The present state of England. Part III. and Part IV. containing I. an account of the riches, strength, magnificence, natural production, manufactures of this island, with an exact catalogue of the nobility, and their seats, &c., II. the trade and commerce within it self, and with all countries traded to by the English, as at this day established, and all other matters relating to inland and marine affairs : supplying what is omitted in the two former parts ...

CHAP. CXV. The Original of the word Bottomery, and the Signification thereof, together with the Commodity and Discommodity accruing thereby.

FOenus Nauticum or Bottomery, is by the Dutch called Bomery, Bodmery, or Boddemerii; from the Keel or Bottom of a Ship, the Part being taken for the Whole, and was called by the Ancient Britains Bodo or Bo∣dun, the bottom of a Ship, Signifying the bottom or the Cargo therein contained, the which as Land is mortgaged for certain Sums of Money taken up thereon, and is bound to satisfy the same at return, with such interest as is agreed on the Statute of usury, in that case being excluded by Rea∣son of the Hazard the Lender runs; for

in many cases money is taken up thus. I lend 100 pound upon a Ship, to receive 150 if the Ship arrives safe at such a Port, but if She chance to Miscarry, my money is lost, and many times Masters of Ships could not set out, if they did not in this nature take up Monies; for which them∣selves, their Ship or Cargo become Pledges; but some Persons have taken hold of this occasion to Bar the Statute of usury: thus they get the Party to feign he has a Ship bound for Amsterdam or any such Port, making a special obligation to pay the mo∣ney again at so much per cent. at a reason∣able time Granted for the return of the Ship; and if She do not in that time return the money to be pay'd notwithstanding, but certain it is if a Person have 500 or 1000 pound lying by him, and knows of an ingenious Merchant or Master of a Ship, who is fitting out for a Voyage, and is Slen∣derly stocked, and he lends him this money to buy such Commodities as will vend in the places whither he is bound, running the Risque to have nothing, if the Ship miscarry, and 30 per cent. Interest, if She re∣turn safe, it is altogether as profitable for the merchant as Master; as to take up mo∣ney at Brokerage, and to Ensure his Ship or Cargo. And if the Merchant or Ma∣ster

makes double return of the said mo∣ney he gets sufficiently, as well as the Venturer, and this cannot be accounted usury.

There is yet another way both profita∣ble and Honourable, as thus, suppose a Per∣son puts a stock into the Hands of a Com∣pany or Society, which is termed a per∣petual stock, the Principal being never to be recalled, tho it may be often sold for good advantage, but he that put it in or buys it receives still his dividend, which produces sometimes twenty and sometimes more per cent. and the Hazard only is if the proportion of the stock that goes out be lost, he must abate, un∣less by remitting the dividend he will keep up the stock. And 100 pound in the East-India Company has been of late sold at 180 or 190 pound.