AN ARREST On the East INDIA PRIVATIER, As per Advice and Copy sent to its Commander Sr. J. C. from H. K. near HAMBURGH.

SIR;

SEnse as well of your Worth as of my Obligation to you being a con­stant Spring of desire in me to subserve your Inclination and Interest, I could not let slip this Occasion given me (as opportune as casual) to serve them in the Information of an Arrest hereunto annexed; If the Original thereof be, as I hear it is, designed for Royal View and Judgment, exclusive of all other, I have thwarted them, and gratified you by motion equally unexpected and hidden to both.

Tho the end and motive of this Mission be obvious in the Reason of the thing sent, yet somewhat I may say to each of them. The Aim or End there­of is, to propagate Philopatriasm, and to state and promote the real Interest of our King and Nation in Trade, particularly in that of East India; next to serve your Interest and Inclination too, if Philopatris be Name and Nature: for walking Exactly, and being a Common good is Wisdom and Satisfaction in Philopatria and Theoprepia; as being Rich and growing in Contraction is, in Argentoria: Only with this difference, the former is real and everlasting, the later a Dream and must soon awake Fools in for­lorn despair. The Motive thereof, (beside what hath been said) was the late practise of printing the Allegations of the Turkey Merchants pre­sented to the view and judgment of His Majesty in Council, (exclusive of all other) without their consent. A matter you are concerned in, and in which you see your Example doth dispose to Imitation; since by speci­al contrivance and sundry & caetera's you are in effect the whole East India Company. If you now sail in Morals, One will be induced to assert mani­fested un-truths before Councils, and tender his Oath thereto. Another will open sealed Letters and read Contents neither directed nor appertaining to him. A third will utter Contradiction or Falshood in print: e.g. Answer to Al­legations pag. 12. which saith, As to the Accusation of sending Throwsters, Wea­vers, and Dyers, the East India Company say, the whole Accusation is a mistake, (i. e. they never sent any) except only as to one or two Dyers, which they have usually sent to the Bay of Bangala, i.e. tho they usually (so oft as their Ships go) send them by one's or by two's yet they send none; Riddle me what's this? Tho other prettynesses be in the Ans. yet in that they are but small, a sin­gle winding sheet may serve them. This you see is fill'd already with Con­tents sufficient to testifie that I am a True Philopatrite, and without Trope or Complement,

Your Affect. and Faithf. Serv. H.K.

REASONS For Constituting a New EAST-INDIA COMPANY IN LONDON.

COmmunities, i. e. humane Beings collected for common good, or Bodies politick are best represented by the Body natural. And Trade, as means to the Life, the strength, and beauty thereof, may be resembled to good blood in it; which in circulation is the chief Succour and Health of the whole, and with most speed runs to relieve the wounded or meanest part; When therefore upon any Stop, be it by contraction or other­wise, we seek to remove the obstruction, or apply for regu­lar motion, we do not endanger the Trade, but subserve it, and the prosperity of the Community: As, we hope, will ap­pear when our Reasons (most humbly offered) are consi­dered.

Why a new Subscription unto a Joynt-Stock to be managed by a regulated Company will improve the Trade of the East Indies unto National Advantage beyond what it is at present?

REASON I. Because though this Trade, once but the Fortieth, be now increased to be in value the Fourth part of the [Page 3]Trade of this Nation, yet it doth now support, or entertain fewer persons as Proprietors, than it did when the Company was first settled. The Stock not being encreased by new Sub­scriptions in proportion to the Trade; for continuing 375000 l. (upon which all Sales and Dividends are made) the Adventurers instead of being increased to 9000 proportionable thereto, are re­duced from 900 as they were at first, to 550. Now as Joynt is re­quisite to make a Stock in this Trade profitable, so extension to Persons is necessary to make it National.

II. Such are the CORRƲPTIONS, grown up with time in the management of this Trade, that the major part of the Gains is divided among Forty men, and the whole Administra­tion or Command in the hands of Ten, I had almost said One man; Whence a Particular Interest is carried on under the name of a Publick.

III. The Method now used in carrying on the Trade, by ta­king up 6 to 700000 l. on a Common Seal, at Interest, (no Member of the Company being oblig'd for payment) is not only indirect & dangerous (in that they seldom have in England near the value they owe, and there is a possibility their Ships may miscarry) but also very unequal to the Subject. The Com­pany reaping from 50 to 60 per Cent. profit thereby; whereas the Lenders have but 3 or 4 per Cent for Interest and Hazard.

