An abstract of proceedings of the House of Commons, in relation to the East-India Company and trade.

An ABSTRACT of Proceedings of the House of Commons, in Relation to the East-India Company and Trade.

[Octob. 28] [ 1691] A Petition of several Merchants and Traders about the City of London concerning the East-India Trade: And a Petition of the East-India Company, were presented to the House, and referred to a Com∣mittee of the Whole House.

[ 29] Sir John Guise Reported from the said Committee the following Resolutions which were Read, and agreed to by the House.

Resolved,

• 1. That the East-India Trade is Necessary and Beneficial to this Kingdom.
• 2. That the East-India Trade will be best Managed by a Joint Stock, exclusive to all others.
• 3. That a Company to Trade to the East-Indies in a Joint Stock be Established by Act of Parliament; And Ordered the then Company to lay before that Honour∣able House a true state of their Stock and Debts at home and abroad.

[Nov. 14] Sir Joseph Herne, the then Governor of the Company, delivered in several Accounts, as a state of their Stock and Debts at home and abroad, which was referred to a Committee of the Whole House.

[Dec. 17] Sir John Guise (after Nine sittings of the said Committee of the Whole House) Reported the Resolutions of the said Committee, which were read, and agreed to by the House, and amongst other things it was Resolved;

That a Sum not less than 1500000 l and not exceeding Two Millions, is a Fund Necessary to carry on the East-India Trade in a Joint Stock.

That no One Person shall have above One Vote in a Company Trading to the East-In∣dies, and that each Person who has 500 l Stock therein, shall have One Vote.

That no private Contracts shall be made, but all Goods sold at Publick Sales by Inch of Candle (except Salt-Petre for the Use of the Government.)

[Dec. 18] The said Committee Resolved;

That the Members of the Committee of the East-India Company be obliged to give Security to be Approved of by the House, That the Stock and Estate they then had, should be made good 744000 l all Debts paid (which was 100 l per Cent. their Capital Stock being then called 744000 l.)

That Security being first given, an Humble Address be presented to His Majesty, to Incorporate the present East-India Company by Charter, according to the Regulations agreed upon by the House, that the same may pass into an Act of Parliament.

And the Committee of the East-India Company were ordered to attend the House on the Wednesday following, to give Security accordingly.

[ 23] Sir Thomas Cooke and others of the East-India Committee, delivered in Propo∣sals in Writing, signed by the Secretary concerning the said Security, which Proposal was,

That Security be given that the Company's Stock is really worth as much as the Account delivered into the House of Commons makes out.

That the said Security be either by the Company's Common Seal, as hath been always done,

Or by every particular Adventurer's Personal Obligation for his own Stock.

Or by so many of the Principal Adventurers as shall be Approved of for the full Value of the Company's Stock, as it was given into the House of Commons.

Which Security was not approved by the House, but the Committee of the East India Company were ordered on the Tuesday following to bring the Per∣sons they shall propose to the House to be Security.

[Decmber 29] The Committee of the East-India Company delivered in a Paper of the Names of the Persons they proposed to be Security, and the Sums for which each Person would be Security; many of which Persons, attended there.

[January 8] The Committee of the Company were called in to the Bar, and asked whe∣ther the Persons proposed for Security, did know of the Regulations Voted by the House, and consented to by them. And whether they would give a Recognizance: To which they answered, That they submitted to such Regulati∣ons as should be passed into an Act, and that the Security should be as the House should Direct.

Whereupon the House approved of their Security proposed, and ordered a Bill to be brought in, to Establish an East-India Company, according to the Regulations and Resolutions agreed upon by the House. And Mr. Finch, Sir Christopher Musgrave and others were appointed to bring in the Bill.

[ 16] Sir Christopher Musgrave presented the Bill to the House.

[ 22] The Bill was Read the First time, and Ordered a Second Reading.

[ 26] The Bill was Read a Second time, and the Persons proposed by the Com∣pany for Security 29th December last, were, after the Second Reading of the Bill, Ordered to attend the next Day, to give Security according to their Pro∣posals.

