590 A. D. 1677. 



now joint flock fliould ceafe and determine, after getting in what goods 

 and debts they have abroad ; and that the trade, for the future, fhould 

 be carried on by particular per fons, according as every one fhould think 

 good to adventure, without limitation, either in quantity, quality, or in 

 the prices of goods fent out, or returned home : yet, that there fliould 

 be a company legally eftabliflied, to be empowered to raife impofitions 

 on the trade, for maintaining the faid forts, factories, and privileges, for 

 the equal benefit of all Englifh people trading to India ; alfo to make 

 treaties with kings and governors in India as formerly ; and alfo, out 

 of fuch impofitions, to allot a proportion, probably not lefs than 

 Li 0,000 per annum, for the loan of the faid places and privileges ; and 

 the reft of the money to be employed for the charge of the future go- 

 vernment, and for treaties, &c. upon the plan of the Turkey company. 



Now, let it be confidered, how infufficient this propofed method is 

 for fecuring this trade to the Englifh nation, in comparifon of the pre- 

 fent one, wherein there is a fund of at leaft a million fterling conftant- 

 ly engaged for the neceflary defence of the trade. And it will furely 

 be found difficult to know what proportion to lay, by way of impofi- 

 tion, as depending arbitrarily on the humour of particular perfons, whe- 

 ther they will trade or not, and for what value. Infomuch that there 

 will be a certaixi expenfe, and an uncertain revenue. And it may fre- 

 quently happen, that the former may be the greater, and the later the 

 leafl: : and this too, perhaps, in a time of war ; when, there being little 

 trade, there will be little to be raifed by way of impofitions ; becaufe, 

 when hazards are great, few will care to adventure ; whereby all may 

 fall into the enemy's hands. 



The barrifter infinuates, in the clofe of his letter, that the Eaft-India 

 trade might be fo managed, under a regulation, that five times the 

 trade might be gained, and the prices of our own manufadlures of 

 cloth, &c. advanced by the multitude and freedom of buyers; and the 

 price of goods imported much leffened to the Englifli, and much more 

 trade gained with India commodities to other parts of the world ! 



But I am of a contrary opinion ; 



For, ift, how probable is it, that private traders in a regulated com- 

 pany fhould gain fo much as (and far lefs five times more than) a joint- 

 llock company ? Thofe fuppofed trades to be gained are chiefly the 

 trades to China and Japan ; where indeed our trade, once well fettled, 

 might take off more of our woollen manufad;ures, and might return 

 gold, filver, and copper, in tome meafure to fupply the trade to other 

 parts of India, without exporting fo much trealure from Europe. But 

 thofe trades are not fo eafiiy gained as fome may fancy * ; and leaft of 

 all by the ftocks of private perfons. As the preient Eaft-India compa- 



• This ftitws that we had as yet no trade with China. /). 



I 



