A. D. 171 1. ji 



of the Eiift-India company. Nor fhall this new company's fhips fail 

 fartlier weft from the fiiores of Chili, Peru, Mexico, California, or any 

 otlier fhorcs contained between Terra del Fuego and the northermofl 

 part of America, than 300 leagues ; under forfeiture of fliips, merchan- 

 dize, and double the value : one third to the crown, and two thirds to 

 the Eaft-lndiu company. 



XI) And forafmuch as nothing can more conduce to the increafc of 

 the ftrcngth and riches of this kingdom, and the breeding of able fea- 

 men, than preferving and enlarging the fifhery, the queen may, in her 

 charter to this company, direct a ftock of 20/ upon every Lioo of the 

 capital ftock of the company, to be kept apart, and always employed 

 for carrying on, improving, and enlarging, the fiftiery of this realm, or 

 any other fifliery ; fo as none other of the queen's fubjeds be excluded 

 the fifhing trade. And fo as no calls of money for the fifhery, or for 

 any other parts of the company's trade, be made but by order of a ge- 

 neral court, on a fortnight's notice. 



XII) Neither the governors nor diredors of this company fhall be 

 capable of being fuch in the bank, nor in the Eaft-India company, at the 

 fame time. 



This is the fubftance of this famous a<S, which was then, and is ftill 

 generally called the earl of Oxford's mafterpiece ; although it be never- 

 thelefs extremely plain, that the main of his fcheme was borrowed from 

 the memorable ad [8, 9 Gul. Ill, c. 19] for doubling the capital of the 

 bank of England in the year 1697 ' ^^ trade to the South feas, and that 

 of the fiftiery, being the only new thoughts, by way of allurement or 

 fweetner. 



The royal charter was dated the 8th of September 171 1, incorporat- 

 ing the i'ubfcribers of thofe debts by the name of the governor and' 

 company of merchants of Great Britain trading to the South feas and 

 other parts of America, and for encouraging the fifhery. It recites the 

 ad of parliament, and grants that the company fhall have a court of di- 

 redors, and appoints the manner of their proceedings in that court, and 

 their general courts, their manner of eledions, qualification of the eled- 

 ors, and eleded, &c. needlefs to be particularly here recited : that 

 defaulters in payments of calls, and all other debtors to the com- 

 pany, fliall not be permitted to transfer their ftock, nor to receive their 

 dividends, without the confent of the court of diredors : that the com- 

 pany may appoint courts of judicature in their forts, fadories, and fct- 

 tlements, for determining caufes mercantile and maritime, with an ap- 

 peal to the queen and council ; may raife a military force for the de- 

 fence of their forts and feiilements, as v/ell as for acquiring others with- 

 in their limits. And by an ad of parliament of the 10th of Qtieen 

 Anne, in 1 7 12, all the powers, privileges of commerce, &c. were made 



