154 A. D. 1730. 



commerce; after ailuring the reader, that the author of this work has 

 lludied impartiahty in tliis, as in other parts, of the work, as much as 

 poflible. To concUide, the legiflature palled the bill in the company's fa- 

 vour, intitled, an Acft for reducing the annuity or fund of the united 

 Eaft-Indla company, and for afcertaining their right of trade to the 

 Eafl-Indies, and the continuance of their corporation for that purpofe, 

 upon the terms therein mentioned ; whereby, after a full recital of for- 

 mer ftatuies and charters, the company agrees, and it is enaded, that 

 their prefent yearly fund of Li6o,ooo be redticcd to Li 28,000, (or 

 from 5 to 4 per cent) from michaelmas 1730 ; in confideration where- 

 of, and of L200,ooo, to be paid by them for the public fervice of this 

 prefent year, 1 730, all their exclufive privileges of trade to the Eaft-Indies 

 are continued and prolonged from lady-day 1736, to lady-day 1766, and 

 three years notice then to be given ; in all^ including the faid three 

 vears notice, to lady-day 1769, being 33 years; when, on repayment 

 of their entire capital of L3, 200,000, their exclufive privileges of trade 

 fhall ceafe and determine. Yet, neverthelefs, the company fhall conti- 

 nue as a corporation forever, to enjoy the Eaft-India trade in common 

 with all other fubjeds. There was in this aft one fmgle claufe only, of 

 any importance, which had not been in any former ftatute relating to 

 this company, and arofe from a doubt malicioufly and unaccountably 

 Parted by the company's enemies, viz. whether the three years notice 

 fhould be fully expired before they lofe their exclufive privileges. That 

 claufe therefore enadled, ' that upon the expiration of the faid three 

 * years, and re-payment, &c. as above, their exclufive right fhall ceafe.' 



The company, moreover, at any time, on one year's notice after lady- 

 day 1736, might be paid off their whole capital, by any payments not 

 lefs than L5oo,ooo at a time : and fo on, from time to time, on fuch 

 yearly notices by parliament. The company were hereby likewife de- 

 barred from poiTefling in Great Britain, lands, tenements, &c. exceed- 

 ing L 10,000 yearly rent. Laflly, two general provifos were added, 

 for faving the privileges, 8cc. of the South-fea and Levant compa- 

 nies. In confequence of the redudion of their fund, the company re- 

 duced their dividend from eight to /even per cent per annum at chrift- 

 mas 1732. 



The royal African company declining more and more, fo as not to 

 be able to fupport their forts and fadories on the coaft of Africa, and 

 the trade being thereby laid open, fo as to endanger them, the parlia- 

 ment this year granted Li 0,000 for that purpofe, by an adl for raifing 

 L55o,ooo by exchequer-bills, 8cc. The fum of Li 0,000 was granted 

 annually till the year 1744, when, by reafonof the war with France and 

 Spain, L20,ooo were granted for that end. In each of the two following 

 years Li 0,000 were granted for the fimie purpofe, but nothing was 

 granted for the year 1747. 



