prove That their Unjust and Unwarrantable Actions have been such as have tended to the Scandal of our Religion to the Dishonour of the Crown and Nation the Reproach of our Laws the Oppression of the People and the Loss of the Trade it self For some of which they and their Agents have been justly Censured in Parliament But to follow the Respondents in their own Method As to the Petition relating to the Charter now lying before Your Majesty The Petitioners in all humility Reply That the Respondents have endeavoured to Evade the main Scope thereof which was not as they insinuate only to suspend the Passing of the Charter but that the Petitioners Right to the Freedom of that Trade might be determined by a due course of Law In order to which the Petitioners offered to Join in a speedy Trial which would settle this matter and the Respondents avoiding it plainly argues their own Conviction that the Law is against them which makes them decline that Method of a Legal Determination by which the common Rights of all Men are and ought to be decided and therefore endeavour to draw it into question before Your Majesty in Council where they themselves know it cannot be determined But the Petitioners in humble Confidence of Your Majesties Justice hope that Your Majesty will not deprive them and the rest of Your Majesties Subjects of their Right thereunto For that the Petitioners are advised That not only the Executing such Prohibitory Powers but even the very Obtaining them are criminal and punishable by Law As to the First of the Eight Points insisted on by the Respondents viz. The Nature of the Avoidance of their Charters by Act of Parliament c. The Petitioners humbly Reply That the desired Charter is not so properly a Restauration of the Late Company as a New Creation and that a Corporation when once Void as in the present Case cannot be Restored by a Charter of Restauration but must be done either by an Act of Parliament or a Charter of New Creation and so is the Scope of the Grant now desired And as to the Respondents Pretence That the Intention of the Parliament was not to Dissolve them 'T is most evident That the Parliament did Intend that their Failure of Payment at the day should Determin their Charter for that the time of Payment is made peremptory and penal by the words and meaning of the said Act and no Averrment in any case ought to be Received out of Parliament to Construe an Act of Parliament contrary to the express Letter of it especially where the Parliament who made the Act is in being and like to be so soon Assembled again But the industrious and eager Application of the Respondents for a Charter to Pass when the Session is so very near plainly shews they are convinced That the Parliament had no such Intention whatever they may pretend For the House of Commons was so far from discovering the least Intention to continue them when they were a Company much less to Restore them now they are not that they have twice solemnly Addressed to His Majesty to Dissolve them and in the whole time that this matter was depending before them 't is observable they did not make any the least step which tended to their Continuance Moreover the restless Importunity of the Respondents for a Charter at this time is the more unseasonable in regard His Majesty declared in His Message to the House of Commons the last Session That the Dissolving the Late Company and constituting a New one tho' necessary to preserve this Trade could not be perfected by His own Authority alone without the concurrence of the Parliament to make it complear and useful And for that reason having commanded all the Proceedings in that matter to be laid before them His Majesty referred it to their Settlement who being prevented by the Companies great Opposition Addressed to the King the last Session to Determin the Charter reserving the Settlement of that Trade to themselves as His Majesty had graciously Referred it And this zealous Application of the Respondents for a Charter to pass so nigh the Session can be no other than a Design in them to take the Settlement of that Trade out of those very hands to which His Majesty did so expresly commit it Therefore it seems a great failure in the Respondents of that Duty they owe to Your Majesty To press so earnestly the Passing a Charter in direct opposition to the declared Sence and repeated desires of the Commons in Parliament so nigh the time of their Meeting As to the Respondents pretence of Equity in case of Penalties and Forfeitures the Petitioners humbly Reply That tho' there can be no Equity against the penalty of an Act of Parliament yet the forfeited Estate of the Late Company being now Your Majesties may be Restored to them at Your Majesties pleasure without any such Charter as is desired if Your Majesty shall think fit so far to remit the Forfeiture which with humble submission is all the equity they can pretend to And if their Estate be so valuable as they alledge it is Your Majesties Remitting their Forfeiture as to that will be so great a Grace and Bounty toward them that they will have no reason to urge the Payment of their Tax as an Argument for a New Charter or any ways to regret the Payment ' thereof And because the Respondents have endeavoured to excuse