Attempts to Form Chartered Companies. 33 



would agree to give up their charter, if it could be proven at 

 the end of eighteen months that they had abused its privileges. 

 Enclosed with the draft was a form of obligation to the Queen, 

 by which five members (named) offered personal security of 

 £200 each, for the performance of their contract to import 1,800 

 barrels of pitch and tar, of the growth or product of Pennsyl- 

 vania, Carolina, or other parts of America, before the 29th day 

 of September, 1706, "casualties of the seas, their enemies and 

 other inevitable accidents excepted."^ Because a personal se- 

 curity was offered and exclusive privileges were not demanded, - 

 the Board of Trade were disposed to recommend these pro- 

 posals to the Queen. Her Majesty referred the charter to the 

 Attorney General and the Solicitor General for their opinion in 

 point of law.^ These authorities raised three queries which 

 they desired the company to answer: First, whether they were 

 willing to be obliged to import a fixed quantity of pitch and tar 

 annually, in all times of war, unless dispensed with by the 

 Queen. Second, whether they would agree to a proviso for dis- 

 solution on a notice, in case the Queen and Council should de- 

 clare that the corporation was not useful to the importation of 

 naval stores. Third, whether they would oblige themselves to 

 deliver to the Crown a certain quantity at a fixed price, in time 

 of war, and a proportionable price, in time of peace, without 

 the Crown's being bound to accept it.* 



The company felt that such close restrictions were unreason- 

 able. They did not care to undertake to import stores at all 

 times of war, unless the government would also be obliged to 

 take them at a reasonable price; for if they went to the expense 

 of setting up works in Carolina, and then the government should 

 buy of the Swedes, they would lose heavily. They offered to 

 import 600 barrels the first year and 1,200 the second, and then, 



^Form of obligation to the Queen, B. T. Proprieties, M: 33. 



^Royal order to the Board of Trade, B. T. Proprieties, M: 36. 



^General report by Board of their action with regard to naval 

 stores, B. T. New Eng., Entry Bk. E, March 18, 1704. 



^Queries from Attorney General and answers to tlie same, B. 

 T. JVoprieties, M: 37. 



