An ACCOUNT of the TRADE TO THE EASTINDIES, Together With The State of the Present Company, AND THE BEST METHOD FOR Establishing and Managing That TRADE TO THE Honour and Advantage OF THE NATION.  
Written By Mr. GEORGE WHITE, of London, MERCHANT. At the Desire of several MEMBERS of Both Houses of PARLIAMENT:  
AND Now made Public, for General Information in an Affair of so Great Concern to the WHOLE KINGDOM.  
LONDON: Printed in the YEAR, MDCXCI.   

Right Honourable AND Most Honoured Sirs,  
I Esteemed myself very much honoured, when your Desire of conversing with me about the East-India Trade was first signified to me by a worthy Gentleman. And I must always acknowledge your obliging Condescensions at my Attendance on you, when you were pleased to enjoin me to give you the Substance of my Discourse in Writing, that you might make use of it as you found requisite for the public Service. I am proud of your good Opinion in esteeming my mean Performances worthy the least regard, and in Obedience to your Command, I now present you with this Paper, which, however wanting in other Respects, brings nothing but what, upon the strictest Assay, will be found to come up to the Standard of Sincerity and Truth.  
The INQUIRIES you were pleased to make of me are These; 

I. Whether the Trade to the East-Indies was really of such great Advantage to the Nation, as general Discourse represented it?  
II. Concerning the Constitution, Management and Condition of the present Company. And  
III. My Opinion of the most proper Manner and Method for settling that Trade to the Honour and Interest of the Kingdom.    

I. First, as to the Trade in general.  
Concerning which, I will only present the few following Intimations, and refer to your great Judgement to make an Estimate of what Import and Benefit it may be to the Nation.  
The Traffic to those Parts of the World, which are comprised in the East-India Company's Charter, will employ a Capital of Twelve hundred Thousand Pounds. And after I have said that, 'tis needless to observe to you, how considerably it will augment the Public Revenue of the Customs.  
It will annually export to amount of about l. 150000: in Woollen , Led, and other Commodities of our native Growth and Manufacture.  
It will employ about Twenty five Capital Ships, and therein about Three thousand Seamen: and these Ships will be of such Force and Burden that may render them serviceable as well in Occasion of War, as Affairs of Merchandise.  
'Tis by this Trade alone we can be supplied with vast Quantities of Saltpetre at cheap Rates, which in the Age we live, is of itself a sufficient Recommendation.  
This Trade does not only supply us with Varieties of Goods for our necessary Use and Ornament; But the greater Part of the Commodities brought from India are exported to sundry Parts in Europe, Africa and America, which does further advance our Navigation and Commerce.  
It will give Employment to about Two hundred Merchants, Factors and Writers, who will have good Opportunities of advancing their Fortunes; and 'tis not to be doubted, that many of them may return with plentiful Estates, which will contribute to the Wealth and Strength of the Nation, as well as their own particular Credit and Benefit.  
This Trade, as well in regard to the public Honour, as the particular Interest of the Adventurers, requires to be negotiated with a National joint-stock, which will render it more diffusive: For by that means it will not be engrossed into the hands of those who are professed Merchants, but our Nobility and Gentry may partake of the Profit, without any Diminution of their Dignity, or Disturbance to their Ease: For their Talents will be improud ' with no more trouble than to receive the good Fruits of their Adventures, which with large Allowance for adverse Accidents may modestly be computed at 20 l. per Cent. per annum.  
As to the Objections have been raised against this Trade: there are only Three that I know of worth the least notice, and they so, only because they have made a popular Noise, while the true Merits of the Cause have not been duly examined and considered by those whom they have rendered disaffected to this noble and beneficial Commerce.  
