Free, Regulated Trade, Particularly to INDIA, THE Interest of England: Being the True, Natural Means, to Promote The NAVIGATION and RICHES of this Nation. FORTS and CASTLES in INDIA, notwithstanding all specious Pretences, are Occasionally proved to be of Uncertain Advantage, but of Certain Inconvenience to Us. Discoursed in a LETTER to a Friend.  
SIR,  
HAving formerly endeavoured to make it evident to you, that Companies in Joint-stock were unnecessary and inconvenient; and that a Free Trade to India under a Regulation was the Interest of the Nation; I am inclined to give you the trouble of some more Thoughts upon the same Subject, and by the way to let you know of how little Use, Forts and Castles in India are toward the Security and Support of our Trade there, notwithstanding the great Noise made in that matter. The Dutch East India Company having for above forty Years past, divided no more than Nineteen per Cent. per Annum on their Original Stock (and 'tis plain that was the most they could do, for a fifth of those Dividends were in obligations on themselves to remain at Interest) that Companies Actions would never have been raised to the present esteemed Value of 500 per Cent. had it not been driven up by the Cheating Trade of Stock-Jobing, begun in Holland; and therefore it is surprising (considering the many advantages the Hollanders have in that Trade above other Nations, and withal the little Profit of not 4 per Cent. it brings to the present Adventurers) that we should so much value their Dutch Management, as to make use of it as an invincible Argument, that because they do, we must also carry on our Trade to India in a Joint Stock. The other great Argument for a Joint-stock, the Necessity of maintaining Forts, is what has always been the Bane of the Dutch Company, the Expense being so vastly great as obliging them to send out annually 12 or 1500 Men, to recruit their Garrisons, and much Shipping to attend them with Ammunition, Stores and Provisions, besides all other incident Charges; and this being so (notwithstanding the reason they have to be at this Charge, to keep the Spice-Islands to themselves, by which means they supply the whole World with Nutmegs, Mace, Cloves and Cinnamon, at their own Price) it is absurd to assum it essential to the supporting our Trade to India, that we (that have no such Foundation for it) must be also at the Expense of maintaining Forts, and that too when almost all our Trade thither is confined to the mogul's Dominions, where the Dutch (upon whose Example we lay such mighty stress) have not any one Fort or Castle; and that their Trade thither is as great as ours ever was, will appear by the following Cargo of six of their Ships arrived thence last Year, being all Commodities procured within that Emperor's Territories, except the Pepper, which was bought on the North Coast of India.  
lib.   2170977 of Pepper. 23049 ps. Silks of div. sorts. 974 ps. Sulgees. 159852 Indigo. 3000 ps. Golgas'. 1678 ps. Albances. 9715 Borax. 600 Silk Gowns. 8073 ps. Pho●●sees. 3142 Aloes. 100 ps. Restas. 7240 ps. Ginghams'. 92811 Coffee. 218 ps. Alegais. 8570 ps. of Crevats. 37190 Cardemoms. 250 ps. Atlases. 136●5 ps. Chinis. 150 Gum Oppoponan. 600 ps. Morees. 18●46 ps. Romalls. 2775 Salarmoniac. 3300 ps. Salampores. 50003 ps. Coroots. 1280 Wool. 3600 ps. Betillees. 6120 ps. Berms. 1050 Skins. 400 ps. Orisalls. 6480 ps. Chiadees. 37640 Floret Yarn. 2280 ps. Perculles. 1200 ps. Canckins. 32687 Cotton Yarn. 7495 ps. Cossas. 5280 ps. Baftas. 1534400 Salt Peter. 4970 ps. Dorees. 100 ps. Tanjeebs. 247604 Sapan Wood 4523 ps. Mulmuls. 1200 ps. Cachies. 124432 Caliatour Wood 937 ps. Therindas'. 2000 ps. Tapekankenias. 78203 Cowries. 931 ps. Adathaes'. 3315 ps. Sianters. Pearls of divers sorts. 4084 ps. Humhums. 13100 ps. Nicanee. 32 owned. Ambergris. 498 ps. Zaanes. 2820 ps. Long cloth. 138232 lb. Raw Silk. 4510 ps. Garras. 5940 ps. Sail cloth.  
Wherefore I see no reason why we should not trust to the Mogul's Protection as well as the Dutch, which would be a much better Defence to us than a Fort or two, for in such Case our Factories could not be insulted by any, but they must make War with the Mogul as well as with us (and then only in open defenceless Towns) which will hardly ever happen; for we have taught the World, that to make War at such a distance with so great a Prince, is to be at a vast Expense to no purpose, and the Dutch who are the best fitted for such an Attempt, have always showed an aversion to it: And were not all this true, yet our Fondness for Fort St. George and Bombay is very unaccountable, since the first is situated where is neither Port nor Harbour, only an open Road, where no Ships can ride upon breaking up of the Monsoons with any tolerable safety; nor is this Road well commanded by the Town or Fort, which for want of Water, besides its other defects, cannot hold out a Siege of ten days, and is the worst seated for Trade, or to make investments of Goods, of any place on the Coast of Cormandell. Bombay its true is more defensible, there is a Port, and it may be relieved by Sea, yet it's altogether as useless as the other, except to make War again with the Mogul, which would be a Folly so fatal, that it ought to be abandoned purely to secure us from the being tempted into such a Misfortune; but it's a place without Commerce, and the safety and conveniency of Ships Harbouring there would be the same, were there no Fort. Now these places being so very uncapable to be made useful to our Trade to India, we ought to desert them, although their Revenues were what the present East-India Company pretend, (which perchance might otherwise render the keeping of them very easy to a Regulated Company) because they destroy so many of our Soldiers and Seamen, being extremely unhealthful, especially Bombay; and were all the Dead-Lists in the Companies possession examined into, the Mortality would be found very great.  