their Non-payment alledging the Exchequer was shut and that their Money was ready had the Officers been there to Receive it The Petitioners cannot but Observe That all their other Allegations are made the less creditable by the insincerity of this For when this Matter was referred by Your Majesty to be Examined it did plainly appear by the Testimony of some of the Principal Officers in the Receipt of Your Majesties Exchequer taken in the presence of several of the Respondents themselves and afterwards confirmed by the Affidavits of several of the Under-officers now ready to be produced That the Office-doors were open on the 25th of March last during the usual Hours that the Officers were attending in their Places that Publick Business was dispatched and that the Respondents Money would have been Received if it had been Tendred Which Misrepresentation of this Matter to Your Majesty is a great Presumption in the Respondents Besides their eager pressing for a New Charter is a sufficient Argument of their Self-conviction That their Money was neither Paid nor Tendred at the time appointed and consequently That their Charters are Void As to the Second Allegation in the said Answer wherein the Respondents charge the Petitioners to insist That such Restitution and Grant of the Sole Trade is against Law and do assert the Power of the Prerogative in Granting a Sole Trade to some with Exclusion to others Forasmuch as the Respondents do urge the Power of the Prerogative to Obstruct the Petitioners in the Exercise of their Lawful
A JOURNAL OF Several Remarkable Passages BEFORE The Honourable House of Commons and the Right Honourable the Lords of Their Majesties Most Honourable Privy Council RELATING TO The East-India Trade THE Ruinous Condition of our Trade to the East-Indies having put several Merchants and others upon considering by what means so Advantagious and Profitable a Trade might be secured from being utterly lost to this Kingdom and if possible be re-establisht It was concluded that the most likely way to obtain that end was to endeavour the procuring an Act of Parliament for establishing a new East-India Company founded on a new and sufficient National Joint-Stock clear of all Incumbrances Whereupon those Merchants prepared the following Petition which was delivered to the Honourable House of Commons the 23 October 1691. Praying such an Establishment To the Honourable the Commons of England in Parliament Assembled The Humble Petition of several Merchants and Traders in and about the City of London and other Their Majesties Subjects Sheweth THat the Trade to East India is of great Importance to this Nation and yet by the manifold abuses and unlawful Practices of the present East India Company both at home and abroad who have managed the same only for their Private Gain without any regard to the Publick Good the said Trade is like to be utterly lost to this Kingdom and to fall into the hands of Foreiners unless timely prevented by some better Regulation thereof on a New Joint-Stock and Constitution Your Petitioners therefore most Humbly pray this Honourable House for preventing so National a mischief to take into your Consideration the Establishing a New East-India Company in such manner and with such Powers and Limitations as in your great Wisdom shall be thought most conducing to the preservation of so beneficial a Trade to this Kingdom And Your Petitioners shall ever Pray c. This Petition was Signed by a great Number of Gentlemen Merchants and other Traders who together with several Noble Lords shewed their Willingness to Promote so good a Work and to be Concerned the several Sums by them Subscribed towards Raising such a Stock to carry on that Trade making it their request to those persons who had engaged themselves therein to pursue their endeavours to procure such an Establishment as appears by a Writing Signed to that effect Copy whereof follows WHereas the Trade to East-India is of very great importance to this Nation and yet through the many Abuses and Vnlawful Practises of the Managers of the present Joint Stock both at home and abroad is like to be utterly lost if some speedy Care be not taken by Application to Their Majesties and the Parliament to procure a regular and lawful Establishment of the same which cannot be compleated without a new and sufficient National Joint-Stock clear of all Incumbrances And Whereas divers Eminent Merchants and Traders in and about the City of London are accordingly endeavouring to procure such an Establishment for the Benefit and Advantage of all Persons who shall or will be concerned in the said Trade We the Subscribers being willing to promote so good a Work and desirous to preserve a Trade so highly beneficial to Their Majesties and this Kingdom in general do hereby severally Promise and Oblige our selves so soon as such Establishment shall be made to pay the several Summs of Money by us Subscribed towards raising the said Stock at such time and place as a Committee to be chosen by the major part of us the Subscribers shall direct and appoint And we do hereby make it our Request to those Persons who have engaged themselves by a certain Writing under their hands bearing date the 8 instant to endeavour the procuring such