The Case of the East India Company

The CASE of the East-India Company.

A Petition was delivered to the Honourable House of Commons, in October 1691, signed by several Merchants and others, praying the Erection of a new East-India Company, to preserve that Trade.

The same Day the East-India Company also gave in a Petition, praying to be confirmed.

A considerable part of that Sessions was spent in consideration of that Trade, and a Bill was brought in to establish it; but the Delays occasioned by the great Opposition of the Company and other Publick Affairs, preventing its Passing; the Honourable House of Commons resolved on the following Address.

Sabbati, 6. die Februarii, 1691.

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 a manner as His Majesty in His Royal Wisdom shall think fit.

Resolved, That the said Address be presented by the whole House.

Jovis, 11. die Februarii. 1691.

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 Maje∣sty 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.

Hereupon a Committee of Lords appointed by His Majesty to consider thereof, agreed on several Regulations, which were sent to the Company; who refu∣sed to comply with most of the material Particulars, notwithstanding their Declaration of Submission, as appears by the Message His Majesty sent the Honourable House of Commons in the following Sessions.

Lunae, 14. die Novembris. 1693.

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, where the same were read.

Resolved, That this House will upon Wednesday Morning next, take the Matter relating to the East-India Company, into further Consideration.

Mercurii, 16. die Novembris, 1692.

Resolved, That this House will to Morrow Morning at Ten a Clock, take into further Consideration the Matter relating to the East-India Company.

Jovis, 17. die Novembris. 1692,

Then the House, according to the Order of the Day, proceeded to take into Consideration the Matter relating to the East-India Company. and the Message from His Majesty, and the Papers relating thereunto being read.

Resolved, Nemine Contradicente, That a Bill be brought in for the Regulating, Preserving and Establishing the East-India Trade to this Kingdom.

Resolved, That this House will upon Wednesday Morning next at Ten of the Clock, resolve it self into a Committee of the whole House, to consider of Heads for the said Bill.

Orderd, That the said Message from His Majesty, and the Papers relating thereunto, be referred to the said Committee.

Whereupon the Committee of the whole House proceeded on Heads of Regulations, and a Bill was brought in accordingly, but meeting the same Delays and Oppositions as the former, a Second Address was made to His Majesty, only to dissolve them.

Sabbati, 25, die Februarii. 1692.

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.

Veneris, 30. die Martis. 1692.

To which His Majesty was pleased to give the following Answer:

Gentlemen, I will do all the Good in My Power for this Kingdom, and I will Consider your Address.

After the Parliaments rising, Regulations were agreed on before His Majesties Departure for Holland, for a Charter to pass, to establish the said Company; to which a stop was put, by their making Default in paying the first Quarterly Payment of the Tax charged on their joynt Stock, whereby their Charters became void by Act of Parliament. But Orders were soon given to prepare a Charter to restore them with the same Regulations which were before agreed on.

Some time was spent in modelling it, and at last it was thought most Expeditious, that a Charter of Restoration should first pass, and after that a Charter of Regulations.

Caveats being entred at the several Offices, the Parties who opposed the Passing the said Charter, were heard and offered their Reasons against it.

An Order of Council was made the 28th September, 1692. to prepare a Warrant for a Charter, which past under the Great Seal the 7th October last, and soon after, viz. the 11th November last, a Charter of Regulations appointing Seven hundred forty four thousand Pounds to be added to the Company's Stock by new Subscriptions.

The said New Charters Restore and Confirm to the Company their former Charters of 13th, 20th, 25th, and 35th Car. 2. and 2d Jac. 2, and grants them all their Ports, &c. and all the Powers, &c. which were Lawfully used, exercised, or enjoyed, by them in the same manner, to all intents and purposes; as if the said Powers, &c. and other the Premisses were particularly granted, and the Letters Patents concerning the same at large recited.

These Charters which are restored, grant them among other things, the sole Trade to and from the East-Indies.

Power to Seize Ships and Goods for Trading thither, the Ships and Goods to be Forfeited; and besides the Transgressors to incurr the King's Indignation, and Imprisonment during the King's pleasure, and such other Punishments as the King should think fit; and not to be released, 'till they had given Bond to the Company, never more to Trade to to the East-Indies.

Power to enter into the Ship or House of any one, Trading within the limits of their Charters, and to Seize his Goods without Account.

Power to Seize the Persons of any English-men found in the East-Indies, and to send them home for England.

Power to Judge the King's Subjects in India, by their Governour and Council, in all Causes, Civil and Criminal, and to execute Judgment upon them.

Power to Execute Martial Law.

Power to Muster Souldiers, to make Peace or War, to recover Satisfaction for Injuries by Force of Arms.

Power to License any Persons, even Aliens and Infidels, to Trade; though the King's Subjects are restrained from it.

It's pretended, That no Powers are Restored by these Charters, but such only, as have or might be Lawfully used; yet the Company have ever accounted all the Powers which were granted them to be Lawful; and have accordingly executed them on the Lives, Liberties, and Estates of their Fellow-Subjects.

The Power of the Prerogative to restrain Foreign Trade from some, and grant it to others, was vindicated and asserted for Law by the Companies Council; and tho' the deciding it by a Legal Trial was proposed, yet it was declined.

