of Indian fruit. On either side of the pedestal are seated life size female figures. The one of the spectator's right, gazing into a mirror, typifies Prudence ; the other, grasping a serpent, represents Fortitude. The group stands on a marble platform, having three steps.