Establishment to pursue those their endeavours to perfect and compleat the same And we do hereby further promise to allow and pay them out of the said Joint Stock when the same shall be settled as aforesaid all such Sums of Money as shall be thought necessary by them to be laid out and disbursed in obtaining the said Establishment according to the true intent and meaning of this Preamble so as the account thereof be Allowed and Signed by the major part of those who have Subscribed the Writing above mentioned The Honourable House of Commons shewed a very great inclination and readiness to promote an undertaking so necessary and advantagious to this Kingdom and made a considerable Progress therein But finding themselves prevented in the Accomplishment of it as well by the pressing occasions of other Publick Affairs as by the great opposition of the then Company they presented to His Majesty the following Address Sabbati 6 die Februarii 1691. 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 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 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 His Majesty during the recess of the Parliament referred the Consideration of the Settlement of that Trade to a Committee of the Lords of His Most Honourable Privy Council who were likewise prevented therein by the then Company as may appear by the Regulations which their Lordships proposed to them and their Answer together with His Majesties Message sent to the House of Commons the last Sessions complaining of their Carriage upon that occasion all which being lately Printed it will be needless to repeat them The Merchants who were entrusted in endeavouring to obtain the Establishment of a New East-India Company by Act of Parliament delivered another Petition to the Honourable House of Commons in the next Sessions as follows viz. To the Honourable the Knights Citizens and Burgesses in Parliament Assembled The Humble Petition of several Merchants and Traders in and about London and other Their Majesties Subjects Sheweth THat the Petitioners with many others did in the last Session of Parliament make their humble Application to this Honourable House for the Erecting a New East-India Company to preserve that Trade which for want of Settlement is in great measure lost to this Kingdom will wholly fall into the hands of our Neighbours unless timely prevented The Petitioners therefore humbly pray this Honourable House to take into Consideration the Erecting of a New East-India Company for the Retrieving and Securing that Trade to this
Majesties Royal Predecessours Kings and Queens of England pretended by the Petitioners to be Avoided by the Non-payment of the First Quarterly-payment laid upon several Joint-Stocks by a late Act of this present Parliament And the Reason of such Stop seems to be taken I. From the Nature of the Avoidance which as it is said is by Act of Parliament and so as is pretended not to be Restored by Your Majesties Power only II. That such Restition is against Law as giving the Company the Sole Trade to the Indies III. That the Intended Charter of Restauration contains Clauses and Powers repugnant to the Laws of the Land The Respondents Humbly Crave Leave to Represent to Your Majesty That though it should fall out in strictness of Law that their former Charters should be Avoided for that Neglect or Omission in not paying the first quarterly-payment at the precise day limited for the Payment Yet the Respondents Humbly Hope Your Majesty will not be pleased to suffer that Advantage to be taken against them since the full intent and meaning of the Parliament hath been performed by the actual Payment of the Money in a few days after the precise day which prefixed Time of Payment by reason the Act came not forth in Print 'till that very day was not certainly known to the Respondents 'till that very day being Lady-day upon which by Antient Usage Your Majesties Recepit of the Exchequer hath not been open However they so far proceeded to Comply with the Letter of the Law as to Provide the Money ready to Pay it had the Officers of the Receipt been there to Receive it and the same as also another subsequent Payment hath been Answered and Paid to Your Majesty So that if the Respondents have Failed in any Punctilio according to the strictness and nicety of Law in not Paying it in upon the first precise Day yet the Respondents humbly conceive the Parliament added the Forfeiture of Charters as a Penalty only to Oblige the Payment of the Money and with no other Intention and have added no Disability to have them restored by Charter And it is an Inherent Right in the Crown either to Create or Restore Corporations and Relief in Westminster-Hall is daily given against Forfeitures for Non-payment of Money or Rent at the Day whereby Leases Estates and Bonds become Forfeited and New Estates and Leases decreed to be made And Your Majesty is Your Own Chancellour in this Case for could the Ordinary Court Restore a Corporation it might and would certainly be done there but that being a Flower of the Crown can only be done by Your Majesty and with Submission stands upon the same Natural Equity and Justice as Relief against any other Forfeitures of Estates do nor doth the Avoidance