Selected quad for the lemma: lord_n

Word A	Word B	Word C	Word D	Occurrence	Frequency Band	MI	MI Band	Prominent
lord_n	council_n	majesty_n	privy_a	11,336	5	9.5907	5	false

Text snippets containing the quad

ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A26676	The Allegations of the Turky Company and others against the East-India-Company, relating to the management of that trade presented to the Right Honourable the Lords of His Majesties most Honourable Privy Council, the 17th of August, 1681 : together with the answer of the said East-India-Company thereunto, delivered in writing the 22th instant according to Their Lordships order, upon which a hearing was had ... the 24th of the said month.	East India Company.; Company of Merchants of England Trading to the Levant.	1681 (1681)	Wing A954; ESTC R8675	15,102	16

THE ALLEGATIONS OF THE Turky Company and Others AGAINST THE East-India-Company Relating to the Management of that Trade Presented to the Right Honourable the Lords of His Majesties Most Honourable Privy Council the 17th of August 1681. Together with the Answer of the said East-India-Company thereunto Delivered in Writing the 22th instant according to their Lordships Order Upon which a Hearing was had before their Lordships the 24. of the said Month. The present State of Trade between the Company of Merchants Trading in the Dominions of the Grand Seignior and the Company of Merchants Trading into the East-Indies compared as it now stands in reference to the Common benefit and advantage of England THE Company of Merchants Trading into the Dominions of the Grand Seignior have for near one hundred years past constantly Exported great quantities of the Woollen Manufactures and other Commodities of the Growth of England into Turkey to the great Inriching of this Nation And do now more especially carry out thither or the like Native Commodities yearly to the value of about Five Hundred Thousand Pounds sterling in return of which the Goods Imported are Raw silks Gaules Grograms Yarn and Cotton c. All which as well those Imported as Exported are Manufactured in England and afford Bread to the industrious poor of this Nation I. The East-India Company on the other side Export from England immense quantities of Gold and Silver with an inconsiderable quantity of Cloth which serves them only to give a colour of some benefit to the Nation or rather to attemper and moderate the Complaint which otherwise would be made against them In return of which their chiefest Commodities are Callicoes Pepper wrought Silks and a deceitful sort of Raw silk Callicoes and wrought silks Manufactured in India being an evident dammage to the Poor of this Nation and the latter of Raw silks an infallible destruction to the Turkey Trade for in regard that Turkey doth not yeild a sufficient quantity of Commodities to return for one fourth part of our English Manufactures Exported thither the remaining Ballance which is three quarters of Our Trade is ●●●●●po●z'd by Raw silks which if supplied by that of a baser and worse sort out of India the most considerable part of the Turkey Importations and consequently the Cloth Trade of England must fail And then it will appear how different it is in reference to the welfare of His Majesties People to have Silks purchased with the Bullion rather than with the Manufactory of this Nation The Constitution of the Turkey Company being a regulated Company and not driven by a Joint-stock is open and comprehensive admitting any that are bred Merchants such as are Sons and Apprentices to Freemen challenge their Freedom by service of seven years such as are and have been neither yet upon payment of Twenty Five pound if under Twenty seven years of Age or if above upon payment of Fifty pounds are freely admitted into all the Privileges of the Turkey Company and each