AN ACCOUNT OF SOME TRANSACTIONS IN THE Honourable House of Commons, AND BEFORE The Right Honourable Lords of the King's Most Honourable Privy Council; RELATING TO The Late East-India Company: Together with the said Companies NEVV CHARTER.
LONDON: Printed in the Year MDCXCIII.
Resolved,
THat an Humble Address be made to His Majesty, to Dissolve the present East-India Company, according to His Power reserved in their Charter, and to Constitute another East-India Company, for the better preserving the East-India Trade to this Kingdom, in such manner as His Majesty in His Royal Wisdom shall think fit.
Resolved, That the said Address be presented by the whole House.
Mr. Speaker Reported to the House, That he did yesterday Present to His Majesty their Humble Address touching the East-India Company, and that His Majesty was pleased to Express himself to this Effect:
That it was a matter of very great Importance to the Trade of this Kingdom, and that it could not be expected that he should give a present Answer to it, but that He would take time to consider of it, and in a short time give them His Positive Answer.
Upon which some Time after, the Company having first agreed to submit to such Regulations as should be made, and Declared their Submission in Writing, The Right Honourable the Lords of the Committee of His Majesties most Honourable Privy Council, to whom that matter was Referred, agreed on these following Propositions which were sent to the Company, (Viz.)
I. Proposition. THE Fund to be made up 1500000 l. at least, and not to exceed Two Millions.
Answer. The Company do humbly averr, and are ready to Prove, to the King's Most Excellent Majesty's Satisfaction, That their present quick and dead Stock and Revenue is of more Real Value than the said Sum of 1100000 l.
II. Prop. The Stock of the present Company to be part of this Fund, and to be rated at 744000 l. if they can give Security, that it shall Effectually produce that Sum; or else at so much less as they will engage to make good after all Debts paid, and Satisfaction made to the Mogull and his Subjects; against whose Pretensions the New Stock to be indemnified by the like Security.
Answ. The Company recommending their Righteous Cause to GOD, and His Majesties known and famous Justice in the whole course of his happy Life, say, That The Value of every Thing is [Page 6]what it will Sell for; and their Stock, under all the Calumnies and Persecutions of their Adversaries, now currently Sells for 150 l. per Hundred: and they know and can prove it to be intrinsecally more worth than that currant Price: But they know no Law or Reason, why they should be dispossessed of their Estates, at any less Value than they are really worth in ready Money, by all the Measures any thing is valued in any part of the World.
They humbly say, as to Security, They know no Reason why they should give Security for their own Estates.
They affirm, That they owe not a Penny to the Great Mogull, or any of his Subjects, other than their running Accounts with their own Banyans and Brokers, which are changing daily, like Merchants running Cash in a Goldsmith's hand.
Although the Company owe nothing to the Mogull, as aforesaid, yet the bare mentioning any such thing by a Publick Act of His Majesty, would be enough to perswade Him to invent Demands upon the Company, for Transactions and Pretences, done in Ages past, before any of the present Adventurers were born; and therefore that part of the Proposition seems Manifestly Impossible as well as Ʋnjust, neither the Mogull nor any of his Subjects having made any Complaint to His Majesty, of the Companies being in Debt to him or them: That being only a Suggestion of the Interlopers and their Adherents, not only now, but for many years past.
As to that Hypothesis, if they can give Security, It will not become the Company to say what they might of their own A [...]ility, or the Ability or Disability of their Adversaries, they are on both sides well known upon the Exchange.
III. Prop. That the said Stock of the present Company shall be brought home at any time within [...]years in the Ships abroad, or those to be sent on account of the New Stock, paying the same Freight, and disposed of at Publick Sales by the Members of the present Company, and the Nett-proceed thereof to be taken as part of the 744000 l. as shall also the Value of their Forts, &c. to be Estimated by indifferent persons, and put into the hands of the New-Charter Company: But after [...] days, no Goods to be Exported to the East Indies on Account of the Old Stock.
Answ. The Company say they have as real a Right to all their Forts, Cities, Towns, and Territories in India, to them and their Successors for ever; as they have to their purchased Lands and Ware-houses in England belonging to the Companies Joint-Stock, or other Private Lands or Manors belonging to the particular Adventurers: Rex Dei Gratia being Originally the Title by which [Page 7]very many Manors and Lands, Court-Leets and Court-Barons are held in England. And as the Company are not willing to be dispossessed of their said Real Estate, until they are paid for them; which they believe in their Consciences, hath Cost them at several times above a Million in ready Mony Sterling, besides the Interest. But for the Price that should be paid them for their said Real Estates, if it were come to that single point, they would refer themselves to, and rely upon His Majesties Justice, as aforesaid.
IV. Prop. That what-ever the quick and dead Stock shall thus produce more than 744000 l. shall be divided wholly between the Members of the present Company, proportionably to their respective Stocks.
V. Prop. Books to be provided for new Subscriptions, within and then the Books to be closed.
VI. Prop. If the Subscriptions exceed Two Millions, each Subscriber to be Reduced proportionably, till the whole make but Two Millions.
VII. Prop. That every Subscriber pay in his Money, upon pain —
To the IV, V, VI, and VII. Propositions, the Company humbly Answer, That they do as little understand the New Subscribers, as they suppose most of those Subscribers know the Affairs of India: But the Company know the late new way of Subscribing, without Authority from His Majesty, is an old Practice of Interlopers and others, emulous of the Companies Prosperity; and hath formerly been debated upon the like voluntary Subscriptions several times, and many years since in the Reign of King Charles the Second; when some of the Lords of His now Majesties most Honourable Privy Council were present: But it always ended, in only giving Unnecessary Trouble to His Majesty and the Company.