But it is very probable the Mogul will soon ease us of the Trouble and Expense of Fort St. George, he having now a Right to it by his Conquest of Golcondah, (that King having only made a Temporary Grant of it to the Company, paying him some acknowledgement) and this is the rather to be suspected, the Mogul having Declared he would suffer none to possess any Fortresses within his Dominions: And Bombay being Leased to the Company by King Charles the Second, at Ten Pound per Annum, (and a hard Bargain they then thought it, and have since experienced it to be) I cannot comprehend wherein lies their Property to these Places, about which they have made so loud a Noise: And if they have better Pretensions to St. Helena, that's very well known to be only a Place of Refreshment for their Ships homeward bound, and may be kept with little Charge: And Bencoelen is no other than an ill Fortified Magazine, permitted to be built for the procuring of Pepper, which is not always to be had there neither, but is so Mortal to all that go thither, that it seems a Sin to keep it, even if there were no Pepper to be had elsewhere; but Carwar, Calicut, Bilipatan, and Quilon, etc. on the North Coast of India, did always, and can supply us with great quantities of that Commodity, and the difference of the Cost of it will be more than countervailed by saving the Expense of a Fort, and the Lives of so many Men that must continually be Sacrificed to Garrison it, and of Seamen that Navigate thither.  
How great Provision would be made for the younger Sons of the Gentry of England by a Regulated open Trade to those Parts? how large a Compass for the exercise of Parts and Industry do those Territories afford? where at present none raise their Fortunes, but at the pleasure of a few Men; where few go but Men of broken Fortunes, or Youths to be bred up at mean Salaries. Certainly it seems a Paradox, that Trade to Countries of so vast extent as are mentioned in the India and African Companies Charters, which is nigh half the World, should be limited and given to them, exclusive to all other English Men (when every other Nation doth, or may Trade thither) and to Countries where our Growths and Manufactures may be in great quantities Vented, and with them may be purchased most of the Useful and Noble Commodities that the World produces. Indeed it is unaccountable that we of this Nation should be forced to bury our Talon, and not give full scope to that Genius we have to Traffic and Navigation, but must erect Companies and Monopolies to carry it no farther than just what their own Interest leads them to; and it would be against their Oath, should they prefer the Public Good in prejudice to the Joint-stock, which such Companies were never known to be guilty of, always exporting and importing no more of any Merchandise than what would yield them their stated Profits; when particular Merchants who cannot make Combinations, will carry out and bring home much greater quantities of all Commodities, because they can and must afford them with less profit, and sometimes must content themselves with Loss, and yet will return to the same Voyages to see to recompense themselves, and thus rendering all Goods cheaper will naturally increase the Vent of them, and we shall undo our Foreign Monopoly Competitors by Underselling them, which will be a benefit to the Public, whereas Companies in Joint-stock do Tax the Nation, by setting their own Price on all they export and import.  
The increase of Commerce, the certain consequence of laying open a limited Trade, will as certainly increase Navigation, the advantage whereof will be very great, from the length of the Voyages to India, besides the employment our Shipping will find in those Seas, the Banian, Moors, and other Merchants there, coveting to employ English Ships, though at great Freights, (which is too intricate a matter for a Company to concern themselves with, unless sometimes by necessity) and by this we shall learn more experience, and daily make New Discoveries of the Commerce of those People which may prove of great advantage to this Nation.  
And therefore I cannot think that those Merchants (when the Trade to India was free to all) who desired the Establishment of this present Company, had in View the Kingdoms good, but their private Interests; for to put in a Stock in this Company might then be more beneficial to those Persons, than trading particularly, especially if they were brought in to be Managers, as some of them were, and made a good Use of it too, by being Pensioners to the Dutch, whose Interest it is that our Trade to India and Guinea should be limited by Joynt-Stocks.  
But granting the Establishing of an East-India Company with a Joint-stock was then useful, yet the Case is altered now, for we are much better acquainted in those Parts of the World, and the Stock of the Kingdom is greatly increased; and though there may be inconveniencies in an absolute open Trade, a Regulated Company will obviate them.  
And since the present East-India Companies Affairs are reduced to such ill Circumstances, there can be no reason why the Nation should not make the Experiment of a Free Trade under a Regulation; for it is morally impossible but that it will have all the happy effects I have proposed.  
These, Sir, are my real Sentiments of this Affair, at this time so much controverted, and I am persuaded you do not think my Judgement has been in any manner influenced by private Interest; and indeed there is no room for such a suspicion; for if such Regulation were made, I could have no other advantage by it but what must be common to all.  
If the present East-India Company will not part with their Forts but on exorbitant Considerations, I cannot tell why they should not remain with them to make the most of their great Revenues they so much boast of; for (except St. Helena) none of them can be thought worth the purchasing by either another Joint-stock Company, or a Regulated one, except to make a Present of them to the Mogul, to ingratiate themselves with him.  
FINIS.