to Adventure and Trade for as much as he is able by which open way of dealing this Company is increased from sixty or seventy persons who Forty years past wholly drove the Trade to at least Five Hundred Traders who do Annually breed at least One Hundred Noble-mens and Gentlemens Sons in the Turkey Trade and dayly new admissions are made by which it may plainly appear how open his Majesties Charter lies and how diffusive his Majesties Goodness therein is without any restraint or appropriation to particular Persons II. The East-India Company on the other side manage their Trade by a Joint Stock confined to the narrow compass of some few persons exclusive to all others under the penalty of Mulcts Fines Seizures and other extraordinary proceedings And upon an exact inquiry it will be found that this Stock is so ingrossed that about ten or twelve men have the absolute management of the whole Trade there being one who hath at least Eighty Votes and about forty men do not only divide the Major part of the gains but not content therewith do also indirectly appropriate to themselves a greater profit in a separate Trade as in Musk Ambergreese c. and till of late in Diamonds also So that here is the certain effect of a Monopoly to enrich some few and empoverish many Moreover the East-India Company by their Constitution are incapable of breeding up any persons under the Notion of an East-India Merchant For they can neither give them Freedom nor other Priviledge to Trade as the Turkey Company doth unless they become purchasers of part of the Joynt-stock as any one may do who is Master of Money The Stock of the Turkey Company is as large as the Estates of the many Traders are and is really greater than the Trade will bear under the present discouragement and Checks given to it by the East-India Company and if any loss or dammages befalls this Stock every particular Member bears the loss of his own Adventure with no dammage to the Publick III. The East-India Company on the other side have a fixed Joint-stock of about three Hundred and seventy Thousand pounds And because they find it more to their advantage to Trade with Money at Interest than to enlarge their own Stock they have borrowed at least six hundred and fifty thousand pounds on their common Seal at the inconsiderable Interest of three or four per Cent. whereby they Trade with the Treasure of the Nation dividing to themselves what sums they please not only out of the profit but also out of the principal as by a late example of the last year may appear when they divided in One year two hundred and sixty Thousand pounds though at the same time they owed above six hundred Thousand pounds at Interest But in case any misfortune happens to what danger will all the Lenders of so great a part of the Treasure of the Nation be exposed when the flourishing Estates of particular men cannot be made liable to those Debts contracted under the Common Seal which gave Life and Being to them and from whence they arose So that the East-India Company against the Rules of Justice and Reason securely enjoy the benefit of the Trade and yet have little share in the hazard and loss thereof Upon consideration of the whole matter it is humbly hoped that for relief of the now languishing though most useful and necessary Turkey Trade His Majesty will be graciously pleased to permit to the Turkey Company the exercise of Trade in the Red Sea and all other the Dominions of the Grand Signior according to the large extent of their Charter and access thereunto by the most convenient passages and to forbid the East-India Company to import Raw or wrought Silks into England And if this doth not seem a reasonable expedient that then His Majesty would be pleased to allot and limit a time to the East-India Company to put an end to this present Joint-stock as by His

