A. D. 1704. 735 



* name of the governor and company of the mme-adventurers of Eng- 

 ' land ; the duke of Leeds to be governor for life ; and a deputy-go- 

 ' vernor and twelve direftors, to be eledled by their general courts, who 

 ' are alfo empowered to make bye laws, &c. as cuftomary in other royal 

 charters. Hereupon, in the fame year, Sir Humphry Mackworth and 

 William Waller, who had before purchafed fundry leafes, for terms 

 of years, of certain mines in different parts of Wales, conveyed them to 

 this new corporation, on certain conditions mentioned in that convey- 

 ance. The company, principally, if not folely, under Sir Humphry 

 Mackworth's direcT:ion, (who was elected deputy-governor for life) went 

 on in a pompous manner, adding fo many newfhares as made the whole 

 number amount to 6012 ; purchaling frefli mines, and railing vaft 

 quantities of lead, copper, and litharge, from which they made a great 

 deal of red lead ; and from the lead they extraded confiderable quanti- 

 ties of filver ; and they ilTued calh notes, which they caufed for fome 

 time to be circulated throughout a great part of Wales. They alfo 

 ereded themfelvcs into a money bank, and circulated their fealed bills 

 and cafli notes for fome time in London, till reftrained by a claufe in 

 an adl of parliament, of the year 1708, in favour of the bank of Eng- 

 land. Sir Humphry Mackworth went on impofing on the proprietors, 

 for five years from the date of the charter, by falfe and fliam calcula- 

 tions of their profits ; by purchafing lead and litharge from other peo- 

 ple's mines, and declaring them to be digged from the company's mines; 

 buying alfo the filver extradted from other men's lead, and getting it to 

 be coined in the king's mint, as coming from the company's mines, 

 while, at the fame time, he was not able to go on without frefh artifices 

 and calls on the proprietors, nor to pay the vafi; expenfe of workmen, 

 &c. whole wages were fuffered to run in arrear ; and his fchemes being 

 too extenfive for the company's abilities, he was obliged to flop pay- 

 ment of their fealed bills and cafli notes, being by fuch wild manage- 

 ment run greatly in debt, wliilc, at the fame time, he was creeling cha- 

 rity fchools in Wales witli. the company's money, to draw in well- 

 meaning people. 



1705 The French burnt and defiroyed many of the plantations in 



the ifland of St. Chriftopheis, at this time folely pofiefled by England, 

 as alfo the neighbouring ifland of Nevis, yet they were not able to 

 take the forts of either of thofe iflands. The damage done to the 

 planters was afterward made good by debentures granted by parlia- 

 ment. 



The Englilli arms proving profperous both by fea and land againfi 

 France, the fupplies were raifed with the greatefi: eafe for the current 

 fervices of this and I'everal fucceeding years ; particularly the annuities 

 of 99 years at 6~ per cent, the capital, or principal, of 27 millions for 

 the enfuing year's fupply, to be funk at the expiration of that term. 

 This way of raifing money, we are fenfible, has fince been cenfured by- 



