26 Industrial Experiments in Colonial America. 



forced to conclude, either that their Lordships had not thought 

 the practicableness of it worthy of their consideration, or that 

 they had looked on the petitioners as wanting integrity or estate 

 to bring it to perfection. Taking up the alterations in order, 

 they commented upon them. If denied power to purchase 

 lands, goods and chattels, they could neither settle any facto- 

 ries, which were absolutely necessary, nor sow any hemp, nor 

 buy any naval stores; in regard to the refusal of waste lands, 

 mines and minerals, these were of no use to the crown and 

 would not be in many generations, but the company would 

 waive this point; thirdly, the restriction of stock to £20,000, 

 without farther increase, was inconsistent with the interest of 

 the Board, as well as that of the undertakers, for the specifica- 

 tions required the yearly importation of stores enough to 

 amount to above £30,000, prime cost, in the first two years, and 

 afterwards above £40,000. So small a stock would be eaten up 

 by the necessary charges and accidents; again, no clause like 

 that forbidding the transference of stock for five years had ever 

 yet appeared in any charter, and would crush the undertaking, 

 for it would mean an abridgment of the common right of sub- 

 jects to transfer or dispose of property, which no man of abil- 

 ity would submit to; this would exclude many wealthy and de- 

 sirable men. Lastly, they considered that the clause requiring 

 the vacation of the charter in case of misuse of power would 

 render the patent too precarious, and expose them to an incon- 

 veniency not foreseen by their Lordships, viz., the loss of stock 

 if the complaints of private individuals were allowed to prevail. 

 If these amendments were insisted upon, they must either de- 

 sist from the undertaking, or make fresh application where they 

 hoped so advantageous a plan would meet with more encour- 

 agement. Mr. Wharton acquainted the Board, a few days 

 later, that they would agree not to exceed £100,000 stock with- 

 out a special license from the crown. This amount had been 

 expressly specified in all the former applications, and no objec- 

 tions had ever been raised.^ 



1 Wharton to the Board, B. T. New Eng,, L: 41. 



