Booties from them, and augmenting their Force, had great success at Sea, and seiz'd on some of their Fortifications. This brought the Merchants of Amsterdam to joyn with those of other Towns; whereby prosecuting their Trade, and Privateering several Years, they became very considerable; when the States politickly united them farther, that they might yet be more serviceable to annoy their Enemies, and brought the whole Trade and War (for so it was) to both Indies and Guinea, into Joynt-Stocks, and gave them mighty Priviledges, especially to the East-India Company, that of pay∣ing no Customs in or out, which they enjoy to this day, and this was the reason so long ago, that induced the States to settle these two Companies; and not, that they thought it was best so to do, for the general good of the Trade, or that it could not be as well managed by a Regulation, if their Circumstances had been otherwise, but as an Engine of War, and Depredation on their Enemies; and the East-India Company being thus Establisht, as it were by Conquest, and thereby incumbring themselves with a great many Fortresses in the South Sea and Ceylon, to maintain to themselves the Spice Islands, there seems a kind of necessity upon them, to drive that Trade in a Joynt-Stock; for indeed their Establishment in India is another Commonwealth, which howsoever useful the States may think it to them, and that because many of them are con∣cerned in the Stock, they still keep it upon the old Foundation, yet there is nothing more evident, than that this Company make no profits by the Trade, for their Actions rise and fall every Week, and are now sold at about 500 per Cent, but whoever buys, or hath for several Years past bought at these Rates, hardly make 4 per Cent per Annum of their Money, for they seldom receive Dividends, and when they do, they are ve∣ry small, and these suspected and judg'd by most to be rather out of their Quick-Stock, than real profit; for they owe, and continually take up vast Sums at Interest at home as well as all over India: So, as I have said, the Company get nothing by the Trade, whatever advantages the States may imagine they draw from it, and therefore I think we have no cause to envy them their manner of carrying it on; nor indeed could we imitate them, were it ever so desirable. And this is a certain truth, that from the Year 1653, to 1656, while our Trade to India lay open to all, the Holland East-India Com∣pany sunk greatly in their Stock and Credit; for we under-sold them in all East-India Commodities, and brought home Spice in spight of them, procured at Macassar, and else-where; which gave them such apprehensions of losing their Trade, that to pre∣vent it (as I have been inform'd by good hands) they employ'd some Persons to in∣fluence Oliver Cromwel to establish this present Joynt-Stock; which he did in 1656, and they gave a Pention to two of the then Committee of 500 l. a Year each, to pre∣vent our possessing Polleron, or any other of the Spice Islands we had a just Claim to.—wherefore it is not to be wondred, that the Dutch East-India Company are at this time so very apprehensive that we shall lay open the Trade to India, since they will so sensibly feel the effects of it, by our vast Importation and Exportations of all Commodities, and the affording them at so much a cheaper Rate than they can possibly, besides all Combinations with Colleagues here to inhance the Prices will be remov'd, as well as the opportunity of Bribing in order to do good Offices.
The same Consequences happen'd to the Holland Guinea or West-India Company, in the Year 1660, when we had that Trade also open, their Stock was then worth but 8 per Cent. but no sooner was the Trade to Guinea limited here by a Joynt-Stock, but that Company began to flourish again, and their Actions are now worth 80 per Cent. So that whatsoever reason the Dutch have for the keeping the Trade to the Indies and Guinea in Joynt-Stocks; the only Monopolies they have it is evident, that it will be infinitely more to the advantage of this Nation to carry them on by Regulated Com∣panies; Which will certainly have all these good effects.
It will increase the Exportation of our own Manufactures and Growths.
We shall be able to furnish Europe with all the Commodities of those Countries, much cheaper than any other People, especially the Dutch.
It will add greatly to our Navigation.
The Crown will gain much by the Customs.
And it will in every point be of infinite advantage to the Publick, as well as to all Adventurers and Traders, whose Right and Property it is, that the Commerce and Traffick by Sea, be as unlimited and free as the Inland Trade.
All which, I doubt not, Sir, will convince You, and all reasonable, disinterested Men, That Joynt-Stocks in Trade, and particularly that of East-India, are of evil Con∣sequence to the Kingdom.
10 Octob. 1691.