The Allegations of the Turky Company and others against the East-India-Company, relating to the management of that trade presented to the Right Honourable the Lords of His Majesties most Honourable Privy Council, the 17th of August, 1681 : together with the answer of the said East-India-Company thereunto, delivered in writing the 22th instant according to Their Lordships order, upon which a hearing was had ... the 24th of the said month.

THE ALLEGATIONS OF THE Turky Company and Others AGAINST THE East-India-Company, Relating to the Management of that Trade: Presented to the Right Honourable the Lords of His Majesties Most Honourable Privy Council, the 17th. of August, 1681.

Together with the Answer of the said East-India-Company thereunto, Delivered in Writing the 22th. instant according to their Lordships Order, Upon which a Hearing was had before their Lordships the 24. of the said Month.

The present State of Trade between the Company of Merchants Trading in the Dominions of the Grand Seignior, and the Company of Merchants Trading into the East-Indies, compar∣ed as it now stands in reference to the Common benefit and ad∣vantage of England.

[ I] THE Company of Merchants Trading into the Dominions of the Grand Seignior, have for near one hundred years past constantly Exported great quantities of the Woollen Manufactures, and other Commodities of the Growth of England into Turkey, to the great Inriching of this Nation; And do now more especially carry out thither or the like Native Commodities yearly to the value of about Five Hundred Thousand Pounds sterling; in return of which, the Goods Imported are, Raw silks, Gaules, Grograms, Yarn, and Cotton, &c. All which as well those Imported as Exported, are Manufactured in England, and af∣ford Bread to the industrious poor of this Nation.

I. The East-India Company, on the other side, Export from England immense quantities of Gold and Silver, with an inconsiderable quantity of Cloth, which serves them only to give a colour of some benefit to the Nation, or rather to at∣temper and moderate the Complaint which otherwise would be made against them. In return of which their chiefest Commodities are Callicoes, Pepper, wrought Silks, and a deceitful sort of Raw silk, Callicoes, and wrought silks Manufactured in India, being an evident dammage to the Poor of this Nation, and the latter of Raw silks an infallible destruction to the Turkey Trade, for in regard that Turkey doth not yeild a sufficient quantity of Commodities, to return for one fourth part of our English Ma∣nufactures Exported thither, the remaining Ballance which is three quarters of Our Trade, is ••••••••••po••z'd, by Raw silks, which if supplied by that of a baser and worse sort out of India, the most considerable part of the Turkey Importations, and conse∣quently the Cloth Trade of England must fail: And then it will appear how diffe∣rent it is, in reference to the welfare of His Majesties People, to have Silks pur∣chased with the Bullion, rather than with the Manufactory of this Nation.

[ II] The Constitution of the Turkey Company being a regulated Company, and not driven by a Joint-stock, is open and comprehensive, admitting any that are bred Merchants, such as are Sons and Apprentices to Freemen, challenge their Freedom by service of seven years, such as are, and have been neither, yet upon payment of Twenty Five pound, if under Twenty seven years of Age, or if above, upon payment of Fifty pounds, are freely admitted into all the Privileges of the Turkey Company, and each to Adventure and Trade for as much as he is able, by which open way of dealing, this Company is increased, from sixty or seventy per∣sons, who Forty years past wholly drove the Trade, to at least Five Hundred Traders, who do Annually breed at least One Hundred Noble-mens and Gentle∣mens Sons in the Turkey Trade, and dayly new admissions are made, by which it may plainly appear how open his Majesties Charter lies, and how diffusive his Ma∣jesties Goodness therein is, without any restraint or appropriation to particular Persons.

II. The East-India Company on the other side, manage their Trade by a Joint Stock, confined to the narrow compass of some few persons, exclusive to all others, under the penalty of Mulcts, Fines, Seizures, and other extraordinary proceedings. And upon an exact inquiry it will be found, that this Stock is so ingrossed, that about ten or twelve men have the absolute management of the whole Trade (there being one who hath at least Eighty Votes) and about forty men do not only di∣vide the Major part of the gains, but not content therewith, do also indirectly ap∣propriate to themselves a greater profit in a separate Trade, as in Musk, Amber∣greese, &c. and till of late in Diamonds also: So that here is the certain effect of a Monopoly to enrich some few, and empoverish many— Moreover the East-India Company by their Constitution are incapable of breeding up any persons under the Notion of an East-India Merchant: For they can neither give them Freedom, nor other Priviledge to Trade, as the Turkey Company doth, unless they become pur∣chasers of part of the Joynt-stock, as any one may do who is Master of Money.

[ III] The Stock of the Turkey Company is as large as the Estates of the many Traders are, and is really greater than the Trade will bear under the present dis∣couragement and Checks given to it by the East-India Company, and if any loss or dammages befalls this Stock, every particular Member bears the loss of his own Adventure, with no dammage to the Publick.