(1.) The first and great Complaint is: That is carries out such vast Quantities of our Gold and Silver. And here I must confess, that to manage this Trade in its due Currency; 'twill require that the Stock employed in it be at least Three Fourths in Bullion, and so it may be computed: That a general joint-stock together with what may be adventured for Diamonds and other Things, that will be found most proper to be permitted for particular Accounts, may together amount to about Six hundred thousand Pounds per annum. But after all, 'Tis nevertheless true, that this does not only not in the least diminish our Money; But contrarily, That by the Circulation of Trade it much augments the Treasure of the Nation in the Species of Gold and Silver. This may perhaps at first sight look like a strange Paradox, but I will exhibit a plain Proof by matter of Fact, which will render it indubitable. From the Year 1675 to 83 inclusive there was shipped out by the Company and Private Traders the amount of about Four Millions and a half in Bullion of Gold and Silver; and I find upon Enquiry, there was likewise in that circuit of time coined in the Tower above Four Millions more. So that in the first place it appears: The great Exportations to India did not then occasion any Want in the Mint; And, that there were also in those Years prodigious Quantities of Plate converted into House Utensils, and consumed in the Ornaments and Gallantries of the Great and Rich, is too apparent to need a Proof. And lastly, That we than had superabundant Plenty of Cash current in the Nation, is evident in that, though the Law allows the Usurer to take Six per Cent. we all know Money went about begging Securities at Five per Cent. and vast Sums were lent out at Four per Cent. And that I may here fully evince this great Truth, I must further observe, That for these last four or five Years, wherein our Company have left off their good old Trade of Merchandise, and applied themselves to the Art of War, they have sent out little or nothing in Gold or Silver; and yet I see not the least Appearance that Bullion or Coin has since increased upon us, but rather the contrary. So that upon the whole matter this Objection has only given an Opportunity to make it manifest. That the Trade to India is a most exuberant Source to replenish our Treasuries as well as our Warehouses.  
(2.) Another Objection is, That this Trade does not take off greater Quantities of our Woollen Manufactures. But they who quarrel it on that account should be acquainted with this irrefragable Maxim, That Trade is no more to be forced than Faith: and, as we believe according to the Dictates of our Consciences; so we buy and sell both as to Quantities and Sortments, as our Interest directs. Wherefore though we may wish that Market would vend more of our home-made Goods, yet methinks we have no more Reason to fall quite out with it on that Score, than because our Ships do not return entirely laden with Pearls and Diamonds. I have before intimated what I am sure will in fact prove true in this matter, and I may take this Occasion to add, That I have good ground to hope something more considerable may hereafter be done in it, by industrious and proper Applications.  
(3.) The third Complaint is: That these tedious and unhealthy Voyages destroy great numbers of our Seamen. And indeed I must own, That by some late unaccountable Proceed there has been too much Cause for this Clamour, which I wish they whom it concerns, would seriously consider, and bethink themselves what Answer they can make for that Blood will certainly be required at their hands in another World, however they may scape with Impunity in this. For many hundreds of our Seamen have been sacrificed to the irrational Obstinacy and wicked Designs of those who have assumed an arbitrary Predominancy over the Companies Affairs; By sending out Ships at most improper Seasons, and detaining them in the Indies on occasion of the unhappy and unjustifiable War with the Great Mogul and his Subjects. This is the real Truth of the Thing; and the dismal Mortality has of late happened amongst our Men employed to India, is so far from being justly imputable to the Tediousness of the Voyage or Vnhealthiness of the Places we trade to, That I may safely affirm, (because I am sure I have the concurring Evidence of our experienced Commanders, who are the best Judges of it) That there is no Navigation used by our Nation, loses fewer Men, than our Indian Voyages, when Ships are duly dispatched, and detained in the Country no longer, than the honest and prudent Management of our Mercantile Affairs does require.  
This is what I have to represent in relation to the first Demand, and humbly referring it to your judicious Censure, I proceed to the Second:   

II. Concerning the Constitution, Management and Condition of the Present Company.  
The present East-India-Stock was first incorporated in the Year 1657. And although 'tis true, that the Trade has never been improved to that National Advantage, and with such regard to Posterity, as may justly entitle the Managers to the Character of  Patriots; yet it must be confessed, That those Gentlemen who had the Conduct of these Affairs for about Twenty Years, did so well discharge themselves, To keep the Trade alive, though they did not industriously assist its Growth; And to their Honour be it said, They were always very careful to preserve the main Basis of our Dependencies firm and entire: And that was our Credit and Reputation, with the Natives, which by their just and punctual deal had impressed in that People such a high Opinion of our Candour and Probity, that we were preferred in their Esteem, before any other Europeans; living amongst them with great Security to our Persons and Estates, and enjoying very advantageous Immunities in our Commerce.  
