A discourse concerning the East-India trade Wherein is shewed by arguments taken from a treatise written by Sir Josiah Child, reprinted this present year 1693, that the said trade may be carried on by a regulated company, to much greater advantage of the publick, than by a company with a joint-stock.

A DISCOURSE Concerning the Eaſt-India Trade.

Wherein is ſhewed by Arguments taken from a Treatiſe written by Sir Joſiah Child, Reprinted this preſent Year 1693, that the ſaid Trade may be carried on by a Regulated Company, to much greater Advantage of the Publick, than by a Company with a Joint-Stock.

THE many and great Advantages which all Kingdoms and Countreys receive by Trade, are ſo obvious, That its what no Man denyes; and there needs no Arguments to prove a thing ſo generally admitted, and therefore it is, that the Wiſeſt and Juſteſt Governments have made it one of their •• iefeſt cares, to Diſcover and Eſtabliſh thoſe ways and methods, that do beſt •• ſerve and improve it: And this being the meaſure obſerved for Trade in general, its ſo likewiſe in particular Trades, eſpecially ſuch as bear a great proportion in the value and influence of the Trade of any Nation or Country, and •• cti by an ill foundation and a worſe management, are like to be loſt, if not to •• hole, yet to the greater part of the Subjects of that Country.

Among other Trades that to the Eaſt-Indies is become one of the greateſt that • n England, and therefore well befitting the care of our Repreſentatives in Par •• to decalre and eſtabliſh the Right thereunto 〈1 line〉 its management; this being likewiſe one of the greateſt and moſt beneficial Trade of all the Trade; of Holland, as that Author obſerves in page 144. of his Ingenious Treatiſe. The Dutch, ſays he, with good reaſon eſteem the Trade of the Eaſt-Indies more profitable to them than are the Mines of Gold and Silver in America to the King of Spain. Therefore, as of all others, it's that wherein the Dutch are mo •• emulous of any Competitors, ſo we are under the more abſolute neceſſity to have a ſhare in it, and are the more concerned to ſecure and encreaſe it: One of the chief deſigns of Sir Joſiah Child in that Treatiſe, ſeems to be, the ſhewing the Ne • ceſſity and Advantage of encreaſing the Trade of this Kingdom, ſo as to enable 〈◊〉 to Cope therein, with our Neighbours in general, and particularly with the Dutch which is a Subject of very great importance; and well worthy ſo great a Pe •• And the Nation is much indebted to him for thoſe many Ingenious Maxims and Obſervations he has made Publick, which were never more neceſſary to be conſidered than at preſent.

There are many of his Propoſitions, which may be made extreamly uſeful and advantagious to the Trade of this Kingdom in general, and particlarly in the ſettlement of the Eaſt-India Trade, by an eaſy Admiſſion into it, under the Government of a Regulated Company of Merchants; which is the Method the Author propo •• as moſt beneficial to the Kingdom for all other Trades which are managed by Companies; and the Eaſt-India Trade being that, wherein of all others, he has had greater Share of Intereſt and Experience, it might reaſonably have been expect •• he ſhould have laid down ſuch Rules and Methods for the future conduct and improvement of it, as might effectually have anſwered the aforeſaid end of •• Treatiſe.

But as the greateſt Men are ſubject to Humane Frailties, ſo herein that Gentlem •• has given an Inſtance of it, for he has been moſt ſilent as to the methods of t •• Government of that Trade, and though it be of ſo great importance as well this Kingdom as the Dutch; he has treated of it in the ſlighteſt manner of m •• others, and given neither Rules nor Reaſons worth mentioning either for the preſent or future management of it; But yet in that little which he has obſerved concerning it, his private Intereſt has led him to contradict himſelf and his o •• Propoſitions, by which he has given a very great blemiſh to that noble Undertaking, and ſhewed the World how difficult a thing it is for ſome Men to be I •• partial, where Private Intereſt comes to ſtand in competition with the Publick.

I ſhall in order to the Treating this matter, conſider theſe Four things:

I. The Propoſitions laid down by the Author, as his Opinion concern •• Trade in General. II. The Reaſons which he has offered for the management of the Eaſt-India Trade in the preſent method. III. Shew how inconſiſtent the preſent conſtitution of the Eaſt-India Company, is with the Authors Propoſitions and Opinion, laid down as Trade in General. IV. I ſhall Anſwer ſome of the moſt Popular Objections which are made againſt the determination of this Company, and the management of that Trade, in any other manner than by a Joint Stock.

I might add likewiſe a Fifth, to ſhew how contradictory the preſent conſtitution of the Eaſt-India Trade, is to the Law of Nature, and the Liberty of a Free Born People, and to the Common and Statute Laws of the Land. But of this I ſhall ſay nothing, it is a Subject which would deſerve a particular conſideration; If the Learned Arguments which have been made upon the occaſion of its conteſt, together with the Opinions of moſt of the Judges which have been given upon this matter, had not ſufficiently proved it.

I. The Propoſitions laid down by the Author, and his Opinion as to Trade in General.

The great Deſign of the Author being to lay down Rules and Methods for the increaſe and Improvement of the Trade of this Kingdom in General, and for en • bling us to Cope therein with our Neighbours, and eſpecially the Dutch, he has • ropoſed ſeveral, as neceſſary to the attaining that end; and Principally the En • ouragement of Induſtry and Ingenuity, and the abatement of Intereſt as mainly con •• ncing to it, the Advantages of which are largely handled, and take up a great part of that Treatiſe. And in Page 153. ſpeaking of the Ballance of Trade, he asks

What is to be done in England to Improve the Trade thereof to ſuch a Degree, as to Equalize- or Over-Ballance our Neighbours in our National Profit by our Foreign Trade?

The Method I propoſe, ſays he, for the Anſwering this great Queſtion, is (following my own Principle, that if Trade be great, and much Engliſh Shipping employed, it will be good for the Nation in General, whatever it may be for private Merchants.) Firſt, to lay down ſome general Rules for the enlargement of Trade in England, and then ſome ways of reducing thoſe general Rules into Uſe and Practice, The General Rules for the Enlargement of Trade are not many.

1. Encreaſe of Hands in Trade. 2. Encreaſe of Stock in Trade. 3. Make Trade Eaſy and Neceſſary, i. e. make it our Interest to Trade. 4. To make it the Intereſt of other Nations to Trade with us.