IV. The Major part of Merchants and many other people of our Nation are excluded Trade, if not admitted into This. Some being Minors or unborne when this Company was setled, and others have their Trades swallowed up by This; As Linens from Hambrough, Flanders, Holland and France; Taffeties from Italy and France, and in part our Manufacture at home.

V. This Company, finding great Gaines by appropriating this Trade to a few, do hinder the Inlarging thereof to sundry Places in India, &c. to which nothing can conduce more, than the inlarging of Stock and number of Persons therein. It be­ing certain that if it were so increased to two Millions (of which the Trade is capable) and a Regulation answerable, it would [Page 4]employ, as more Men and Ships in the Indies, so in all other places of this Trade; Augment Custom to his Majesty, and be of great advantage to his People in general.

VI. It agreeth, as with the Argument used to obtain a Grant of this Charter, so with their Preamble or the Act of a Gene­ral Court, viz. That they should at the end of seven years ballance their Books, and open them for new Subscriptions: A thing they never yet did, except in such sallacious ways, that no one person, upon reasonable Terms, could go in or out. By which, be it neglect or deceit, they keep Supscription from us: although it be our indubitable Right, if not in the intent of their Act, yet, in the Intendment of his Majestie's Grant, as it was the Motive of it.

VII. The Primitive Practise of this Company and the Reason thereof requireth now a New Subscription. For when 750000 l. was at first subscribed, the half only was paid, being as much as the Trade then required. The same reason, now two Millions is requisite, doth direct unto the way for Supply, not by borrowing, but by opening for Subscriptions: This be­ing the most natural, because primitive, way for it. And whereas this Company take Money at Interest, and decline calling in the other half subscribed by their own Members; it shews that the Regency is in them, who have absolutely sub­jected every thing to their own particular Interest.

VIII. Whereas it is unusual to allow, as Motive or Reward, unto Invention or Discovery, other than some certain Term of 10 to 15 or 20 years: Yet this Company, though not Discover­ers of this Trade, have enjoyed it 24 years (in 10 of which they made 7 for 1 of their Money) which may be conceived sufficient Reward for what Service they pretend to have done their Countrey.

IX. If by opening this Trade to JAPAN, to CHINA, or otherways, it should become double or treble what it is, most likely, without a new Settlement, the desire of Gain will then effect a Paucity of Adventurers (the natural Effect of this Cause which usually increaseth as a Gainful Object is increased) It [Page 5]having gradually so done since the time it began to advance in Anno 1666. For no man had of this Trade 4000 l value in An­no 1665, but now some have 40000, others 50000, another 100000 l. in it. Of like produce the desire of Security will be, in that an Ingross of the Stock giving them the Management, they will have for their Security the Stock and the Nations Mo­ney, borrowed on a Common Seal; which upon Misfortune af­fects not their Particular.

X. Many Persons, partly through decay of other Trades, but chiefly to bring This to a Reasonable and National Settlement in a Joynt Stock, have engaged in Interloping; who having met with Profit, will scarce desist that way, unless this be opened to them. And should they be denyed Freedom to unlade and sell here, their going to Foreign Ports may excite to that which in the Issue may divert in part or otherwise prejudice the India Trade of this Kindom. To obviate which Mischief (by the two Ships now so imployed) it seems requisite to give them admit­tance here. Whereby His Majesty will receive his Customes; and the Interlopers by being Subscribers into the New Joynt Stock or by other means (when they are here best to be used) may be prevented for the Future. And we conceive the Equity and Usefulness of such a New Charter as makes the Trade Natio­nal, will give it the Force of Law, an effectual Bar to Interlo­ping, which the present cannot be, because it incloseth Trade not for, but from the People; and being pernicious to the Kingdom, whoso shall practise as these do with it, are indict­able at Common Law.

XI. It will be very severe that the Turkey Merchants should have no Admittance into this, so like to ruin theirs; when they have deserved well, by carrying on a Trade which (though less Profitable to themselves) Exporteth yearly of Our Manufacture 400000 l. and Importeth Goods for a farther Manufaction, whereby the Nation gaineth 600000 l. per annum.

