A. D. 1730. 149 



* I) That they might be incorporated, and in all refpedls vefled with 



* all the exclufive privileges and trade of that company : yetfoas not to 

 ' trade in one joint flock or in their corporate capacity; but that the trade 

 ' fhould be free and open to all his majefly's fubjedls, who fliould pay 

 ' one per cent of the value of their exports to India, in confideration of 

 ' their taking out a licence from this propofed corporation. Provided 

 ' alfo, 



' II) That this trade be folely carried on from the port of London. 

 ' And 



* III) That the propofed company's term be thirty-one years, and to 

 ' be redeemed on three years notice. 



* IV) That, moreover, for enabling the propofed corporation to de- 

 ' fray the expenfe efforts and fettlements in India, as well as the pre- 



* fervation and enlargement of the trade, they may be empowered to 

 ' levy a duty of 5 per cent on the grofs value of all the merchandize 

 ' which fhall be imported from India.' 



The benefits to the public by this propofal they fet forth, in brief, 

 to be, 



' I) That by receiving but 2 per cent intereft, an annuity of Lpa.ooo 

 ' would be added to the finking fund, which, at 25 years purchafe, was 

 ' worth L2, 500, 000 to the public. 



* II) That, as laying open the trade to Africa is agreed to be attend- 

 ' ed with great national advantages, fo thus laying open the trade to 

 ' Eaft-India (or reducing it into a kind of regulated company) will be 

 ' attended with the following advantages, viz. it will necelTarily occafion 

 ' a larger exportation of our own produdt and manufactures to India. 



' III) It will employ a much greater number of fliips and feamen. 

 ' IV) It will greatly lower the prices of all Eaft-India commodities 

 ' confumed at home. 



' V) It will enable us to fupply foreign markets, cheaper and in greater 



* quantities, with Indian merchandize ; whereby fome new branches of 

 ' traflfic may be gained and others preferved, more efpecially in Africa 

 ' and America, and alfo in fome parts of Europe *. 



* VI) It will neceiliu-ily advance the cuftoms and excife, and thereby 

 ' lefien the national debt, &c. 



* VIII) They allege,' (but give no particular reafon for fuch their al- 

 legation) ' that great advantages may accrue by employing our "fliip- 

 ' ping in freights, from one part of India to another, more than the 

 ' prefent company has ever been able to do. 



' IX) It will prevent perfons, acquainted with the trade to India, 

 ' from being under the neceflity, for want of employment here, of 



* tlcrc the propofcrs fliould havt been more explicit. j4. 