And after in fol. 159. ſpeaking of the 4th. General Rule to reduce it to Practice, Viz. To make it the Intereſt of other Nations to Trade with us. We must be ſure, ſays he, to furniſh them at as Cheap or Cheaper Rates than any other Nation can or doth; and this I affirm can never be done, without ſubduing Uſury especially, and doing thoſe other things beforementioned, that will conduce to the Increaſe of our Hands, and Stock, for our being in a Condition to Sell our Neighbours Cheaper then others, must be principally, when it is an effect of many Hands, and much Stock.

Obj. But it may be ſaid (ſays the Author) how ſhall we Profit by this Rule, of Selling Cheap to Foreigners, where as the contrary is ſaid to be the Way to Riches, Viz. to Sell Dear and Buy Cheap.

To which he Anſwers, That in a ſtrict Senſe it may be ſo, for the Private Merchants, but in this Diſcourſe, ſays he, I am deſigning to ſhew how our Publick National Trade may be ſo managed, that other Nations who are in Competition for the ſame, may not wrest it from us, but that ours may continue and increaſe, to the Diminution of theirs; if there were no others to wage with us, we might as the Proverb ſays Make our own Markets, but as the caſe now ſtands, That all the World are ſtriving to engroſs all the Trade they can, that other Proverb is very true and applicable, All Covet, All Looſe.

And to avoid Miſtakes which may be made in the Conſideration of theſe matters, the Author in his Preface to that Treatiſe, adviſes the Reader, That in all his Meditations on theſe Principles, he ſhould warily distinguiſh between the Profit of the Merchant, and the Gain of the Kingdom, which are ſo far from being always Parallels, that frequently they run counter one to the other, almoſt all men by their Education, and buſineſs, having fixed their Eye, and Aim, wholly upon the former, do uſually confound thoſe two, in their Thoughts and Diſcourſes of Trade.

And ſpeaking of Companies of Merchants, fol. 81, 82. he ſays,

it hath been a Moot Caſe whether any incorporating of Merchants be for Publick Good or Hurt; for my own part, ſays he, I am of Opinion.

1. That for Countreys with which His Majeſty hath no Alliance, nor can have any by reaſon of their Diſtance or Barbarity, or Non-communication with the Princes of Chriſtendom, &c. where there is a Neceſſity of Maintaining Forces and Forts (ſuch as the Eaſt-India and Guinea) Companyes of Merchants are abſolutely neceſſary.

2. It ſeems evident to me, that the greateſt part of theſe two Trades, ought for Publick Good to be managed by Joint-Stocks.

3. Its questionable to me whether any other Companyes of Merchants are for Publick Good or Hurt.

4. I conclude however, that all Restrictions of Trade are naught, and conſequently, that no Company what ſoever can be for Publick Good, expect it be eaſy for all on any of His Majeſties Subjects to be admitted, &c.

I. Becauſe the Dutch, who Thrive beſt, and have the ſureſt Rules to Thrive by, admit not only any of their own People, but even Jews and all kind of Aliens, to be Free of any of their Societies of Merchants, or any of their Cities, or Towns Corporate.

II. Nothing in the World can enable us to Cope with the Dutch in any Trade, but encreaſe of Hands and Stock, which a general Admiſſion will do, many Hands and much Stock being as neceſſary to the Prosperity of any Trade, as Men and Money to Warfare.

III. There is no Pretence of any Good to the Nation by Companies of Merchants, but only Order and Regulation of Trade, and if that be preſerved (which the Admiſſion of all that will come in, and ſubmit to the Regulation, will not Prejudice) all the Good to the Nation that can be hoped for my Companies, is obtained.

And a little after, fol 83. making inferences from what he had been obſerving concerning Regulated Companies of Merchants, he reduces them to Four, viz.

1. That restrained and limited Companles are not done ſufficient to preſerve and encreaſe a Trade. 2. That limited Companies, though establiſhed by Act of Parliament, may looſe a Trade. 3. That a Trade may be carried on to any part of Christendom, and encreaſed without Companies. 4. That we have Declined more, at leaſt have encreaſed leſs in thoſe Trades limited to Companies, than in others, where all His Majeſties Subjects have had equal Freedom of Trade.

Theſe being the Propoſitions which are laid down by the Author for his Opinion to Trade in general, I ſhall conſider the ſecond thing propoſed, Viz.

II. The Reaſons offered by him for the management of the Eaſt-India Trade in •• e preſent Method.

The Eaſt-India Trade under the preſent Conſtitution, ſtanding upon ſuch a • oundation as contradicts the Authors Propoſitions for the Conduct of all other Trades, and which is accounted by him to be prejudicial to the Publick Good, •• d Deſtructive to Induſtry and Ingenuity; and conſidering what he ſays from •• e Conſiderations he had made of Companies of Merchants in General, page 84. That all the Trade to any part of Chriſtendom, might be carried on, and increaſed, without Companies. It might rationally have been expected that ſuch Reaſons • ould have been Propoſed for the management of that Trade in the preſent method, 〈◊〉 ſhould not have been liable to any Objection, and that he would have ſhewed • herein it differs ſo much from all the Trades of Chriſtendom, that it ought to and on ſo different a Conſtitution.