[ 27] The East-India Committee attending, were called in, and the Speaker ac∣quainted them that there was a Bill brought in by the Order of the House to Establish an East-India Company. And that the present Adventurers might have a Stock therein, of 744000 l. if they would give Security, That the Stock they then had should be made good 744000 l. all Debts paid; And that the House gave them time till Tuesday then next, to give in an Answer to the said Proposition; And that the House expected an Answer to be then given accordingly.

[February 6] They gave in their Answer agreed upon by the General Court the First of February, Wherein they refused giving Security as the Bill stood, pretending the same was not consonant to the Vote and Resolution of the 18th December, in the very Substance thereof, But in its whole Contexture tended to the De∣struction of the said Company, by several Clauses therein contained.

The House took the said Answer into Consideration, and after Considera∣tion had thereof it was

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 of the East-India Trade to this King∣dom, in such manner as His Majesty in his Royal Wisdom shall think fit.

Which Address was presented by the whole House on the Tenth of February.

Mr. Speaker reported His Majesties Answer to the said Address as follows, viz.

[ 11] 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 this House His positive An∣swer.

[ 1692] Whereupon the next Session, viz. Lunae 14. die Novembris. 1692.

Sir Edward Seymour acquaints the House that he had a Message from His Majesty in Answer to the Address of this House the last Session, in relation to the East-India Company, the which he delivered in Writing at the Table, where the same was read—in these Words, viz.

THE House of Commons having presented an Address to the King, to Dissolve the present East-India Company, according to the Power re∣served in their Charter, and to Constitute a New One, His Majesty took into

Consideration the proper Methods of complying with their Desires, and of securing effectually this Advantageous Trade to the Nation.

But His Majesty upon Examination of the Charter, and consulting His Judges and Learned Council, found that he could not Legally Dissolve the Company, but upon Three Years warning; and that during the Three Years after warning, the Company must subsist, and might continue to Trade; and that tho' the King might constitute a New Company, yet He could not empower such New Com∣pany to Trade, till after Three Years: the Crown having expresly Covenanted, not to Grant any such Liberties.

Hereupon His Majesty, was very apprehensive of the ill consequences of giving warning to the Company, because they would be then less solicitous of promoting the true Interest and Advantage of the Trade, whereof they could not long reap the Fruits: And that no New Company could be immediately admitted to it: So that this very beneficial Trade, which is already so much impaired, might be in danger of being intirely lost to the Nation.

His Majesty being very desirous to prevent so great a mischief, and to gratifie the House of Commons in the end, since he could not do it without great hazard in the manner they proposed, required the East-India Company to answer directly, whether they would submit to such Regulations as His Majesty should judge proper, and most likely to advance the Trade: And the Company having fully agreed to it, and declared their Resolution in Writing, His Majesty commanded a Com∣mittee of His Privy Council to prepare Regulations; which they did, and offered them to the Company: But the Company, notwithstanding their De∣claration of Submission, rejected almost all the Material Particulars.

So that His Majesty finding, That what possibly the House of Commons might have expected, and Indeed was necessary to preserve this Trade, could not be perfected by his own Authority alone; and that the Com∣pany could not be induced to consent to any such Regulations, as might have an∣swered the Intentions of the House of Commons; and That the Con∣currence of the Parliament is requisite to make a complete and useful Settlement of this Trade, has directed all the Proceedings in this matter to be laid before them, and recommends to them the preparing of such a Bill, in order to pass into an Act of Parliament, as may Establish this Trade on such Foundations as are most likely to preserve and advance it.

Upon this Message, the Honorable House of Commons took the same, and the Regulating the East India Trade into Consideration, and

Resolved, Nemine Contradicente,

[ 17] That a Bill be brought in for the Regulating, Preserving, and Establishing the East India Trade to this Kingdom: And that a Committee of the Whole House Consider of Heads for the said Bill.

The said Committee went through the Heads. Which

[Dec. 7] Mr. Smith reported to the House, and were agreed to by them; Which were the same almost in substance as the Regulations agreed on in 1691. [ 10] But in these Votes no Provision was made to make the Old Companies Stock any part of the ••••ew.