III. The East-India Company, on the other side, have a fixed Joint-stock of about three Hundred and seventy Thousand pounds: And because they find it more to their advantage to Trade with Money at Interest, than to enlarge their own Stock, they have borrowed at least six hundred and fifty thousand pounds on their com∣mon Seal, at the inconsiderable Interest of three or four per Cent. whereby they Trade with the Treasure of the Nation, dividing to themselves what sums they please, not only out of the profit, but also out of the principal, as by a late exam∣ple of the last year may appear, when they divided in One year two hundred and sixty Thousand pounds, though at the same time they owed above six hundred Thousand pounds at Interest. But in case any misfortune happens to what danger will all the Lenders of so great a part of the Treasure of the Nation be exposed, when the flourishing Estates of particular men cannot be made liable to those Debts, contracted under the Common Seal, which gave Life and Being to them, and from whence they arose; So that the East-India Company against the Rules of Justice and Reason, securely enjoy the benefit of the Trade, and yet have little share in the hazard and loss thereof.

Upon consideration of the whole matter, it is humbly hoped, that for relief of the now languishing, though most useful and necessary Turkey Trade; His Majesty will be graciously pleased, to permit to the Turkey Company, the exercise of Trade in the Red Sea, and all other the Dominions of the Grand Signior, according to the large extent of their Charter, and access thereunto, by the most convenient passa∣ges; and to forbid the East-India Company, to import Raw, or wrought Silks, into England. And if this doth not seem a reasonable expedient, that then His Ma∣jesty would be pleased to allot and limit a time to the East-India Company, to put an end to this present Joint-stock, (as by His Majesties Charter is provided) and that Books be laid open for New subscriptions, whereby a larger Joint-stock may be raised, without Loans, or Money at Interest, so that the Turkey Company who by the incroachment of the East-India Company upon them, have lost or must loose the greatest part of their Trade, may have some reparation by partaking of theirs. And that by Proviso in the New Charter, they may be defended by a Prohibition of Raw, and wrought Silks out of India, which is not only a certain Ruine to the Turkey Trade, but consequently a prejudice to the whole Nation.

Reasons against the Management of the East-India Trade, as now driven under the present Joint-Stock.

1. THE continuance of the Stock which has now lasted 24 Years, is against the East-India Companies first proposal in their Preamble; Whereby it was agreed, That at seven Years end the Stock should be balanced and divided, and a new Subscription made; and that any Persons at the said seven Years end, might go out or come in, upon a valuation then to be made known; tho' it be now above 3 times seven Years, and no such thing done. 'Tis true the Company declared about that time, that such as would come in, or go out, should do it by such a time then prefixt, but no valuation being made Publique before∣hand, the Goers out, or Comers in, might be wrong'd unavoidably, as well by rai∣sing the Valuation upon the One, as sinking it upon the Other, as they pleased; and this was the Reason that then no one Person either went out or came in, which mischief by a fixt previous Valuation, as it was first proposed, would have been a∣voided. And this Preamble, after it had served for a specious pretence to draw in subscribers, was laid aside and became useless; so that the Fish being taken, the Net was flung away.

2. The East-India Company have sent over into India, Throwsters, Weavers, and Dyers, and actually set up there a Manufacture of Silk, which not only by instruct∣ing the Indians in making these Manufactures, but by Importing them ready made, and Died, into England, is an unspeakable impoverishment of the working People of this Kingdom, who would otherwise be imployed therein, and to the Ruine of many thousands of Families here.

3. It being above 24 Years since the Stock was first underwritten, though many of the first Subscribers must needs fall off, yet there is no liberty for young Merchants to come in on a New Subscription. And there are Thousands of Able and Active Merchants bred up since their Stock begun, which are excluded so Rich and Great a Trade, meerly because they were not born sooner, or Bred up at that time; and nothing can be more Material, and Rational, than to plant New ones in the place of Old, That so the Spirit of Trade, like that of the Blood, may be kept in a constant Circulation.

4. That so long Continuance of the Stock, is also the Reason, that the whole Ma∣nagement thereof is fall'n into the hands of 10 or 12 Men, and in all likelihood in a few years may come into the hands of 3 or 4, in regard those that have the great∣est Stock still buy more, and one of them at present hath at least 80 Votes, by which plurality of Voices in one Man, not only the whole Trade of so many vast and rich Countries is Govern'd, but the Profit thereof shared by a very few Persons.