But he has not attempted to Prove any ſuch thing, nor ſhewn a neceſſity of •• ving any Company of Merchants at all for that Trade; much leſs one with a •• int-Stock excluſive: For what he ſays in Pag. 81. That for Countries with which His Majeſty hath no Alliance, nor can have any by reaſon of their Diſtance or Barbarity, or Non-communication with the Princes of Chriſtendom, &c. where there is a Neceſſity of Maintaining Forces and Forts (ſuch as the Eaſt-India and Guiney Companies of Merchants, are abſolutely neceſſary; is a perfect Begging the Question: But it does not make appear, that Forces and Forts are neceſſary for the •• rrying on of that Trade; nor if they were, that they could not be provided for • bout a Company with a Joint-Stock: which if he had proved, it might have ••• med as evident to others, as he ſays it does to him, that the Eaſt India and Guinea Trades ought to be ſo Managed; but as he only mentions thoſe things as Arguments for a Company of Merchants; ſo, if they were neceſſary, they make nothing 〈◊〉 all to his purpoſe, as to a Company with a Joint Stock: For I will admit, • hat a Company of Merchants is neceſſary for thoſe Trades;—And yet I •• oubt not, but it will appear very plain by the ſequel of this Diſcourſe, That if ••• ces and Forts were neceſſary, they might be maintained by a Regula • ed Company 〈◊〉 Merchants, as well as by a Company with a Joint-Stock: For the Author ••• ows, that Order and Regulation may be had in a Company of Merchants without Joint-Stock, and declares, That there is no other pretence of any Good to the ••• tion by any Company of Merchants, than only Order and Regulation—And Page 88. he confeſſes, That the Turkey-Company maintain Ambaſſadors, Con ••• , &c. ſo that 'twill naturally follow, and he himſelf muſt admit it, That the Eaſt-India and Guinea Trades may be carried on by a Company of Merchants, without a Joint-Stock; and that if Forces, Forts, &c. were neceſſary for the Good 〈◊〉 Security of thoſe Trades, they might be maintained by ſuch a Regulated ••• pany, as well as by a Joint-Stock; and of this their own permiſſion Trade, is ſufficient Demonſtration; for which Licence to Trade, they have exacted from 〈◊〉 Fellow-Subjects, 30, 40, and 50 l. per Cent. a much greater Tax than what 〈◊〉 neceſſary to be Levied by a Regulated Company, for the ſupport of their Charge. And it cannot be ſuppoſed, if the Author had not been fully convinc'd, of his being upon a wrong Foundation; but that a Perſon of his great Parts and Ingenuity, wou •• have given ſome better Reaſons to the World, why thoſe Trades Ought, as •• ſays, for the Publick Good, to be Managed by a Joint-Stock; than barely his ow • Aſſerting, That ſo it ſeems Evident to him. The Reader may well be ſurpriſe • how the Author ſhould come to draw ſuch a Concluſion from thoſe Premiſſes: A •• as it has been already Obſerved, he has given no Reaſon for this his Opinion although it be ſo contrary to his own Maxims. So that it's plain, nothing but •• own Intereſt in the Eaſt-India Stock, could make that ſeem evident to him to beſt in this Trade; of which, the direct contrary, in his Opinion, is moſt for t •• Publick Good in all other Trades. And as it would not have been decent in him, tell the World for a Reaſon, How Great his Concern was in the Joint-Stock the Eaſt-India Company; ſo it would not have convinc'd any other, who h •• not the ſame Reaſon as the Author, to have it ſeem evident to him; by having large, or at leaſt ſome Share therein. Yet it muſt be allowed to be a convinci •• Argument, and of very great weight, as to the Author, but of no weight at all, to the Publick: And it ſhews, how neceſſary the Author's Advice is, in the Prefa •• of his Treatiſe, To diſtinguiſh between the Profit of the Merchant, and the Gain •• the Kingdom.

As for the Barbarity of the Indians, the contrary thereof is ſo well known, t •• it will not paſs for any Argument, there being no People in the World more Ci •• lized: Our late Carriage towards them, has indeed given them too much occaſi •• to account us Barbarous; but they have not by their Behaviour ever given us a •• cauſe to eſteem them ſo.

Having thus Conſidered the Author's Reaſons, which he has offered for M •• naging the Eaſt-India Trade in this Method, I ſhall conſider the Third thing wh • I propoſed; which is,

III. To ſhew how inconſiſtent the preſent Conſtitution of the Eaſt-India Co •• panies Trade is, with the Author's own Propoſitions.

I think there needs no other Argument to prove this, then only what I h •• already obſerved, and taken from the Author's ſaid Treatiſe; but becauſe ſo •• thing more particular may be expected, I ſhall do it briefly.

Its plain, by the Author's Opinion, Fol. 81. that all Reſtraints in Trade are naug •• I conclude however, ſays he, That all Reſtrictions of Trade are naught, and conſeque •• That no Company what ſoever can be for the Publick Good; except it be eaſie for all, on • of His Majeſties Subjects, to be admitted, &c. Joint-Stocks eſpecially, Excluſive o • are Monopolies, and are effectual Reſtraints in Trade; ſo that they perfectly c •• tradict the Author's Principles, being ſo many Shackles to Trade, and Curbs to Indu •• and Ingenuity; which hinder the Increaſe of Hands and Stock in Trade, and 〈◊〉 moſt of the Advantage that is made thereby to Men of Great Eſtates; who, tho •• they are never ſuch Idle Drones and Sluggards, lazily reap and enjoy the Be •• of the Labour and Pains of others; who having ſmaller Eſtates, are more Ac •• and Induſtrious; and they are inconſiſtent with one of the chief Rules laid down the Author, for the Enlargement of our Trade, Pag. 154. viz. To make it Intereſt of other Nations, to Trade with us.— They making Goods Dear, inſtead making them Cheap; and ſo force us to Trade with other Nations, to ſupply ſelves; inſtead of making it their Intereſt to Trade with us: As is viſible, by Exceſſive Prices of all Eaſt-India Goods, above what they would have been, if 〈◊〉 Majeſties Subjects had Enjoyed an Equal Freedom in the Trade; and the Vaſt ••• tities which have been of late Imported hither by ſtealth, from Holland.

If all the Trade of this Kingdom were carried on by ſuch Excluſive Joint-Stocks thoſe of the Eaſt-India and Guinea Companies, this Nation might produce half dozen Men, of Eſtates equal with moſt Dukes; and all other Traders muſt remain •• eir Slaves, their Vaſſals.—And therefore what the Author ſays of Uſureres, 〈◊〉 24, 25. may with very little variation, properly be applied to thoſe, who •• e ſo earneſt and ſolicitous for the Continuance of this Company; and oppoſe the •• rrying on of this Trade in a Regulated Company.

The Sufferers, I know, none, but idle perſons, that live with little labour, not working with their Hands or Heads, to bring either Wax or Honey to the Common Hive of the Kingdom; but ſwelling their own Purſes by the ſweat of other mens brows, and contrivances of other mens brains; and how unprofitable it is for a Nation, to ſuffer Idleneſs to Suck the Breaſts of Induſtry, needs no demonſtration.

In a Regulated Company of Merchants, there is a conſtant and eaſie admiſſion for men; which is the Increaſing of Hands and Stock in Trade, ſo much commended the Author; and which he declares to be as Eſſentially neceſſary to the Prosperity any Trade, as Men and Money are to Warfare.