The same day a Bill was Ordered to be brought in.

[ 14] The Bill was brought in, and Read the first time, and Ordered a second Reading.

[ 19] The Bill was Read a second time, and Committed to a Committee of the Whole House.

After three Sittings, and nine Adjournments of the said Committee of the Whole House, The said Bill being greatly obstructed by the then Companies great Opposition; and it drawing towards the end of the Session, the House despairing of going through the said Bill,

[Febr. 25] 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.

Which Address was presented by the Whole House.

The Speaker Reported His Majesty's Answer:

[March 3] Gentlemen,

I will always do all the Good in my Power for this Kingdom, and I will consider your Address.

[ 1693] [March 25] The Company made a wilful Forfeiture of their Charter by the Non payment of the Tax; And by that Means, and on pretence of the Hardship it would be to them to take Advantage of the said Forfeiture; And by an Industrious Application, [ 1693] [Oct. 7] they procured a New Charter; And so far were their Majesties from taking Advantage of the said Forfeiture, that in the Preamble of their said New Charter, Their Majesties declare, They Granted the same to prevent the Damage and Inconvenience that would attend the taking Advantage of the said Forfeiture.

[ 1693] [Jan. 10] The very next Sessions after this New Charter, the House of Commons Voted,

That all the Subjects of England have Equal Right to Trade to the East-Indies, unless Prohibited by Act of Parliament

After that, the Free Traders carried on their Trade thither as they saw fit; but the Old Company (not contented to enjoy an equal Liberty with their Fellow Subjects, and the extraordinary Advantages they pretended to have by their Charter and Settlements in India) did, in their General Court held the 14th April 1698, Agree the following Proposal:

THat by setling the East-India Company, a Loan of 700000 l may be made to His Majesty on the Terms following:

That the Stock of the present Company be valued at 50 per Cent. and that Books for taking new Subscriptions be laid open for the Subscribing of 712696 l to make up the Stock in the whole 1500000 l

That no Person Subscribe less then 100 l or more then 10000 l

That 700000 l be Lent, and paid in Four equal Payments, in such Convenient time as shall be agreed on.

That the present Adventurers and new Subscribers be setled by Act of Parliament, exclusive of all others, for Thirty one years, with such Powers and Priviledges, as will enable them to Carry on and Preserve the Trade.

That the Sum of 700000 l be Repaid, with Interest, out of such Parliamentary Funds as will Repay the Principal and Interest in _____ _____ years.

This may probably take Effect, according to the Goodness of the Fund, and the Encouragement given by the Act.

[ 1698] [May 4] This was presented to the House of Commons by the then Governor of the Company.

And after consideration thereof in a Committee of the Whole House, The House Impowered the Committee of Ways and Means to receive Proposals for settling the Trade to the East-Indies.

Hereupon the Free Traders (being unwilling to be deprived of a Traffick to which they had for many years applied themselves) set on foot a Subscrip∣tion for Lending a Sum not exceeding Two Millions, on an undoubted Fund of 8 l per Cent. per Annum. And when about 1300000 l. was Subscribed, they presented the same to the said Committee; Which was Received, The Fund thereupon setled, The Bill brought in and passed into an Act.

[June 10] The Old Company made a Proposal to the House to raise so much Money for the Service of the Government as the Fund of 8 l per Cent, will amount un∣to, not exceeding Two Millions, Provided they be settled by Act of Parliament exclusive of all others, with such Powers and Priviledges as will Enable them to carry on the Trade, and their Old Stock be valued at 50 l per Cent.

Which Proposal was in effect to throw out that Bill after the Tenth of June, and bring in a new Bill, to be Formed according to their own Minds: For they did not offer it upon the Terms of the Act as it then was; Nor with the Powers and Priviledges then in the Act: But for them to be exclusive of all others, and to have such Powers and Priviledges as would Enable them to car∣ry on the Trade, but don't say what those Powers or Priviledges were.

So that the Old Company must thank themselves for this Act, since it was they first went into Parliament to get an Act to deprive the Free-Traders of their Natural Right to the said Trade, and to Engross it to themselves.