VIII. Prop. No One Person to have above 10000 l. in this Stock, in his own or others Name, in trust for him, and every Subscriber shall make Oath accordingly; and that it is his Own Money.
Answ. This Proposition, in Duty to His Majesty, and in Love to our Native Country, the Company must freely declare against, as being notoriously prejudicial to the Nation, who-ever the Adventurers are: First, Because Trade is a Free Agent, and must not be Limited or Bounded; if it be so in any Nation, it will never prosper. Secondly, It is against the Laws and Customs of England, and all Nations upon the face of the Earth, That any Man that buys a Commodity, and pays honestly for it in Ready Money, should be compelled to Swear it is his Own Money, or whose it is; this being only a Trick of the first Proposers, to serve their particular turn, without any National or other Regard to Right or [Page 8]Publick Good. Thirdly, If such a Limitation were Advisable, certainly some Nation or other would have hit upon the Expedient before this time: Whereas, on the contrary, the wise Dutch indulge and favour the very Jews, and the more for Buying the greater Stock; of whom, one Man, by name Swasso, had at one time about 75000 l. Stock: The French King likewise, for the Encouragement of Large Subscriptions in that Stock, propounded many Considerable Priviledges and Immunities, both to Natives and Foreiners, proportionable to the Greatness of their said Subscriptions: The Danes likewise (it is said) made a Law not long since, That such as would not Add a certain Proportion to their Stock already Wrote, should Forfeit their Stock; which was a Constraint on the other hand, and as erroneous as that in the aforesaid Proposition. Fourthly, Such kind of Levelling or Limiting Personal Estates, was never known in Commonwealths, much less in Monarchies. Our Levellers in England, and antiently the Tribunes of Rome, never pretended to the Limitation of Personal Estates, but of Possessions in Land; and not of all Lands, (not in their Provinces;) but only the Lands of Italy, which was the Seat or Country of the Commonwealth. Fifthly, No considerable Man of Fortune or Experience will ever endure the fatigue of continual Study in the East-India Companies arduous Affairs, but he will find his Account some way; and that must be either by a Great Reward, or by a Great Stock; or by other and worse ways of paying himself. The most the English Companies give a Committe-Man is about 50 l. per ann. whereas we have heard the Dutch allow Mr. Peter Van Dam about 800 l. and about 400 l. a Year to his Son: But such an able active Man's having a great Stock of his own, is better for the Publick Society than any Reward can be allowed him: Because such a Man that is Obliged by Reward only, so to Attend the Companies Business, is tied only by one Cord; but he that expects all Satisfaction to arise from the Profit of his own Stock, is tied with the two great Cords, which do almost the whole Business of the World, viz. Reward, by the Profit of his own Great Stock, and Fear of Great Loss, if his own Stock should miscarry by Ill Conduct.
IX. Prop. That every Member of the present Company who hath above 10000 l. Stock, shall Sell forthwith the Over-plus at the rate of 100 l. for 100 l. but so that if the whole Nett-proceed of the present Stock exceeds 744000 l. this over-plus shall go to the Person that hath Sold his over-plus Stock, proportionably to the Stock he had before such Sale.
Answ. The Company can see no Shadow of Reason or Equity in this Proposition; but a direct Contradiction to Common Right, and the Admirable Laws of this Kingdom for Preservation of Property.
X. Prop. No Person to have a Vote, that hath in his own Right, and not in Trust, less than 500 l. Stock; nor more than One Vote, unless he hath 4000 l. and then Two Votes, and if 6000 l. Three Votes, 8000 l. Four Votes, and 10000 l. Five Votes.
Answ. The Company are humbly of Opinion, This is more justly and equally provided for already in their present Charter; this Proposal of giving Advantage to the small Stock, being but a Hysteron Proteron, never known before in any part of the World in Merchants Affairs; wherein as far as the Sun shines all Men Vote according to their proper Shares in Shipping, or as they are Interessed more or less, and not otherwise.
XI. Prop. All Members of the present Company, and new Subscribers to be Incorporated by the Name of
XII. Prop. All who have, or subscribe 500 l. Stock, to meet and choose a Governour, Deputy, and 24 Committees to manage the Trade; none to be Governour or Deputy, who hath Subscribed less than 2000 l. Stock, nor Committee 1000 l. Stock.
XIII. Prop. The Governour, Deputy, and Committees to be Chosen every Year; and if any die within the Year, others to be chosen by a General Court.
XIV. Prop. The Governour, Deputy, and Committees to take the Oaths of Fidelity; and also an Oath for the faithful Discharge of their Trust.
XV. Prop. That every one Purchasing and Stock, shall take his Freedom, and before his Admittance pay [...] for a Fine, and take the Oaths appointed.
Answ. In the XI, XII, XIII, XIV, and XV. Propositions, the Company can see nothing New, but all is already Provided for in the same manner, or better, by their present Charters.
XVI. Prop. That all free of the former Company, or capable to be so, and all Subscribing to the present Stock, shall be admitted gratis
Answ. In this there is but a trivial Dffierence from the Companies present Charter, which enjoyns all New Adventurers, except the Sons and Servants of Free-men, to Pay 5 l. each for their first Admittance. The Old Adventurers have Paid their respective 5 l. and we can see no Reason, if New Men be admitted, why they should not Pay the same.
XVII. Prop. That the Company hereby Establisht, may make By-Laws for their better Government. That no By-Laws shall be [Page 10]binding to the Company, but such as are approved by a General Court of Adventurers, and are not repugnant to the Laws of the Land.
XVIII. Prop. That every General Court and Committee be called by the Governour or Deputy, at all which the Governour or Deputy shall be present, and in case of Equality of Voices, shall have a Casting Voice.
XIX. Prop. That the Company shall Enjoy the Sole Trade to the East-Indies in the several Countreys lying between the Cape de Bona Esperanza, and the Streights of Magellan.
