2 * A. D. 1708. 



Hereby tlic united company now advanced Li,200,coo without any 

 additional intercfl ; fo as for the whole capital, now con fi fling of 

 L3,200,oco, they fliould thenceforth receive of the public but 5 per 

 cent interefl, or Li6o,cool. per annum : ' On condition, that the term 

 of their exclufive trade to India fliould be prolonged for fourteen 

 years and an half longer ; that is to fay, whereas, by the law of 

 1698, they were to be redeemable upon three years notice after 171 1, 

 and repayment of principal and interefl:, their redemption was now 

 prolonged to tliree years notice after Lady-day 1726. And for en- 

 abling the company to make good this loan to the public, they were 

 by this aft impowered to borrow as far as Li ,500,000 on bonds, over 

 and above wliat they were legally impowered to do before, and alfo 

 to make calls of money from their proprietors. The proprietors of 

 the L7200 in feparate trade, may flill continue fo to trade till Mi- 

 chaelmas 171 1 , when the united company may, on three years notice, 

 pay the fame off; whereby their privileges of trading fliall be folely 

 vefled in the company. Ey this aft, that part of the act of the I2tli 

 of King William, which laid a duty of 5 per cent on goods exported 

 to India, was to ceafe from Michaelmas 1714. And, in order that a 

 fpeedy and complete union between the old and new companies might 

 be effefted, in purfuance of the indenture tripartite of the year 1702, 

 the final determination of all matters in difference between the faid 

 companies, and the completing of their union was hereby referred 

 to the earl of Gndolphin, lord high treafurer of Great Britain, as his 

 lordfliip fliould think fit, by an award in writing, under his hand and 

 fcal : the whole to be completed, and the old company's charter to 

 be furrendered, by Michaelmas 1708; after which, the company's 

 flile and title to be, I'hc united cot?ipaiiy of merchants of Ejiglatid trading 

 to the Eafl-Indics.'' [6 Jnn. c. 17.] 

 It is almofl needlefs to remark, that much clamour was raifed againfl 

 this renewal of the exclufive privileges of trading to India, as was natu- 

 rally to be expefted, and had always before happened on every fuch re- 

 newal. Many pamphlets were publiflied for inducing the legiflature to 

 lay that trade open ; or, at leaft, to let Briflol, Liverpool, Hull, and 

 other great trading towns, into a proportionable fhare of it. It was plauf- 

 ibly laid, that it was hard, London alone Ihould engrofs all this vafl 

 commerce, whereas the Dutch Eaft-India company comprehended fix 

 of their towns therein, in the year 1602, when that company was firfi: 

 fettled on its prefent eflabUfiiment. But the (at leaft equally plaufible) 

 aniwer was, that, as it is a transferrable ftock, every perfon in the three 

 kingdoms might freely purchafe (hares therein. It is alfo needlefs far- 

 ther to remark, that the like clamour was afterward renewed, as often 

 as the legiflature was applied to for a farther prolongation of their ex- 



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