A. D. 1719. 67 



time to time, and their many privileges and immunities fmce their firfl 

 erection in the year 1664.; yet, inftead of increafmg their commerce, 

 they had totally abandoned their navigation, and were now about to fell 

 their exclufivc privileges to fome private perfons tor certain allowances ; 

 though they might as well have made their commerce profitable to their 

 proprietors and to the kingdom, as the Eaft-India companies of other 

 nations have done. That though the original fund was not large enough, 

 yet their diretTiors injudicioufly laviflied it away, borrowing money af- 

 terwards at 10 per cent intereft. Nay they even paid L5 per cent per 

 month for the intereft of the bullion they procured for their eaftward 

 cargoes, which fwallowed up all the profits of the voyage. That King 

 Louis XIV ftill continued his kindnefs to that company ; but the Eaft- 

 Indians complaining that the company did not pay either principal or 

 intereft of their juft debts, and that they had not fent one fhip to Surat 

 in 16 years time, they being greatly in debt there, from whence cottons 

 and alnioft all the fpices and drugs of India and Arabia are brought ; 

 the fubjeds of France, to their immenle lofs, are compelled to buy of 

 Grangers thole and other Indian wares, not only for home coniumption, 

 but alfo for carrying on the trades of Senegal and Guinea ; though at 

 triple the prices they would otherwife have coft. Neither is their trade 

 to China better conduced than that to India. For retrieving, therefor, 

 the commerce and honour of France in India, by paying the company's 

 debts (of many millions) there, the king hereby nullities the privileges of 

 that company, and unites them to this weftern or Millifippi company, 

 which will thereby be much ftrengthened. Thus, having before joined 

 the Senegal company to the weftern one, this newly-confolidated com- 

 pany will have the four quarters of the world to track in. For thefe 

 caufes we have thought proper to unite thole companies, and have grant- 

 ed this now united company the abfolutely exclulive commerce from 

 the Cape of Good Hooe eaftward, to all the reft of Africa, and to Per- 

 iia, India, China, Japan, and the ifles, even to the ftraits of Magellan 

 ■and Le Maire ; they hereby enjoying all the forts, ifles, &c. of the 

 old company, and paying all their debts. How different has the condi- 

 tion of the French Eaft-India company fincc been from what ic was at 

 the time we are treating of? 



Moreover, fays the king's edic^, befides the 100 millions of public 

 debts, already fubfcribed into the weftern company's capital, there fliall 

 now be a lubicription, in ready cafti, of 25 millions of new adlions, each 

 to conlift ot 550 livres. And this newly-united company fliall hence- 

 forward be called the India company. 



In July 1719, 25 millions more of ftate bills were fubfcribed into this 

 new India company's capital, which was by this time run a great way 

 above par, and, by the vaft number of adventurers in that ftock, the 

 dirty ftreet called Rue Quinqucmpoix, was dayly crowded bevonJ 



'12 



