. II. between the Inhabitants of Great-Britain, &V; 
their Favour, as might be fufBcient to remedy the Incon- 
veniencies that had refill ted from the fettling two Compa- 
nies , and in order to obtain fuch a Law as was requifite 
for this Purpofe, they, in the fixth Year of Queen Anne, 
refolved to lend the Government the Sum of one Million 
two hundred thoufand Pounds, over and above what had 
been lent already-, which Propofal of theirs was accepted, 
and in Confidera ion thereof, it was agreed, that the Par- 
liament fhould give them fuch A Hi fiance for carrying on 
their Trade, as they required. The Reader will obferve, 
that by this Means, the Eajl-India Company is to be coii- 
fidered in a double Capacity *, that is to fay, as Creditors 
to the Publick, and as a trading Company. In the former 
Capacity, they have a S cunty, as other Companies have, 
for the Monies by them advanced, and a proportionable 
Intereft thereupon ; and in their other Capacity, their Di- 
rectors are Truflees for the Company’s Trade, the Profits 
of which like wife belong to the proprietors j and from 
hence it appears, that the Dividends upon their Stock are 
compounded of the Intereft they receive from the Govern- 
ment, and of the Profits accruing from their Trade to the 
Indies . The firft being fix’d and invariable, ferves as an 
Index to the latter, fince at all Times the Intereft paid to 
the Company being deducted from the Dividend, paid by 
them to the Proprietors, Ihews clearly what the Profits 
made by their Trade mtift be, as we fhall farther explain 
in the Courfe of this Hiftory. In the mean Tune, let us 
return to this Adt of Parliament in the Reign of Queen 
Anne, in order to fee what Effects it had upon the Affairs 
of tiie Company, and what Advantages they received in 
Confideration of this larg A and neceffary Supply for the 
publick Service, and by the Way, let us remark that it was 
but reafonable to grant a trading Company certain Advan- 
tages, beyond tne bare Intereft ol their Money, becaufe 
they might otherwife have employed it more to their Ad- 
vantage. It was therefore enadted, that the Englifo Com- 
pany trading to the Eafl-Indies, fhall advance and pay in 
to the Exchequer 1,200,00 ol. on feveral Days appointed, 
and in cafe of failure by the faid Company, the Monies 
not paid fhall be recovered by Adtion of Debt, and 12 
per Cent. Damages, and the laid Company may borrow 
Money by their Common-feal, on Security of their united 
Stock, fo as the principal Money at any Time to be ow- 
ing don’t exceed 1,500,000/. above what might lawfully 
be borrowed thereon before this Adt. In cafe the Gover- 
nor and Company of Merchants of London trading to the 
Eajl -Indies, and the General Court of the faid Englijh 
Company, whilft they feparately continue, fhall think 
lit to call in Money trom their refpedtive Adventurers to- 
wards raifing the faid 1,200,000/. or repaying the Mo- 
ney borrowed for that Purpofe, they are impowered to 
make fuch Calls accordingly, to make up the faid Sum ; 
and if any Members fhall negledt or refufe to pay their 
Shares of the Monies called in, or which the jaid Com- 
pany in Purfliance of the Statute of 9 TV. III. cap. 44. or 
their Charters fhall calkin for carrying on their Trade (af- 
ter Notice fix’d on the Royal- Exchange) then the laid 
Company refpedtively may flop the Dividends payable to 
fuch Members, and apply the fame towards fuch Payment, 
until it be fatisfied j and alfo ftop the Transfers of the 
Shares of fuch Defaulters, and charge them with Intereft 
at 5 per Cent, till Payment j in neglecting which, in three 
Months, the Company may fell fo much of the Defaulter’s 
Stock, as will pay the fame. The aforefaid Sum of 
1,200,000 /. fhall be deemed to be an Addition of the 
Stock of the Englijk Company, and be Tax-free. The 
united Stock of the faid Englijh Company fhall be fubjedt 
to the Debts contracted by the laid Company, and Per- 
fons entituled to 7,200/. Part of the two Millions, the 
original Stock, who have not united their Stocks to the 
Corporations, and who are authorized to carry on a Trade 
for their feparate IJfe, may hold and enjoy their Trade 
as if the faid ACt had not been made. But the Englijh 
Company may repay the fame at the End of three Years, 
together with the Annuities due thereon, and then the 
whole Trade fhall be vetted in the Paid Company. Mat- 
ters in Difference between the two Companies, concern- 
ing an Union between them, are referred to Sidney Earl 
of Godolphin's Arbitration, and after the making the laid 
Numb. 62, 
9 °$ 
Award and Surrender of the Charter of the Governor and 
Company of Merchants of London trading to the Eajl- In- 
dies, the Perfons who at the Time of the Surrender, pur- 
fuant to an Indenture Tripartite, made between the Queen 
of the firft Part, the laid Governor and Company of the 
fecond Part, and the faid Englijh Company of the third 
Part, fhall be Directors and Managers of the united Trade 
of the Englijh Company, Ihall be fuch until new Directors' 
are chofen, according to the Charter dated the 5th of Sep- 
tember 10 W. III. This ACt hath alfo a Provifb, that on 
three Years Notice, after a Time limited * and Repay- 
ment of the faid two Millions, and 3,200,000/. and all 
Arrears then due for the Annuities, which Annuities 
amount to 160,000/ per Annum , then the aforefaid Du- 
ties on Salt, &c. and the Benefit of Trade given by this 
and the former ACt and Charters to ceafe. This Provifo of 
Redemption is enlarged as to the Time* by Star. 10 Ann. 