XX. Prop. That it shall not be lawful for any save the said Company only, directly or indirectly to Trade within the Limits granted to the said Company, on pain of Forfeiting —
Answ. As to the 17, 18.19, and 20. Propositions, the Company can observe nothing in them that is not already in the same manner in their Charters.
XXI. Prop. That no License or Permission shall be Granted to any Persons or Ships, to Trade to the East-Indies on any private Account, and that all such Permissions shall be void.
Answ. This is an unreasonable Proposition, and against the sense of all Charters, and ought for the Publick Good to be left to the Companies Discretion for some time, (as in the late War with the Mogull) permissive Ships have been of great use and publick Benefit, at this time now Peace is restored they are of no use, except in some particular instances which might be given, and in setling of new Plantations, which the Company best know when and how to effect; and no East-India Company in any part of Europe have any such Shackles imposed upon them, which would but hinder their Progress for the Publick Good and Honour of their Country in many Cases.
XXII. Prop. That there shall be no private Contract for the Sale of any Goods, but they shall be all Sold in Publick by Inch of Candle for the Companies Account.
XXIII. Prop. That no Lott of any Goods to be Sold, shall exceed the Value of 500 l.
Answ. These two are Novelties, and such as were never imposed upon any East-India Company in Europe, and are against Natural Right, and if Establisht, would tend to the National Prejudice of England, as the Company doubt not to make evident to His Majesty by irrefragable instances and Examples, Trade must be Free, for the Publick Good, otherwise it will Die, or Fly away.
XXIV. Prop. Every Year the Company shall deliver to their Majesties use 500 Tuns of Salt-Peter at [...] per Tun if required, the refraction not exceeding
Ans. The Company will always serve Their Majesties with Salt-Peter as Cheap as they can afford it, and doubt not but to please Their Majesties therein, as they have done all their Royal Predecessors: But to be limited to a certain Price or Quantity or Refraction, Is a Novelty that was never Imposed upon this or any East-India Company, and it had been an unhappy Accident for England if such an Imposition or Constraint had been laid upon the Company 10 or 20 years past, for if that had been done, there could not have been one fourth part of the Peter in England as the Company had in Store (which was about 3000 Tuns) when this War with France begun. There is a Famous Story confirming the Truth of this, in the Reign of King James I. there was at that time a great Dearth of Corn, which occasioned His Majesty to send for the East-Land Company, and His Majesty told them, That in regard of the present Dearth of Corn, and for Relief of the Poor, they must Load all their Ships homeward Bound with Corn, which they promised faithfully to do, and were so dismissed; but one of the Lords of the Council told His Majesty such a Promise signified nothing, because they had not promised at what Rate they would Sell their Wheat when it came, on which they were called in again, and told the King was not satisfied with that Answer: To whith the Deputy who was a Famous Hunter, replyed, Sir We will Freight our Ships and Buy our Corn as Cheap as we can, and Sell it here as cheap as we can afford it; But to be confined to any certain Price we cannot, That Lord pressed the Deputy for a more certain Answer, on which the Deputy said fur [...]her to the King, Sir, Your Majesty is a Lover of the Noble Sport of Hunting, and so am I, and I keep a few Dogs, but if my Dogs do not love the Sport as well as I, I might as well Hunt with Hogs, as with Dogs. The King replied, Say no more, Man, thou art in the Right; go and do as well as you can, but be sure bring Corn.
XXV. Prop. That the Company shall Yearly Export to the East-Indies not less than the Value of 100000 l. in Goods, of the Product and Manufactures of England.
Answ. The Company may do this in some years, and sometimes more, and sometimes not so much, when their Cloth lyes unsold, and is eaten up with Moths and white Ants in India: This ought for the Publick Good, to be left to the Companies discretion.
XXVI. Prop. That all Dividends be made in Money.
Answ. This is commonly done here and beyond Sea, in other Companies; but some Instances may be given, wherein it would be highly Prejudicial to make this Confinement of the Companies Liberty. [Page 12] So it ought to be left to discretion; as it is now here, and in all other Nations
XXVII. Prop. That no Dividend be made without leaving the Original Fund, or at least 1500000 l. besides what is necessary to pay their Debts.
Answ. This is a Discretionary Rule the Company do now observe: But was never Injoyned them by any Charter, neither is there any Company in the World so Circumscribed, nor ought to be, for the Publick Good. It is against Natural Right, that any Men should be Barr'd from doing what they think fit with their own Estates.
XXVIII. Prop. That the said Companies Accomptant keep a Book to enter the Value of the Stock upon Oath, to lie Open for the perusal of all persons concerned.
XXIX. Prop. That all Transferrs of Stock shall be Registred and Entred in a Book, to lie open to all persons concerned.
Answ. The 28 and 29 Prop. are Provided for in the same manner already by the Company.
XXX. Prop. That the said Joint-Stock shall continue for 21 years and no longer.
XXXI. Prop. That a Book of new Subscriptions be laid open for a succeeding new General Joint-Stock before the expiration of the said 21 years appointed for this Stock.
