A. D, 1708. ^ 



clufivc privileges ; and this, probably, will continue to be the cafe in 

 any future application for the like purpofe. 



To complete all that is needful to be known concerning the union of 

 the two Eaft-India companies, we fhall here farther note, that the fol- 

 lowing regulations were in confequence thereof made, viz. 



I) For every Lioo old ftock, there was given Lioo : 8 : 10 flock in 

 the united company. 



II) Twenty-live one half per cent was made a call on the proprietors 

 of the old company, for enabling them to be joined to the united one. 



III) The remaining debts owing to, and effects of, the old company 

 were veiled in truftees for the benefit of the proprietors of the old com- 

 pany, who were fuch at the time of uniting with the new one. 



By a flatute [6 ^ff«. c. 22] for continuing feveral duties therein men- 

 tioned, upon coffee, &c. ; and for fecuring the credit of the bank of 

 England, &c. ; it was, amongft many other points, enacted, ' that dur- 

 ' ing the continuance of the governor and company of the bank of 

 ' England, it fhould not be lawful for any body-politic, eredled or to be 

 ' ereded, other than the faid governor and company of the bank of 

 ' England, or, for other perfons whatfoever, united or to be united in 

 ' covenants or partnerfhip, exceeding the number of fix perfons, in that 

 ' part of Great Britain called England, to borrow, owe, or take up any 

 ' fum or fums of money on their bills or notes, payable on demand, or 

 ' in any lefs time than fix months from the borrowing thereof.' The 

 reafon affigned for this enacting claufe, was, ' that fome corporations, 

 ' (notwithflanding the law of the 8th year of King William, [c. 19] 



* by colour of their charters, and other great numbers of perfons, by 

 ' pretence of deeds or covenants, united together, had prefumed tobor- 

 ' row great fums of money, and therewith to deal as a bank, to theap- 

 ' parent danger of the elhibliflied credit of the kingdom.' 



This claufe was principally aimed at the mine-adventure company, 

 who, contrary to law, had let up for banking, and iillied calh-notcs, &c. 

 as has been already related. 



This year the ifland of Minorca, with its commodious haven of Port- 

 Mahon, and its flrong fort of St. Philip, belonging to Spain, was fubdu- 

 ed by the Britifh forces, commanded by Major-general Stanhope. By 

 poffeflion thereof, (as Mr. Burchett, in his Naval hillory obferves,) 

 ' we have the advantage of a goodly harbour, which, during the war, 

 ' was exceeding ufeful to us, (as it may hereatter be on the like occa- 

 ' fion) in cleaning and refitting fuch of our fiiips as were employed in 

 ' the Mediterranean : and not only magazines of ftores were lodged 



* there for that purpofe, but fuch officers were appointed to refide on 

 ' the place as were judged requifite.' 



The French king intending this year an invafion of Scotland, for fup- 

 porting the pretender's claim, there cnfued a great demand, or run, 



A 2 



