Reasons proposed for the encouragement of all people to under-write to the new subscriptions, appointed to be made to the late East-India companyes stock

REASONS Propoſed for the Encouragement of all People to under-write to the New Subſcriptions, appointed to be made to the late Eaſt-India Companyes Stock.

I. BEcauſe the ſaid Company have been a long time a Corporation, for the Honour and Profit of the Nation.

II. Becauſe they have a great Eſtate, clear of all Debts and Incumbrances at Home and Abroad, intrinſically worth more than 150 l. per cent. which is above 1100000 l.

III. Becauſe all their Charters, as well their Old ones, as thoſe two lately obtained, are to be confirmed by Act of Parliament.

IV. Becauſe their Stock will Riſe conſiderably ſo ſoon as theſe Subſcriptions are compleated, or any Ships Arrive, although it be not worth much, and that the Company ſhould not be confirmed by Act of Parliament; and then one may eaſily ſell out again to Profit.

1. Becauſe the ſaid Company have been a long time a Corporation, to the Honour and Profit of this Nation.

But as all Generals are made up of Particulars, ſo it may not be amiſs to give ſome particular Inſtances to ſhew how they have been a long time a Corporation to the Honour and Profit of this Nation, which appears very plain by what follows, viz.

It was for the Honour and Profit of the Nation, that they obtained the grant of the ſole Trade of the Eaſt-Indies excluſive of all others, and exerciſed the ſame, though the Subjects of England, could not, nor can be excluded from it but by Act of Parliament, as may appear by the Kings Meſſage ſent to the Houſe of Commons, in Novemb. 1692. and likewiſe by the Opinion of the Judges, which has been given in this Matter.

It was for the Honour and Profit of the Nation, That they have obtained the power of Seizing the Ships and Goods of their Fellow-Subjects, for Trading into the Eaſt-Indies, and have actually put the ſame Power in Erecution, contrary to Law.

It was for the Honour and Profit of the Nation, That they have procured Ships outward-bound to be Arreſted and Stopped in England, upon pretence of their having notice, that they were Bound to the Eaſt-Indies, though no Law hinders them from going thither.

It was for the Honour and Profit of the Nation, That they have Obtained and Executed the Power of Seizing, Impriſoning, and Fini • g the Perſons of their Fellow-Subjects for Trading into the Eaſt-Indies, which no Law Prohibits, or makes Criminal; and it muſt not be denied, but that 'tis a Great Honour and Profit to any Nation, where a few Subjects have arrived to the Exerciſe of ſuch Powers, which ſome of the Greateſt Potentates in the World cannot pretend to.

It was for the Honour and Profit of the Nation, That they Commenced, and Proſecuted ſeveral Suits at Law, in Actions of 100000 l. — and 200000 l. — each; againſt divers of their Fellow-Subjects, for Trading to the Eaſt-Indies, which by Law they might do; and thereby have put them to Great and Vexatious Oppreſſions, without any other Remedy than Patience, the common Comfort of all Misfortunes.

It was for the Honour and Profit of the Nation, That they Procured a Commiſſion to Execute Martial Law; and have Executed the ſame on the Lives of their Fellow-Subjects, contrary to Law.

It was for the Honour and Profit of the Nation, That they Cauſed the Subjects of England to be Hanged; when on their Tryals they were only found Guilty of a Riot: — Which is a greater Power than the King himſelf has; who can cauſe no man to be Hanged, but by due Courſe of Law.

To the Honour and Profit of the Nation, They have Paid ſuch vast Summs of Money for Cuſtoms, although the Duties on all Eaſt India Goods are now ſo extremely Low: For they have Paid in Two whole Years of their Trade, Twenty Thouſand Pounds; which upon the Trade they formerly uſed to drive, or might now be driven, would have amounted to more than Ten Times that Summ.

To the Honour and Profit of the Nation, They have in a manner given this whole Trade to the Dutch, who now ſupply all the World (England not excepted) with moſt ſorts of Eaſt-India Commodities.

But however they are Commended, as Honourable, and Profitable to the Nation; yet ſome of their Actions have been Notoriouſly and Scandalouſly Fraudulent and Immoral, as well as Cruel and Bloody. For the Hanging thoſe Perſons was Voted Murther by the Honourable Houſe of Commons, and the obtaining a Grant to Execute Martial Law, and Signing Inſtructions to put the ſame in Execution, were adjudged Crimes; for which ſome Men might juſtly be Excepted out of the Act of Indemnity.

Theſe are ſome few of their Proceedings toward their Fellow-Subjects, but it would require a very large Volume to give an Account of the reſt of them.

And Their Actions abroad, towards the Natives of India, have been no leſs to the Honour and Profit of the Nation, than what they have done to their Fellow Subjects at home.