Answ. This is so strange, that if it should be admitted, would make the Company Ridiculous all the World over: and is as much as to say, a Man shall be Obliged to Plant a great Orchard, and Remove his Trees, or Depart from his Possession at the end of 21 Years; or to Build a famous Mansion-House, a Town, or City upon such Terms. The Dutch Company have Spent within 30 or 40 Years past, above 700000 l. upon Ceylon, and have not yet seen their Principal, by about 400000 l. to this day: this Company have been Building and Fortifying at Bencolen about 10 or 11 Years, and they must proceed in Building and Fortifying there for 20 or 30 Years to come; and in that chargeable and dangerous Work they have spent near 250 l. to 300000 l. Sterling. And though indeed by that necessary Work they have preserved the p [...]pper Trade to this Nation, yet they have not Received any thing towards the Charge of these Disbursements: and that Place will cost the Company 200000 l. more, before it can bemade a complete, secure, (and morally speaking) an impregnable Asylum to the English Nation. It is a most Impolitick Notion, That any Company can Thrive by frequent Change of Conduct and Council, any more than a Nation by often Changing the Fundamental Laws. The [Page 13] Dutch Company stands as it did from the Beginning, and the English hath never been Changed that the Company knows of, but once in O. Cromwell's time; and then it was done with their own consent. The Company, by the true Rules of Policy, ought never to Alter, nor any Man be Forced to Sell his Stock, any more than he can be forced to Buy a Stock that hath none: Or any Gentleman that hath an over-grown Estate in Land in any Countrey, can be forced to Sell part, to make way for some new Purchasers, that pretend they will Buy Land in that Countrey.
XXXII. Prop. That the Company be obliged for the better and more secure carrying on of this Trade to have [...] Ships of their own.
Answ. This is such a Constraining Proposition as was never made to any Company; all Companies having Ships of their own, and hired Ships; and best know when to use the one or the other; and there are few Merchants considerable in Europe, that have not both: And it was never thought or found Political, to put Trade into such strait-laced Bodies, which instead of making it grow upright and prosper, will either kill it, or force it to grow awry.
This was the Language, with which the Late Company treated those Honourable Lords; calling some of their Propositions Impossible as well as Ʋnjust; others, Notoriously Prejudicial to the Nation; one, Without any Shadow of Reason or Equity; another, A Trick; another, A most Impolitick Notion, &c.
FIrst, If any Alteration should be made ofthe present Constitution by His Majesty, the same Men, viz. Interlopers and their Adherents, and such as have sold their Stock at high rates, and then cry down the Company to fright the Adventurers, and come in again at low rates; whether such sort of Men, after His Majesty hath granted a New Charter, will not, to serve another turn, Exclaim against it, in defamation of His Majesties just Prerogative.
Secondly, Whether any thing such Men have said, that carries any appearanc of Truth, be not the same again which was said above 20 years past, and many times since in the two last Reigns, and as often Answered and Confuted.
Thirdly, Whether the Spirit of Clamour and Opposition against the Company, which centers in some few known Persons, whether those persons be men of better Fortune, or more regular Lives, or greater Prudence, or otherwise preferrible to the present Adventurers in the East-India-Company-Stock.
Fourthly, Whether considering the two Wars this Company have grappled with in India, and a worse kind of Civil Broil the Interlopers forced them to, more pernicious to the Company than both the Wars in India; whether the Company, notwithstanding their said Pressures, hath not Managed their Affairs to as much National Advantage, and Profit to their Fellow-Adventurers, as any East-India Company▪ in Europe.
Fifthly, That without Restraint, Cramping, or taking Care for Rotaions or Changes in the East-India Company, the whole Stock, without such forced Political Restrictment or Limitation, is in a kindly, natural, and continual Changing Motion; in so much that the Value of the Stock, once in Two Years or therabout, changes Owners; and there is not now in the present Committee Three Men that were of the Committee above Twenty Years past.
Sixthly, That the present Governour Sir Thomas Cook about Nine Years past had no Stock at all, nor Sir Joseph Herne the late Governour, about 20 years past, nor Sir William Langhorne now one of the greatest Adventurers, 4 years since; and several other Considerable Adventurers not above 2 years past, they came in by several Purchases, and many at much dearer Rates than the present Price Currant of the Stock; and there is now of the present Committee Five Worthy Persons very late Purchasers, which were never of the Committee before this Year.
Seventhly, If it be thought by any that Envy the Companies good Fortune, that some few of the Company are too Rich and Powerful in the Committee, the Company answer that to Cure that if it be a Fault, there needs no new Laws nor Articles in any Charter, for a very few years will cure that without such preternatural force, for that the Sons of such Men were never known to succeed their Fathers in the painful Fatigue of the Companies Affairs, but did always settle themselves upon an easier course of Life by a Revenue in Land.
Eighthly, If there be some of the present Adventurers that had Courage enough to keep their Stock, and never Sold any part thereof during all those violent and unreasonable Attempts that have been made against the Company, whether such persons do not rather Deserve the Thanks which the Roman Senate gave Terentius Varro, quod non Desperasset de Republica, than any Blame.
Ninthly, The Company, nor peradventure any great business in the World did ever Thrive where some One or Two Men, or very few did not arrive to so much Reputation (as Machiavel calls it) as to be able to moderate the Councils of the Common-wealth or Society; so it's now in the Netherlands East-India Company, and so it was ever in the English East-India Company, except for the first Seven years after the last Change, in which seven Years the Stock and the Companies Affairs dwindled almost to Nothing, until Sir William Thompson deceased (a Gentleman of Famous Prudence and Integrity arrived at that Reputation, that in effect he Governed the whole affair of the Company until the day of his Death, and under his said Conduct the Companies Affairs did Revive and Prosper, and have since his Death more increased by happy Methods derived from his Wisdom originally: His worthy Son and Posterity are now settled upon Estates in Land and have no concern in the Company.
Sir Edward Seymour acquaints the House that he had a Message from His Majesty in Answer to the Address of this House the last Sessions, in relation to the East-India Company, the which he delivered in Writing at the Table where the same was read — in these Words, viz.
THE House of Commons having Presented an Address to the King, to Dissolve the Present East-India Company, according to the Power reserved in their Charter, and to Constitute a New One, His Majesty took into Consideration the Proper Methods of complying with their desires, and of Securing effectually this Advantageous Trade to the Nation.
