A. D. 1698. 695 



their forts, fadories, lands, &c.) and 30 per cent for their quick flock, 

 which they were content even to warrant at that rate. And upon thefe 

 terms the company hkewife offered to open fubfcriptions for two mil- 

 lions. To all this the counfel for the new fubicribers replied, that the 

 old company, (for fo we muft now begin to call them) in reciting their 

 charters, had forgot to mention the provifos therein, viz. that the kings 

 of England, who granted them, reterved a difcretionary power to make 

 them void on three years warning. That the king, folely by his char- 

 ter, could not grant the trade exclufive of all otliers, as being diredly 

 contrary to pofitive laws : neither had the prefent king, in fad, granted 

 any fuch exclufive right. That feveral recoveries had been made at law 

 againfh the company for profecuting fuch pretended right. That the 

 king's meffage to the houfe of commons in 1692 plainly fignified, that 

 the concurrence of parliament was requifite for making a complete and 

 ufeful fettlement of this trade *. That, when they mentioned the refo- 

 lution of the houfe of commons in 1691, they omitted their other refo- 

 lution, viz. that it was lawful for all perfons to trade to the Eaft-Indies, 

 unlefs reftrained by ad of parliament. That the patents for fome trades 

 with joint flocks, while the trades for which they were granted were in 

 their infancy, have been permitted, for the fake of fettling a trade, and 

 till the firft adventurers had reaped fome reafonable compenfation for 

 their expenfe and rifk ; yet afterwards, when fuch trades have grown 

 confiderable, the wnfdom of the nation has always, or generally, judged 

 it fitting to open a way for the kingdom to receive a general benefit 

 therefrom f. That it never was efteemed a breach of public faith, nor 

 a derogation from the credit of the great feal, or from the honour of 

 our kings, to have their patents annulled by parliament, when it ap- 

 peared that fuch grants were either unprofitable or contrary to the 

 common rights of the f ubjed : neither did any kings think themfelves 

 bound in honour or confcience to refufe paffmg an ad of parliament 

 for the annulling of fuch grants. That, moreover, kings having often 

 been deceived in fuch grants, they have even been frequently annulled 

 by the ordinary courfe of law. 



It was, on the other hand, again farther replied and urged, in behalf 

 of the old company, that the property of many families, widows, and 

 orphans, was greatly affeded by this bill, which, moreover, makes no 

 provifion for a determined flock ; infomuch, that it may hereafter hap- 

 pen, that the trade may be loft to the nation for want of a fufHcient ca- 

 pital to carry it on ; it appearing by thirty years experience, that it re- 

 quires at leafl L6oo,ooo every year to carry on this trade to its utmofl. 



* Here they expatiated on the bribery and other arguments againft the old company, were at this • 



indircd proceedings of tlie company in the years very time allcing for, and afterwards obtained, an 



!(3q2 1695. A, exclufive trade to India. A. 



f Yet the very fame people, who now ufcd ihefe 



