THE CASE OF THE English-Company Trading to the East-Indies, ERECTED In Pursuance of an Act of Parliament for Raising Two Millions, and for Settling the said Trade.  
IT having been the undoubted Right of all the Subjects of England to Trade to the East-Indies, until restrained by Act of Parliament: Many Persons carried on that Trade, without seeking any other or greater Privileges than what they had in Common with their fellow Subjects.  
The Old Company did in May 1698, propose to the House of Commons to lend 700000 l. on Condition they might be Settled by Act of Parliament exclusive of all others for 31 Years.  
Whereupon the House of Commons Impowered the Committee of Ways and Means, to receive Proposals for settling the Trade to the East-Indies.  
This gave the occasion to several Merchants and others, to offer a Loan of Two Millions for the said Trade for Ten Years, (Redeemable afterwards by Parliament upon Three Years Notice) into which, all Persons who were willing to Subscribe, were to be equally admitted.  
Which offer was received, and an Act of Parliament passed for Raising the said Sum of Two Millions and settling the said Trade; in which Act amongst other things is contained,  


Fol. 756.  1. That all Persons Natives and Foreigners, Bodies Politic and Corporate, might Subscribe to the said Loan; And His Majesty was Empowered to Incorporate all the Subscribers by the Name of the General Society, Entitled to the Advantages given by an Act of Parliament for Raising a Sum not exceeding Two Millions for the Service of the Crown of England.  

Fol. 763.  2. His Majesty was also Empowered to Incorporate all sech of the Subscribers as should desire the same, to be One Company to Trade with a Joint Stock.   
Throughout the whole Act, there is no Power given to Erect any other Company or Corporation, but the said General Society and the said One Company to Trade with a Joint Stock.  


Fol. 770.  3. Those that were not willing to come into the Joint Stock, had liberty to Trade separately; but were to make their Entries with the trusties of the General Society, until a Company should be Erected to Trade with a Joint Stock, and after the Erecting of such Company, then with the Directors of the said Company, and to be subject to the Regulations mentioned in the said Act  

Fol. 777. Fol. 780.  4. Also a Duty of Five per Cent, on the whole Trade is Granted to His Majesty, to be paid over to the General Society, till a Company should be Erected to Trade with a Joint Stock, and after the Erecting of such Company, then to the said Company.   
By all which it evidently appears, there could by the said Act be but One Company Erected to Trade with a Joint Stock,  
After the Passing the said Act, His Majesty was pleased, before the Subscription began, to sign His Notice of the Old Company's Determination according to the Power reserved in their Charters, and caused the said Notice to be served upon the Old Company, before Mr. John Dubois, the Old Company's Agent, subscribed the 315000 l. which he did in his own Name only, and not until above One Million was under-written, whereby the Subscribers were Entitled to the Trade.  
The Two Millions being subscribed, His Majesty, in pursuance of the said Act, did Incorporate all the Subscribers in the Charter of the General Society; and those who desired to unite in a Joint Stock, were likewife Incorporated by the Name of The English Company Trading to the East-Indies.  
All which Considered, it is humbly conceived the Continuing the Old Company a Corporation, is contrary to the said Act, for which the New Company have so lately advanced 166200 l.  
And whereas the said Old Company in their Petition to the Honourable House of Commons, did as an inducement to the Bill now depending, suggest, That unless they continued, a Corporation they could not Compel any of their Officers, Factors, or Agents, to render them any Accounts, or make them Returns of their Estates, and that they should be disabled from paying their Just Debts: And in the said Bill it is declared, That several Hundred Persons being Interested in the beforementioned Subscription of 315090 l. they cannot Manage the same, and the Benefit of Trade accrueing thereby, but in a Corporation. It is Humbly Offered, That all the said Ends may be attained without the said Bill, for they may recover their Effects, pay their Debts by a Settlement upon trusties, and Manage the Subscription of Mr. Dubois either separately, as several other Subscribers do; or by coming into the Joint Stock of the New Company, and Dispose of their Dead Stock at a Reasonable Value, as was Offered by the said New Company in a late Treaty betwixt them.