For, to the Honour and Profit of the Nation, After their Factors had run in Debt Three or Four Hundred Thouſand Pounds at Surat, their Preſident got away from thence without Paying it; and the greateſt part thereof remains Ʋnpaid even to this day; beſides the Reſtitution which they are to make.

To the Honour and Profit of the Nation, They gave Paſſes to the Mogul's Subjects, for the ſecure Trading of their Ships; and afterwards Took thoſe very Ships who had their own Paſſes, which were Plundered and Robbed. How this agrees with the Faith of Nations, let all Men judge.

To the Honour and Profit of the Nation, They made a Cruel and Unjust War on the Mogul's Subjects; on purpoſe to Plunder them, and ſend home thoſe Effects; thereby to avoid Paying their Juſt Debts.—

And having thus given a ſhort Account of their having been a long time a Corporation, to the Honour and Profit of the Nation; I ſhall in the next place conſider Their Stock, both at Home and A broad, which they pretend to be Intrinſecally Worth above 150 per Cent. which is 1100000 l.

You have the Companies honeſt Words, That their Stock is worth above 1100000 l. — which it amounts to at 150 l. per Cent. and they aſſerted it it to be worth Intrinſically more, in the Anſwer they gave to the Regulations of the Lords of the Council laſt year. — And certainly No Man will doubt the Truth of what they ſay, when they value it but at 744000 l. — For to be ſure, They will ſpeak nothing but Truth; it being well known what care they have always taken, to Aſſert nothing but what is So.

Their Eſtate at Home, is Viſible:

1. By their having ſent out in Three Years time, viz. 1688/89, 1689/90, 1690/91, in Seven Ships, containing about 3000 Tunn, ſuch a Prodigious Summ as 26000 l.

2. By their having in England ſo Vast a Stock as 38901 l. 08 s. 08 d. to drive ſo Small a Trade as that to the Eaſt-Indies, (being not above One Quarter of the Trade of the World,) as may appear by their own Accounts given in to Parliament in 1691, (including therein 9920 l. for their Buildings,) though they had ſent out in Three whole Years time before about the full Summ of 26000 l. — and had about 9000 Tunn • f Shipping arrived home, between the Time of their Accounts given in 〈◊〉 Parliament in 1689, to that of 1691.

3. By their calling in 50 per cent. of their Stock before they could ſend out the laſt Years Ships, which was a publick Declaration to the World, they had a ſufficient Stock to carry on their Trade.

4. By their having ſo much Money left in England to carry on their Trade after the 50 per cent. was called in, that they are neceſſitated to draw in 744000 l. more this Year, to ſend out their 12 Ships, which they cannot do without it; and therefore they procured ⅓ to be appointed to be paid down at the Subſcribing, and ⅔ at the 10th. January, and have agreed to allow 10 per cent, diſcount, to have the whole paid preſently, that ſo they may pay themſelves the 50 per cent. they paid to ſend out the Ships laſt Year, and what they have ſince advanced to pay promiſcuous and other incident Charges for ſecret Services.

Their Eſtate Abroad is as viſible.

1. By their having ſent home in a few years above 2000 Tuns of their Shipping empty.

2. By their keeping their Ships ſo little a while in India, and ſending them home with ſuch conſiderable Cargoes and part full, when Goods were ſo Plenty, that they ſold here for double or three times their uſual Prizes. Two of theſe Ships now lately arrived, having been only about five years out, and Two of thoſe ſent out in 1689 and 1690 not yet returned, although Ships commonly ſtay out on that Voyage Eighteen or Twenty Months; which plainly ſhews the Reaſon that the Nation has not been ſupplied with Eaſt-India Commodities, has been (as they aſſert) becauſe His Majeſty would not let them have more Ships in 1689, and 1690.

3. By their Farming out their Trade to Foreigners and others, to lade Eaſt-India Goods on their Ships on permiſſion, and not Trading themſelves, when thoſe Goods were ſo plentiful here, that there was ſcarce any to be had, and that they ſold them for double or treble as much as uſual; which is a convincing Argument of the large Effects they have Abroad: And with what has been already obſerved, will fully make out their having there 828868 l. 00 s. 05 d. quick Stock, as was aſſerted by them in their Account given in Parliament, in 1691.

4. By their having ſuch a prodigious Summ of Money at Surratt, that their General or Preſident, and all their Factors there, by reaſon of their Debts, are confined to the Town, and not permitted to ſtir out of it without a Guard to watch them: And having ſo much Stock there, and ſo large a Credit, that they are forced to borrow Money to pay for the Charges of their Houſe keeping, when by their Accounts in 1691. they only pretended to have there 180000 l. beſides all Debts and Demands paid.

