A. D. 1698. 697 



from the duty on fait, and certain additional duties on ftamped 

 parchment and paper. The new" fubfcribers to be called the general 

 fociety of traders to the Eaft-Indies. They were empowered to trade 

 either diredlly themfelves, or to licence others in their flead ; but fo as 

 not to trade annually for more than the amount of their refpedive fhares 

 or flock. Yet the king might, by his charter, incorporate the fub- 

 fcribers into one body-politic *, with perpetual fucceflion, &c. and the 

 ufual powers ; till when the fubfcribers were to eledl out of their body 

 24 truftees. Corporations having flaares herein might trade in propor- 

 tion to their fliares f. Neither this general fociety, nor any company 

 that may be eftabliihed in purfuance of this ad, fliall borrow or give 

 fecurity for any fum on the credit of the funds by this ad granted. 

 Neither fhall they borrow, owe, or give fecurity for, any other or great- 

 er fums than fliall be employed in their trade, and which likewife Ihall 

 be borrowed only on their common feal, and not repayable in lefs than 

 iix months. Neither fliall they difcount any bills of exchange, or other 

 bills or notes, nor keep books or cafli for any perfons whatever, other 

 than their own corporation X- ii've per cent additional duty, rated on 

 the value, from niichaelmas 1698, is hereby laid on all India goods im- 

 ported, to be paid to the general fociety, or to fuch company or com- 

 panies as may be ereded, for maintaining ambafladors, and other extra- 

 oi'dinary expenfes, the overplus whereof to be difpofed ot for the bene- 

 fit of all the members. Upon three years notice, after michaelmas 171 1, 

 and repayment by parliament of the faid two millions, then all the du- 

 ties, privileges, &c. fliall ceafe §. Provided, however, that the prefent 

 Eafl:-India company may alfo trade to India until michaelmas lyoi. 

 The feparate traders, called formerly interlopers, already gone out, may 

 fafely return. All future fales of India goods fliall be made openly by 

 inch of candle,, on pain of forfeiting half to the king and half to the 

 informer ||. The prefent company fliall pay their jufl debts. No fo- 

 ciety, to be ereded in purfuance of this ad, fliall owe at any one time 

 more than the value of their capital ftock undivided ; and if, by any 

 dividends, their debts at any time fliall exceed the amount of their ca- 

 pital ftock, the refpedive members fliall be liable for the fame, fo far 

 as the fliares they received upon fuch dividends fhall extend, befide cofts 

 of fuit. [9, 10 GiiL III, c. 44.] 



On occalion of this contention between the two companies, it was 

 alleged by irany at this time, againft any exclufive trade, that an open 

 trade, though v.itli lefs profit, would be more beneficial to the nation, 



* This was the intention from the firft. j1. § The term was extended to zjtli March, 1 726, 



f This feems plainly defif^iied to favour what with three years notice, [y/ii 6 Anne, c. 17.] yi. 



prefently after fell out in behalf of the old com- |] Tiiis was to obviate the complaint of clan- 



pany. A. delline falcs, faid to have been made by the con- 



X Thefe claufes were intended to prevent en- nivance of, or for the benefit of, tlie dircdors. ^. 



cioaching on the province of the bank. A. 



Vol. it. 4 T 



