A. D. 1720. 87 



trade, and may, upon any emergency, furnifli Teamen to man the royal 

 navy ; and therefor highly deferves encouragement. Neverthelefs, no 

 charter was at this time granted for the fifliery ; owing to the improba- 

 bility, if not impoflibility, of any company being able (unlefs an exclu- 

 five one) to can-y on a profitable fifliery: fince, if private undertakers, 

 being on the northern coafts, are not as yet able to beat the Dutch out 

 of the fifhery, it is highly improbable, that a joint- flock company, which 

 is never fo frugally managed as private adventurers manage their own 

 money, fliould prove fucccfsful ; of which we have a more recent proof 

 at prefent, notwithftanding the moll: unparalleled parliamentary encou- 

 ragements. 



The two infurance companies were both incorporated on the fame 

 day, the 24th of June 1720, the flatute in fjivour of them having had 

 the royal aflent 14 days before ; each having power to purchafe lands, 

 &c. of Li 000 yearly : but no perfon can be either a dired:or or pro- 

 prietor of both companies at the fame time. Each company's capital 

 not to exceed Li, 500, 000: may make calls on their proprietors, with- 

 out limitation : may create bonds under their common feal, for advanc- 

 ing money on parliamentary fecurity ; but for not lefs than fix months 

 time. Each corporation to pay L3oo,ooo for difcharging the king's 

 civil lift debts*. No other corporation fhall infure but thefe two ; yet 

 private infurers may acft as before : may be determined by the king's 

 charter, if found inconvenient to the public ; in which cafe no other 

 corporation fhall ever be eredled in their ftead with the like privileges. 

 They both have very confiderable capital ftocks, and therefor may 

 reafonably be prefumed a greater fecurity to our merchants than pri- 

 vate infurers can be fairly admitted to be, how juft and honourable 

 foever their principles and charader, and how large foever their for- 

 tunes in general may be : a lift being on this occafion laid before the 

 attorney-general of 150 private infurers who had failed in but a 

 few years paft f . It was then alfo urged in behalf of infurance com- 

 panies having large capitals, that the merchants of foreign nations in al- 

 liance, or at peace, with us would now probably be induced, in great 

 numbers, to make their infurances at London ; and thereby bring an 

 additional benefit to the kingdom. As both the infurance companies 

 have continued punctually and inviolably to fuftain their credit and re- 

 putation, this juft commendation of both of them fell naturally in our 

 way. 



The ad of parliament before mentioned, for enabling the king to in- 

 corporate thofe two infurance companies, was alfo exprefsly for reftrain- 

 ing feveral unwarrantable pradices therein mentioned ; feveral I'uch 



• Part of tlic L;^oo,ooo was afterwards remittcJ to each of the companies, yl. 

 ■\ Few of thefc infurciB had underwritten more than L50 ; a fum wliicli would be thought cou- 

 tcmptibly cautious in tlie prefent day. M. 



