698 A. D. 1698. 



and lefs difturb our own manufadures. That it is better for the king- 

 dom, for inflance, that L300 be employed at 10 per cent profit, tham 

 that but Li 00 be employed at L20 profit. That wonderful things are 

 iaid of the gains by trade in Sir Thomas Grefham's time, when for 

 every Lioo employed in trade, it was returned again at the end of the 

 year, with 200 or L300 more of profit, divided between the cufi:oms of 

 the crov/n and the merchants ; thougli at this time, perhaps 20 or 30 

 per cent is all that is fo divided ; but then, for every Li 00 then employ- 

 ed, there is probably Lioco now employed in commerce: and confe- 

 quently, for every Lioo fo gained in thofe times, there is at leafl 

 l.iooo gained in our days. Thus, when the African or Guinea trade 

 was laid open on paying 10 per cent to the company, if, from that 

 time ten fliips were employed in it for every one that had been em- 

 ployed by that company ; if, in the open trade, thefe ten fliips on 

 Liooo could divide 30 per cent between themfelves and the cuftoms, 

 and the company's one fliip before divided Lioo between them and the 

 cufioms, yet the ten fhips are much more beneficial to the nation, be- 

 caufe they employ ten times as many perfons, and carry out ten times 

 as many manufadures, as the company's one fhip did. This is a very 

 important remark for the confideration of legiflators. 



After fo long and fo expenfive a war, but jufl; ended, wherein alfo 

 there had been very great lofles by captures of fo many of our rich 

 merchant fhips, it gave foreign nations a high idea of the wealth and 

 grandeur of England, to fee two millions fi:erling money fubfcribed 

 for in three days time : and had the books been kept open longer, there 

 were perfons ready to have fubfcribed as much more: for though higher 

 proofs have fince appeared of the great riches of the nation, becaufe 

 our wealth is very vifibly and much increafed fince that time, yet till 

 theii there had never been fo illuftrious an inflance of England's opu- 

 lence. This, however, was undoubtedly owing in a great meafure to 

 the legal eftabliilmient of our free conftitution by the acceflion of King 

 William and CKieen Mary to the throne, whereby a firm confidence in 

 the public faith was efiablifhed on a folid bafis. For before this moft 

 happy and folid fettlement of our conftitution, whereby the precife li- 

 mits of the royal prerogative, as well as of the fubjed's rights, were af- 

 certained, and abfolutely eflabliflred, by the ever-memorable law, named 

 the Declaration of rights, the crown, in fpite of the old Magna charta, 

 and the law of King James I againfi; monopoUes in 1 624, &c. conftant- 

 ly pretended to the right of granting exclufive privileges and charters, 

 though, neverthelefs, frequently and ftrenuoufly oppofed, and fome- 

 times fuccefsfuUy, by upright judges and juries. Yet, till this glorious 

 epocha of liberty, the Eaft-India, African, and Hudfon's-bay, compa- 

 nies, with joint flocks, as well as the regulated companies, as they are 

 ufually called, tra4ing without a. common ftock, viz. the merchant -ad- 



