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A58251 Reasons humbly offered against grafting or splicing and for dissolving this present East-India Company, or joint-stock, and erecting and establishing a new national joint-stock or company, more extensive and universal, on a better constitution and terms of settlement. 1690 (1690) Wing R522A; ESTC R36699 7,645 8

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REASONS Humbly offered against GRAFTING or SPLICING And for Dissolving this Present East-India Company OR JOINT-STOCK And ERECTING and ESTABLISHING A NEW National Joint-Stock or Company More Extensive and Universal on a better Constitution and Terms of Settlement First THis present Company or Joynt-Stock is only an imaginary Fund not having any real Stock of its own left to carry on the Trade according to the general Judgment of all that have Knowledge and are most intuitous in that Affair as also of many the concerned and so can upon no Account be conceived a suitable Foundation to build or graft so large and National a Trade upon Nor will it suit with the Wisdom of Persons versed in Trade to join Stocks with any in a hazardous low weak bankrupt Condition having but a bare nominal Stock Nor will it be agreeable with the Foresight and Prudence of so Serene and August an Assembly as the Honorable House of Commons to entrust so vast a Trade in the hands of such as have no Stock therein and permit them to reap the whole or chief benefit thereof And it would seem injurious to the rest of the Subjects of England that those that have had the benefit thereof so long and have received all if not much more than all their real principal Stock out by Dividends should yet have the same benefit continued to them on account of an imaginary Stock to the excluding and depriving all the rest of the Subjects of England who desire to partake thereof according to their Birthright Nor is it the effect of Modesty Ingenuity or Publick Spiritedness but the direct contrary in any to desire or propose any such Project That this present Company is in so bad and mean a Condition may be concluded from several Topicks as by their studious Endeavours to conceal the true State of their Stock as seems manifest by that dark general unmercantile Account they lately gave in to the Honorable Committee of Parliament to whom in respect of their Kindness and Patience to them if Authority had no sway they might have given one more candid and probably they had if their State would have admitted of a more clear and particular Inspect for tho it were so that they want three or four Years Books from India which by the way is an impardonable Crime and renders their Servants worthy of severe Castigation and not such high Encomiums given them unless it were by direction yet they might have produced a more fair clear particular satisfying Account if so it had pleased them for had they brought in the Balance of their last Books from India with an Account of what quick Stock hath been sent out and Goods received thence since and their Debts and quick Stock here some Computation might have been made somewhat more or less and that it hath been omitted argues all is not right But admitting the Account as given in by which they would have it believed they have much about the Sum of 700000 l. yet thence being deducted the several Sums and Articles omitted to be mentioned in the said Account and what is over-rated therein in their own favour being truly valued their Stock will not be found to be other than merely imaginary if not vastly behind-hand which if so Justice will require of the Adventurers as for instance Their Goods in Englamd for Money they have none they value at 635155 l. 11 s. 10 d. they are it seems very exact these Goods in all Mens Opinions conversant therein will not yield 400000 l. so they have in this Article overvalued themselves at least 200000 l. Freight and Demorage on Ships returned more than acknowledged in their Account not less than 40000 l. Servants Wages due not put down in their Account cannot be computed less than 15000 l. Damages to the Subjects of England for Seisures Force Oppressions Violences Rapines c. at a moderate Computation 150000 l. Freight and Demorage for about 12000 Tuns of Shipping now abroad which cannot amount to so little a Sum as 300000 l. Owing at Interest in India many Years at 9 12 and 15 per Cent. notable good Husbandry at least 400000 l. Satisfaction to the Indians for all Damages and to procure a Peace upon former Terms a very vast Sum. l. Desperate and bad Debts in India which amounts to no small Sum and the constant Expence there l. Satisfaction to the Relations to such of the English Subjects as have been murthered by their Power and Orders which possibly may most affect the Managers that signed the Instructions and procured the Orders and the price of Blood being invaluable it 's left in Blank Satisfaction to the Nation and State for all the Wrongs Abuses to the Subject assuming Despotick Power and Sovereign Authority and exercising the same in Captures Violences Rapines Piracies Murthers c. 500000 l. If any be aggrieved at the last Article let him consider what Sums were laid upon a World of People in the last Reigns upon Actions between Subject and Subject for Trifles meer Words some perhaps only imaginary as in the Case of the present Lord Mayor Sir Thomas Pilkinton Doctor Oates Sir Trevor Williams Mr. Arnold Mr. Colt and others and many upon Indictments of the State as Sir Samuel Barnardiston Sir William Williams Mr. Hambden Mr. Sacheverel and the Guild-Hall Rioters c. whose blessed fortune it was that the Appellation of Rebels instead of Rioters was not blundered upon but that Error was rectified with a witness upon the poor S. Helenians and then this Sum how bulky soever it may look at first sight will doubtless be judged a very moderate calculation even by the Company themselves more especially if any of the Members thereof have been so severe and had the conscience upon such slight matters to accept of Verdicts for such vast Sums on their private account as the Defendants were no way able to pay and to take out Execution and lay them in Jayl for their lives these sure with their Friends and Adherents of all others cannot think much of paying their Quota of the above-mentioned Sum or a greater which as designed may deter others from committing the like for the future and be a help and ease to the Nation in reducing Ireland and extirpating Arbitrary Government Now if after these Reasons assigned for this Fine the Age should yet be so prodigally merciful as to pardon or mitigate it the Company will notwithstanding still appear to be in a very ill plight And as it was no mean Affrontery to the Nation so it brought a dismal Cloud upon the Reputation of the Stock rendering it more than suspected that the Company at such a season under high Accusations and upon Inquisition thereinto by Parliament should unreasonably make a Dividend as was done lately of 50 per Cent. which is the entire first principal Stock whenas they had not at the same time Money enough in England to pay it what could be the meaning hereof