But His Majesty upon Examination of the Charter, and consulting His Judges and Learned Council, found that He could not Legally Dissolve the Company, but upon Three Years Warning; and that during the three years after warning, the Company must subsist and might continue to Trade; and that tho' the King might constitute a New Company, yet He could not empower such New Company to Trade, [Page] [...]till after Three Years: the Crown having expresly Covenanted, not to Grant any such Liberties.
Hereupon His Majesty was very apprehensive of the ill consequences of giving warning to the Company, because they would be then less solicitous of promoting the true interest and advantage of the Trade, whereof they could not long reap the fruits; and that no New Company could be immediately admitted to it: So that this very Beneficial Trade, which is already so much impaired, might be in danger of being entirely lost to the Nation.
His Majesty being very desirous to prevent so great a mischief, and to gratifie the House of Commons in the end, since He could not do it without great hazard in the manner they proposed, required the East-India Company to answer directly, whether they would submit to such Regulations as His Majesty should judge proper, and most likely to advance the Trade: And the Company having fully agreed to it, and declared their Resolution in writing, His Majesty commanded a Committee of His Privy Council to prepare Regulations; which they did, and offered them to the Company: But the Company, notwithstanding their Declaration of Submission, rejected almost all the Material Particulars.
So that His Majesty finding, That what possibly the House of Commons might have expected, and Indeed was necessary to Preserve this Trade, could not be perfected by His own Authority alone; and that the Company could not be induced to consent to any such Regulations; as might have answered the Intentions of the House of Commons; and That the Concurrence of the Parliament is requisite to make a complete and useful Settlement of this Trade, has directed all the Proceedings in this matter to be laid before them, and recommends to them the preparing of such a Bill, in order to pass into an Act of Parliament, as may establish this Trade on such Foundations as are most likely to preserve and advance it.
Resolved,
That an Humble Address be presented to His Majesty, That He will Dissolve the East-India Company upon Three Years Warning to the said Company, according to the Power reserved in their Charter.
Resolved,
That the said Address be Presented by the whole House.
Mr. Speaker Reported to the House, That he did yesterday Present to His Majesty their Address touching the East-India Company, and that His Majesty was pleased to Express Himself to this Effect, viz.
Gentlemen,
I will always do all the Good in My Power for this Kingdom, and I will Consider your Address.
Notwithstanding the aforesaid Propositions, some time after, several other Regulations were agreed on, to Establish the said Company, by adding New Subscriptions to their Stock, Without any Security to be given, to make that Stock worth any thing at all. — But those Regulations did not pass into a Charter; the late Company having made default in Paying in the first Quarterly Payment of the Tax charged on their Joynt-Stock, according to the Tenour of the Act of Parliament; whereby their former Charters became absolutely Void in Law. —
However, the Late Company, by their Industrious Application have since procured A NEW CHARTER, (for Restoring and Confirming all their former Grants:) which passed under the Great Seal the Seventh day of October, 1693.
WIlliam and Mary, By the Grace of GOD King and Queen of England, Scotland, France, and Ireland, Defenders of the Faith, &c. To All, to whom these Presents shall come, Greeting. Whereas the Governour and Company of Merchants of London Trading into the East-Indies, have been of long time, to the Honour and Profit of this Nation, a Corporation, and have enjoyed divers Liberties, Priviledges, [Page]and Immunities, by force of several Charters and Letters Patents heretofore Granted to them by several of Our late Royal Predecessours, Recital of several of their former Charters. more particularly by Letters Patents of Our late Royal Uncle King Charles the Second, under the Great Seal of England, bearing Date the Third day of April, in the Thirteenth year of His Reign; and by one other Charter, or Letters Patents of the said King Charles the Second, under the Great Seal of England, bearing Date, at Westminster the 27 day of March, in the 20 year of His Reign: and by one other Charter or Letters Patents of the said K. Char. II. bearing date, at Westminster the 16 day of December, in the 25 year of His Reign: and by one other Charter of Letters Patents of the said late K. Char. II. bearing date, the 9 day of August, in the 35 year of His Reign: and also by a Charter or Letters Patents of the late K. James II. bearing date, at Westminster the 12 day of April, in the Second year of His Reign. And whereas some Doubt or Question hath of late been made, touching the Dalidity of the Charters of the said Company; and whether the same be not in strictness of Law, Void, by the not actual Payment into the Receipt of Our Exchequer, of the First Quarterly Payment of the Tax of 5 L. per Cent. Charged on the General Joynt-Stock of the said Company; according to an Act made in the Last Session of this present Parliament, entituled, An Act for Continuing certain Acts therein mentioned, and for Charging several Ioynt-Stocks. Now Know ye, That We taking the Premisses into Our Royal Consideration, and well weighing what Disorders and Inconveniencies would befal the said Company and other Persons concerned and employed in their Trade and Adventures, especially in the Remote Parts of the World, if We should take Advantage of the Forfeiture aforesaid, (if any be;) And We being willing that the said Governour and Company, or late Governour and Company of Merchants of London, Trading into the East-Indies, and their Successours, should Have and Enjoy all such and the like Lawful Powers, Priviledges, Advantages, and Immunities; and in as ample manner, to all intents and purposes, as if the said First Quarterly Payment of the said Tax had been duely and regularly Made, according to the said Act:Their Majesties Grant, that the Members of the late Company Of Our especial Grace, certain Knowledge, and meer Motion; have made, ordained, constituted, declared, and appointed; and by these Presents, for Us, Our Heirs and Successours, do make, ordain, constitute, declare, and appoint, That Sir Tho. Cooke Knight, and one of the