Yet the Author magnifies the Admiſſion into the Eaſt-India Company, and finds ••• lt with the narrowneſs of that into the other Companies of Merchants: Whereas, • Charge thereof is generally ſmall, and the Priviledge great: for any one, who once admitted into a Regulated Company, may drive as great a Trade as he •• aſes, without Limitation: and 'tis ſuch an Admiſſion, which increaſes Hands and ••• k in Trade; two of the General Rules, which the Author lays down in Fol. 154.— •• the Enlarging our Trade. And though all the Reſtraints that are in moſt other •• ades under Regulated Companies, may eaſily be removed; and thoſe may •• operly be ſaid to reſtrain themſelves, who are not admitted, becauſe they do • t think it worth their while. Yet the Author is of Opinion, that even thoſe •• traints ought to be taken away, and the Freedom of Trade made more eaſie. •• d in the Author's Anſwer made in the Companies Name, to the Regulations •• opoſed by the Lords of the Council, he ſays, Trade is a free Agent, and muſt not limited or bounded; if it be ſo in any Nation, it will never proſper. And in another ••• ce of the ſame Anſwer; Trade muſt be free, for the Publick Good, otherwiſe it •• dye or flie away; yet he approves of the Reſtraint in the Eaſt-India Trade, as neceſſary for the Publick Good; though that be ſuch a Reſtraint as is in effect a total •• hibition of all others but themſelves: However, the Admiſſion into the Eaſt-India Company for 5 l. is what he ſpeaks of in Page 89, 90. as one of the main ••• ſes of all their Succeſs.

Undeniable Experience, ſays he, hath convinc'd all gain-ſayers in this Matter, that the Eaſt-India Company ſince its having had ſo large and National a Foundation, having likewiſe had a Succeſſion of better Governours, Deputies, and Aſſistants, then ever it had upon that narrow bottom it stood formerly, when none could be admitted to the Freedom of that Company, for leſs then a Fine of Fifty Pounds, and the ſucceſs hath been anſwerable. For the firſt Company ſettled upon that narrow limited Intereſt, although their Stock was larger then this, decayed, and finally came •• Ruine and Deſtruction. Whereas on the contrary, this being ſettled on more •• tional, and conſequently more juſt as well as more profitable Principles, hath, •• ough God's Goodneſs, thriven and increas'd to the Trebbling of their firſt Stock.

But here I muſt beg leave to obſerve that the great Succeſs of this Company Trade, ſo far exceeding the former, is not owing to the admiſſion of any o • for 5 l. as the Author would inſinuate, but to ſome ſuch Cauſes, as theſe, Viz

I. The great and general uſe and eſteem of Callicoes, and Eaſt-India Commodities, of which the Conſumption has been above ten times more then it w •• formerly.

II. The War in which France and Holland were engaged for ſo ma •• Years, when we enjoyed Peace, which gave us an opportunity to furniſh not o • ly thoſe Countries, but all the World, with moſt ſort of Eaſt-India Good • which, together with the low Duties formerly paid, have been the chief Reaſon • of this Companys great Succeſs.

Nor are the Advantages which the Nation Receiv'd by the East-India Trad • owing to the management of it, by a Company with a joynt Stock, for the ſame mig •• be had under a regulated Company, and much greater. Thoſe which the Author me • tions chiefly, are in 144, 145, and 146.

I. That Trade, ſays he, employs 25 or 30 Sail of the moſt Warlike Ships 〈◊〉 England, wsth 60 to 100 Men in each Ship, and may in 2 or 3 Years mo •• employ a greater Number, &c.

II. It ſupplys the Nation conſtantly and duly with that (in this age) nece • ſary material of Salt-Petre.

III. It ſupplys the Nation for its Conſumption with Pepper, Indigo, Callicoe • dnd ſeveral uſefull Drugs, near the value of 150000 or 180000 l. per Annum

IV. It furniſhes us with the Pepper, Cowrys, Long Cloath, and other Callico • and painted Stuffs, proper for the Trade of Turky, Italy, Spain, France, a •• Guiney, to the amount of 2 or 300000 l. per Annum.

Now if not only the aforeſaid Advantages be ſeriouſly conſidered, but alſo wh •• detriment the Nation would ſustain, if we were deprived of thoſe ſupplys, bo •• in point of Strength, and Warlike Proviſious, in regard of Shipping and Sal • Petre, but alſo in reſpect of the Furtherance, it gives to many other Trades b • fore mentioned; it will eaſily appear that this Trade, though its imports exceed its exports, is the moſt advantagious Trade to England, and deſerves all Encouragements, for were we to buy all our Pepper and Callico's of the Dutch they would raiſe our Pepper (which now ſtands but about 3d. per pound in India,) to, or near the Proportion, which they have advanced on Nutmegs, Clov •• and Mace, (which coſt the Dutch not much more per Pound in India then Pe • per,) ſince they engroſſed the Trade for thoſe Commodities, and the uſe of Callicoes in England, would be ſupplyed by Forreign Linnen at greater Prices; ſo th •• what may be ſecured for this Nations Conſumption, would in all probability co ••• them at leaſt 400000 l. per Annum, more then now it doth, and our Foreign Trades for Italy and Guiney, would in part decay for want of the afore ſaid Supplies.

Moſt of which Advantages the Nation has now loſt, by having this Trade manag'd by a Joynt-Stock, and is never like to recover them again, unleſs b • the cheapneſs of Eaſt-India Goods, which may be procured by an open Trade and can ſcarce ever be attained by any other method. The French, by their high Duties, had perfectly prohibited all Callicoes, and other Eaſt-India Goods before the War, but what comes directly from thence, on their own Ships, the Dutch import ſo large quantities, that they do not only ſup ••… themſelves, and thoſe other Countries which we formerly ſupplyed; but even Conſumption of this Kingdom. And, beſides them, Danes, Portugueſe and Ge • es, are all courting this Trade.

