652 A. D. 1693. 



mentioned, and for charging feveral joint flocks ; whereby, inter alia, it 

 was enaded, that for every Lioo of Eaft-India joint (lock, there fliould be 

 anfwered to their majefties, L5, valuing the whole joint flock of that 

 company at L744,ooo, to be paid quarterly by their governor or trea- 

 furer, and to be deducted from the feveral peribns interefted in the faid 

 flock, according to their fevc/al fliares and proportions therein, upon 

 their next dividends. 



And for every fliare in the joint flock of the Royal African company. 

 Li. 



And for every fliare in the joint flock of the Hudfon's-bay company 



L5* _ 



And in cafe any of the companies fhall make default in payment a': 

 the times herein fpecified, the charter of fuch company refpedively,. 

 fhall be, and is hereby, adjudged to be void. [4, 5 Giil. et Mar. c. 15.] 



Thefe were the only joint-flock commercial companies then in Eng- 

 land ; the other three great commercial companies, viz. the Rufiia, 

 Turkey, and Eaflland, ones, being only regulated companies, wherein 

 every member or freeman traded folely on his own bottom ; iubjed only 

 to certain regulations and reflridions by the bye laws and general orders 

 of each company ; which have therefor the appellation of regulated' 

 companies. 



It happened (either intentionally or mofl unaccountably) that the 

 Eaft-India company negleded to pay the tax within the time limited by 

 this ad: ; whereby they legally forfeited their charter. Yet King Wil- 

 liam was unwilling to take advantage thereof, as it would have occafion- 

 ed great dilorders and loiFes to the proprietors. The company, however, 

 hereupon was faid to have diflributed great funis of money to men in 

 power \ : they therefor obtained a new charter, on the 7th of Odober 

 1693, refloring them to all the powers, &c. which former charters had 

 given them ; but with the following provifo, viz. 



' That if the company do not accept of, fubmit to, and effedually 

 ' execute, fuch orders, diredions, additions, alterations, reftridions, &c. 

 * relating to the conflitution and powers of their corporation, and its trade 

 ' and joint flock, &c. as the king fhall by charter ordain, under his great 

 ' feal, before the 29th September 1694, then their majeflies may revoke 

 ' this charter.' Which regulations and orders were accordingly made; 



* The aft does not afcertain the number of ' traced to the king ; L5000 to the duke of Leeds, 



rtiares, or amount of flock, in the two later com- ' and other funis to other men in power.' — The 



panics. duke was impeactied by the houfe of commons : 



f Great fums indeed ! the houfe of commons the moil mateiial witnefs was fent out of the 



having ordeicd an examination of the Eall-India country •, and, in nine days after it was demanded 



company's books, it appeared, that die fums paid by the lords, a proclamation was iffued to flop. 



ior fpecial fcrvices, which before the revolution his flight. — ' Thus ended a wretched farce.' 



fcarccly ever exceeded 1, 1200 in a year ; had ever [Macpherfon's llijlory of Great Britain, V. ii.. 



fmce gradually increiftd, and in the year 1693 p. 79.3 M, 

 they amounted to near L90.C00. — ' L 10,000 were 