5. The East-India Company Export great quantities of Bullion, with a small quan∣tity of Cloth, which they do only for a colour to gild over the Dammage of their Exporting Money, or else to Moderate the Complaint would be otherwise made against them, and as they are little or no benefit to the Nation, by their Exporting any Manufacture thereof, so they import scarce any thing but what is ready Manu∣factured, as Callicoes, and wrought silks; excepting lately a deceitful sort of fuzzy slight Silk, a pound whereof being Died, weighs at least 4 ounces more than it did before the Dying, whereas the best Silk weighs rather one ounce or two less after Dying. And hence it might be Considered, how different it is in Reference to the Welfare of England, to have forreign Importations purchased with the Bullion, ra∣ther than with the Manufactory of our own Nation.

6. The Company being in all 550 Persons, as they pretend, there is not above one fifth of them Merchants, and the Government of the Trade lies in the hands of those few Merchants only, who by their skill in Trade, whereof the others are

ignorant, set up a particular Interest, and drave a Trade for themselves, separate from the joint Stock, and appropriate the greatest quantity of several of the best Commodities to themselves, with Limitation and Restraints, to others of the same Company, whereby under a Pretence of a General Interest, a particular one is car∣ried on, and promoted, and the private Interest of a few is managed distinctly, and apart from the publique joint-Stock; as for Example, Musk, Ambergreece, &c. and till of late Diamonds were limited, and restrained to certain Persons so and so qualified, separate and distinct from the Accompt of the joint-Stock, by which in∣direct Artifices it becomes neerly related to a Monopoly, to enrich a few, and to impoverish many. And the Government of the Company being in the hands of those few, which are Merchants, and alwayes of the Committee; They have ano∣ther advantage of preferring their separate, and private Trade, before the Publique joint-Stock, in regard the Companies Factors abroad, as well as the Committee men at home are managed wholly by those few that have great Stocks, who by that means having so great a Plurality of Votes, can displace both the one and the other, when they please, and put in such as shall prefer their private Interest, so that their Committee-Men, and Factors must be subservient to the separate Interest, for fear of their being turned out of their Imployment. And hence it comes to pass, that many of the choicest and richest Goods, are sent home, on the private accompt of Particular Men, which are seldom or never sent home on Account of the Joint-Stock. The Particular and distinct Interest, being alwayes preferred before the General and Publique, which Corruptions would be prevented, if upon the Com∣mencement of a New Stock, its duration were limited to a short Time, and the Subscriptions to a Certain sum, not to be exceeded.

7. The present Stock, being not above three hundred and seventy eight Thou∣sand Pounds, would by a New subscription in one or more Stocks, be enlarged to 2 or 3 Millions, and so the more Money is Negotiated, the more Merchants, and other people, would be set on work, the more Ships and Marriners employed, the Trade more Extensive and National, the Commodities of those parts made Cheaper, and more got to the Kingdom in general, besides to his Majesty in particular, by his Customs.

8. Compare the largeness and extent of Companies Priviledges from the Cape of Good Hope to the Streights of Magellan, which is near two third Parts of the Trading World, with the smallness of their Stock, and by such Comparison it must needs appear their Stock is far too little, for the Trade of so many vast and rich Countries. And 'tis evident in Fact, that no Trade at all is driven to many of them, as Persia, Japan, Arrachan, Achein, St. Laurence, Sumatra, Pegu, Madagascar, Mo∣sambique, Sofala, Melinde, Borneo, Zeiloan, and many others, and yet while they Trade not thither themselves, they violently keep out others who would Trade, for their Stock being so small, they only manage such Trades which yields very great and excessive Profit, and neglect others, which probably might Answer, though not so immense a Profit, yet a very good Advantage, and more proportionable, to the time and hazard, than any Trade in Europe; which Places if Traded to, would not only carry off a great quantity of our English Commodities, but would also by Trading there, from one Port to another vend a large proportion of Indian Com∣modities, and the Profit and Bullion arising thereby, would in a great measure sup∣ply, if not totally prevent, the Exportation of Bullion out of England.

9. Another Evidence that their Stock is too little for their Trade, may be their borrowing six hundred thousand Pounds at Interest, which besides the unmerchant-like way of Trading, by preferring a Dead to a Quick Stock, and electing rather

to Trade with Money at Interest, than to inlarge their Stock by new subscriptions, is also a Publique danger to the Nation; for while they borrow so great a part of the Treasure of the Kingdom, at so low an Interest as 3 per Cent. they enrich them∣selves by the Common Hazard, and divide and share what they please, not only out of the Profit but out of the Principal it self, the last Year dividing two hundred and sixty thousand Pounds, when at the same time, they owed six hundred thousand Pounds at Interest. So that the Lenders clearly venture the hazard of their Princi∣pal to Sea, for 3 per Cent. while the Company make 50 per Cent. of it, without any hazard at all. And if any loss should happen by Captures at Sea, Stormes or other Accidents, the Lenders of so great a Treasure have only the Companies Common Seal to depend on, which in such Case is no security at all, for no one Member is obliged to make satisfaction, as hath been evident by several late Examples of the like Nature.