•yio A. D. 1700. 



which the other might be at war, and againll whom the faid auxiUary 

 forces may have been fent. 



lyoi — There were two particular points in the acft for fettUng the 

 Eaft-India trade, which proved extremely embarraffing, viz. 



The leave given to all corporations (the bank of England excepted) 

 to fubfcribe in their corporate capacity ; whereby the old Eaft-India 

 company got into the new one in the manner already related : and the 

 infertion of the words, ' or any', after the word ' all', in the claufe giv- 

 ing the king a power to incorporate the contributors into a joint-flock 

 company, which left room for fome of the contributors of the general 

 fociety (as proved adually the cafe) to decline coming into the new 

 joint-ftock company, and inftead thereof, to go on as feparate traders to 

 India. 



Both thofe difficulties might eafily have been prevented, efpecially 

 the firft, feeing an equivalent might have been afligned to the old com- 

 pany for their forts, privileges, &c. and the feparate traders might alfo 

 have been bought off, they amounting only to Ly.aoo principal, with 

 their annual fund of L576 at 8 per cent, who chofe, by virtue of that 

 adt, to trade folely and feparately : whereby the capital ftock of the 

 new corporation was in fad but Li, 992, 800, and their annual fund but 

 Li59,424. Thefe feparate traders afterwards gave much trouble to the 

 new company, till by a law of the next reign an end was put to them, 

 and both companies confolidated into the prefent united company of 

 merchants of England trading to the Eaft-Indies. 



This year the contefl between the two Eaft-India companies became 

 exceedingly hot, it being about the time that a new parliament was to 

 take place ; and both companies ftrove to gain the court, as well as the 

 new members of the houfe of commons. The fpirit of this time may 

 in fom.e meafure be feen, by many warm pamphlets then publiftied ; 

 fuch as, ' the Freeholders plea againft flock -jobbing of eledions of par- 

 ' liament-men, quarto, 1701 :' ' the Villainy of ftock-jobbers deteded, 

 ' &c. quarto, 1701 ;' and many more. And at the two coffeehoufes 

 near the Royal exchange, which ftill retain the names of Garraway's and 

 Jonathan's, affairs were in thofe pamphlets made fo important, as to be 

 laid then to prepare and dired the greateft bufinefs of the nation. The 

 two companies were at this time reckoned to have no fewer than 60 

 fliips at fea ; and great was the emulation at their public fales. Thefe 

 conliderations made the government fee the abfolutc neceflity of com- 

 pofing their fierce contentions by a coalition, which was at length com- 

 plied with, though not formally concluded in King William's reign. 



We may now fee, how great a progrefs the French council of com- 

 merce had made, in about one year after their eftablifhment, in the 

 knowlege of the true commercial interefts of France. And as it will 

 difplay their great judgement, zeal, and diligence for the improvement 



