A. D. 1698. 6()() 



venturers, Turkey, and Eaftland, companies, though none of them were 

 legally eftabliilied by ad of parliament, (as the Rufiia company was by 

 the 8th of Queen Elizabeth) all of them, neverthelcfs, prefumed fo far 

 upon their royal charters, as to give great diflurbance to, and often to- 

 tally to obftrud, the feparate and independent traders, whom they 

 thought fit to fligmatize with the opprobrious appellation of interlopers. 

 This therefor was, properly, the firfl legally-exclufive mercantile com- 

 pany of England with a joint flock. Necelhty, however, was the main 

 inducement with the government to pafs this law, 8 per cent being, in 

 thofe times of difficulty, reckoned but a moderate interefl ; tallies, &c. 

 being flill at a confiderable difcount, though they foon after got up to 

 par. 



This law, then, having empowered the king to incorporate all the 

 lubfcribers into one exclufive community, named the general fociety 

 trading to the Eaft-Indies, their charter was dated on the 3d of Sep- 

 tember, 1 698 ; and on the 5th of that month, he incorporated them 

 as one joint-ftock exclufive company, and their fucceflbrs, by the name 

 of t/je Englifl} company trading to the Ecj/l-Indies, with the cufiomary 

 privileges of having a common feal, of making bye laws, of fuing and 

 being fued, of purchafing an undetermined quantity of lands, 8fc. And 

 with this remarkable claufe, (which proved the means of afterwards 

 uniting the old and new Eafl-India companies) viz. that all corporations 

 and perfons who fhould derive any right or title from any of the faid 

 fubfcribers, or their fuccefix)rs, fliould be eileemed members of this 

 new company, and be received and admitted as fuch, gratis. That this 

 company might augment their capital fl:ock. That members, at their 

 admiffion, fhould take an oath of fidelity to the flock-company, and 

 fhould not trade to India on their private account. L500 to entitle 

 them to one vote in general courts, and none to have more than one 

 vote. That this new company might eftablifli the lame courts of judi- 

 cature as the old company had power to do by King James IPs charter ; 

 fhould maintain a minifler and fchoolmafler at St. Helena, and in every 

 fort and fuperior factory ; as alio a chaplain in every fhip of 500 tons 

 and upwards. That one tenth part of their whole annual exports to 

 India fliould be in Engliib produd and manufactures *. 



No fooner was this new company ereded, than great and obvious dif- 

 ficulties and objections were ftarted againft their proceeding to trade 

 during the three years remaining to the old company, who were in pof- 

 feflion of the forts and of the privileges granted in India by the moguls, 

 &c. And even though the new company fhould wait till michaelmas 

 1 70 1, when they would have the exclufive trade, the old one was, ne- 

 verthelcfs, ftill at liberty to difpole of their forts, fettlements, factories, 



* The reft of it is immateri::!, or t'lfe a repetition of wliat is alrtrdy mentioned. ^ 

 4 4 T 2 