Aldermen of Our City of London, [Page 19]Francis Tyssen Esq; George Earl of Berkley, Sir John Fleet Knight, Lord Mayor of Our City of London; S r Josiah Child Baronet, Sir William Langhorne Baronet, Sir Benjamin Bathurst Knight, Sir John Moore Knight, and one of the Aldermen of Our City of London; Sir Samuel Dashwood Knight, and one of the Aldermen of Our City of London; Sir Edward Des Bouvery Knight, Sir Tho. Rawlinson Knight, Sir William Gore Knight, and one of the Aldermen of Our City of London; Sir Jos. Herne Knight, Sir Rowland Aynsworth Knight, John Perry Esq Geo. Boune Esq Ric. Hutchinson Jun. Esq Frederick Herne Esq Ralph Marshall Esq Ric. Acton, Jo. Cooke of Hackney, Francis Gosfright, John Dubois, Isaac Houblon, Samuel Ongley, and Nathaniel Mounteney, Gentlemen; and all and every other Person and Persons, who were Members of the said Company, or Late Company of Merchants of London Trading into the East-Indies, on the 24 day of March now last past, who have not since parted with their Stocks in the said Company;(Together with all persons come into the Company since the 24 of March, 1693.) be incorporated by the name of the Governour and Company, &c. And all and every other Person and Persons, who since the 24 day of March last past, by Buying Stock or otherwise, have come into, and remain in a capacity of being Members of the said Company, be and shall be one Body, Corporate and Politick, in Deed and in Name, by the Name of the Governour and Company of Merchants of London Trading into the East-Indies; and them by the Name of the Governour and Company of Merchants of London, Trading into the East-Indies, one Body Corporate and Politick, in deed and in name, really and fully for ever, for Us, Our Heirs and Successours, We do make, declare, establish, and confirm by these presents, under and subjects to the Provisoes and Conditions, and upon the terms hereafter in these presents mentioned, and that by the same name of the Governour and Company of Merchants of London Trading into the East-Indies, they shall have perpetual Succession, and that they and their Successors by the name of the Governour and Company of Merchants of London Trading into the East-Indies be, and at all times shall be Persons able, and a Body Corporate and Politick,And that they shall be capable to Purchase Lands, &pc. capable in Law, to have, purchase, receive, possess, enjoy and retain Lands, Rents, Priviledges, Liberties, Jurisdictions, Franchises and Hereditaments, of what kind, nature or quality soever they be, to them and their Successors, and also to give, grant, demise, alien, assign and dispose Lands, Tenements and Hereditaments, and to do and execute all and singular other things by the same name, that to them shall or may appertain to do. And that they and their Successors by the name of the Governour and Company of Merchants of London Trading into the East-Indies [Page 20]may Plead and be Impleaded,To Answer, and be Answered, Defend, and be Defended, &c. Answer and be Answered, Defend and be Defended, in whatsoever Courts and Places, and before whatsoever Judges and Justices, and other Persons and Officers in all and singular Actions, Pleas, Suits, Quarrels, Causes and demands whatsoever, of whatsoever kind, nature or sort, in such manner and form as any other Our Liege People of this Our Realm of England being Persons able and capable in Law, may or can have, purchase, receive, possess, enjoy, retain, give, grant, demise, alien, assign, dispose, plead, defend, and be defended, release, and be released,To have a Common Seal. do, permit and execute. And that the said Governour and Company of Merchants of London Trading into the East-Indies, and their Successors may have a Common Seal to serve for all the Causes and Businesses of them and their Successors: And that it shall and may be lawful for the said Governour and Company, and their Successors the same Seal from time to time, at their Will and Pleasure, to break, change, and to make new, or alter, as to them shall seem expedient. And further, We will and by these presents for Us, Our Heirs and Successors, We do Ordain, That there shall beTo have one Governour, one Deputy-Governour, and 24 Committees. one of the same Company who shall be and shall be call the Governour of the said Company, and also one other of the said Company who shall be and shall be called the Deputy-Governour of the said Company; and that there shall likewise be Twenty Four of the said Company, who shall be and shall be called the Committees of the said Company, who together with the Governour of the said Company for the time being, shall have the direction of the Voyages of or for the said Company, and the Provision of the Shipping and Merchandizes thereunto belonging, and also the Sale of all Merchandizes, Goods and other things return'd in all or any of the Voyages or Ships of or for the said Company, and the managing and handling of all other business, affairs and things belonging to the said Company. And for the better execution of Our said Will and Grant in this behalf, we have assigned, nominated, constituted, made, and confirmed, and by these Presents for Us Our Heirs and Successors,And that Sir Tho. Cooke be the first Governour. do assign, nominate, constitute, make, and confirm the said Sir Thomas Cooke to be the present Governour of the said Company, and to continue in the said Office from the Date of these presents, until the 10th day of April now next following, if the said Sir Tho. Cooke shall so long live, or until a new Governour be chosen by the said Company as heretofore hath been used and accustomed. And we have also nominated, constituted, made and confirmed,Francis Tyssen the first Deputy Governour. and by these presents for Us, Our Heirs and Successors do nominate, constitute, make, and confirm the said Francis Tyssen to be the present Deputy-Governour of the said [Page 21]Company, and to continue in the said Office from the Date of these Presents, until the said 10 day of April now next following; if the said Francis Tyssen shall so long live; or until a new Deputy-Governour be chosen be chosen by the said Company, as heretofore hath been used and accustomed: And We have also nominated, constituted, made, and confirmed; and by these Presents, for Us, Our Heirs and Successors, do nominate, constitute, make, and confirm the saidGeorge Earl of Berkley, Sir John Fleet, &c. the first Committees. George Earl of Berkley, Sir John Fleet, Sir Josiah Child, Sir William Langhorne, Sir Benjamin Bathurst, Sir John Moore, Sir Samuel Dashwood, Sir Edward Des Bouvery, Sir Thomas Rawlinson, Sir William Gore, Sir Joseph Herne, Sir Rowland Aynsworth, John