ENGLAND. 187 



made to parliament to discharge the debts contracted on the civil list? 

 which is properly the whole of the king's revenue, in his own distinct 

 capacity ; the rest being rather the revenue of the public, or its cre- 

 ditors, though collected and distributed again in the name and by the 

 officers ot the crown. 



Public companies. ...The company of the bank of England was in- 

 corporated by puiiiament, in the 5th and 6tu years of king William, 

 and queen Mary, by the name of the Governors and Company of the 

 Bank of England. 



This company is under the direction of a governor, deputy-gover- 

 nor, and twenty-four directors, who are annually elected by the gene- 

 ral court of proprietors of bank-stork. Thirteen, or more, compose 

 a court of directors for managing the affairs of the company. The 

 qualification of a director is 2000/. ; of a deputy-governor 3000/. ; 

 and of a governor 4000/. ; 500/. bank-stock entitles the proprietor to 

 vote at the general courts, provided he has been in possession of it 

 six months. 



East-India company. ..The first idea of this company was formed 

 in queen Elizabeth's time ; but it has since undergone great altera- 

 tions. Its shares, or subscriptions, were originally only 50/. sterling, 

 and its capital only 369,891/. 5s.; but in 1676 the shares were dou- 

 bled, and consequently each became of 100/. value, and the capital 

 739,7821. 10s.; to which capital, if 963,639/. the profits of the com- 

 pany to the year 1685, be added, the whole stock will be found to be 

 1,703,102/. The losses sustained in wars with the Dutch, and the re- 

 volutions which had happened in the affairs of Hindostan, damped 

 the ardour of the company; so that at the time of the revolution, 

 when the war broke out with France, it was in a very indifferent si- 

 tuation. This was in a great measure owing to its having no parlia- 

 mentary sanction ; in consequence of which, its stock often sold for 

 one half less than it was really worth ; and it was resolved that a new 

 company should be erected under the authority of parliament. 



The old company, however, retained a great interest both in the 

 parliament and nation ; and the act being found in some respects de- 

 fective, so violent a struggle between the two companies arose, that 

 in the year 1702, they were united by an indenture tripartite. i 



A proprietor of stock to the amount of 1000/. whether man or wo- 

 man, native or foreigner, has a right to be a manager, and to give a 

 vote in the general council. Two thousand pounds is the qualifica- 

 tion for a director. The directors are twenty-four in number, includ- 

 ing the chairman and deputy-chairman, who may be re-elected in 

 turn, six a year, for four years successively. The chairman has a sa- 

 lary of 200/. a year, and each of the directors 150/. The meetings 

 or courts of directors are to be held at least once a week ; but are 

 commonly oltener, being summoned as occasion requires. Out of 

 the body of directors are chosen several committees, who have the 

 peculiar inspection of certain branches of the company's business. 



The amazing territorial acquisitions of this company, computed to 

 contain above 200,000 square miles, and thirty millions of people, 

 must be necessarily attended with a proportionable increase of trade.* 



* According to lists laid before the house of commons, the company employed 

 110 ships, and 8170 men. <, 



Between India and Europe, in carrying cargoes to and from ?0 ships and 7130 men. 



6 packets 320 

 In the country trade, and from China , , 34 crabs 720 



