A. D. 1 68 1. 603 



pal merely for that low intereft, whilfl the company makes 50 per cent 

 of it, without any hazard at all. Thofe lenders, in cafe of lofles, cap- 

 tures, &c. have only the company's common feal to depend on, which 

 in luch cafe is no fecurity at all : for no one member is obliged to 

 make fatisflidion, as has been evident by feveral late examples of the 

 like nature. 



The Eaft-India company's anfwer, before the privy council, was to the 

 following effed. 



I) Articles ift, 2d, and 3d. The cloth exported by the Eaft-India 

 company is finer and more valuable than what is exported by the Tur- 

 key company : and, if we are rightly informed, the medium of cloths 

 exported by that company in the laft three years is only about 1 9,000 

 cloths yearly ; a greater quantity than which (in value at leaft) the Eaft- 

 India company may probably fhip out this year, if their fadory at Amoy 

 in China be not furprifed by the Tartars, of which there was a doubt- 

 ful report lafl year. Yet it is admitted, that, before the Eafl-India com- 

 pany had any entrance into the trade of China and Japan, the Turkey 

 company's exportation of cloth did much exceed that of the Eaft-India 

 company. 4th, we alfo fay, that it will be found by the entries at the 

 cuflom-houfe, that the Turkey company do fend out yearly, befides 

 their cloth, great quantities of pieces of eight from England for the 

 purchafe of raw filk in Turkey, as well as great quantities of the like 

 fpecies of bullion from France, Spain, and Italy, which otherwife would 

 come to England. 



II) Concerning the comparifon between the conflitution of the Tur- 

 key and Eafl-India companies, we fay, there hath been fo much print- 

 ed in moll European languages, and fo many confultations and debates 

 in the great councils of Europe, concerning joint flocks for the Eafl- 

 Indies, in all of which (except in Portugal) the refult has been for a 

 joint flock, that we think it would be impertinent to trouble your 

 lordfliips with a long difcourfe concerning it. 



1 . But it cannot be denied by any reafonable man, that a joint flock 

 is capable of a far greater extenfion, as to the number of traders and 

 largenefs of flock, than any regulated company can be ; becaufe noble- 

 men, gentlemen, fhopkeepers, widows, orphans, and all other fubjecls, 

 may be traders, and employ their capitals in a joint flock ; whereas, in 

 a regulated company, fuch as the Turkey company is, none can be 

 traders but fuch as they call legitimate or bred merchants. 



2. The confequence whereof is, that, if the trade for India were laid 

 open, the adventurers would be fewer by three quarters than they are 

 now, becaufe thofe who have fkill would run away with the trade, as in 

 fatl they did between the years 1653 and 1657. 



3 and 4. The number of the prefent Eafl-India adventurers is at this 

 time above fix hundred ; and with refpedl to the indulged or private 



4G 2 



