/oo A. D. 1698. 



&c. at their own price, as not being reftrained by the a6l: of parliament 

 from felling them even to foreigners *. Nor were they by this ad ab- 

 folutely dilTolved at the end of the three years, feeing their eftate is 

 thereby made liable to pay all their debts, which could'not be effec^d 

 within the limits of thofe three years. Moreover, the old company had 

 artfully lubfcribed L3 1 5,000 into the new flock in the name of Mr. 

 John Dubois, their treafurer, whereby they were poHefred of above one 

 feventh part^ of the whole new capital of two millions. To confirm 

 which pofleilion, they obtained an acl of the next feffion of parliament, 

 importing, that, in confideration of the old company having direded 

 Mr. Dubois to fubfcribe the faid fum in truft for them, they fhould 

 continue a corporation, fubjecl, neverthelefs, to be determined upon 

 redemption of the fund aforefaid : which, being deemed a private acl:, 

 is not printed in the ftatute-book. It is intitled, an A&. for continu- 

 ing the old company, (called the governor and company of merchants 

 of London trading to the EaiVlndies) a corporation till the redemption 

 of the faid two millions. 



In all this very material affliir, there certainly was a ftrange jumble 

 of inconfiflencies, contradidions, and difficulties, not eafily to be ac- 

 counted for in the condud of men of judgement, unlefs they were pur- 

 pofely fo intended for the fervice of the old company. For it occafion- 

 ed a world of trouble afterwards to the new company, as will be feen, 

 as far as is needful, in its proper place. And indeed the miniftry were 

 feverely handled in fundry virulent pamphlets of that time. As, ifi, 

 that three years before one company could be diflblved, a new company 

 ihould be eftablilhed, with power to commence an immediate trade 

 where they had no jufl right till three years after. 2dly, to fuffer the 

 old company to fubfcribe fo confiderable a part of the new capital, 

 whereby they were enabled to trade feparately from the new one, which 

 was m efFedt eftabUihing two rival companies at once, befides the fepa- 

 rate traders, who ftill continued to acT: by themfelves. 3dly, after the 

 old company's three years fliould be expired, of what ufe could their 

 forts, factories, lands, buildings, &c. be to them. Thefe, and other 

 difficulties and abiurdities, might be enlarged on, were it neceflary, af- 

 ter dwelling fo long on this matter already. A coalition, therefor, of 

 thofe two companies feemed to be the only effedual expedient. For 

 luch was, at this time, the force of party in a matter, which, one would 

 think, fjiould be of no party, that thofe two companies had divided ai- 

 moft the whole kingdom into the two oppofite parties, of the old and 

 new companies, the former generally favoured by the tory party, and 

 the new one by the whigs. And in this condition we will leave theni 

 tor a little while, for the fake of the chronological order of our hif- 

 tory. 



* A moll iiii'iccoiintable mid ike, if not rather intentionally done. ^. 