of Magellan which is near two third Parts of the Trading World with the smallness of their Stock and by such Comparison it must needs appear their Stock is far too little for the Trade of so many vast and rich Countries And 't is evident in Fact that no Trade at all is driven to many of them as Persia Japan Arrachan Achein St. Laurence Sumatra Pegu Madagascar Mosambique Sofala Melinde Borneo Zeiloan and many others and yet while they Trade not thither themselves they violently keep out others who would Trade for their Stock being so small they only manage such Trades which yields very great and excessive Profit and neglect others which probably might Answer though not so immense a Profit yet a very good Advantage and more proportionable to the time and hazard than any Trade in Europe which Places if Traded to would not only carry off a great quantity of our English Commodities but would also by Trading there from one Port to another vend a large proportion of Indian Commodities and the Profit and Bullion arising thereby would in a great measure supply if not totally prevent the Exportation of Bullion out of England 9. Another Evidence that their Stock is too little for their Trade may be their borrowing six hundred thousand Pounds at Interest which besides the unmerchant-like way of Trading by preferring a Dead to a Quick Stock and electing rather to Trade with Money at Interest than to inlarge their Stock by new subscriptions is also a Publique danger to the Nation for while they borrow so great a part of the Treasure of the Kingdom at so low an Interest as 3 per Cent. they enrich themselves by the Common Hazard and divide and share what they please not only out of the Profit but out of the Principal it self the last Year dividing two hundred and sixty thousand Pounds when at the same time they owed six hundred thousand Pounds at Interest So that the Lenders clearly venture the hazard of their Principal to Sea for 3 per Cent. while the Company make 50 per Cent. of it without any hazard at all And if any loss should happen by Captures at Sea Stormes or other Accidents the Lenders of so great a Treasure have only the Companies Common Seal to depend on which in such Case is no security at all for no one Member is obliged to make satisfaction as hath been evident by several late Examples of the like Nature THE East-India-Companys ANSWER To the Right Honourable the Lords of his Majesties most Honourable Privy Council May it please your Lordships IN Obedience to your Lordships Order of the 17th Instant we do give the following Answer to every thing we think Material in the Turkey Companies Papers presented to your Lordships First To the First Particular 1. We pray your Lordships as to the Quantity and Value of Cloth and Bullion Exported by each Company to give no more Credit to the Turkey Merchants than to our Selves but that the Entry at his Majesties Custom-House may be the Measure 2. We must say which we hope will not be denied by the Turkey Merchants that generally the Cloth that we Export for the East-Indies is finer and of more Value each piece of Cloth than what the Turkey Company do usually Export 3. If we are rightly informed the Medium of the number of Clothes Exported by the Turkey Company this last Three Years doth not exceed 19000 Clothes or thereabouts per annum a greater quantity than which in value at least the East-India Company may probably Ship out this Year if their Factory at Amoy in China be not surprized by the Tartars of which there was a doubtful Report in India when the last Ships came from Bantam And within seven Years if the Company be not obstructed they may Export more Cloth yearly than ever the Turkey Company did or can do Altho' formerly before the East-India Company had any Entrance into the Trade of China and Japan the Turkey Companies Exportation of Cloth did much exceed the East-India Companies 4. We say and it will be found by the Entries at the Custom-House that the Turkey Company do send out yearly besides their Cloth great quantities of pieces of Eight from England for the Purchase of their Raw-silk in Turkey as well as great quantities of the like Species of Bullion from France Spain and Italy which otherwise would come for England Secondly To the second Particular concerning the comparison they make between the Constitution of the Turkey Company and the East-India Company We say there hath been so much Printed and Published in most of the European Languages and so many Consultations and Debates in the great Councils of Europe concerning Joynt-Stocks for the East-India Trade within these two or three last Ages and in all of them the Result hath been for a Joint-stock that we think it would be impertinent to trouble your Lordships with any long discourse concerning it but briefly 1. It cannot be denied by any Reasonable man but that a Joint-stock is capable of a far greater extension as to the number of Traders and largeness of Stock than any Regulated Company whatsover because in a Joint-Stock Noble-men Gentlemen Shop-keepers Widows and Orphans all the Kings Subjects of any Profession or Degree may be Traders and imploy their Stocks whereas in a Regulated Company such as the Turkey Company is by their own shewing none can be Traders but such as they call Legitimate or bred Merchants 2. And which is a consequence of the former Reason if the Trade of India were laid open the Adventurers for India would certainly prove less by three quarters than now they are for in such case those that have the skill only would run away with the whole Trade as in Fact they did when that Trade was open about five and twenty years past 3. Though some few men have great Adventures in the present East-India-Stock the number of all the Adventurers is now above six hundred Persons very many new ones having come in of late 4. As to the indulged Trade which all Adventurers by the present Rules of the Company have liberty to Trade in every Adventurer without exception hath as full liberty according to his proportion of Stock as the Governour Deputy or any of the Committees The same being not to exceed one fifth part of his Stock And we can't apprehend how it can be pretended that such indulged Trade is any way detrimental to the Nation although it may be some abatement of Gain to the United Stock which therefore the greatest Adventurers in the Committee have constantly endeavoured to subdue and have done it gradually every year per saltum it cannot be done It being not the work of a Year nor of an Age or two to build up an East-India Trade to perfection though it may be destroyed in a day if interessed or unthinking Persons Counsel might be taken This truth is most eminently visible in the proceedings of