arising by Non-performance of a matter Enjoined by Parliament alter or lessen the Right of the Prerogative in Making or Restoring Corporations nothing being against it in the Act. As to the 2d point Wherein the Petitioners deny Your Majesties Power to grant the sole Trade to the East-Indies to a Company That power is sufficiently justified by the long and antient Practise in making of Companyes and granting them the sole Trade to several places as in particular to the Hamborough the East-land the Turkey Company and others who all derive and enjoy the power of such Trade under and by Vertue of Royal Charters only and there is something more of reason for the Interposition and Exercise of the Royal Prerogative in the East-Indies which are inhabited by Infidels that by the Laws of the Land are accounted perpetual Enemies than in other places not Infidel and the Crown hath been in Possession of this Prerogative as to the East-India Trade in and ever since the Reign of Queen Elizabeth when it was Discovered first in England without Interruption till of late invaded by some bold Interlopers under the name of Free-Traders Notwithstanding the Petitioners have and do vainly pretend that Trade is and ought to be Free to all Your Majesties Subjects by force as they alledge of some Antient Acts of Parliament which for want of a right Apprehension and Understanding they misapply to this purpose And upon the Consideration of them and of what else could be objected against this Royal Power a solemn Judgment of your Majesties Supreme Court of Iustice in Westminster-Hall hath past and remains in force in affirmance of this Your Majesties undoubted Prerogative As to the Third Objection that the Charter of Restoration and Confirmation prepared contains Clauses and powers repugnant to the Laws of the Land The Respondents are advised and humbly Insist that by that Charter the Company will be restored to nothing but what they lawfully held and enjoyed before the alledged avoidance of their Charter and that by this restitution they are not nor can be presumed to be restored unto or to have any thing confirmed unto them but what is Legal and warranted by the Laws of the Land the Words being tied up and restrained to what is Legal only so that if there were any in their former Charters not warranted by Law they cannot by Vertue of this Charter make any Pretence to it nor put it in Execution so that there can be no reasonable Objection against this Charter which restores to the Company only what is lawful and hath been lawfully enjoyed by them and when such Charter is granted and the Companies Antient Right restored they shall be ready to Assert Your Majesties and their Right thereby in a due and legal Course as occasion shall offer In Answer to the Petition of the clothiers and Woollen Manufacturers The Respondents Humbly say That in the years 1689 1690. by reason of Your Majesties Occasions they could not be permitted to send out more than 4 Ships and therefore could not Export so large a quantity of the Manufacture of this Kingdom as otherwise they would but having liberty for a greater quantity of Shipping in the 2 last years they exported to India on their Tonnage to the Value of about 100000 l. in Cloth and other Goods of the Product of this Kingdom and they do farther humbly assure Your Majesty that they will send out this year upwards of 100000 l. of Woollen Cloth and other Goods of the Growth Product and Manufacture of this Kingdom pursuant to the late Votes of the Honourable House of Commons if they may obtain a sufficient Number of Shipping In Answer to the Petition of the Linnen Drapers and others Trading in East-India Goods The Respondents humbly say that the small number of Shipping sent out in the Years 1689 and 1690 for want of Leave and Protection for their Men and the late unhappy loss of the Shrewsbury and Orange both cast away homeward bound and the Herbert unfortunately blown up in Fight with Six French Men of War in India these are the reasons of the present Scarcity of East-India Commodities but this will be remedied by the Two Ships now arrived Five
Nation in such manner as to the Great Wisdom of this House shall seem most Expedient And Your Petitioners shall ever Pray c. This Petition was delivered the 14th of Novemb. 1692. being the same day the aforesaid Message from His Majesty was sent them Wherein He acquainted the House That the Settlement of that Trade could not be perfected but by Parliament and Recommended it to them to prepare a Bill in Parliament for that purpose Accordingly they prepared a Bill for the Erecting of a New East-India Company but the perfecting of the same being again prevented by the Late Company that Honourable House made a second Address to His Majesty only to Dissolve the said Company which together with His Majesties Aswer was as follows 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 30 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 Soon after the Rising of the Parliament it was generally reported Regulations were agreed on to establish the Late Company adding 756000 l. to their Stock by new Subscriptions without any Security which Summ with their supposed 744000 l. should make a Stock of 1500000 l. being what the House of