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.
said Oaths appointed by the said late Act of Parliament and also a Corporal Oath That they will faithfully and truly Execute their said several and respective Offices of Deputy-Governour and Committees of the said Company before the said Sir Thomas Cooke herein before named and constituted to be the present Governour of the said Company To whom We do hereby give full Power and Authority to Give and Administer the said Oaths to the said Deputy Governour and Committees accordingly And of Our further especial Grace certain Knowledge and meer Motion * That all Acts done by and to the late Company since the 24 of March 93. be ratified and confirmed We have ratified and confirmed and do by these presents Ratifie and confirm all Acts done by and unto the said Governour and Company or late Governour and Company since the said 24 day of March last by virtue or colour of their said former Charters or any of them to be as valid and effectual as if the said First Quarterly Payment of the said Tax had been duly made according to the said Act and the said former Charters had not been forfeited or made void And We have also given granted restored and confirmed and by these presents for Us Our Heirs and Successors do give grant restore and confirm unto the Governour and Company of Merchants of London Trading into the East-Indies That all their Plantations Joynt-Stock Goods and Chattels Powers Priviledges and all other things be restored and confirmed to the said Company which were or might be lawfully used or enjoyed hereby constituted and confirmed and their Successors all and every the Ports Islands Plantations Territories Castles Forts Fortifications Ordnance Armour Artillery Munition Arms Guns Powder Shot Victuals Magazins Stores Ammunition and Provisions of War Ships Junks Vessels Boats Joynt-Stock Manors Lordships Mesuages Houses Lands Tenements Hereditaments Goods Wares Merchandizes Cattel Chattels Real and Personal Debts Dues Duties Right of Actions and Demand in Law or Equity Powers Priviledges Liberties Franchises Jurisdictions Customs Rights Royalties Immunities and Advantages whatsoever and all other things Which were lawfully held received used exercised or enjoyed or might or ought to have been lawfully held received used exercised or enjoyed by the said Governour and Company or late Governour and Company of Merchants of London Trading into the East-Indies on or before the said 24 day of March now last or at any time since by force or virtue of any Grants Charters or Letters Patents whatsoever heretofore granted unto them or mentioned to be granted or confirmed to them by any of Our late Royal Predecessors Kings or Queens of England by any Style or Title of Incorporation whatsoever or otherwise howsoever and under and subject to the several and respective Proviso's Limitations Clauses and Restrictions herein and in the said former Grants Charters and Letters Patents or any of them contained * To have and to hold the said Powers c. in such manner as they might or ought lawfully to have held and enjoyed the same as if the said Powers were at large recited To Have Hold Vse Exercise and Enjoy the said Ports Islands Plantations Territories Castles Powers Priviledges and all and singular other the Premisses herein before mentioned and intended to be hereby granted and restored and every of them unto the said Governour and Company of Merchants of London Trading into the East-Indies and their Successors in such and the same manner and to and for such and the same intents and purposes in all things as the said Governour and Company or late Governour and Company of Merchants of London Trading into the East-Indies might or ought lawfully to have held used exercised or enjoyed the same on or at any time before the said 24 day of March now last past As if the same Powers Priviledges and Immunities and other the premisses were hereby particularly granted and the Letters Patents concerning the same at large recited Under and subject nevertheless to the Proviso's Restrictions and Limitations contained in these Presents and in the former Charters to the said Company * Provided that if the said Company do not submit and conform to such alterations restrictions and qualifications as the King shall make before the 29. Sept. next it shall be lawful for His Majesty to revoke this Charter Provided alwayes and upon condition nevertheless and Our Express Will and Meaning is That if the saiâ— Governour and Company of Merchants of London Trading into the East-Indies and their Successors do not accept of and from time to time and at all times hereafter Act according to and put in due and effectual Execution and Submit and Conform in all things unto such Orders Directions Additions Alterations Restrictions and Qualifications relating to the Constitution Continuance Determination Rights Powers or Priviledges of the said Company or the Government thereof or of the said Governour and Company or the Encouragement Management Regulation or Advancement of Trade or of the present or future Joint-Stock of the said Company Or concerning any future Subscriptions to be made by way of Increase or Addition to the Joint-Stock Or for Ascertaining the true Values of the said Joint-Stock at and during the times of any such future Subscriptions which and as We Our Heirs or Successors by the Advice of Our or Their Privy Council shall from time to time at any time before the 29 day of September which shall be in the year 1694 think fit to make insert limit direct appoint or express in or by any further or other Charter Letters Patents or other Writing or Instrument under Our or Their Great Seal of England Then and in each and every of the Cases aforesaid it shall and may be lawful to and for Us Our Heirs and Successors by Letters Patents under Our or Their Great Seal of England To