Chap. II. between the Inhabitants 
fo the Difcovery of this was, in a great meafure, owing 
to the fadious Difpures that have long reigned amongft 
us ; for great Complaints being made of the Decay of our 
Trade, the Miniftry caufed the Amounts of the Com- 
pany’s Sales to be conftantly published, which ftruck Fo- 
reigners with Amazement, and contributed greatly to the 
forwarding the Proje&s they had formed of obtaining a 
Share in this lucrative Traffick. 
At the fame time thefe Defigns were vigoroufly pur- 
fued abroad, there wanted not fome Projectors at home, 
who were defirous of laying open the Indian Trade ; and 
abundance of plaufible Things were faid upon that Sub- 
ject, which, as it very naturally might, greatly alarmed the 
Company, more efpecially as it happened at a Time when 
they had Reafbn to apprehend that popular Opinions 
might prevail to their Prejudice ; and therefore it is not to 
be wondered that they entered likewife on their Side, into 
fuch Schemes as were moft likely to defeat thefe Defigns, 
and to fecure them in the Poffdfion of their Rights and 
Privileges. I fhall not take upon me to decide fo nice 
and intricate a Queftion, as whether the laying open this 
Trade would, or would not, have been for the Advantage 
of this Nation ; becaufe, on the one hand, I am fenfible 
much may be faid on both Sides ; and on the other, that 
I have not Room to examine here what might be alledged 
on either Side. I confine myfelf therefore to Matters of 
Fad, and endeavour, with all the Brevity that is confi- 
dent with my Defign, of giving as compleat Hiftory as is 
in my Power, of our Commerce to the Indies , which, fo 
far as I know, is a Subjed not attempted before, and 
confequently more neceffary, which leads me to obferve, 
that the Refult of the Company’s Confiderations on this 
Head was, the propofing to fuch as had the Direction of 
the publick Affairs, a new Agreement with refpeCt to the 
Company’s Powers, fo apparently beneficial to the Nation, 
as that it might effectually fecure them from liftening to 
the Propofals that were, or might be made, for laying tftis 
Trade open, in which, without doubt, fuch as were then 
entrufted with the Direction of the Company’s Concerns, 
did their Duty to the Proprietors, and were fo fuccefsful 
therein, as to obtain the Concurrence of the Adminiftra- 
tion ; and, in confequence thereof, fuch a Law as they 
defired for the preferving the Powers and Privileges of 
their Principals. 
At all Events, this was much better for theNation than 
the Method taken in King William’s Time upon the like 
Occafion, when the old Eajl-India Company found it re- 
quifite to diftribute an immenfe Sum of Money to the 
Minifters and Favourites, to obtain a new Charter, by 
which the Publick did not gain a Angle Shilling in Re- 
turn for the Advantages that were granted to this Corpo- 
ration. This Obfervation of mine will be fully juftified, 
and the Truth thereof effectually proved from the Con- 
tents of the ACt of Parliament before-mentioned, which 
was paffed in the third Year of his prefent Majefty, in 
confequence of the Agreement, of which I have before ta- 
ken Notice, and was intended on both Sides, to be abfo- 
lutely final, and, in every RefpeCt conclufive. 
This ACt therefore, after reciting feveralACts, Provifo’s, 
Charters and Agreements, &c. relating to the United 
Company of Merchants of England trading to the Eajl- 
Indies, EnaCts, That in Purfuance of their late Agree- 
ment, the faid Company fhall pay into the Receipt of the 
Exchequer , on or before a certain Day appointed, the Sum 
of 200,000 Pounds, to be applied towards the Supplies 
granted to his Majefty, for which no Intereft fhall ever 
be payable to the Company, nor any Addition be made 
to their capital Stock or Debt from the Publick, on Ac- 
count thereof-, nor fhall the fame, or any Part of it, be 
paid to the Company. And after the 29th of September , 
1730, the Annuity, or yearly Fund of 160,000/. fhall 
be reduced to 1 28,000 /, in refpeCt of the capital Stock or 
Debt of 3,200,000 /. which reduced Annuity fhall be 
charged on the fame Duties and Revenues by the like 
Weekly, or Quarterly Payments, and with the fame Pro- 
viftons for making good Deficiencies in the faid reduced 
Fund, as their prefent Annuity or Fund is now charged 
on, till fome new, or other Provifion fhall be made by Par- 
liament, with Content of the Company. But, upon one 
