666 A. D. 1695. 



fufpeding the prejudice this new company might do to their Eaft and 

 Weft India companies, entirely fruftrated their fubfcriptions there. So 

 their next attempt was at Hamburgh, where they were cordially receiv- 

 ed, the citizens expreiling their forrow that there was room for no more 

 than L200,ooo fterling for them to fubfcribe. Thus far the company's 

 wiflies fucceeded ; and, as it was expeded, that in Scotland L20O,ooo 

 more would be fubfcribed to make the capital up to one miUion fterling, 

 they therefor haftened the building and purchafing fhips of great bur- 

 den at Hamburgh and Amfterdam, when fuddenly this fine projed was 

 overclouded, by the alarm taken by both the Englifh houfes of par- 

 liament, who in December 1695 very pathetically addrefTed the king 

 againft the great advantages which he had granted to this company : 

 ' whereby fay they, a great part of the ftock and fliipping of England 

 ' will be carried into Scotland, where there will be a free port for all 

 ' Eaft-hidia commodities ;, and confequently, the feveral places of Eu- 

 ' rope, till now fupplied from England, will from thence be furniflied 

 ' much cheaper. The Eaft-India merchandize alfo will be run into 

 ' England by the Scots, to the unfpeakable prejudice of England's trade 

 * and navigation, and of your majefty's cuftoms : and, if the Scots be 

 ' fuffered to fettle plantations in America, our commerce in tobacco, 

 ' fugar, cotton, fkins, mails, &c. will be utterly loft.' With much 

 more to the fame elFed:. 



King William's firft anfwer was, that he had been ill ferved in Scot- 

 land ; but neverthelefs he hoped that remedies might be found out to 

 prevent the mifchiefs fuggefted. 



The houfe of commons alfo inquiring into the fubfcriptions made in 

 England, the managers thereof difappcared, and two of them were im- 

 peached by that houfe. The firft fubfcription money was therefor re- 

 paid to the fubfcribers, whereby L3CO,oco was at once cut off from the 

 nev. company's capital. It was alfo apprehended, that, fliould this com- 

 pany fucceed, the Scots would in time become fo powerful as to be able 

 to feparate themfelves altogether from England, v.-hich would be attend- 

 ed with very tatal confequences. It is therefor not at all to be won 

 dered at, that the Englifh miniftry and council, as well as the parlia 

 mcnt, fo ftrongly urged the king to crufli this company in its infancy. 

 For which end, Sir Paul Rycaut, the Englifti minifter at Hamburgh, 

 earneftly remonftrated to that opulent city againft permitting the depu 

 ties of the Scottilli company to keep an open office for fubfcriptions 

 there, as having no authority for it from King William. Yet the trad- 

 ers at Hamburgh, being very fond of the fcheme, efteemed it a great 

 hardfliip to be prevented from fubfcribing. They were however forced, 

 with much regret, to relinquifli their fubfcriptions ; whereby L200,ooo 

 more was cut off from the company's capital, after it had coft L30,ooo 

 in obtaining it. The council-general and the court of diredors of the 



