28 Industrial Experiments in Colonial America. 



New England, to lie open there for the space of six months. 

 The present incorporation of the company shall not, however, 

 be understood to be exclusive to any other persons from trading 

 in the same commodities." The charter specified the amounts 

 of each commodity to be brought to England within definite 

 periods, and forbade exportation to any other country or place. 

 The question of stock-jobbing was dealt with in a provision, 

 that no person having any interest or share in the stock should 

 at any time within five years sell or alienate any part of it on 

 pain of forfeiture. A form was prescribed for sales or transfers 

 at the expiration of the term of five years. The clause whereby 

 abuse of the powers of the charter was punishable by forfeiture 

 of the charter was retained, with a time limit of eighteen 

 months. 



On reading the Board of Trade's report and enclosures, the 

 papers were referred, by an Order in Council, to the Attorney 

 General and the Lord High Admiral, for their criticism.^ The 

 Lord High Admiral reported his opinion, that if the petitioners 

 would contract to furnish certain quantities of tar, pitch and 

 other stores as cheap as these were then purchased from the 

 East Country, the Board might come to terms with them; but 

 they must be obliged to furnish the largest masts, such as were 

 supplied by Taylor and Wallis, and they must not raise the 

 price.^ The subscribers consented to submit to a clause oblig- 

 ing them to import masts of the largest size at current prices; 

 also, to give Her Majesty a pre-emption, although they could 

 not see why they should be obliged not to raise the price: they 

 were much more likely to reduce it. In view of the retraction 

 of the clause about restraining assignments for the first five 

 years, they ofifered, as an expedient against frauds, a clause dis- 

 abling all persons who should sell any part of their stock from 

 directly or indirectly purchasing any stock within one year, 

 under penalty of forfeiture ; and obliging any one to whom 



^ Royal order to the Board of Trade, B. T. New Eng., M: 2. 

 2Report of the Lord High Admiral, B. T. New Eng., M: 7. 



