Some REMARKS on the Petition of the East-India Company to the House of Peers, against the BILL sent up to their Lordships by the House of Commons, Entitled, An Act for Granting to His Majesty Two Millions, & c. and for Settling the Trade to India.  
THEY Allege, That they have a Right to the East-India Trade, by Charters from the Crown of a hundred Years Continuance.  
The first Incorporation of the Present Company, was in the Year 1657, when they began with a Stock of about 370000 l. Out of which (since the Restoration) they did Divide by the Monopoly of the Trade, by their War with the Mogul, and other indirect Profits, more than Three Millions Sterling.  
2. That in several of the said Charters, the Crown covenants not to grant Liberty to any other Persons to Trade to those Parts.  
This Covenant has been made good to them by the Ruin of several of their Fellow Subjects, who warranted by the Common Law of their Country (since declared by Parliament) and by the Laws of Nations, have innocently carried Trade into those remote parts of the World; where, as well as in Europe, they have (under Pretence of this Covenant) been most illegally treated by the persent Company and their Agents.  
3. That all their former Powers and Privileges have been confirmed to them for twenty one Years, by Charter from his present Majesty, dated 7 October, 1693. That by like Charter of Regulations from his Majesty, they submitted to receive Subscriptions (as an addition to their Stock) for 744000 l. And that the same was actually paid in by the New Subscribers.  
It were to be wished, That a more through Enquiry was made into the Methods and the Expense by which these last Charters were obtained, contrary to the Advice of the House of Commons, in an Address made and presented by the whole House to his Majesty on this very Occasion but the February preceding the said October, 1693. For Dissolving the East-India Company upon three Years warning to the said Company, according to the Power reserved in their Charter. As to the last Subscription of 744000 l. it was made up by 362000 l. of the old Adventurers, and 382000 l. of the new Subscribers, (of which latter Sum, near 120000 l. has been sincc Sold out by the New Members) The Submission of the old Company to this Regulation was very remarkable: For it was this Submission that brought them in a new Stock to trade with, after they had by unaccountable Dividends, left themselves so bare as to be forced to borrow more than 325000 l. to carry on the Trade.  
4. That since their last Charters no Breach or Forfeiture of their Rights has been Charged upon them.  
How prudently they may have managed, as to the avoiding any more Forfeitures, their Court of Committees best know; But how honestly to their New Subscribers will best appear by the Printed Votes of the House of Commons on the 14th. Day of June last, when the Report was made from the Committee appointed to Inspect the East-India Company's Books, That Satisfaction be given to the late Subscribers to the East-India Company, for all Damages done them, by making Dividends beyond the Real Value of the Company's Stock, at the Time of such Dividend, and also by Ordering to be Paid out of the New Subscription, a Sum of about 325000 l. Lent by the Members 〈◊〉 the Old Company, by way of Increase of the Capitol Stock, such Damage to be answered out of the Estates of the Members of the Old Company 〈◊〉 respectively, Receiving such Dividend and Payment.  
5. That since the last Subscription, they have lost twelve great Ships of an Immense Value by the Calamities of the War.  
The Company indeed was concerned in twelve Ships that were lost by the War and other Casualties, but their real Loss was not of such an immense value, as to exceed 450000 l. and even that was retrieved by the much greater Prices they made by sale of those Goods which came to Market: Every other Trade hath been attended with the same Calamities, and in particular the Owners of those Ships, and the private Traders to India, have felt heayy Losses by the War, which with Silence they submitted to without claiming a Monopoly of the Trade as a Reward for their Misfortunes.  
6 That they have been profitable to the Public by the Payment of 295000 l. in Customs, 85000 l. for Taxes, by the Subscription of 80000 l. towards Circulating Exchequer Bills, and by a Supply of 6000 Barrels of Gunpowder upon a very pressing Occasion.  