XII. Admission into this Trade any other way will be either difficult, or as none unto the purpose of general satisfaction and Interest; As Purchase is, being when and at what Price the Sel­ler [Page 6]will, like to that of Lands: Whereby the approved and usual allowed freedom of Admission into Trade is destroyed. Also Experience sheweth, that since the advance of this Trade the great Sharers therein accumulate more and more; it is only some small Sums in Sale escape their hands. And if more did, it would be but the exchange of AB for CD. A thing not subser­ving the King's or Kingdom's Interest in addition of Stock, or of number to Persons in this Trade. And in that it is by Purchase and not by his Majesties Grace, our Loyal Hearts resent it, as A grievous common Nusance. The rather, for that the most needy of his Royal Help (who be the Objects of his Pity) are for ever excluded, because they have not Money to buy 100 l. at the Rate it now goes; and a less Sum, original Stock, is seldom, if ever, to be met with.

XIII. This Company as well by sending to East India, Dyers, Weavers, and Throwsters, with Instruments for the setting up of Manufactures abroad, as by the contraction of this Trade to few Persons, the inequality which ariseth by carrying on the Trade with Money at Interest, Their private Trade, their own­ing of Ships (which chiefly belong to a few of them) their refu­sing to inlarge the Stock by new Subscriptions, and by other un­due practises at home, are degenerated form their Primitive Nature, and have perverted, to particular advantage, his Maje­sties Charter granted for general Good: therefore ought not to be continued Sole Possessors of so profitable a Trade, in oppositi­on to the desire and Interest of the Nation in general; as it is to the Opinion and Consent of the Majority of themselves in par­ticular.

XIV. As by Contraction the Company do rob his Majesty of his Treasure in this Stock, scilicet, the Persons and Good of his People in general, so by long continuance have well nigh forgot his Majesty's Favour, the Nature of their Tenure. This Trade they deem as their Money, and name it their Personal Estate, in bar of the great Charter by which a People depend on their Prince as a Common Father. Whereby, obscuring or obstructing his Majesty's Beneficence, they cool the fervour of his Subjects Affection and Duty to him.

XV. The present Conjuncture is opportune for the terminati­on of this Company, As well in reference to Affairs abroad, as at home; Our Neighbours not being in a Condition to take Ad­vantage thereof: and at home want of Employment for the nu­merous People that have of late applyed themselves, their Stocks, and Ships to Trade.

XVI. As all past terminating of Old and constituting of New Companies have been advantagious to this Trade; so the pre­sent desired will be, if a good Regulation be made (as is intend­ed) to prevent in a New the Defections of the Old Company. Until this be done (by new subscribing two Millions, &c.) the pres [...]nt may go on with the Trade, in connexion with setching off their Effects in India; As is easily and soon done, because they seldom, if ever, have any thing there beside Forts, &c. (call'd a Dead Stock) which must always remain to succeeding Companies. And then the through change of the Company will endanger the Trade no more than that annually made, of committees; Nor discommode it otherwise than the Old well­grown Tree is by lopping its exuberant Branches, or opening its Root for fresh Supplies of Water.

XVII. At the Original Settlement of all India Companies, (be­cause the Motive, as the End thereof, is general good) no man is excluded but by his own Act, which ought to be perpetuated to us, though cannot, unless we determine Old and constitute New, so frequent as is consistent with the Being of this Trade, and its profitable continuance with us. Wherefore the present Company if continued cannot do other than violate, unto Nati­onal Perdition (as too far already it hath done) the Rule and the End of Incorporating of Trades; for that the Men who frame the trading part of the Nation are in 24 years so changed that they be, as it were, a new Generation.

XVIII. In Charters granted by Kings, wherein Trades are Incorporated to a number of Subjects named, th' Intention is not particular, but to them in trust for the general Good. The like just Wisdom and Grace of his Majesty is exprest in the Grant to this East India Company, for his Charter saith, When it [Page 8]either in whole or in part becometh unprofitable to him or the Realm that then and from thenceforth (after three years warn­ing) it shall expire to all intents and purposes.

XIX. If Examples be of force, we have many of Compa­nies which had their Determination for publick good, though they reaped not what they sowed; which, if particular Inte­rest must be considered, will be found much severer than to have this East India Company expire after so profitable an enjoy­ment, and so long.

XX. If the Trade of this Nation were Incorporated and con­tracted as this to India is, it would soon perish, for that the whole then, in proportion to this, would inrich only 160 per­sons, and maintain, as Adventurers or Traders, not above 2000. Now if such an Incorporating would have very ill Effect in the whole, the Contraction in this great Trade of East India, must in some proportion be of ill effect to it, and as consequent, on the Glory and Prosperity of our Nation.

To shew that our Design is not to destroy, we are ready, and shall, if thought fit, publish a Form of Settlement agreeing with the abovesaid Ends.

FINIS.

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