Attempts to Form Chartered Companies. 29 



stock should be transferred to take oath for whose use and ben- 

 efit it was so transferred.^ 



While the negotiations for the Dudley charter were going on, 

 the war of the Spanish Succession broke out, and the equip- 

 ment of the navy became a matter of pressing importance.- As, 

 at about the same time, several other proposals for importing 

 American stores were submitted to the Board of Trade, which, 

 on account of the dearness of Swedish tar, seemed well worth 

 consideration,^ the Queen commanded their Lordships to re- 

 port their opinions whether pitch and tar might not be obtained 

 from the American plantations and what were the best means 

 for importing the same.* The Board therefore prepared a 

 statement of their proceedings in the Dudley case, and their 

 views on the subject of the importation of stores from America.' 

 They said that they had brought the petitioners to agree to all 

 the proposed restrictions except the stock-jobbing clause, which 

 still remained undetermined. They were of the opinion that 

 nothing could be more advantageous than bringing stores from 

 America, thus preventing the exports of bullion to the East 

 Country. Yet, inasmuch as that trade from the plantations 

 was under great discouragement, by reason of the dearness of 

 freight and labor, they did not see how the same could be set on 

 foot with success, unless the public should bear some part of the 

 charge {i. e., by premiums). 



There is complete silence on the Dudley case in the Board 

 of Trade records until the i8th of March, 1704, when the Board 

 again laid before the Council a summary of their proceedings in 

 the matter of naval stores.^ In this report they reminded the 



^Memorial from Subscribers to Board of Trade, B. T. New Eng., 

 F: 8. 



^Cf. p. 56 et seq. 



^Proposals from Bridger, Haynes and others, B. T. New Eng., N: 



2, 3. 4, 5. 9- 



•^Secretary Hedges to Board, B. T. New Eng., N: i. 



'Reply to Secretary Hedges's letter, B. T. New Eng., N: 4. 



^Summary of proceedings on the Dudley case, B. T. New Eng., 

 Entry Bk. E. 