determin revoke and make void these Presents and the Grant hereby made And from and immediately after the Passing of such Letters Patents of Revocation or Determination under the Great Seal of England these Presents and all the Powers Priviledges Grants and other things herein contained shall cease determin and be absolutely void to all intents and purposes any thing to the contrary notwithstanding And further We have given granted and restored and by these Presents for Us Our Heirs and Successors do give grant and * That the said Companies Debts be restored to them restore unto the said Governour and Company or late Governour and Company and their Successours all and every such Debts Summs of Money Duties and Demands whatsoever in Law or Equity which to the said Governour and Company or late Governour and Company were grown due or payable at any time before or on the 24 day of March now last past or which are since grown due or payable or shall hereafter grow due or payable by any person or persons whatsoever as well Our Natural-Born-Subjects as Aliens and Strangers Giving and by these Presents
no East-India Company in any part of Europe have any such Shackles imposed upon them which would but hinder their Progress for the Publick Good and Honour of their Country in many Cases XXII Prop. That there shall be no private Contract for the Sale of any Goods but they shall be all Sold in Publick by Inch of Candle for the Companies Account XXIII Prop. That no Lott of any Goods to be Sold shall exceed the Value of 500 l. Answ These two are Novelties and such as were never imposed upon any East-India Company in Europe and are against Natural Right and if Establisht would tend to the National Prejudice of England as the Company doubt not to make evident to His Majesty by irrefragable instances and Examples Trade must be Free for the Publick Good otherwise it will Die or Fly away XXIV Prop. Every Year the Company shall deliver to their Majesties use 500 Tuns of Salt-Peter at per Tun if required the refraction not exceeding Ans The Company will always serve Their Majesties with Salt-Peter as Cheap as they can afford it and doubt not but to please Their Majesties therein as they have done all their Royal Predecessors But to be limited to a certain Price or Quantity or Refraction Is a Novelty that was never Imposed upon this or any East-India Company and it had been an unhappy Accident for England if such an Imposition or Constraint had been laid upon the Company 10 or 20 years past for if that had been done there could not have been one fourth part of the Peter in England as the Company had in Store which was about 3000 Tuns when this War with France begun There is a Famous Story confirming the Truth of this in the Reign of King James I. there was at that time a great Dearth of Corn which occasioned His Majesty to send for the East-Land Company and His Majesty told them That in regard of the present Dearth of Corn and for Relief of the Poor they must Load all their Ships homeward bound with Corn which they promised faithfully to do and were so dismissed but one of the Lords of the Council told His Majesty such a Promise signified nothing because they had not promised at what Rate they would Sell their Wheat when it came on which they were called in again and told the King was not satisfied with that Answer To whith the Deputy who was a Famous Hunter replyed Sir We will Freight our Ships and Buy our Corn as Cheap as we can and Sell it here as cheap as we can afford it But to be confined to any certain Price we cannot That Lord pressed the Deputy for a more certain Answer on which the Deputy said furâ—her to the King Sir Your Majesty is a Lover of the Noble Sport of Hunting and so am I and I keep a few Dogs but if my Dogs do not love the Sport as well as I I might as well Hunt with Hogs as with Dogs The King replied Say no more Man thou art in the Right go and do as well as you can but be sure bring Corn. XXV Prop. That the Company shall Yearly Export to the East-Indies not less than the Value of 100000 l. in Goods of the Product and Manufactures of England Answ The Company may do this in some years and sometimes more and sometimes not so much when their Cloth lyes unsold and is eaten up with Moths and white Ants in India This ought for the Publick Good to be left to the Companies discretion XXVI Prop. That all Dividends be made in Money Answ This is commonly done here and beyond Sea in other Companies but some Instances may be given wherein it would be highly Prejudicial to make this Confinement of the Companies Liberty So it ought to be left to discretion as it is now here and in all other Nations XXVII Prop. That no Dividend be made without leaving the Original Fund or at least 1500000 l. besides what is necessary to pay their Debts Answ This is a Discretionary Rule the Company do now observe But was never Injoyned them by any Charter neither is there any Company in the World so Circumscribed nor ought to be for the Publick Good It is against Natural Right that any Men should be Barr'd from doing what they think fit with their own Estates 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 Answ The 28 and 29 Prop. are Provided for in the same manner already by the Company 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 Answ This is so strange that if it should be admitted would make the Company Ridiculous all the World over and is as much as to say a Man shall be Obliged to Plant a great Orchard and Remove his Trees or Depart from his Possession at the end of 21 Years or to Build a famous Mansion-House a Town or City upon such Terms The Dutch Company have Spent within 30 or 40 Years past above 700000 l. upon Ceylon and have not yet seen their Principal by about 400000 l. to this day this Company have been Building and Fortifying at Bencolen about 10 or 11 Years and they must proceed in