Some of the Powers in their former Charters were acknowledged to be unlawful by the Company's own Council, whereupon it was desired, they might be distinguish'd in their new Charters, from those which were lawful; but for want of such a distinction of the lawful from the unlawful Powers, it is left to the Company, their Factors, Servants and Mariners, to determine which Powers may and which may not be lawfully used; and if one may judge by their Proceedings, they will account them all lawful, as it's plain they have done by the Petition given into Council the 21 October, to stop the Ship Redbridge, by which they claimed the sole Trade to the East-Indies, granted them by Charter, and pretended that the lawful Trading thither of others their Fellow Subjects was a Contempt of their Majesties Government, and of the known Laws of the Land. Upon this Petition, and bare Allegation of the Company, the said Ship was stopt.

By which Proceeding its evident, what Construction is now put on the Confirmation of their former Charters by these new Grants; which may further appear by the not granting Protection for Four hundred Seamen to go to the East-Indies this Season, upon the several Petitions which were delivered into Council, and the granting to them Protections for Twelve hundred Men, even whilst they were no Company, nor had any Charter.

And how contradictory such an Exclusion of Trade, without an Act of Parliament, is to the Laws of the Land, may appear by the several Judgments which have been given in Westminster-Hall, since their Majesties happy Accession to the Crown, upon Actions brought against several Persons for seizing Ships and Goods for Trading within the limits of the East-India and African Company's Charter, and is likewise demonstrated by the Petition which the Company delivered to the Honourable House of Commons in the former Sessions, praying to be confirmed by an Act of Parliament.

And further appears by the time which was spent in Settling that Trade, during the two last Sessions of Parliament, which would have been needless if the King by his Charter could have legally excluded his Subjects without an Act of Parliament, which is a Power His Majesty seems to disclaim in the aforesaid Message sent the House of Commons last Sessions; for therein it is expresly declared, That the Concurrence of the Parliament is necessary to make a compleat and useful Settlement of that Trade. — And if their Concurrence is necessary, its plain the King cannot do it by his own Authority alone without their Concurrence, and the Company's being established contrary to their repeated desires, it's humbly supposed, can never be thought an Inducement for the Parliament to confirm them.

Having thus given an Account of the Means of obtaining their New Charters, it may not be improper to consider how they have put it in Execution, and especially as to the raising the additional Stock of Seven hundred forty four thousand Pounds.

Wherein the Ways and Methods, which they have practised to draw in others to Subscribe, are so extraordinary, that they are worth observing, as may apppear by the manner of their Addressing to those who need perswading, to Subscribe to this or the like Effect: —

"Sir, If you will write into the East-India Stock, you shall have Security to your own Satisfaction. — That you shall have Ten per Cent. Profit for what Money you think fit to Subscribe, and your Money paid you at a Twelve Months end, or else have liberty then to keep the Stock if you please.

And because all Men have not Money by them, there is an Expedient found out for that too. Thus —

"Sir, If you are pleased to be concerned in the East-India Company's Stock on these Terms, though you have no Money by you, that shall be no Objection; for you shall have it provided for you.

—

And these Methods have produced an extraordinary effect in changing some Mens Minds, and convincing others Ʋnderstanding; and this has been the particular Province of some of that Committee, who are but late Converts themselves, and who have been so Zealous in this matter, and so Publick and General in their Proposals of this Na∣ture, that they are become Notoriously Famous for it.

This is the easiest and cheapest way they have ever yet had of making Friends, for if a Hundred and Fifty Thousand Pounds should be under-written on these Terms, the Ten per cent. Profit would amount to but Fifteen Thousand Pound, of which the Interest for a Year comes to Seven Thousand Five Hundred Pound.—So that it would only cost Seven Thousand Five Hundred Pounds—, which may easily be slid into an Account of Promiscuous Charges and Secret Services, among other greater Ar∣ticles, and this besides engaging so many new Friends, is done as a means to draw in double as much to be Subscribed by others, who know nothing of such Bargains, but are induced to Subscribe by the Influence of such Examples.

The Joining Seven Hundred Forty Four Thousand Pound to the Companies Imaginary Stock, is in effect the giving them at least one half of it, which is Three Hun∣dred and Seventy Thousand Pounds for an Admittance into this Trade. Whereas it (notwithstanding the Right which the Subject has to the Freedom of this Trade by Law,) the Priviledge of the admittance into the Exercise of it, were a thing which was necessary to have been Purchased of a Subject, it would have been a much Cheaper Bar∣gain to have given Fifty Thousand Pounds for a new Company, as was Proposed, than to give them Three Hundred and Seventy Thousand Pounds, or more, for the Pri∣viledge of Coming into the Old One; but such a Purchasing of a Subject the Priviledge of this Trade for Fifty Thousand Pounds, might well have been accounted a Preju∣dice to the Peoples Right thereunto, as well as a diminution of the Respcet and Authority due to the Proceedings of the Honourable House of Commons, who its not to be doubted will be very Cautious of giving any seeming Countenance to a Proceeding wherein the Property of the Subject is so highly Concerned, as that of being deprived of the Right which they have to the Freedom of Trade without an Act of Parliament.