Perry, George Boune, Richard Hutchinson Junior, Frederick Herne, Ralph Marshall, Richard Acton, John Cook of Hackny, Francis Gosfright, John Dubois, Isaac Houblon, Samuel Ongley, and Nathaniel Mounteney, to be the 24 present Committees of the said Company from the Date of these Presents, until the said 10 day of April next following; or until a New Committee shall be chosen by the said Company, as in that case hath been also formerly used and accustomed.Provided, they severally take the Oaths appointed, instead of the Oaths of Allegiance and Supremacy, and also the Oaths of their respective Offices. Provided always, and We do hereby require and command, That the Governour herein before-named, shall, before he be admitted to the Execution of the said Office, Take the Oaths appointed to be Taken by a late Act of Parliament, made in the First year of Our Reign, entituled, An Act for the Abrogating of the Oaths of Sup [...]emacy and Allegiance, and appointing other Oaths: And also a Corporal Oath, That he shall and will, from time to time, well and truly Execute the Office of Governour of the said Company, before the said Deputy-Governour, and any Five or more of the Committees herein beforenamed: To whom We do hereby give full Power and Authority, to Give and Administer the said Oaths to the said Governour accordingly. — And also that the Deputy-Governour and 24 Committees herein before named and constituted, shall respectively take the said Oaths, appointed by the said late Act of Parliament; and also a Corporal Oath, That they will faithfully and truly Execute their said several and respective Offices of Deputy-Governour and Committees of the said Company, before the said Sir Thomas Cooke, herein before named and constituted to be the present Governour of the said Company. To whom We do hereby give full Power and Authority, to Give and Administer the said Oaths to the said Deputy Governour and Committees accordingly. And of Our further especial Grace, certain Knowledge, and meer Motion,That all Acts done by and to the late Company, since the 24 of March,—93. be ratified and confirmed. We have ratified and confirmed, and do by these presents Ratifie and confirm all Acts done by and unto [Page 22]the said Governour and Company, or late Governour and Company, since the said 24 day of March last, by virtue or colour of their said former Charters or any of them, to be as valid and effectual, as if the said First Quarterly Payment of the said Tax had been duly made according to the said Act, and the said former Charters had not been forfeited or made void. And We have also given, granted, restored, and confirmed, and by these presents for Us, Our Heirs and Successors, do give, grant, restore, and confirm unto the Governour and Company of Merchants of London Trading into the East-Indies, That all their Plantations, Joynt-Stock, Goods and Chattels, Powers, Priviledges, and all other things be restored and confirmed to the said Company; which were, or might be lawfully used or enjoyed. hereby constituted and confirmed, and their Successors, all and every the Ports, Islands, Plantations, Territories, Castles, Forts, Fortifications, Ordnance, Armour, Artillery, Munition, Arms, Guns, Powder, Shot, Victuals, Magazins, Stores, Ammunition, and Provisions of War, Ships, Junks, Vessels, Boats, Joynt-Stock, Manors, Lordships, Mesuages, Houses, Lands, Tenements, Hereditaments, Goods, Wares, Merchandizes, Cattel, Chattels Real and Personal, Debts, Dues, Duties, Right of Actions, and Demand in Law, or Equity, Powers, Priviledges, Liberties, Franchises, Jurisdictions, Customs, Rights, Royalties, Immunities and Advantages whatsoever; and all other things, Which were lawfully held, received, used, exercised, or enjoyed; or might or ought to have been lawfully held, received, used, exercised, or enjoyed by the said Governour and Company, or late Governour and Company of Merchants of London Trading into the East-Indies, on or before the said 24 day of March now last; or at any time since, by force or virtue of any Grants, Charters, or Letters Patents whatsoever, heretofore granted unto them, or mentioned to be granted or confirmed to them, by any of Our late Royal Predecessors, Kings or Queens of England, by any Style or Title of Incorporation whatsoever, or otherwise howsoever; and under and subject to the several and respective Proviso's, Limitations, Clauses and Restrictions herein, and in the said former Grants, Charters, and Letters Patents, or any of them, contained.To have and to hold the said Powers, &c. in such manner, as they might or ought lawfully to have held and enjoyed the same, as if the said Powers were at large recited. To Have, Hold, Ʋse, Exercise, and Enjoy the said Ports, Islands, Plantations, Territories, Castles, Powers, Priviledges, and all and singular other the Premisses herein before mentioned; and intended to be hereby granted and restored, and every of them, unto the said Governour and Company of Merchants of London Trading into the East-Indies and their Successors; in such and the same manner, and to and for such and the same intents and purposes in all things, as the said Governour and Company, or late Governour and Company [Page 23]of Merchants of London, Trading into the East-Indies, might or ought lawfully to have held, used, exercised, or enjoyed the same, on, or at any time before the said 24 day of March now last past; As if the same Powers, Priviledges, and Immunities, and other the premisses were hereby particularly granted, and the Letters Patents concerning the same at large recited: Under and subject nevertheless to the Proviso's, Restrictions, and Limitations contained in these Presents, and in the former Charters, to the said Company.Provided, that if the said Company do not submit, and conform to such alterations, restrictions, and qualifications as the King shall make before the 29. Sept. next, it shall be lawful for His Majesty to revoke this Charter. Provided alwayes, and upon condition nevertheless, and Our Express Will and Meaning is, That if the sai [...] Governour and Company of Merchants of London, Trading into the East-Indies, and their Successors, do not accept of; and from time to time, and at all times hereafter, Act according to, and put in due and effectual Execution, and Submit and Conform in all things unto such Orders, Directions, Additions, Alterations, Restrictions, and Qualifications relating to the Constitution, Continuance, Determination, Rights, Powers, or Priviledges of the said Company, or the Government thereof; or of the said Governour and Company: or the Encouragement, Management, Regulation, or Advancement of Trade; or