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A38195 An account of some transactions in the honourable House of Commons, and before the right honourable Lords of the King's most honourable Privy Council, relating to the late East=India Company together with the said companies new charter. England and Wales. Parliament. 1693 (1693) Wing E2503; ESTC R32900 21,455 28

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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 Trade 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 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 Notwithstanding the aforesaid Propositions some time after several other Regulations were agreed on to Establish the said Company by adding New Subscriptions to their Stock Without any Security to be given to make that Stock worth any thing at all But those Regulations did not pass into a Charter the late Company having made default in Paying in the first Quarterly Payment of the Tax charged on their Joynt-Stock according to the Tenour of the Act of Parliament whereby their former Charters became absolutely Void in Law However the Late Company by their Industrious Application have since procured A NEW CHARTER for Restoring and Confirming all their former Grants which passed under the Great Seal the Seventh day of October 1693. Which New Charter follows in these Words Viz. WIlliam and Mary By the Grace of GOD King and Queen of England Scotland France and Ireland Defenders of the Faith c. To All to whom these Presents shall come Greeting Whereas the Governour and Company of Merchants of London Trading into the East-Indies have been of long time to the Honour and Profit of this Nation a Corporation and have enjoyed divers Liberties Priviledges and Immunities by force of several Charters and Letters Patents heretofore Granted to them by several of Our late Royal Predecessours * Recital of several of their former Charters more particularly by Letters Patents of Our late Royal Uncle King Charles the Second under the Great Seal of England bearing Date the Third day of April in the Thirteenth year of His Reign and by one other Charter or Letters Patents of the said King Charles the Second under the Great Seal of England bearing Date at Westminster the 27 day of March in the 20 year of His Reign and by one other Charter or Letters Patents of the said K. Char. II. bearing date at Westminster the 16 day of December in the 25 year of His Reign and by one other Charter of Letters Patents of the said late K. Char. II. bearing date the 9 day of August in the 35 year of His Reign and also by a Charter or Letters Patents of the late K. James II. bearing date at Westminster the 12 day of April in the Second year of His Reign And whereas some Doubt or Question hath of late been made touching the Dalidity of the Charters of the said Company and whether the same be not in strictness of Law Void by the not actual Payment into the Receipt of Our Exchequer of the First Quarterly Payment of the Tax of 5 L. per Cent. Charged on the General Joynt-Stock of the said Company according to an Act made in the Last Session of this present Parliament entituled An Act for Continuing certain Acts therein mentioned and for Charging several Ioynt-Stocks Now Know ye That We taking the Premisses into Our Royal Consideration and well weighing what Disorders and Inconveniencies would befal the said Company and other Persons concerned and employed in their Trade and Adventures especially in the Remote Parts of the World if We should take Advantage of the Forfeiture aforesaid if any be And We being willing that the said Governour and Company or late Governour and Company of Merchants of London Trading into the East-Indies and their Successours should Have and Enjoy all such and the like Lawful Powers Priviledges Advantages and Immunities and in as ample manner to all intents and purposes as if the said First Quarterly Payment of the said Tax had been duely and regularly Made according to the said Act * Their Majesties Grant that the Members of the late Company Of Our especial Grace certain Knowledge and meer Motion have made ordained constituted declared and appointed and by these Presents for Us Our Heirs and Successours do make ordain constitute declare and appoint That Sir Tho. Cooke Knight and one of the Aldermen of Our City of London Francis Tyssen Esq George Earl of Berkley Sir John Fleet Knight Lord Mayor of Our City of London S r Josiah Child Baronet Sir William Langhorne Baronet Sir Benjamin Bathurst Knight Sir John Moore Knight and one of the Aldermen of Our City of London Sir Samuel Dashwood Knight and one of the Aldermen of Our City of London Sir Edward Des Bouvery Knight Sir Tho. Rawlinson Knight Sir William Gore Knight and one of the Aldermen of Our City of London Sir Jos Herne Knight Sir Rowland Aynsworth Knight John Perry Esq Geo. Boune Esq Ric. Hutchinson Jun. Esq Frederick Herne Esq Ralph Marshall Esq Ric. Acton Jo. Cooke of Hackney Francis Gosfright John Dubois Isaac Houblon Samuel Ongley and Nathaniel Mounteney Gentlemen and all and every other Person and Persons who were Members of the said Company or Late Company of Merchants of London Trading into the East-Indies on the 24 day of March now last past who have not since parted with their Stocks in the said Company * Together with all persons come into the Company since the 24 of March 1693. be incorporated by the name of the Governour and Company c.
