588 A. D. 1677. 



the kingdom had not been fupplied, all its treafure might, ere this, have 

 been exhaufled. 



Next, that the Eaft-India trade cannot fo well be fecured and im- 

 proved, for the benefit and advantage of the kingdom, in any other 

 way, as by a company in a joint Hock ; !et it be confidered. 



That no other nation trades thither otherwife than by a joint ftock, 

 except the Portuguefe, who are now almofl beaten out of the trade. 



It is well known that prefents are to be made to kings, princes, 

 and governors, of India, for obtaining licence to traffic there : and 

 there is alfo a neceflity of hiring fome great houfe for fecuring their 

 perfons and goods there, at each refpeilive place. 



Our company has been at vafl charges and hazards for obtain- 

 ing freedom of trade, and many great privileges and immunities, both 

 from the great mogul, and very many other kings, princes, and gover- 

 nors ; and likewife for the fecurity of their factors, eftates, and trade ; 

 alfo to purchafe, build, and maintain, great houfes and ftorehoufes in all 

 the places of their refidences, <;alled fadories ; and in fome places, as at 

 Fort St. George, Bombay, and St. Helena, to make confiderable fortifi- 

 cations, and to keep large garrifons. 



If therefor this trade fliould be left entirely open, fo as every one 

 might trade thither as he pleafed, would not all the privileges and im- 

 munities purchafed at great expenfe by our company be either loft, or elfe 

 rendered void and infignificant ? and when every man minds only his 

 own particular concern, the national honour and intereft would decline. 

 Would not the kings and governors in India, and the European na- 

 tions, our competitors there, take all opportunities to make their ad- 

 vantages, and to put hardfhips and injuries upon the Englifh, wanting 

 imited counfels and ftrength to right themfelves ? would not every one 

 flrive to fupplant another, and thereby enable the Indians to raife the 

 prices of their commodities, and lower the prices of Englifli goods ? of 

 which there hath already been too fad experience in three or four years 

 of open trade, from the year 1653 to 1657 ; in which time the Englifh 

 began to lofe their antient honour and efteem, and many indignities 

 and wrongs were put upon them by the kings and governors there, 

 forcing the Englifh to fell their goods, and to take others at fuch prices 

 as they pleafed. Englifh commanders have been put to death, and 

 their fliips and goods feized, without means of redrefs. Private traders, 

 by outvying and underfelling one another in thofe four years, brought 

 the trade to be often a lofing one, and at befl but feldom a faving one. 

 It was from the confideration of thefe and many other diforders in the 

 open trade, that in the year 1657 it was agreed to lay afide all private 

 trade, and to open books for fubfcribing to a new joint ftock. 



In or about the year 1665 the company took a perfedf account and 

 balance of all their ftock, adventures, and debts } when it appeared that 