If they have been profitable to the Public by their Customs, so have all private Traders been; and much more (it is to be hoped) have both Private Traders and Company been profited by such Returns. The Taxes they have paid, are the best Proof they have of the value of their Stock. And yet these Taxes (on this occasion boasted of,) came not so readily from them, but that their Charter by a Noncompliance with a plain Law became forscited. The 80000 l. subscribed at several times for circulating Exchequer Bills, carried with it its own reward of 10 per Cent, which the rest of their Fellow-Subjects would thankfully have acknowledged owing to his Majesty's Bounty. And if the Company did once supply 6000 Barrels of Gunpowder; Private Traders during the whole time of the War have furnished his Majesty with Money and Stores both at home and abroad.  
7. That having carried on the Trade during the War, they did hope to have received Returns of Profit in time of Peace to Answer such their great Losses.  
The same Hopes, with equal Justicc, attended the Rest of their Fellow Subjects, till they were alarmed by a Proposal of the Company's, of the 14th Day of April last, wherein they offer to advance 700000 l. (repayable to them with Interest) to have the whole and sole Trade to India vested in them by Act of Parliament for Thirty One Years; which gave occasion to the Honourable House of Commons, to come to those just Resolutions, which they next set forth in their Petition, Viz.  
8. That a Fund of 8 l. per Cent per Annum should be settled with the Advantage of the Trade to India, on such as should advance Two Millions for the Service of the Public. Whereupon the Company did agree to submit their Stock to a valuation of 50 l. per Cent. and to open their Books for new Subscriptions towards raising the said two Millions.  
It was in pursuance of the said Votes, That a Subscription was set on foot in London, which in few days amounting to more than 1200000 l. was presented to the House of Commons, who thinking it more agreeable to Justice, and advantageous to the Trade, to leave every Man to make good in Ready Money the sum of his Subscription towards carrying on the Trade, than to oblige innocent Men to come at any Valuation whatsoever into a Stock which had so lately overreached 700 of the King's Subjects. The Company than proceeded to propose,  
9 That 200000 l. should be Subscribed by private Adventurers, to be paid as the first Payment, subject to make good the subsequent Payments.  
The like Sum of 200000 l. will be advanced and paid down by the New Subscribers, at the very time of their Subscriptions, subject by the Bill to the same Penalty of making good the subsequent Payments.  
10. That a Bill (past the House of Commons) is now depending before their Lordships, which tends to the prejudice of the Petitioners Rights, to deprive them of their Property in Lands, and their other Estates abroad, to the value of 44000 l. per Annum, and in their Forts and Fortifications which have Cost them above a Million of Pounds Sterling, and not doubting but to satisfy their Lordships, That the said Bill will be to the utter Ruin of many Hundred Families; that it will prove Destructive to the Trade and Interest of England, and having divers other matters of great moment to offer against it, They therefore pray to be heard by their Council etc.  
The Bill will best Vindicate itself from the bold Aspersions of the Petitioners; it will there appear; That the Trade of three Years (the Limitation under which they accepted their Grant from the Crown) is Continued to them; That their Estates (of whatsoever Value they be, or however acquired) are preserved to them. That even after the Expiration of their Three Years, they are not excluded from such a part of the Trade, as by their timely Subscriptions they shall think fit to qualify themselves to enjoy: The Bill designs the ruin of no Man, unless the payment of his just Debts will be his Ruin; to that piece of justice indeed it obliges the Old Company, as well as whoever shall become a Partaker in the Advantages of the New Settlement: But the Regard had to the Company by the House of Commons rested not here, they were at last offered, (notwithstanding their disingenuous trifling with the House) the Benefits of the Bill, upon the Terms therein mentioned, which since they have thought fit not only to neglect but to Contemn, It is, with all possible Duty, submitted to the great Wisdom of their Lordships, whether the present Company are the Men, who (exclusive to the rest of their Fellow Subjects) may be thought the best Improvers of the East-India Trade; or whether the rest of the Subjects of England (not excluding even the said Company unless they please) may not make greater Returns of Profit to their Country