This Company inſtead of employing 25 or 30 of the moſt Warlike Ships, and of porting 180000 l. per Annum in Pepper and Druggs, and exporting again 200000 300000 l. in Callicoes and other Commodities for Spain, Italy, &c. Have it had home in 3 or 4 Years time, that value in all manner of Goods, • ough moſt ſorts of Eaſt-India Commodities, are and have been ſold for • ble, ſome trebble, and four times as much as formerly, and for Salt Petre, • y have ſcarce had any home of late, ſo that for want thereof, a Bill is now • ought into Parliament, to Licenſe the importing of it from Holland, that Com • dity being now ſold at about 8 l. per Cent. which was formerly ſold for little • ore than 40 s. per Cent. and its obſervable, that the want of Eaſt-India Goods not occaſion'd by the preſent War, or a want of leave to ſend out Ships; but • want of Stock to lade home thoſe Ships which they had: So that the Reſtraining Eaſt-India Trade to this Company, and not permitting others to Trade thither, • hindred the Improvement of it, and in a manner wholly given it to the Dutch; • o never had ſo great Cargoes from thence, as they have had now of Late.

What remains to be conſider'd is,

V. To anſwer ſome popular Objections which are made againſt the determition of this Company, and the managing the Eaſt-India Trade, in any other man • than by a Company with a Joint-Stock.

In conſidering which Objections, I ſhall reduce them into four particulars.

I. The Trade will be ſpoil'd by paying dear for our Native Commodities • e, and ſelling them cheap abroad, and buying Foreign Commodities dear a • ad, and ſelling them for leſs than they coſt, to the ruine of thoſe who • ade, and Deſtruction of the Trade it ſelf, as was experienced by the open • ade formerly, when the Indians were the only Gainers; and beſides, the •• ch will run away with all the Trade.

II. Private Merchants will only look to their private Gain, whereas Compa • s with joynt Stocks, lay out great Sums of Money, without any preſent Pro • only upon the Proſpect of future Improvements and Advantage.

III. If joynt Stocks excluſive are ſo prejudicial to the publick, and ſuch Diſtagements to Induſtry and Ingenuity, how came any joynt Stocks ever to Eſtabliſh'd, and the Dutch to manage their Eaſt-India Trade in that Me

IV. Forts and Caſtles are neceſſary, and the Trade cannot be carried on •• hout them, and they cannot be maintained without a joynt Stock, they have the Company above a Million of Money, and are their Property, and they • ot be forc'd to part with them, and if they ſhould, how could they be for them.

Theſe ſeem to be the moſt conſiderable Objections which have occurred to me to have been offered againſt the carrying on the Eaſt-India Trade by a regulated Company, and if upon Examination they ſhould appear to be of no weight it will then doubtleſs be admitted, that, for the Publick Good, the Eaſt-India Trade ought not to be carrved on by a joynt Stock, (and eſpecially an excluſive one,) but in an open Trade by a Company of Merchants, like the Turky o • other regulated Companies.

Firſt Objection. The Trade will be ſpoil'd, &c.

The Author himſelf anſwers this Objection, in p. 84, 85.-Caveat Emptor, ſays he Let particular Men look to themſelves, and ſo doubtleſs they will, in thoſe Trade for which there are now Companies, as well as they do in others, for which there are 〈◊〉 Companies; It's the Care of Law-makers, firſt and principally to provide for th • People in Groſs, not particulars; and if the Conſequence of ſo eaſie an Admiſſion ſhould be to make our Manufactures cheap abroad, and foreign Commodities cheap here (as is alledg'd) our Nation in general, would have the advantage both ways.

If in an open Trade, People will ruine themſelves by trading to loſs, its a • Argument the Trade will be drove, and then 'twill not be in b • being open, to fall into the hands of the Dutch, which its very likely to d • if it continues in this Company; the Dutch don't defire to have Eaſt-India Good ſold ſo cheap here to ruine us, for they will get little by that way of Trading the Charge of their Trade ſo much exceeding ours, by reaſon of the great Garriſons, which they are forc'd to maintain to ſecure their Cinnamon and Spice Trade and 'tis undeniably certain, that the Dutch deſire nothing ſo much, as the continuant of this Company, nor fear any thing more, than a Regulated Company for this Trade

This Objection may as well be made againſt all Trades which are not drove by Joynt-Stocks. It may probably happen, that thoſe who may Trade in a Free and open Trade, under a regulated Company, may not get 2 or 3 for one, o • the Goods which they may import, as the Company now do, by reaſon of the exceſſive Prices they Sell at, by being Engroſſes into one Hand, and their having ftarved the Trade: But in time of Peace, may get 20 or 30 per Cent. only, and they will be very well contented to get no more, which ſmall Profit, muſt in a little time, quite beat the Dutch out of all, (except the Spice Trade,) for it's well known, they dealt but very little in Callicoes, and other Manufactures, till the Prices of East-India Goods, were inhanced to ſuch extravagant Rates, as they have been of Late. Nor did they or we get ſo much, on thoſe Goods formerly, when a larger Trade was drove, nor can the Profit be ſo great, on that Trade hereafter, which way ſoever it ſhall be managed. But it's better for the Nation to have 10 l. per Cent. gained, on 300 l. employed in Trade, then to have but 100 l. employed, by which the Merchant ſhall get 30 l. per Cent. The making a great profit on a particular Trade, may be fit for particular Men to conſider that drive that Trade, but was never yet thought a Conſideration, worthy the Legiſlators providing for; ſo as the Nation in General got by the Trade. For the great Profit which particular Men may make, is for the moſt part, directly oppoſite to the Intereſt of the Publick, and it is contrary to the Author's Maxims laid down, in p. 84, 85, and in his Preface, as is already obſerved.

For we must distinguiſh, ſays he, between the Profit of the Merchant, and the G ••• of the Kingdom, which are ſo far from being always Parallels, that frequency they run counter the one to the other.

The more Taders there are, the better it is for the Publick, though perhaps it 〈◊〉 be worſe for the private Merchants, that drive thoſe Trades. The more • ds are exported and imported, the more Ships imployed, the more Cuſtom paid, 〈◊〉 cheaper our Manufactures are abroad, and the greater the Conſumption of our 〈◊〉 Goods, the Nation in general will have the Advantage, though the Traders may 〈◊〉 , and the cheaper East-India Goods are, the Subject will pay the leſs, what is conſumed at home, and the more of them will be again exported road, for other Nations and Countries, who will thereby be incouraged to Trade to us.

