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THE ARGUMENT OF THE Lord Chief Justice Jeffreys, Concerning the Great CASE of MONOPOLIES.
PLEA.
I. DEfendant demands Oyer of the Letters Patents which are set forth in haec verba. In which (as it hath been ob∣served) the penalty of Forfeiture of Ship and Goods, one moiety to the King, and the other to the Com∣pany, and Imprisonment is omitted.
II. There is also a Clause, that the Company may License Strangers or others, and that the King will not without the consent of the Com∣pany give Licences, &c.
III. That none shall have a Vote in the General Assembly but he that hath 500 l. Stock.
IV. And there is another Clause which hath not been mentioned by the Councel on either side, that if it should hereafter appear to his Ma∣jesty or his Successors, that that Grant or the continuance thereof shall not be profitable to his Majesty, his Heirs and Successours, or to this Realm, that after three years warning under the Privy Seal or Sign Manuel, the same should be utterly void.
For Plea, the Defendant says by an Act of Parliament made 15 E. 3. It is enacted, that the Sea shall be open for all Merchants to pass with their Merchandizes where they please, and that the Defendant by vertue of that Act, and according to the Common Law of England did Traffick within those places mentioned in the Declaration without any Licence, and against the will of the Company as the Plaintiffs have declared pro∣ut ei bene licuit.
Plaintiff Demurrs.
In the debate of this Case at the Bar there were several matters dis∣coursed of, but at length by the consent of both sides, as I appre∣hend, the Case was resolved into these two Points.
I. Whether these Letters Patents giving or granting Licence or Liberty to the Plaintiffs to exercise the sole Trade to the Indies within the limits of their Grant, with prohibition to all others, be good in Law.
II. Admitting the Grant good, whether this Action be maintainable for the Plaintiffs.