194 A. D. 1733. 



they had greatly reduced the falaries and allowances of their officers 

 and fervants both at home and abroad, and had pradifcd fundry other 

 means of frugality. But it feems that their fervants in Africa had 

 fliamefully impofed on their court of afliflants, who at this time laid all 

 thefe matters before their general court of proprietors ; and that, as they 

 had then nine (hips of their own, they propofed, for increafing their 

 affortments of goods at their feveral fadories, and for driving on a large 

 inland trade with the vaft countries behind their forts and fadories, to 

 create bonds under the common feal, to the value of L2o,ooo, bearing 

 4 per cent interefl, which their general court agreed to. Yet, notwith- 

 ftanding this, and that their court of afliflants were gentlemen of cha- 

 rader and credt, their uffitirs went continually retrograde, the private 

 traders having always the advantage of them, as indeed will ever be 

 the cafe in all branches of commerce, wherein trade is freely laid open 

 to all. 



A propofal being this year made by the court of Spain, to allow the 

 South-lea company 2 per cent on the returns of the flota and galleons, 

 as an equivalent for their annual (hip, during the remainder of the com- 

 pany's term, that matter was debated in their general courts, but the 

 coiifideration thereof was poftponed. Yet we (Viall here briefly flate 

 what was then faid in favour of that propofal, viz. 



It was admitted by all fides, that the afTiento contradl for fupplying 

 Spanifh America with negroes, was not only a greatly lofing trade to 

 this company, but was well known to have been io to all former affien- 

 tills. 



The annual fhip was therefor granted by Spain in compenfation for 

 that lofs ; which, however, (excepting the very laft voyage, which re- 

 turned from Porto-bello in the year 1731) had iikewiie proved a lofmg 

 trade. 



The bad fuccefs of this trade has been ufually attributed to two prin- 

 cipal caufes, viz. to the frequent feizures made by Spain on the com- 

 pany's effeds in America, which was likely ever to be the cafe, while 

 the company had factors and confiderable efFeds in the bpanifh Weft- 

 Indies, being an opportunity afforded to Spain to infult us, even on 

 very infignificant occafions : and to the milmanagement of the com- 

 pany's fadors and agents in America, who got large edates in a very 

 few years, and fome of them even in little more than one year, while 

 the company continued to be fuch great lolcrs. There were moreover 

 frequent o(. cafions taken by the court of Spain to obftrudl the going 

 out, and alfo the return of the annual fhip, in due feaion, on account 

 of her menfuration at home, or on fome other frivolous pretext in 

 America, in order thereby to give their flotas and flotillas the advan- 

 tage. 



It was therefor argued, by fuch as were for the company quitting the 



