694 ^' ^- I69S. 



Y 



,vhich had prevented them from making any dividends for fundry pre- 

 ceding years, had by this time occafioned a general diflike in the people 

 againft the company. This broke out more plainly in the fpring of 

 1698, when the houfe of commons again took the flate of the com- 

 pany's trade into their ferious confideration, even though it had three 

 years before appeared to be fo delicate an affair, that it had been refer- 

 red by the parliament to the king and council, who fent it back again 

 to the parliament, who after all did nothing material in the main com- 

 plaints relating to it. The company therefor thought it now prudent 

 to make a propofal to parliament, that they would advance Lyoo.ooo 

 for the public iervice at 4 per cent intereft, provided the exclulive trade 

 to India might be legally fettled on them. But while the houfe of com- 

 mons feemingly liftened to this propofal, a number of merchants, head- 

 ed by Mr. Samuel Shepherd, and countenanced by Mr. Montague, chan- 

 cellor of the exchequer, offered to advance two millions of money at 8 

 per cent interefl, provided they might have the fole excluhve trade to 

 India fettled on them ; yet the fubfcribers not to be obliged to trade in 

 one joint ilock, unlefs they fliould afterwards defire to be incorporated, 

 in which cafe a charter fhould be granted to them. This lafl propofal 

 was befl relifhed, and therefor a bill was accordingly brought into par- 

 liament. Againft this the company's counfel in both houfes of parlia- 

 ment pleaded their feveral exclufive charters, which, amongfl other 

 great privileges, filled them lords-proprietors of Bombay and St. He- 

 lena. They let forth, that the company had aftually acquired, at their 

 own fole expenfe, revenues at Fort St. George, Fort St. David, and 

 Bombay, as well as in Perfia and elfewhere, to the amount of about 

 L44,ooo per annym, arifing from cuftoms and licences for felling wine, 

 for fifhings, for farms of tobacco and betle ; for quit-rents, houfe-rents, 

 and garden-rents, to the natives ; paffes for country fhips ; tonnage, an- 

 chorage, falvage, &c. ; all which were conftantly increafing ; alfo a large 

 extent of lands in the refpedive places. That they had alfo ereded forts 

 and fettlements, and had procured territories in the ifland of Sumatra 

 and on the coaft of Malabar, without which the pepper trade mufl have 

 been entirely loft to England. That they had a ftrong fort in the king- 

 dom of Bengal, and alfo many fadories, buildings, and fettlements, in 

 divers other parts.; having, nioreover, purchafed of the Indian princes, 

 at high rates, many privileges and immunities ; all which they were 

 encouraged to do out of a firm belief, tliat their rights and inheritances 

 would on all occafions be objeds of the nation's care *. That fince this 

 bill was bro tight in, the company agreed to fubmit their prefent ftock 

 to a valuation of 50 per cent, viz. 20 per cent for their dead ftock, (i. e. 



* This account of the various emokiments of the company in India is very inftruftive, as it explains 

 the nature of them, and Ihews that they were neaily the fame as thofe of the prefent company are 

 now ( 1760). ^. 