of Great-Britain, &c. 915 
Year’s Notice to be given by Parliament after the 25th of 
March , 1736, on the Expiration of that Year, and on 
, Re-payment of the faid Debt of 3,200,000 l. to the Com- 
pany, and all Arrears of their reduced Annuity of 
128^000 /. which fhall be due at the End of the faid Year ; 
then, and from thenceforth the faid Annuity, or yearly 
Fund, fhall ceafe, and be no longer payable. , 
At any Time, on a Year’s Notice after the faid 25th 
oi March, 1736, given by Parliament, at the faid Year’s 
Expiration, upon Re- payment to the Company of any 
Sum, not being lefs than Five hundred thoufand Pounds, 
in Part of the capital Stock of 3,200,000 /. and on Pay- 
ment of all Arrears which fhall be then due on their re- 
duced Annuity, after fuch Payments made to fuch of the 
faid Annuity as fhall bear a Proportion to the Money fo 
paid in Part, fhall ceafe and be abated ; and fo from time 
to time, upon fuch yearly Notices and Payment of fuch 
other Sums in Part of the faid capital Stock, till the 
Whole of their Annuity fhall be entirely funk and deter- 
mined. Notwithstanding any fuch Redemption, all Per- 
fons entitled to any Intereft in the faid capital Stock in 
Trade, or Money paid in for carrying on the fame, or in 
the Fadories, Settlements, Lands, dfo. belonging to the 
United Company, fhall be, and continue a Body politick 
and corporate, UV, and have perpetual Succdfion ; and 
they, and their Succeffors, fhall be capable in Law to pur- 
chafe Lands, &c. not exceeding at any one time the yearly 
Value of Ten thoufand Pounds in the Kingdom of Great - 
Britain , and alfo to aliene the fame ; and may aifo enjoy 
all Priveleges, Stocks, and Eftates, and Advantages, & c» 
which are not hereby altered as by former Ads or Char- 
ters founded thereon, the Company might hold or enjoy 
the fame •, and after fuch Redemption of the faid yearly 
Fund or one Moiety thereof, the Company may, at their 
General-Courts, declare how much* and what Share in the 
remaining capital Stock, &c. fhall qualify Members of the 
fame Company to be Directors, or to give Votes in any 
General-Court. And, notwithftanding fuch Redemption, 
as aforefaid, the Company fhall, fu'bjed to the Provifo of 
Determination herein after contained, enjoy the whole and 
foie Trade to the Eajl-Indies , and have the only Liberty 
of trading thither, UY. And the Eajl-Indies, or Iflands, 
&V. within the Limits of the faid Company, fhall not, be- 
fore the faid Determination, be failed to by any other of 
his Majefty’s Subjeds. 
And if any of the faid Subjeds, other than the Fadors, 
&c. of the United Company, fhall at any Time fail, 
trade, or adventure to or from th e Eajl-Indies, and Parts 
aforefaid, they fhall incur the Lofs of all Ships which fhall 
be employed in fuch Trade, &c. and the Goods laden 
therein, and double theValue thereof; which Forfeitures fhall 
be fued for, recovered, and diftributed, as by the 7 Geo. I, 
c. 2 1, is direded, concerning the Penalties and Forfetiures 
mentioned in that Ad. 
The faid Company fhall, at all Times hereafter, have 
all the Powers which by any Charters, Cfc. are granted 
them, and not altered by this Ad, freed and difeharged 
from all Provifo’s of Redemption, &Y. as fully as if the 
fame were here feverally repeated, but fubjed to the Re- 
ftridions contained in the Ads and Letters Patents 
now in Force, and alfo to the Provifo’s following, viz. 
Provided that upon three Years Notice to be given by 
Parliament, after the 25th of March , 1736, upon the 
Expiration of the faid three Years, and repaying to the 
Company of the whole capital Stock of 3,200,000 /. and 
all Arrears of Annuities payable in refped thereof ; then, 
and from thenceforth the Right, Title, and Intereft of the 
faid Company, to the whole, foie, and exclufive Trade to 
the Eajl-Indies , &c. fhall ceafe and determine. But after 
the Determination of that Company’s Right to the foie 
and exclufive Trade to and from the Eajl-Indies , the Cor- 
poration, with ail, or any Part of their joint Stock, Goods, 
Eftates, Gfo. may trade in common with other the Sub- 
jeds of his Majefty trading to and from thofe Parts. 
Any Notice in Writing, fignified by the Speaker of the 
Houfe of Commons, fhall be deemed a due and proper 
Notice by Parliament, to all the Ends and Purpofes for 
which fuch Notices are direded by this Ad to be given to 
the Company, Nothing in this Ad fhall extend to fub- 
jed 
3 