But it may very well ſeem ſtrange, that the cheapneſs of Commodities ſhould be •… de an Argument againſt that method of Trade, which will make them ſo, ſeeing what the Author chieſly aims at in his Treatiſe, in reſpect of all other Trades, the lowering Intereſt, and making Ingenuity and Induſtry neceſſary; and is what lays down, as an eſſential Maxim to be obſerved, which will enable us to Cope Trade with our Neighbours, and eſpecially the Dutch, and yet this is the •… in Objection againſt an open Trade to the Eaſt-Indies, by a regulated Company, •… out a Joynt-Stock. But this when its conſidered, is ſo far from being an Obje •• againſt it, that it is one of the ſtrongeſt Arguments which can be us'd for it; 'tis one of thoſe general Rules which the Author lays down, for the Enlarge • t of the Trade of England, in fol. 159.

To make it the Intereſt of other Nations to Trade with us, we muſt be ſure ſays he, to furniſh them as cheap or cheaper than any other Nation can or doth, &c. • s for the inſtance, that it has already been found by Experience, that when this 〈◊〉 was formerly open, People ruined themſelves by Trading to loſs. There 〈◊〉 not one tenth part of the Callicoes and other Eaſt-India Goods conſumed there is now, and has been of late years, and if that be an Objection allowed • aſt an open Trade for the Eaſt-Indies, it will likewiſe hold againſt any Trade being drove thither, becauſe that there was formerly a loſs by it, even whilſt Trade was managed by a Joynt-Stock, as well as there was when it was open; as appear in Fol. 41. of that Treatiſe:

There are, ſays the Author, ſome Men yet living, who do remember a greater Trade to Eaſt-India, and a far greater Stock employed therein then we have now, and yet we were ſo far from thriving upon it, that we loſt by it, and could never 〈◊〉 our principal Money again.

Yet it's evident, by the Author's Opinion, p. 148, 150, and 154.

That the Mer • t may looſe in a Trade, and the Nation ſtill gain; and that there is a great difference • een the Gain of the Kingdom, and that of the private Merchant.

Pag. 148. Says he, If our Trade and Shipping increaſe, how ſmall or ſlow ſoever the • rofits are to private Men, it is an infallible indication, that the Nation in general •… ives. For I dare affirm, that catagorically in all parts of the whole World, wherever • rade is great, and continues ſo, and grows daily more great, and increaſes in • hipping, and that for a Succeſſion, not of Years but of Ages, that Trade muſt 〈◊〉 nationally profitable.

Page 150. The Author ſays further.

Where a great Trade is driven, eſpecially where much Shipping is employed, whatever becomes of the poor Merchant that drives the Trade, multitudes of • eople will be certain gainers, as his Majesty, and his Officers of Cuſtoms, be ••… Shipwrights, Butchers, Brewers, Bakers, Rope-makers, Porters, Seamen,

〈◊〉 Manufactures, Carmen, Lighter Men, and all other Artificere, and People T •• depend on Trade or Shipping, which indeed more or leſs, the whole Kingdom d ••

And Pag. 154. as has been already obſerved, he calls it, the following his own P ••• ciple, That if Trade be great, and much Engliſh Shipping employed, it will be good the Nation in general, whatever it may be for the private Merchants.

But to anſwere this objection more fully, its very obſervable that there is a greater Trade drove from Port to Port in India; and from thence for the Red 〈◊〉 Perſia, the South Sea, China, the Manillus, which goes from thence to the Spa •• West-Indies, than what is drove to Europe, and the particular Merchants buy th • Goods in all thoſe Trades without a Joynt-Stock, and yet they do not ruine the ſelves, nor do they looſe the Trade, or give away all the profit to the Nati •• ſometimes they get more; ſometimes leſs, as there is a greater or leſs qui • of Goods at the Market, and as there is more or leſs, demand for them, like manner, as in all other Trade; and it may not be amiſs to obſerve, that 〈◊〉 have neither Forces, Forts nor Caſtles in India to drive their Trade. I ſhall on add, that many of the Members of this Company, do publickly declare themſel •• favour of an open Trade by a regulated Company, if the preſent Company ſhe be diſſolved, which ſhews plainly that it is nothing but private Intereſt, 〈◊〉 makes them now againſt it.

2d. Object. Private Merchants will only look to their preſent Gain, &c.

This Joint-Stock Company, inſtead of diſcovering any new Trades, has loſt ſeve •• Trades which the Engliſh Nation had formerly, they have given the 〈◊〉 the whole Spice-Trade. We had the Iſlands of Pelleroon and Amboine, and 〈◊〉 ctory at Maceaſſar, which if they had recovered back from the Dutch, accord to the Treaty of Peace, would have furniſhed us with Spice enough for our 〈◊〉 and wherewithall to ſupply other Countreys; and they have likewiſe loſt the 〈◊〉 of Bamam, and thereby given the Dutch an opportunity to engroſs not only Pepper Trade, but likewiſe in time to ſhus us quite out, of the South-Sea and 〈◊〉 Trade; which laſt, though it has been in a manner wholly neglected by them; 〈◊〉 be made more beneficial to this Kingdom, than moſt of their other Trade.

They have in a manner loſt all other Trades, excepting only their Trade in the 〈◊〉 gull's Dominions, which if it had been poſſible to looſe, and for the Dutch to 〈◊〉 engroſſed, the Company have taken a great deal of Pains to give them an opp •• tunity to do it, all the new Trade which they have diſcovered, inſtead of the which they have loſt, is our Settlement at Bencooben, a place which finds a 〈◊〉 Vent for our Manufacture, (if the Lives of poor Engliſh Men may be called Manufacture) as they have been accounted by ſome of the great Men of 〈◊〉 Company, upon the occaſion of our firſt ſettling there, that Place has proved Golgotha to our Engliſh Men, and let it coſt what it will the fortifying, that's the morally ſpeaking, impregnable Aſylum, as they call it, to the Engliſh Nati •• which it's ever like to be; if this be all the Improvement which has been made a Joint-Stock in the Eaſt-India Trade, during 36 years, it had been well for 〈◊〉 land there had been no Joint-Stock in the Trade, or none of this Improvement; had ſaved ſeveral hundred poor Engliſh Mens Lives, which have been ſent thither Dye like Dogs.

