Selected quad for the lemma: act_n
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A37790
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An extract of some proceedings in Parliament, relating to the old East-India Company; Proceedings. 1691-1693.
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England and Wales. Parliament.
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1694
(1694)
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Wing E1535; ESTC R216373
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1,763
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1
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An Extract of some Proceedings in Parliament Relating to 〈◊〉 Old East-India Company Sabbati 6. die Februarii 1691. Resolved THAT an Humble Address be made to His Majesty to Dissolve the present Hast-India Company according to His Power reserved in their Charter and to constitute another East-India Company for the better preserving the East-India Trade to this Kingdom in such manner as His Majesty in His Royal Wisdom shall think fit Resolved That the said Address be presented by the whole House Jovis 11. die Februarii 1691. Mr. Speaker reported to the House That he did yesterday present to His Majesty their Humble Address touching the East-India Company and that His Majesty was pleased to express himself to this Effect 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 them His positive Answer 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 reserved 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 Company 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 Committee of His Privy Council to prepare Regulations which they did and offered them to the Company But the Company notwithstanding their Declaration 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 Grade could not be perfected by his own Authority alone and that the Company could not be induced to consent to any such Regulations as might have answered the Intentions of the House of Commons and That the Concurrence 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 Honourable House of Commons took into Consideration the Settlement of the said Trade but finding the same Obstructed by the then Companies great Opposition toward the End of the Session Viz. Sabbati 25 die Februarii 1692. 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 Resolved That the said Address be Presented by the whole House Veneris 3. die Martis 1692. Mr. Speaker Reported to the House That he did yesterday Present to His Majesty their Address touching the East-India Company and that His Majesty was pleased to Express Himself to this Effect viz. Gentlemen I will always do all the Good in My Power for this Kingdom and I will Consider your Address However the Company by their Industrious Application procured A NEW CHARTER which passed under the Great Seal the Seventh day of October 1693. Notwithstanding which The very next Sessions of Parliament after the passing of the said Charter viz. the 19. Jan. 1693. 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