150 A. D. 1730. 



* feeklng it in foreign nations, and even will bring home thofe who 



* are already engaged that way.' * 



Thefe were the plaufible and principal arguments made ufe of to the 

 legiflature ; and tliey were more abundantly amplified and improved in 

 printed pamphlets and newlpapers, which carried them, as isufually the 

 cafe, much beyond rational probability. 



Their inducements for alluring fubfcribers to this fcheme, were, 



I) Certain intereft from the public, of 4 per cent for the firll two 

 years, and 2 per cent afterwards. 



II) The additional annual profit arifing from the propofed licences. 



III) The 5 per cent on all goods imported would bring a confider- 

 able furplus over and above the expenfe of fupporting the forts and fac- 

 tories, fince (as they alleged) the prefent company's forts and fettlements 

 do, one with another, more than anfvver their own expenfe. And even 

 though the propofed company fliould be obliged to pay the prefent com- 

 pany a fum of money for their forts and fettlements ; f yet in a few 

 years there would a farther annual profit accrue, arifing from the duties. 

 For, 



IV) Even fuppofing the trade, under this propofed company, fhould 

 not increafe, (as however they were confident it would) beyond the 

 amount of three millions yearly, at the public fales ; yet 5 per cent 

 thereon would yield Li 50,000 per annum, which makes L86,ooo 

 more than will complete the annuity or intereft of 4 per cent. Where- 

 for, 



V) It may be concluded, that the annual dividend will not at any 

 time be lefs than 5 to 6 per cent to the fubfcribers ; fince, as the export- 

 ations and importations fiiall increafe, in like proportion will the divi- 

 dends neceflarily increafe. 



Yet, notwithftanding all thefe plaufible reafonings without doors, and 

 all that their friends could urge within doors, the houfe of commons 

 rejefted their petition, becaufe, it was certainly, at lead, hazardous to 

 turn the Eafl-India trade into a new channel ; it was uncertain, whe- 

 ther the propofed fubfcription would readily fill in due time, or whether 

 their flattering expedations would anfwer, either with refpedl to the fub- 

 . fcribers, or to the nation ; or whether the cuftoms might not be dimi- 

 niflied inflead of being increafed ; or whether by the new method of a 

 regulated trade, the nation's general commerce to India might not in 

 fome degree be hurt and diminiflied ? For who can forefee all the advan- 

 tages which other European nations, trading to India, would be able to 

 gain over us by this alteration, or the hurt our trade might receive from 

 the Indian princes, &c. To quit therefor a prefent certainty for a fu- 



* This refers to thofe, who were engaged in the Oftend and Swedifh Eaft-India companies. A, 

 f Could the prdpofers make any doubt, whether they were to pay the former company for their 

 4)ropeity ? A. 