III. Object. If Joint-Stocks are ſo prejudicial to the Publick, &c.

For Reply thereunto, its to be Obſerved, that in the Infancy of Trade a eſpecially of ſuch as are remote, where particular perſons would not 〈◊〉 •… ear of the Diſappointments that commenly attend the firſt Undertakings, •••• t-Stocks have been thought neceſſary; but are not ſo when a Trade is fully •• wered, and ſetled, and when it can be carried on as well or better by particular 〈◊〉 without a Joint-Stock: For as Joint Stocks may be uſeful, in making the 〈◊〉 ••• coveries and Settlements of Trades, and eſpecially of ſuch as are remote, ſo 〈◊〉 have always been prejudicial to the future improvements and Increaſe of thoſe 〈◊〉 Trades after their firſt Settlement, by not leaving a full Scope to Induſtry 〈◊〉 , as may plainly appear by the ſlow Progreſs, little Improvements, leſs Diſcoveries which have been made in the Eaſt-India and Guinea Trades 〈◊〉 their firſt being frequented; if compared with the Improvements of moſt 〈◊〉 ſince that time, where Induſtry and Ingenuity have had their full courſe, 〈◊〉 been freed from theſe Shackles; of which there needs no other Dem • nſtration, thoſe Vaſt Improvements that have been made in our own Weſt-India Planta ••••… which could have been in no manner of proportion ſo conſiderable, if they 〈◊〉 been managed by a Company; and eſpecially a Company which an Excluſive Joint- 〈◊〉 . And this the Author acknowledges, Fol. 84. We have (ſays he) declined more, 〈◊〉 least have increaſed leſs in thoſe Trades limited to Companies, than in others 〈◊〉 there all His Majeſties Subjects have had equal freedom to Trade. And its very re ••• kable how great Enemies Reſtrants are to Discoveries and Improvements by 〈◊〉 great Countries and People which are yet unknown to us, towards the South 〈◊〉 compared with thoſe towards the North Pole; which Countries being as ••… ote from the Sun, might doubtleſs afford a great conſumption to our Woollen manufactures, and ſupply us with ſome uſeful Commodities in lien of them: And 〈◊〉 want of theſe Diſcoveries can be imputed to nothing, but the Reſtraint 〈◊〉 Trade, occaſioned by the Engliſh and Dutch Eaſt-India Companies, and the ••… ity of the Spaniards, in Prohibiting Trade into their Weſt-Indies.

And though it's acknowledged, that the Dutch carry on their Eaſt India Trade 〈◊〉 a Joint-Stock, yet that's no Rule for this Nation to do the like, if it may be Ma ••… ed to more Publick Advantage in ſome other Method. For the Queſtion is not, 〈◊〉 the Dutch Manage this Trade, but, How the Engliſh may do it; ſo as to be • oſt beneficial to this Kingdom, and to enable us beſt to cope with the Dutch; 〈◊〉 Whether that may not be done better without a Joint-Stock, than with 〈◊〉 ?

The Dutch, it's true, began their Trade to the Eaſt-Indies by a Company with Joint-Stock; and they firſt Setled themſelves by Conqueſt, purſuing Dominion 〈◊〉 Empire; and are under a neceſſity of Continuing their Trade in that manner, •••… gh the Charge of their Garriſons and Governments is ſo exceſſive, that no •… ing but the Spice-Trade, and the Confining our Eaſt-India Trade to an Excuſive ••• nt Stock, could have hindred them from being ruined long ſince.

Our firſt Settlement in the Eaſt-Indies, was by Trade, as Merchants; and muſt 〈◊〉 by a fair and upright dealing with the Natives; a juſt and punctual comply 〈◊〉 in our Bargains and Payments: there by preſerving a mutual Intercourſe, and Underſtanding with them: For we have no Territories, Garriſons, or Caſtles, •• ich afford or ſecure us any Trade, but ſuch as we might as well, nay better, be 〈◊〉 .

The Dutch Eaſt-India Trade, and their Government, are ſo interwoven, that 〈◊〉 leſſens the one, affects the other: And therefore it's not to be wondred 〈◊〉 they ſhould be ſo ſolicitous to preſerve and increaſe it, and to oppoſe any 〈◊〉 which might ſeem to leſſen it.

IV. Object. Forts and Caſtles are ſo neceſſary, that the Trade cannot be carried on without them, &c.

Their Forts, &c. are ſuch as are to be regarded, either for the Revenue ariſing by them to the Company, or as they are neceſſary to carry on the Trade and all the Charges which have been disburſt on them, are not to be reckon •• as their Coſt, for they have had the uſe of them, and the annual Charge ought, be placed to the Trade. If the Turkey, Hamburgh, Eaſt-Land or any other Regulated Company of Merchants, ſhould make an Account of all the Charges their Ambaſſadors, Reſidents and Factories, ſince their firſt Foundation, it might probably, in ſome of thoſe Companies, exceed the Charge of the Eaſt-India Company's Forts, &c. But the annual Trade has bore the annual Charge; 〈◊〉 they do not upon that ſcore, increaſe the Charge of the Admiſſion of any one 〈◊〉 their Company and Trade.

If their Forts are ſo great a Revenue as they pretend, they need not part 〈◊〉 them, but may keep them, and have home the Annual Revenue from thence.

And if they are neceſſary to carry on the Trade, Thoſe who ſucceed them 〈◊〉 the Trade will conſider the Neceſſity which they have of them, and in ſuch 〈◊〉 cannot be without them, and their Value may be Adjuſted by perſons indifferently Choſen, as has been always formerly practified upon the like Occaſions, 〈◊〉 the Money may be raiſed to pay for them either on the Trade, as all Impoſition are in the Turkey and other Regulated Companies, or paid by the Government out of the Cuſtoms ariſing by the Trade, which would ſoon more than compenſate that Charge by their increaſe.