cap. 28. and by the 29th, the Eajl- India Company may 
entc r fuch Goods as they fhall import at the Cuftom-houle* 
by Bills at fight or fufftrance, and final! give Security un- 
der their Common-leal for Payment of the Cuftoms and 
Duties as are rated in the Book of Rates, and upon Cof- 
fee, which is to be alcertained by the Oath of the Im- 
porter, viz. for paying half thereof at the End of fix Ca- 
lendar Months, and the other half at the End pf twelve 
Months j and the Cuftom Officers ft) all grant to the faid 
Company fuch Bills at fight or fufferance, and take Secu- 
rity as aforefaid, and make fuch Allowances and Deduc- 
tions as are made to other Merchants, paying their faid 
Cuftoms at, or before the landing their Goods and Mer- 
chandize but nothing herein fhall extend to alter the Me- 
thod of paying the Duties of 15 per Cent, on Muffins and 
Cahicoes, or the Duties upon any other Goods that are to 
be afcei tained by Sale at the Candle. 
16. In the Beginning of the Reign of King George 
the Firft, it was found, that various Attempts had been 
made to difeover the Secrets of the Company’s Commerce, 
for the Information and Benefit of Foreigners, and there- 
fore a Law was obtained to remedy this Evil, viz. the 
Statute of 5 K. George I. which ordains with a View to 
render fuch Practices impoffible. That if any Subjects 
fhall fail, or go to the Eajl- Indies, or fuch Places of AJta * 
&c. beyond the Cape of Bona Efperanza, to the Straits 
of Magellan , where any Trade, or Traffick, or Merchandize 
is, or may be ufed, or had, contrary to the Laws in being* 
or the Tenor of this ACt : Every , Perfon fo offending, 
fhall be liable to the Punifhment inflicted by Law for fuch 
Offence, and it fhall be lawful for the united Company of 
Merchants of England trading to the Eajl Indies, and their 
Succeffors, to arreft and feize fuch Perfons, being fubjeCts 
to the Crown of Great-Britain, at any Places where they 
fhall be found, within the Limits aforefaid, and to fend 
them to England , there to anfwer for their Offences, ac- 
cording to due Courfe of Law. Every Perfon who fliall 
procure, follicit, obtain, or aCt under any CommitTon* 
Authority, or Pafs from any foreign Prince, State or Po- 
tentate, to fail or trade in, or to the Eajl- Indies, or any 
the Parts aforefaid, fliall forfeit 500 / the faid Penalties 
and Forfeitures to be fued for and recovered in any Court 
of Record at Wejlminjler , by Bill, fcfa. one Moiety to the 
Informer, the other to the Crown. 
But notwithftanding thefe Severities, this Law did not 
produce the EffeCts expeCted from it •, for our Eajl- India 
Company having for many Years divided 10 per Cent, up- 
on their Capital, which in molt foreign Countries was un- 
derftood to be the Profits of their Trade, it raifed fuch a 
Spirit of fharing in this Commerce, and fo many Englijh- 
men were found ready to join in fuch Projedls abroad, that 
a Company was eftablifhed at OJlend , which made ano- 
ther Adt neceffary, which palled in the ninth Year of the 
fame Reign, by which it was enadted, that if any Subjedt 
of his Majefty fhall contribute to, or encourage the efta- 
blifhing or carrying on any foreign Company trading from 
any Part of the Aujlrian Netherlands, to or from the Eajl - 
Indies , and other Places beyond the Cape of Good-Hope , 
deferibed in former Adts for fecuring the foie Trade thi- 
ther to the united Eajl- India Company in England, or 
fhall be interefted in any Share of the Stock or Addons of 
any fuch foreign Company, or fliall make any Payments 
30 Y in 