5. By their having had home in two Years ſuch a vaſt number of Shi •• and Goods, including this Ship now laſt arrived, makes together 〈◊〉 Ships Burthen about 1400 Tun; and much of their Cargo ſo 〈◊〉 and fine, that it will ſcarce pay Cuſtom, Freight and Demo 〈…〉 beſides, that great part of the beſt Goods have been on permiſſion for private Accounts, and in that time the Dutch have had home but Thirty-one Ships richly laden, containing about 15000 Tun, beſides Three caſt away, which ſhews that Goods cannot be had in the Eaſt Indies without Money.

III. And having thus given an Account of their great Eſtate at Home and Abroad, I ſhall in the next place conſider the Third Reaſon propoſed, becauſe all their Charters, as well their Old ones as theſe Two lately obtained, are to be Confirmed by Act of Parliament.

You have the Aſſurance of the Company's Word, which they have never yet broke, and therefore it ought not to be miſtruſted, that all their Charters ſhall be confirmed by Act of Parliament, they having by their Behaviour ſo well deſerved it.

1. Becauſe the Company have aſſerted for Law, That the King can exclude his Subjects from the Eaſt-India Trade without an Act of Parliament, which makes the Concurrence of the Parliament unneceſſary; when His Majeſty in his Meſſage laſt Seſſions tells them expreſly, That their Concurrence is neceſſary to make a compleat and uſeful Settlement of that Trade.

2. Becauſe it makes the Trade ſo Diffuſive and National, by giving ſo ſmall a ſhare of it (as above 250000 l.) to Four or Five Men only, excluding none of the Nation from coming in who are weary of their Money.

3. Becauſe a Stock of 744000 l. will certainly drive a much greater Trade to the Eaſt-Indies, and will be more National and Diffuſive, and will alſo cope much better with the Dutch then ſo ſmall a Stock as Two Millions raiſed by new Subſcriptions.

4. Becauſe the Company by treating the Regulations of the Lords of the Council with ſo much Reſpect, and for the good Services which they have done the Nation, have obtained a new Charter according to their own Deſire, which they will make uſe of to eaſe thoſe of their Money, who have a mind to come and ſubſcribe; therefore they preſume on the like requital alſo from the Parliament, by having their ſaid Charters confirmed.

5. Becauſe that this Company has been Eſtabliſh'd by Two new Charters, when the Honourable Houſe of Commons have twice addreſſed to have their Old Charters diſſolved.

And its very remarkable, the Company are now Eſtabliſhed on the ſame Regulations, which were formerly propoſed to them by the Lords of the Council (to which they gave the modeſt Anſwer which His Majeſty ſent the Houſe of Commons laſt Seſſion) with little other difference than this only, viz.

That the Leading Men may keep their great Stocks, and have Liberty, •• e they never ſo great, each Man to write in 10000 l. more, and are to give no Security, to make the Stock worth 744000 l. or ſo much as any thing, and may divide out all again in ſix Months, if they pleaſe; and theſe Differences are ſuch ſmall Trifles, that they ſignifie nothing, conſidering their making ſo honourable a War on the Mogul, and at the ſame time making ſuch large Dividends on purpoſe to put themſelves out of the power of a Parliament, and to embroil the Trade, giving it in a manner wholly to the Dutch, which are ſuch good Services as may well recommend them; and they ought to prevail with all well meaning People, who are weary of their Money, not to delay one Minute in ſubſcribing; for they may be preſently eaſed of it, without any trouble, at the Eaſt-India Houſe.

The Company certainly deſerve very well to have 744000 l. given them in that Trade for nothing, ſeeing that if they have not ſome Advantage, they will have great cauſe to complain of a bad Bargain; but they are reſolved, that thoſe who come in ſhall pay the Fidler: And yet if any of them will be ſo juſt and honest as to help draw in the Simple and unwary, they ſhall be ſecured, eſpecially if they are of the adverſe Party, or can talk the thing well up and down the Town; for they ſhall have Dignified Men for their Security; that they ſhall looſe nothing; but have Principle and Intereſt repayed, if they pleaſe, in twelve Months. And as for the looſing a good Name, that's a ſilly Thing, ſo as there be a Penny to be got by it. What's more common than to have decoy Ducks to fetch in Game; ſuch Men ſhall have the Honour to ſerve for Trappanners to help deceive the unwary, whilſt others will run away with the Benefit.

What remains, is laſtly to conſider the 4th. Reaſon propoſed.

IV. Becauſe their Stock will Riſe conſiderably here, ſo ſoon as theſe Subſcriptions are Compleated, or any Ships Arrive, although it be not worth much, and that the Company ſhould not be Confirmed by Act of Parliament; and then one may eaſily Sell out again to Profit.