Commons had Voted a Fund necessary to carry on that Trade The Members of the Company having given assurance that the 756000 l. would be readily Subscribed amongst themselves on those terms if others should decline it A New Charter was thereupon ordered to be prepared and it was given out That all Persons were satisfied with and agreed to these Regulations and particularly that they were approved of by all or the most of those who had been entrusted to procure the Settlement of this Trade in a New Company establisht by Act of Parliament But they being far from approving any such Proceedings thought themselves concerned to Vindicate their own Reputation lest they should be censured as consenting thereunto and so to have betrayed that Trust which was reposed in them viz. To endeavour the obtaining the Establishment of a New Company for that Trade by Act of Parliament with a New and Sufficient Joint-Stock free of all Incumbrances Therefore they resolved to Petition His Majesty in which all those who first engaged in the prosecution of that Business concurred excepting one who desired to be excused and another who had already changed his mind acting in behalf of the Late Company in opposition to what he had at first undertaken The Petition was delivered the 23d of March as followeth viz. To the King 's Most Excellent Majesty The Humble Petition of divers Merchants and others of the City of London Sheweth THat the Petitioners with many others after their humble Application first made to Your Majesty did prefer their Petitions to the Commons of England in Parliament assembled the two last Sessions for the Establishing a New East-India Company and preserving that Trade to the Nation whereupon two Addresses to Your Majesty ensued from the said House Now in as much as the Petitioners do most humbly conceive That such an Establishment by a New Free and National Subscription for the Raising a sufficient and real Fund to carry on that Trade would be of great Advantage to this Kingdom and most acceptable to Your Majesties Subjects in general And that the Adding New Subscriptions to the Imaginary Stock of the present Company would expose such of Your Majesties Subjects as should Joyn with them to a certain great Loss and Damage and their New Money become liable to Pay the Debts and Demands due from the present Company whereby all the Stock raised by such New Subscriptions may be swallowed up and consequently the entire Loss of that Trade endangered The Petitioners therefore most humbly Pray That Your Majesty out of Your Princely Care for the Good of Your People would be graciously pleased to take the same into Consideration so that the aforesaid Mischiefs may be prevented and all Your Majesties Subjects made Partakers of the Benefit of that Trade upon Equal Terms And Your Petitioners as in Duty bound shall ever Pray c. The Parliament having Taxed several Joint-Stocks the last Sessions and among others the Joint-Stock of the East-India Company and Rated it at 744000 l. and the Members of the East-India Company who were of that Honourable House pleading to excuse that Tax That their Stock would be worth little or nothing if they Payd their Debts it was thereupon Enacted as follows And in case the Governours and Treasurers of the said respective Companies shall make Default in Payment of the said several Sums or any of them respectively Charged on the Stocks of the said Companies at the Days and Times aforesaid according to the true Intent of this Act the Charter of such Company respectively shall be and is hereby Adjudged to be Uoid The Company nevertheless made Default in Paying the first quarterly Payment of the said Tax on the 25 of March being the day limited in that Act whereby their Charters became absolutely Void which put a stop to the further proceeding of their intended New Charter Hereupon it was generally concluded This Accident would have given a favourable Opportunity for the speedy Settlement of that Trade on such a Foundation as the House of Commons had desired and the Nation expected which had before been so long Obstructed by the Late Company seeing they were now Dissolved by their own Act and thereby the difficulty of the Three Years Warning was wholly removed But those Hopes were soon dissipated Orders being given for the drawing a New Charter to Restore to the Late Company not only their former Grants but to establish new Regulations appointing 756000 l. to be added by new Subscriptions to their supposed 744000 l. without any Security to be given to make their Stock worth it in like manner as it was resolved to have been done if their Charters had not been Forfeited Upon which those who had been entrusted to obtain the Establishment of a New East-India Company by Act of Parliament entred Caveats at all the Offices against the Passing any Grant to the said Company that so nothing might be wanting on their parts to Oppose it But the Difficulties were so great in Modelling such a Charter as was proposed that after some time spent at last it was judged most practicable and expeditious first to Grant a Charter of Incorporation and Restoration and afterwards to add to it the other intended Regulations Notice was sent to those who were concerned in the Caveats that they