of the present or future Joint-Stock of the said Company: Or concerning any future Subscriptions, to be made by way of Increase or Addition to the Joint-Stock; Or for Ascertaining the true Values of the said Joint-Stock, at and during the times of any such future Subscriptions; which, and as We, Our Heirs or Successors, by the Advice of Our or Their Privy Council, shall from time to time, at any time before the 29 day of September, which shall be in the year 1694, think fit to make, insert, limit, direct, appoint, or express, in or by any further or other Charter, Letters Patents, or other Writing or Instrument, under Our or Their Great Seal of England, Then, and in each and every of the Cases aforesaid, it shall and may be lawful, to and for Us, Our Heirs, and Successors, by Letters Patents, under Our or Their Great Seal of England, To determin, revoke, and make void these Presents, and the Grant hereby made: And from and immediately after the Passing of such Letters Patents of Revocation or Determination under the Great Seal of England, these Presents, and all the Powers, Priviledges, Grants, and other things herein contained, shall cease, determin, and be absolutely void, to all intents and purposes, any thing to the contrary notwithstanding. And further, We have given, granted, and restored, and by these Presents, for Us, Our Heirs and Successors, do [Page]give, grant, andThat the said Companies Debts be restored to them. restore unto the said Governour and Company or late Governour and Company, and their Successours, all and every such Debts, Summs of Money, Duties, and Demands whatsoever, in Law or Equity, which to the said Governour and Company, or late Governour and Company, were grown due or payable, at any time before or on the 24 day of March now last past; or which are since grown due or payable, or shall hereafter grow due or payable by any person or persons whatsoever; as well Our Natural-Born-Subjects, as Aliens and Strangers. Giving, and by these Presents Granting unto the said Governour and Company, and their Successors, full Power and Authority, to ask,With a Power to sue for, and recover the same. sue for, and recover the same by all lawful ways and means whatsoever; either in the Name of Us, Our Heirs or Successors; or in the Name of the said Company, or otherwise; as Law or Equity shall require or admit of, and to retain the same to their own use and benefit, upon under, and subject to, the Trusts, Intents and Purposes herein after mentioned, as fully and amply to all intents and purposes as if the said first Quarterly payment of the said Tax had been duely and regularly made into our Exchequer according to the said late Act of Parliament in that behalf.Provided, that all the Manors, Lands, Goods, and Estate of the said Company shall be, and are made subject and chargeable with all their Debts to any persons, as well Subjects as Strangers. Provided always, and it is intended and agreed, and Our Express Will and Pleasure is, That the said Governour and Company hereby constituted, and their Successors, and all the Mannors, Lands, Tenements, Goods, Wares, Merchandizes, Chattels real, Chattels personal, and other the Premisses hereby granted and confirmed, or mentioned to be granted and confirmed, and every of them, and every part and parcel thereof shall be and are hereby made subject and lyable to, and charged and chargeable with, all and every such Debts, and Sums of Money, Duties, and Demands whatsoever, in Law or Equity, which the said Governour and Company, or late Governour and Company do now owe, or are indebted or subject or liable to, or which at any time before or on the said 24th. day of March now last past, or since, did owe, or were indebted, or subject or liable to any person or persons whatsoever, as well Our Natural Born Subjects and persons Endenized or Naturallized, as Aliens and Strangers, and that the same shall and may be Sued for and recovered in such and the like manner to all intents and purposes, as if the said first Quarterly Payment of the said Tax had been duly and regularly made into our Exchequer, according to the said late Act of Parliament in that behalf, and as if the said former Charters had not been forfeited or made void. And our further Will and Pleasure is, and we do by these presents for us Our Heirs and Successours Grant unto the said [Page 25] Governour and Company, or late Governour and Company of Merchants of London Trading into the East-Indies and their Successors, That these Our Letters Patents, and all and singular the Powers, Clauses and Grants therein contained, shall be and continue sufficient and available in Law, and shall be construed and taken as well to the meaning and intent, as to the general words of the same most beneficially and for the best advantage of the said Governour and Company or late Governour and Company and their Successors, under and subject to the Proviso's, Restrictions and Limitations herein, and in the said former Letters Patents contained; Notwithstanding the not mentioning or not true reciting of any former Grants, Charters or Letters Patents heretofore Granted to the said late Governour and Company, or any of their Predecessors by any of the late Kings or Queens of England, or any other person or persons whatsoever; or the not mentioning or reciting of any Castles, Forts, Plantations, Lands, Powers, Liberties, Priviledges, Advantages, or other matters or things in the said Grants or Letters Patents, or any of them; granted, or mentioned to be granted or confirmed.Provided, if the said Company do not on the 25 Decemb. next, Pay 9300 L. into th [...] Exchequer, for the last Quarterly Payment of their Tax, t is Ch [...]rter shallbe void. Provided alwayes, and these Presents are and shall be upon this Condition, That if the said Governour and Company hereby Constituted shall not Pay into the Receipt of Our Exchequer at Westminster, for Our Use, upon the 25 day of December next ensuing the Date hereof, the full Summ of Nine Thousand Three Hundred Pounds, of good and lawful Money of England; in lieu and satisfaction for the last of the Four Quarterly Payments appointed to be paid unto Us by the late East-India Company, by virtue of the Act of Parliament herein before-mentioned, for Charging of Joint-Stocks: Then, and from thence-forth, these Presents, and all things herein Contained, shall cease, determin, and be utterly void, to all intents and purposes, any thing herein contained to the Contrary notwithstanding. In Witness whereof, We have caused these Our Letters to be made Patents. Witness Our Selves at Westminster, the Seventh day of October, in the Fifth Year of Our Reign.