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A38638 An essay towards a scheme or model for erecting a National East-India joynt-stock or company more generally diffused and enlarged for the restoring, establishing, and better carrying on that most important trade: fully discoursed in a letter to a Person of quality. 1691 (1691) Wing E3297; ESTC R215599 44,400 34

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late Choice of an Alderman and it is a very great Reproach to that great City that such as have had any hand in betraying its Rights and Privileges or are reeking with the blood of their worthy Fellow Citizens should be admitted by any want of more fit persons to continue or be put up for Aldermen it being also but reasonable that such as are chosen to this Work and Employ and do manage so great an Affair and Trade in the very City should also be of the City This will agree with the Constitution of the Turkey Company c. And every one so chosen to any the said Trusts and Offices shall before he be admitted to sit and within Twenty days after being so chosen if not a Freeman take up his Freedom of the City which shall be allowed him paying no more than the bare Fees at the Chamberlains Office and shall have the same Liberty in chusing his Company as those have that come in by Redemption But if such Person shall refuse so to do then after the said Twenty days expiration another qualified Person be chosen in his Room nor shall he be capable of being chosen again till he be actually a Freeman of the said City but that notwithstanding any Custom of th● City the Estates of such Persons shall upon decease go according to their Wills or the Laws of the Land in other Cases the contrary Custom of the City seeming only to respect Shop-keepers and Mechanick Trades and not Merchants 9. That there be a Committee of Inspections chosen every year by the general Court which may consist of seven Persons of whom three to make a Quorum or Committee these ought to be Persons concerned not less than Three Thousand Pounds each in the Stock and of great Gravity Probity and Experience and are to overlook all Transactions and have such Power as may be convenient and necessary for such an Office and every year to render Account to the General Court how they find things and may be of great use to keep all men to their Duty and thereby Affairs in good Order and Method 10. That some Persons of the Privy Council or other Persons fit for the Service be appointed by Parliament to have inspection into Transactions and upon any Emergency or grand Affair to have Session among them or be applied to and to have such Power as to the Parliament shall seem meet the Reason whereof is what a great Man in the present Company tells us from another That trading Merchants while they are in the busie and eager prosecution of their particular Trades Interest and Profit Philopatris primi altho they may be very wise men are not always the best Judges of Trade as it relates to the Profit and Power of a Kingdom Probatum est with a Witness present E. I. Company 11. That the Ports in India belonging to the English be made free to the Subject of England and made easie to others that so there may be an Accession and Increase of Trade for the more flourishing populating and strengthening the said Ports And that the Island of St. Helena be made a free Port for the refreshing of Ships they requiring now of some Ships Half a Crown the Tun and of others much more per Tun only for leave to water and take in some fresh Provisions And besides they upon the Island do want many Necessaries hence which if not sent them by the Company 's Ships of which it's necessary two touch there yearly outward therewith that other Ships may have Liberty to supply them that so they may not be destitute and under discouragement for want of such things as heretofore they have been to the endangering the Loss of the Island 12. That no Dividends be made above Twenty per Cent. at one time and not till there be at least Thirty per Cent. or sufficient in Bank more than the necessary Stock to do it with 13. That no Money be taken up in India or very little and that upon most urgent Occasions and but for some small time as till our Gold and Silver can be coined or such like Occasions it being about three times as dear as here and if occasion require it the same may be better done at home which will be easier to the Company and Benefit to the Nation and Kindness to particular Persons 14. That great Care be had for the Navigating part not only for incouragement in Trading but also that Voyages be so proportioned out that those Walls and Bulwarks of our Nation be not enfeebled and destroyed by unseasonable going out and overlong staying in the Country which has been a most unhappy Circumstance of late ruined many gallant Ships and destroyed a World of brave Men and from what Interest this has proceeded is easie to imagine For the Seafaring Party are never Friends to Arbitrary Power Tyranny Slavery or Popery 15. That in regard all humane Acts are subject to Error Imperfection and Decay therefore that at the End of Seven years or some such set time or as soon after as there shall be a Sessions of Parliament that a Report be made unto them by the Governor and Committee or the Committee of Inspections of the State of the Trade and if there be any Defects or Excesses in the Constitution or Settlement that Provision may be made accordingly and had this been done by this Company or another Society in the Nation there had not in all likelihood been any such Cause of Complaint against them or need of their being dissolved as at this day 16. That there be a greater Liberty for persons going over to reside in India of all Sexes than of later times has been allowed in regard it will be for the Enlargement of Trade in those parts and for the strengthening of our Interest and may be a means of setling in some advantageous Parts which for want of People we cannot now do 17. That all such convenient Authorities be intrusted with them as may preserve them as a Society in suppressing all Vice Debauchery Wickedness immoral irreligious Acts and for the doing of Justice between man and man the preserving Order refelling and subduing Enemies securing of Trade all agreeable to the Laws of this Land and suitable to a Corporation and so great an one at so vast a distance and such as may gain upon and not alienate the Hearts of the Subjects of England 18. That tho it be hoped there will no such thing happen yet if there should any considerable dispute or difference fall out between the Companies Chief and Council in India and any the Subjects of England or others inhabiting there as being under the Protection of the English for any supposed illegal Acts as Seizures Force Oppressions Fines Punishments or the like and Complaint be made thereof here that the same may be heard and determin'd by Persons delegated thereto by Parliament who may more properly be appointed by their Offices as the