The first Subscriptions to the general Stock amounted to about l. 739782: But it pleased those, who then overruled the Affair, to take in but a Moiety of it, which so cramped the grand Enterprise in its Infancy, that it could never since be extended to its full Dimensions. This was the fatal Error in the beginning, which has done such irreparable Prejudice to us, and inestimable Benefit to our Neighbours. For had those Conductors been endowed with so much Magnanimity to call in the other part, and bestowed all in impregnable Fortifications on their Spice Island of Polloroon. They had merited to have their happy Memories celebrated amongst us by glorious and lasting Monuments. For by that means we had not only been Masters of Fruitful Plantations of those Rich Spices, Mace and Nutmegs, to serve our own Expense, and help supply the World; But this had been a commodious Seat for an Emporium of Trade to the adjacent Countries, which would have burdened us with Wealth. And I will not doubt, but I may (without overvaluing the Abilities of my Countrymen) declare my Opinion, That if this grand Affair had been under the Conduct of Persons of Skill and Courage, which might have been sound amongst us, we had long ere this gained the Ascendent over another European Nation, who have set up their Standard near this place: Because the Integrity and Courtesy which is native to a true English Spirit, could not have failed to obtain far more advantageous Conquests, than the others have effected by rougher means. For we shall always find, That as long as Self-Preservation and desire of Liberty are the genuine instinct of Human Nature, The Cords of Love will bind faster than Fetters of Iron. But alas! this fruitful Garden lay neglected for fear of the Charge of Cultivating and Fencing it: For all the Company did, was to send out what may more properly be called the Model of a Wooden Fort, than the thing itself, and that was set up for a Show. So that in the Year 64, when the late K. Charles made War with the Dutch, They only sent a small Ship from Batavia, which had nothing else to do, but quietly to take Possession and remove about Twelve of our People they found there, to new Lodgings at their foresaid City.  
I could also here remember how much our First Movers were wanting to the Nation and themselves, in neglecting to recover their Right to a Moiety of the Customs at the Port of Gombroon in Persia, which was granted to their Predecessors for assisting the Sophy to take Ormuze from the Portuguese. And 'twas indeed a very valuable Acquisition: For in the Years 1671 and 72 when I was there, the Customs amounted to about 80000 l. per Annum. And though our Agent did then sit in the Custom House when he pleased, and some of the Companies Servants constantly attended there, to take exact account of the Income, yet we were so good Natured to accept of about l. 3000: for our half of that great Sum; whereas had our Company at their beginning duly considered their Interest, and dared to throw so much Bread upon the Waters as would have defrayed the Expense of an Embassage to that Court, by some Person well qualified for the Occasion, I cannot doubt, but we might have successfully asserted our just Claim. But after this long Interval without any effectual Motion on our Part, I fear Prescription may be pleaded as a Law against us: And yet I would not quite despair, but when it shall please Their Majesties and the Parliament to settle this invaluable Trade on a good Bottom, and in the Hands of able and Honest Managers, It would be worth the attempting to retrieve this lost Stake, If we could find out some excellent Person for the purpose, who can but Copy after Sir Thomas Row formerly at the Court of the Great Mogul, or Sir William Hussey at present with the Grand Signior.  
And now, from these Intimations of what the first Managers of our Company lest undone, I come to take notice of something they did, which has proved much more injurious and destructive; For by the former we only lost a Part, but the fatal Consequence of this has hazarded the entire ruin of all our Trade and Interest in those Parts, I mean that pernicious Usage of Multiplying their Votes according to their Stocks, rating every Vote at l. 500:  
This evil practice had its being with the present Company, and was never used by the former Joint-Stocks to India, nor in any other public Society that ever I heard of, till This first gave it Birth: And 'tis worthy a Remark, the Ingenious Hypothesis they have framed for the Ground of this Projection, whereby they hope to lick over the Arbitrary Monster into the Shapes of a reasonable Creature, by such slight insinuations as these: That the Stock ought to govern the Stock; and those who have most Money in it, should have most Power in the Dispose and Direction of it. But a little serious Thought will fully discover the Iniquity of this false bottomed Argument. I am sure, 'Tis utterly destructive of our Darling Property, and directly contrary to those Measures which the Justice and Wisdom of the Nation has taken in choice of our Representatives, who are the Preservers of it. But surely there can need no more Verbal Confutation, since we know it by its Fruits, and such woeful Experience has proved, That he who has the biggest Purse, is not always the most Honest, nor able to manage so weighty an Affair. For,  
'Tis by this means, that one of our Fellow-Subjects did about 14 years ago mount himself into the Supremacy, and has ever since usurped an absolute Dominion over all the other Adventurers.  
'Tis by this means such great Havoc has been made of the Lives and Estates of the Subjects of England, as has been represented by numerous Petitions to the Parliament in every Session since the late happy Revolution.  
