A. D. 1676. 575 



written in the year 1677, we find, that in the preceding year, 1676, 

 there went thither from England 102 fhips for the cod fifhery there, 

 each ihip having 20 guns, and carrying 18 boats, and for each boat five 

 men, in all 9180 men. Their convoy was two fliips of war. And the 

 total value of the filh and oil, they made there in that year, was com- 

 puted at L3 8 6,400. How great a nurfery then is this fifhery for Eng- 

 lifli failors, and how beneficial for the employment of fhip-building, 

 &c. 



In Odober 1676, King Charles granted his fourth charter to theEaft- 

 India company, confirming all his former ones, notwithfianding any 

 mifufer, nonufer, or abufer, whatloever of their former rights, liberties, 

 &c. by the company, or their fervants. What induced the company 

 to obtain this charter was a great clamour raifed againfi: them at this 

 time, on account of their many exclufive privileges ; and their enemies 

 went fo fir as to publifh their opinions, that their charters were adually 

 void ; becaufe, faid they, the crown could nor legally grant exclufive 

 privileges and powers, without the concurrence of parliament. This 

 was boldly faid for thofe times, previous to the ever-famous act of the 

 firfl: year of William and Mary, called the declaration of rights. The 

 company's enemies alio alleged, ' that their bond debts amounted to 

 ' L6oo,ooo ; and as they feldom had much above that fum in value, at 

 ' any one time, both in their fadories in India and upon the feas, they 

 ' thence inferred, that they traded wholely with their creditors money» 

 ' of which the compaiiy made 40 per cent, whilfi; they allowed their 

 * bond creditors but fix per cent.' So that, fiiould their fadories and 

 goods be deftroyed by war, &c. how could they fecure and maintain the 

 prefent nominal vnlue of their capital fi:ock,and, at the fame time, ^lly 

 fatisfy their creditors *. 



That company, having now made a very confiderable profit by their 

 trade, decreed in a general court, that the profits, inftead of making a 

 dividend thereof to their proprietors, fliould be added to their principal, 

 or capital ftock, fo as jufi: to double the fame ; for whereas their whole 

 capital was, till now, only L369,89i : 5 ; every ftiare of L50 was now- 

 made Lioo, whereby their new capital was made up to L739,782 : 10. 



A great part of the wealthy and extenfive burgh of Southwark was 

 defiiroyed this year by a fudden fire, the houfes having then been 

 mofi:ly built of timber, lath, and plafter. The legillature thereupon ap- 

 pointed commifiioners, by an act [29 Car. IF, c. 4] for rebuilding the 

 iarae, which was done all of brick walls, in a more fubftantial, regular, 

 and beautiful, manner, than before, as it ftill appears at this day, from 

 London bridge to St. Margaret's hill, and beyond it. 



In this year Sir William Petty v/rote his treatife of Political arith- 



* This objeftion liolds equally true againft all traders, whether ca a great or a fmall fcak. A. 



4 D 2 



