A. D. 1713. -^^ 



' fucceflively, beginning from ift of May 171 3, on the fame conditions 



* on which the French company had formerly enjoyed it *.' 



It is faid, that the Britifh minifters at firft demanded a free trade for 

 Great Britain to Spanifh America; but that was a mere iUufion, fince 

 it would have inflamed the jealoufy of all the reft of Europe. Yet fure- 

 ly, confidering the fervice they had done to King Philip, they might 

 have obtained a more favourable alTiento ; fince it was confelfed, that 

 all former aflientifls had a<3:ually been lofers, although on as good terms 

 as the prelent affiento, excepting only the annual fhip, which King 

 Philip allowed to the South-fea company, for the term of 30 years, of 

 500 tons burden, Spanifh meafure, wherewith they were to trade to 

 Spanifli America ; but of which the catholic king referved one fourth of 

 the gain, befides 5 per cent on the other three, fourths. Thus did our 

 minifters, in this refped: at leaft, fuffer us and the South-fea company to 

 be outwitted by the Spanifli minifters: it was univerfally known, that the 

 Portuguefe company firft, and next the French one, were undone by their 

 , affiento contrads for fupplying the Spanifli Weft-Indies with negroes ; 

 and this fugar-plurab of an annual trading ftiip, granted to our company, 

 was too much clogged with difficulties to prove of any certain advantage, 

 more efpecially confidering how much the court of Madrid had it in 

 their power to fufpend the licence for any fuch annual fhip, 8cc. as they 

 often pradifed, and to feize on the company's effeds in America at 

 pleafure. 



Part of the fifteenth article : * and whereas it is infifted on the part of 

 ' Spain, that certain rights of fifliing at the ifland of Newfoundland do 

 ' belong to the Guipufcoans, or other fubjeds of the catholic king ; 

 ' her Britannic majefty confents and agrees, that all fuch privileges as 

 ' the Guifpufcoans and other people of Spain are able to make claim 

 ' to by right, fliall be allowed and preferved to them-f-.' 



In the meanwhile the earl of Oxford, lord high treafurer of Great 

 Britain and governor of the South fea company, in a general court of 

 that company, on the 2d of June, 1713, acquainted them, that her ma- 

 jefty had preiented the company witli the alJicnto contradt; and had al- 

 io procured for them two licences from the king of Spain, for two fliips 

 of 600 tons each, for carrying merchandize the firft year to the northern 

 ports of the Spanifli Wefl-Iiidies, befides the annual fliip of 500 tons. 

 Whereupon the company, flulhed with fuch pompous appearances, 

 illucd 1.200,000 more in bonds, for carrying on their trade with vigour: 

 and her majefty lent two of her own fliips, to be the two firft licenced 



* Here it was liitcadcd to infi.rt the South f<a company's iinicnto contract. But as all that com- 

 ji.iny's men amile concerns arc long ago laid afulc, it is nccdlcfs to enlarge on a fubjcft not likely to 

 be ever renewed, yf. 



\ This point Jias never yet Iwen clearly afcertauied, and pro".>abIy never will. yf. 



Vol. III. E 



