696 A. D. 1698. 



That even daring the three years to michaehiias 1701, the new fub- 

 fcribers are, by this bill, permitted to trade as well as the company, 

 which is contrary to the charters, and will create great confufion, and 

 render the faid three yeai's trade allowed the old company of no benefit, 

 becaufe they are flill bound to export to the value of Lr 00,000 annual- 

 ly in our own manufad;ures, while the new fubfcribers are under no 

 fuch obligation. The old company are, moreover, obliged to pay taxes, 

 and to keep up forts, fadtories. Sec, while the new fubfcribers are to 

 have an equal benefit of the trade, without either. That fince the lafl 

 new fubfcription in 1693, the company have loft, either by accidents 

 or by the calamities of war, twelve great (hips, which, with their car- 

 goes, would have fold here for near Li, 500,000. And yet, notwith- 

 standing fuch loiTes, they have paid in cuftoms fince that period 

 L295,ooo, befide L85,ooo in taxes. That, moreover, they fupplied the 

 king in Holland, on a prefling occafion, with 6000 barrels of gunpowder, 

 and had likewife, at a time of great extremity, fubfcribed L8o,ooo for 

 circulating exchequer bills at the inftances of the treafury. And that, 

 in fhort, many hundred families have their whole fortunes depending 

 in the ftock of the prefent company, who muft be utterly ruined, if this 

 bill take effed. 



In the foregoing debates there are to be found a great many material 

 articles relating to the hiftory and condud: of the old Eaft-India com- 

 pany, and to the nature and legality of exclufive charters, unfupported 

 by parliamentary authority ; we could not therefor avoid foniewhat en- 

 larging thereon, and ftiall only fubjoin what was, on this occafion, far- 

 ther alleged againft the old company, viz. that the new fubfcribers to 

 that company's ftock in the year 1693 were deluded into it by the char- 

 ter then obtained by indired means, and by the hopes of an ad of par- 

 liament to confirm it, and by the old proprietors having valued their 

 ftock at L75o,ooo, whereby they ftiared L375,ooo of the new fubfcrib- 

 ers money amongft themfelves ; and as they had warning fuflnicient, by 

 the tranfadions before the king and council, nobody was anfwerable for 

 their lofs but themfelves. 



Thefe reafons weighing, or feeming to weigh, with the parliament, 

 and fome of the leaders of the old company being moreover faid to 

 have been fufpeded of difaffedion to the ftate, or, perhaps principal- 

 ly, becaufe the new fubfcribers were the favourites of the miniftry, an 

 ad of parliament was pafl^ed for raifing a fum not exceeding two mil- 

 lions, upon a fund for payment of annuities after the rate of 8 per cent 

 pv-^r annum, and for fettling the trade to the Eaft-Tndies. The fubftance 

 thereof, as far as relates to this fubjed, is, that the king might appoint 

 commiffioners for taking fubfcriptions from any perfons or corporations, 

 the bank of England excepted, for raifing two millions, from and after 

 michaelmas 1698, the entire intereft being Li 60,000 per annum, arifing 



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