The Forts and Iſlands have hitherto gone along with the Trade and the Companies Succeſſors have been accounted thoſe who have ſucceeded them in the Trade and therefore they can't properly be called their Free-hold, becauſe of the National Property in them; nor can they, if they would, Sell them to the French 〈◊〉 Dutch as they pretend, Bombay and St. Hellena being annext to the Crown, and Holden of the Mannor of East-Greenwich at a certain Quit-Rent; neither would the French or Dutch Buy them (becauſe they would be of no uſe to them) thoug •• the Company had as good a Power, as they might have a Will, to Sell them 〈◊〉 any who they thought might prejudice England moſt in Buying them; But it ſhews a great deal of Confidence as well as Ill Nature in them, to pretend to do it if they could. If they are not willing to part with their Forts, let them ſee who they will hurt moſt, for its plain the Trade may be as well, and better, carried on without them: At Bengall the Flower of all the Trade of India, we never had a Fort nor any thing like it, and yet the greateſt and moſt profitable part of the Eaſt-India Trade has been from thence; we Trade in all parts of the Mogulls Dominions with as much Security as any Foreigners do in London; and this is demonſtrated by their own, and private Ships Trading in many other places where they have no Forts, for they have no Garriſons in any place where they have a Trade, but Fort St. George, and our New Acquiſition of St. Davids Fort and there they might have the ſame Trade without them, and be freed of the charge in maintaining them.

Bombay is a good Harbour for our Ships, but affords no Trade, and we ſhould have the ſame benefit of that Harbour, although the Iſland were under the 〈◊〉 Dominion.

If we have Peace with the Natives, we want no Forts; and if we are encouraged our Forts to make War, we ſhall ſoon Repent, as the Company may, that ever had any; and on that conſideration, as well as the neceſſary charge • eeping them, it had been well for this Nation the Company had never had In time of War with the Natives we may perhaps with difficulty keep our 〈◊〉 , but we cannot drive our Trade, the War we had with the Mogull has been 〈◊〉 Proof of this Aſſertion.

Their Forts are of ſo little uſe, that after the Company have been for them, the beſt thing which could be done for the Advantage of Trade, would be to demoliſh them; Following therein the example of the Dutch, who have lately demoliſht Pollicate, a Fortification which they had Fort St. George, and of greater ſtrength than any we have in India, and 〈◊〉 was the only Fort they had in all the Mogulls Dominions, and thereby our 〈◊〉 would be freed of all the great and unneceſſary Charge of maintaining and we ſhould be better ſecured by an Intire dependance on the Mogulls action.

Forts and Caſtles were of any uſe in India, it could only be in the Coun 〈◊〉 of ſmall Princes, but they can never be of any uſe in the Mogulls Dominions is one of the greateſt Princes in all the World. And if Forts, &c. were ne 〈◊〉 , they might be maintained by a Regulated Company of Merchants, as well as Company with a Joint-Stock.

• hat I have already obſerved, I hope may ſuffice to ſhew that the Eaſt-India may be carried on by a Regulated Company like the Turky and Hamborough manys, and that ſuch a Conſtitution would Tend moſt to the encreaſing Hands •• ock in Trade, and the encouraging Industry and Ingenuity, would be moſt 〈…〉 tagious to the Publick, and which according to the Authors own Opinion in all other Trades, and therefore may be ſuppoſed to be ſo in this, and is 〈◊〉 Method to enable this Nation to Cope therein with our Neighbours, ſpecially the Dutch, and to hinder their Engroſſing that whole Trade. And author muſt either diſapprove the preſent method of managing the East-Trade with a Joint-Stock Excluſive, or muſt give better Reaſons for it, than his own Aſſerting, That it ſeems evident to him, that it ought for the Publick Good carried on in that manner; or elſe he muſt Proclaim to the World, That his Private Intereſt is concerned, he can and will Contradict himſelf.

〈◊〉 the Deſign of this Diſcourſe was only to ſhew that the Eaſt-India Trade might 〈◊〉 to much greater Advantage to the Publick by a Regulated Company of 〈◊〉 than by a Company with a Joint-Stock; ſo what I have mentioned of the a Trade, has only been, occaſional, becauſe the Author has joined the Eaſt In-Trade and that together, when he ſays, fol. 81. it ſeems evident to me, that the 〈◊〉 of thoſe Trades, ought for the Publick Good, to be managed by Joint-Stocks; if been the Subject of this Diſcourſe, to have ſhewn that the Guinea Trade ought 〈◊〉 Publick Good to be managed by a Regulated Company of Merchants, rather 〈◊〉 a Company with a Joint-Stock, there might have been much more ſaid to 〈◊〉 . But what has been obſerved concerning the Eaſt-India Trade, may I ſupconvince any imprejudiced perſon, whoſe Judgment is not biaſſed by his own Intereſt.

Regulated Company ſhall be thought by the Wiſdom of the 〈◊◊〉 •• gement of the Eaſt-India Trade, its nor doubted but it will be ſettled in 〈◊〉 Method, and that ſome Proviſion will be made in ſuch Man a • ſhall be the moſt 〈◊〉 to prevent the Companys dividing ill or more; than their 〈◊〉 until they have paid the Debts they owe in India, that ſo the Engliſh Nation not hereafter ſuffer for their Embroils.

Conſidering how ſmall a Trade the Eaſt-India Company have driven for ſeveral Ye •• and how great the Dutch; there is a Neceſſity of ſome ſpeedy Reſolution in Matter.—I ſhall conclude therefore this Diſcourſe as the Author doest his 〈◊〉 with a very ſmall Alteration.

I think no true Engliſhmen will deny that Seaſon cries aloud to us to be up and doing before our Fields become 〈◊〉 cupied, and before the Dutch get too much the Whip-hand of us, whom ſuch a Caſe were they freed from their French Fears, which they labour u • at preſent) I fear we ſhould find as ſevere Task maſters as ever the Ath •• were to the leſſer trading Cities of Greece.

Neither are the Dutch the only Neighbours we have for Carrivals in T •• but the French King and King of Sweden are now as active, circumſpect, duſtrlous and perſpective too in this Affair; and have, and are ordering the as prudently for promoting thereof, as the Dutch themſelves.

There is nothing can be ſaid for Publick Good, but will croſs the parti •• Ends, as well as Opinions, of many private Perſons; and ſtill the more is ſaid more are diſobliged; but my Duty to my Country, overcoming thoſe C •• derations, I have adventured this ſecond time to expoſe my Conception publick Cenſure, with this confidence, that after theſe Principles have ſuf •• the accuſtomary Perſecution of Tongues and Pens, naturally and conſt accompanying all new Propoſals, they will at length, or ſomething very then, come to be generally received and honoured with the publick Sa •• concerning the Time whereof, I am not careful, but for my Countries I could wiſh it might be ſhortned.

FINIS.