is necessary to pay their Debts XXVIII Prop. That the said Companies Accomptant keep a Book to enter the Value of the Stock upon Oath to lie Open for the perusal of all persons concerned XXIX Prop. That all Transferrs of Stock shall be Registred and Entred in a Book to lie open to all persons concerned XXX Prop. That the said Joint-Stock shall continue for 21 years and no longer XXXI Prop. That a Book of new Subscriptions be laid open for a succeeding new General Joint-Stock before the expiration of the said 21 years appointed for this Stock XXXII Prop. That the Company be obliged for the better and more secure carrying on of their Trade to have Ships of their own To which Propositions the late Company on the 28 May 1692. put in their Answer in these words viz. The * Tho' as appears by the Style 't is rather The Insolent Answer c. Humble Answer of the Governour Deputy Governour and Court of Committees of the East-India Company to a Paper of Propositions for Regulation of the East-India Company Received from the Right Honourable the Earl of Nottingham Their Majesties Principal Secretary of State I. Proposition THE Fund to be made up 1500000 l. at least and not to exceed Two Millions Answer The Company do humbly averr and are ready to Prove to the King 's Most Excellent Majesty's Satisfaction That their present quick and dead Stock and Revenue is of more Real Value than the said Sum of 1100000 l. II. Prop. The Stock of the present Company to be part of this Fund and to be rated at 744000 l. if they can give Security that it shall Effectually produce that Sum or else at so much less as they will engage to make good after all Debts paid and Satisfaction made to the Mogull and his Subjects against whose Pretensions the New Stock to be indemnified by the like Security Answ The Company recommending their Righteous Cause to GOD and His Majesties known and famous Justice in the whole course of his happy Life say That The Value of every Thing is what it will Sell for and their Stock under all the Calumnies and Persecutions of their Adversaries now currently Sells for 150 l. per Hundred and they know and can prove it to be intrinsecally more worth than that currant Price But they know no Law or Reason why they should be dispossessed of their Estates at any less Value than they are really worth in ready Money by all the Measures any thing is valued in any part of the World They humbly say as to Security They know no Reason why they should give Security for their own Estates They affirm That they owe not a Penny to the Great Mogull or any of his Subjects other than their running Accounts with their own Banyans and Brokers which are changing daily like Merchants running Cash in a Goldsmith's hand Although the Company owe nothing to the Mogull as aforesaid yet the bare mentioning any such thing by a Publick Act of His Majesty would be enough to perswade Him to invent Demands upon the Company for Transactions and Pretences done in Ages past before any of the present Adventurers were born and therefore that part of the Proposition seems Manifestly Impossible as well as Vnjust neither the Mogull nor any of his Subjects having made any Complaint to His Majesty of the Companies being in Debt to him or them That being only a Suggestion of the Interlopers and their Adherents not only now but for many years past As to that Hypothesis if they can give Security It will not become the Company to say what they might of their own A●ility or the Ability or Disability of their Adversaries they are on both sides well known upon the Exchange III. Prop. That the said Stock of the present Company shall be brought home at any time within years in the Ships abroad or those to be sent on account of the New Stock paying the same Freight and disposed of at Publick Sales by the Members of the present Company and the Nett-proceed thereof to be taken as part of the 744000 l. as shall also the Value of their Forts c. to be Estimated by indifferent persons and put into the hands of the New-Charter Company But after days no Goods to be Exported to the East Indies on Account of the Old Stock Answ The Company say they have as real a Right to all their Forts Cities Towns and Territories in India to them and their Successors for ever as they have to their purchased Lands and Ware-houses in England belonging to the Companies Joint-Stock or other Private Lands or Manors belonging to the particular Adventurers Rex Dei Gratia being Originally the Title by which very many Manors and Lands Court-Leets and Court-Barons are held in England And as the Company are not willing to be dispossessed of their said Real Estate until they are paid for them which they believe in their Consciences hath Cost them at several times above a Million in ready Mony Sterling besides the Interest But for the Price that should be paid them for their said Real Estates if it were come to that single point they would refer themselves to and rely upon His Majesties Justice as aforesaid IV. Prop. That what-ever the quick and dead Stock shall thus produce more than 744000 l. shall be divided wholly between the Members of the present Company proportionably to their respective Stocks V. Prop. Books to be provided for new Subscriptions within and then the Books to be closed VI. Prop. If the Subscriptions exceed Two Millions each Subscriber to be Reduced proportionably till the whole make but Two Millions VII Prop. That every Subscriber pay in his Money upon pain To the IV V VI and VII Propositions the Company humbly Answer That they do as little understand the New Subscribers as they suppose most of those Subscribers know the Affairs of India But the Company know the late new way of Subscribing without Authority from His Majesty is an old Practice of Interlopers and others emulous of the Companies Prosperity and hath formerly been debated upon the like voluntary Subscriptions several times and many years since in the Reign of King Charles the Second when some of the Lords of His now Majesties most Honourable Privy Council were present But it always ended in only giving Unnecessary Trouble to His Majesty and the Company VIII Prop. No One Person to have above 10000 l. in this Stock in his own or others Name in trust for him and every Subscriber shall make Oath accordingly and that it is his Own Money Answ This Proposition in Duty to His Majesty and in Love to our Native Country the Company must freely declare against as being notoriously prejudicial to the Nation who-ever the Adventurers are First Because Trade is a Free Agent and must not be Limited or Bounded if it be so in any Nation it will never prosper Secondly It is against the Laws and Customs of