464 -A. D. 1767. 



their fervaius in India exempted from the publicity, to which all their 

 other affairs were foon after expoied. 



At a meeting of the company on the 6th of May, their half year's di- 

 vidend, payable at Chriftmas next, was declared to be ^v and a quarter 

 per cent. The llockjobbers immediately laid hold of fo very large an 

 advance *, and, trumpeting forth with open mouth the advantages ob- 

 tained in India by Lord Clive, boldly predided, that the dividends 

 would foon rife to fifty per cent, and the price of ftock to 900 or 1,000. 

 They adually carried it up to 263 at this time, and the nation was in 

 danger of a renewal of the madnefs of the South-fea year. 



But thefe towering hopes were inllantly dafhed to the ground by par- 

 liament, who, apparently apprehenfive of ftockjobbing manoeuvres tor 

 carrying queflions in the meetings of the company, made a law againft 

 the pradlice of fplitting votes, for the purpofe of making temporary pro- 

 prietors to give votes in the general courts of any of the public compa- 

 nies, and declared, that no proprietor fhould be entitled to vote atter 

 the ift of Augull 1767, who had not held his or Ircr ftock fix months, 

 or acquired it by legacy, by marriage, or by the cuftom of the city of 

 London. And to prevent the dangerous confequences of fudden and 

 unwarrantable alterations in the rates of the dividends, it was ena<5ted, 

 that dividends fhould be only declared at a half-yearly or quarterly ge- 

 neral court, at leaft five months after the declaration of the preceding 

 dividend ; that the declaration fliould^ be only for one dividend ; and 

 that every propolition for increafmg the rate of a dividend fhould be 

 decided by ballot three entire days, at the leaft, after the breaking up 

 of the general court wherein the propofal was made. [7 Geo. Ill, c. 



This a6l, which was generally binding upon all the public companies, 

 was immediately followed by a particular law for regulating the divi- 

 dends of the Eaft-India company, in order to fecure as well ' the per- 

 ' manent intereft of the faid company, as the ftate of credit both pri- 



* vate and public, from the miichiefs, which muft enfue from an im- 



* proper and improvident incrcafe of the dividends of the faid company, 

 ' which cannot be effedlually done without the interpofition of parlia- 

 ' ment.' It was therefor enad-ed, that after the 24th of June 1767 no 

 dividend fhould be made but by ballot in a general meeting of the 

 company, iummoned exprefsly for that purpofe by at leaft feven days' 

 previous notice fixed on the exchange of London, and that no dividend 

 above ten per cent per annum fhould be made before the next feffion of 

 parliament. [7 Geo. Ill, c. 49.] 



By this adl the late declaration of the increafe of dividend was ref- 



* From the year 1 755 to 1 766 the dividend was only fix per cent for the year. 