Building and Fortifying there for 20 or 30 Years to come and in that chargeable and dangerous Work they have spent near 250 l. to 300000 l. Sterling And though indeed by that necessary Work they have preserved the pâ—pper Trade to this Nation yet they have not Received any thing towards the Charge of these Disbursements and that Place will cost the Company 200000 l. more before it can bemade a complete secure and morally speaking an impregnable Asylum to the English Nation It is a most Impolitick Notion That any Company can Thrive by frequent Change of Conduct and Council any more than a Nation by often Changing the Fundamental Laws The Dutch Company stands as it did from the Beginning and the English hath never been Changed that the Company knows of but once in O. Cromwell's time and then it was done with their own consent The Company by the true Rules of Policy ought never to Alter nor any Man be Forced to Sell his Stock any more than he can be forced to Buy a Stock that hath none Or any Gentleman that hath an over-grown Estate in Land in any Countrey can be forced to Sell part to make way for some new Purchasers that pretend they will Buy Land in that Countrey XXXII Prop. That the Company be obliged for the better and more secure carrying on of this Trade to have Ships of their own
Granting unto the said Governour and Company and their Successors full Power and Authority to ask * With a Power to sue for and recover the same sue for and recover the same by all lawful ways and means whatsoever either in the Name of Us Our Heirs or Successors or in the Name of the said Company or otherwise as Law or Equity shall require or admit of and to retain the same to their own use and benefit upon under and subject to the Trusts Intents and Purposes herein after mentioned as fully and amply to all intents and purposes as if the said first Quarterly payment of the said Tax had been duely and regularly made into our Exchequer according to the said late Act of Parliament in that behalf * Provided that all the Manors Lands Goods and Estate of the said Company shall be and are made subject and chargeable with all their Debts to any persons as well Subjects as Strangers Provided always and it is intended and agreed and Our Express Will and Pleasure is That the said Governour and Company hereby constituted and their Successors and all the Mannors Lands Tenements Goods Wares Merchandizes Chattels real Chattels personal and other the Premisses hereby granted and confirmed or mentioned to be granted and confirmed and every of them and every part and parcel thereof shall be and are hereby made subject and lyable to and charged and chargeable with all and every such Debts and Sums of Money Duties and Demands whatsoever in Law or Equity which the said Governour and Company or late Governour and Company do now owe or are indebted or subject or liable to or which at any time before or on the said 24th day of March now last past or since did owe or were indebted or subject or liable to any person or persons whatsoever as well Our Natural Born Subjects and persons Endenized or Naturallized as Aliens and Strangers and that the same shall and may be Sued for and recovered in such and the like manner to all intents and purposes as if the said first Quarterly Payment of the said Tax had been duly and regularly made into our Exchequer according to the said late Act of Parliament in that behalf and as if the said former Charters had not been forfeited or made void And our further Will and Pleasure is and we do by these presents for us Our Heirs and Successours Grant unto the said Governour and Company or late Governour and Company of Merchants of London Trading into the East-Indies and their Successors That these Our Letters Patents and all and singular the Powers Clauses and Grants therein contained shall be and continue sufficient and available in Law and shall be construed and taken as well to the meaning and intent as to the general words of the same most beneficially and for the best advantage of the said Governour and Company or late Governour and Company and their Successors under and subject to the Proviso's Restrictions and Limitations herein and in the said former Letters Patents contained Notwithstanding the not mentioning or not true reciting of any former Grants Charters or Letters Patents heretofore Granted to the said late Governour and Company or any of their Predecessors by any of the late Kings or Queens of England or any other person or persons whatsoever or the not mentioning or reciting of any Castles Forts Plantations Lands Powers Liberties Priviledges Advantages or other matters or things in the said Grants or Letters Patents or any of them granted or mentioned to be granted or confirmed * Provided if the said Company do not on the 25 Decemb. next Pay 9300 L. into thâ— Exchequer for the last Quarterly Payment of their Tax t is Châ—rter shall be void Provided alwayes and these Presents are and shall be upon this Condition That if the said Governour and Company hereby Constituted shall not Pay into the Receipt of Our Exchequer at Westminster for Our Use upon the 25 day of December next ensuing the Date hereof the full Summ of Nine Thousand Three Hundred Pounds of good and lawful Money of England in lieu and satisfaction for the last of the Four Quarterly Payments appointed to be paid unto Us by the late East-India Company by virtue of the Act of Parliament herein before-mentioned for Charging of Joint-Stocks Then and from thence-forth these Presents and all things herein Contained shall cease determin and be utterly void to all intents and purposes any thing herein contained to the Contrary notwithstanding In Witness whereof We have caused these Our Letters to be made Patents Witness Our Selves at Westminster the Seventh day of October in the Fifth Year of Our Reign Pigott By Writ of Privy Seal FINIS