Doubtleſs ſome ſuch Arguments were uſed formerly, to perſwade ſome Perſons to Buy Stock at 300 and 250 l. then was the time to Buy Stock? and ſo it is now; and the great Cauſe which they who followed that Advice, have to Thank them who gave it, is Reaſon ſufficient to induce them to follow it for the future; they believed the Doctrine then promoted, viz. Every thing is worth what it can be ſold for; and therefore bought Stock at 300 per cent. But when they found their miſtake, they complained of a bad Bargain; though certainly they had more Reaſon to Complain of thoſe who adviſed them to buy, than they had of thoſe that ſold, unleſs they did, as its ſaid ſome others have done, perſwade people to buy; when at the ſame time they were ſelling themſelves, and ſo ſell their own Stock in another Man's Name. If ſuch things have been done, what ſecurity is there that the ſame Men wil • not now again Chriſten their own Children firſt, to be ſure they wh • have taken out all or more than their own, by the large Dividends fo • merly made, can afford to ſell much better Penny worths, than they who are but now come in; and they will be glad of the firſt Opportunity to ſlip out: Moſt People are perſwaded to come in on this Proſpect, and ſome to be ſure muſt be diſappointed: What if the Subſcriptions ſhould not be Compleated? Or what if their Ships now Abroad, ſhould any of them Miſcarry? Why then truly, they muſt make the beſt of a bad Bargain, and may again with as much Reaſon Complain of a bad Pennyworth, and will have juſt the ſame Relief, to be laugh'd at for their Pains, in meddling with what they did not underſtand.

By what has been already Obſerved, it may plainly appear, that the late Company have been a long time a Corporation to the Honour and Profit of the Vation, and that their Stock is worth 744000 l. nay 1100000 l. and hat they will doubtleſs be confirmed by Act of Parliament, and that it will Riſe conſiderably. There might be much more added, if it were neceſſary, but this is thought ſufficient to induce all indifferent People, who are weary of their Money, to join with them by new Subſcriptions, without delay, upon ſuch great Encouragements as theſe are. I ſhall only add one thing more.

That it will ſerve to enable 2 or 3 men to pay themſelves a conſiderable Sum of Money for what the Company owe them beſides the laſt 50 per cent. which is now made a Debt, and to Pay their other Debts beſides; which muſt likewiſe be paid out of this new Subſcription Money; and they ſhall have ſo much the more Money paid them, if they will Subſcribe it in the Stock. This is a very profitable and national Deſign, eſpecially for thoſe who are to receive the money out which is to be Subſcribed in; and its worth obſerving how, that to incline people to pay in 50 l. per cent. laſt Summer, they allowed 3 per cent. diſcount, and raiſed the Stock above 100 per cent. that ſo the managing men might draw in others, and get out what Money they had advanced, and that they might alſo ſend out the ſix Ships which for want of money they were forced to keep till June, which ſhould have gone in February before; and now they have ordered 10 l. per cent. diſcount for one months time, and they keep up the Stock at 93 l. per cent. to incline people to pay in all their Money freely by the 10th of December, that ſo they may be able to ſend out their 12 Ships this Year, and alſo to Pay themſelves what they have disburſed, together with the 50 l. per cent. they paid laſt year, and which is now to be Refunded; if people will put out their Eyes, and always be thus bubbled out of their Money as well as their Senſes, they may go on till they are weary▪ and perhaps this is done, that the old pretence might ſtill be urged for their continuance, viz. That a great many Widows, Orphans, and Innocent and Ignorant People might not be Cheated and undone, if they ſhould be Diſſolved.

But let not theſe Gentlemen deceive themſelves and others, Doubtleſs the Parliament will not be thus affronted, but will take notice of theſe Proceedings and Aſſert the Right and Liberty of the Subject to to the Freedom of this Trade which has been thus violated, and not • ooſe ſō great a Trade to the whole Nation, by giving it it either to 2 or 3 particular Men to make them as great as Dukes, or elſe to our Friends the Dutch, and therefore its to be hoped they will provide that all the Subjects of England may Freely Trade to the Eaſt-Indies, according to the Right whch they have by Law ſo to do, until this Trade be Setled by Act of Parliament; and thereby not only the Trade will be ſecured to the Nation, but the Iuſt Rights and Liberties of the People will be maintained and preſerved.

I ſuppoſe theſe Reaſons will be ſufficient to convince any unintereſſed perſons, but if not, hereafter they ſhall have more: For the preſent I ſhall conclude with the Honeſt Popes Bleſſing on all thoſe who are ſtill willing to be deceived.

Qui decipi volunt, Decipiantur.