'Tis by this means such notorious Frauds have been acted in underselling the Company's Goods by Private Contracts and unheard of Deductions afterwards; whereby it can be proved, that the Joint-stock has been wronged above One Hundred thousand Pounds, in two or three years' last passed. Surely those Gentlemen that make such haste to be rich by these obliqne ways, never seriously asked themselves that great Question: Quid prodest homini, si mundum universum lucretur? etc. For besides the common Obligation to Honesty, there is no Member of the Committee, but has twico plighted his Faith by two solemn Oaths to be true to the Company.  
'Tis by this means that so many injured Persons groan under heavy Oppressions, and can obtain no Relief; for if the Concern be not very considerable, 'tis adding Grief to Affliction to content it at Law, there are such Tricks and Contrivances practised to render the Suit tedious and expensive, which has put many Persons upon choosing the less Evil, in referring Matters to some of their own Committee; and yet sometimes even that Condescension has not prevailed, for there has appeared so great an Aversion from doing any thing like Justice and Reason, that the humble Osser of a Reference to a principal Person in the Committee has been rejected, as was lately taken notice of, in the high Court of Chancery, on occasion of a Motion made by a Complainant against them, before the Lords Commissioners; when the Right Honourable Sir John Trevor was pleased to declare his Sense of their unjust and arbitrary Oppressions, reprehending them for their illegal Seizures of the Ships and Goods of their fellow Subjects, who were honestly employing themselves and their Estates in their Trade of Merchandise; and reproving them for the Methods he observed they took to delay and evade making Restitution to those they had wronged; and he then told them he was informed of a certain Person, who had a matter depending with them. And frankly offered to refer it entirely to Sir Joseph Herne the present Governor, which was refused; and indeed it ought to be recorded to the Honour of that Worthy Gentleman, and the Infamy of those who opposed his being entrusted with the Affair; for the Reason of it is very obvious, Because there could not be the least Pretence to doubt of his doing the utmost for them, that could possibly consist with right Reason, His own Interest and his Relation to them, doubly obliging him to it: But Some Body was jealous that his Virtue would influence his Inclinations, and restrain him from taking greater Lengths in their Favour than Equity and good Conscience could extend to. And for that Cause he was no fit Person for the Purpose.  
'Tis by this means, that the Trade has not only of late been let out to particular Men amongst ourselves, but Foreigners have been invited into England, to lad their private Stocks on the Companies Shipping; which can bear no other Construction, but that either they have made such over-large Dividends, as has not left a sufficient Fund of their own to carry on the Trade; or those amongst them, who do what they please with all their Affairs, make some particular Advantage to themselves by this public Scandal to the Nation, and Detriment to the Company.  
'Tis by this means, our noble Trade has degenerated into Trick, and instead of employing a Stock in honest and generous Adventures abroad, according to the laudable Practice of Merchants; There is lately set up a new Society of Artificers, who blow the Price of Stock up and down, as best suits their Design of enriching themselves by the ruin of others; and this Legerdemain is mannged by a strange sort of Infects called Stock-Iobbers, who devour men on our Exchange, as the Locusts of old did the Herbage of Egypt.  
But all these and many more the like evil Effects of Plurality of Votes will appear very inconsiderable, when we exhibit that one monstrous Production of making War with the Great Mogul and the King of Syam. As to the latter of these, I have formerly presented the Honourable House of Commons with the pretended Grounds of it, and proved, that there is not the least shadow of Reason to help extenuate, much less justify that unaccountable Quarrel; nor can I possibly imagine what should provoke our Indignation against that obliging Prince, unless it were because those rich Presents, which the chief Minister in that Court did by my means make to the two late Kings, were not rather directed to Wanstead than Whitehall.  
Now concerning the Violences have been done to the People of Suratt and Bengale▪ in plundering them by Sea and Land, which has been called by the name of a War with the Great Mogul, The naked Truth of the thing is this:  
There had been very ill Measures taken for several years together in the Management of the Joint Stock, which had brought it into a deep Consumption. I will instance in three or four of the principal.  
First, the taking up such immense Sums at Interest. For sometimes they have owed above a Million here in England, and 'twas seldom they were not also considerably indebted in India. This was a constant consuming Charge and a direct Damage to the Company, if their Stock were really worth but the Original Subscription, when 'twas verbally valued at above Two Millions.  
Another thing was, The great Expense in making Interest at Court to procure a Power to destroy both Fellow-Subjects and Foreigners: For besides the several Ten Thousand Guineas to the two late Kings, there was a far greater amount to the Ministers and Favosites; insomuch, that I am certainly informed the Charge now stands in their Books at a vast Sum under the Title of Secret Services.  
To this may be added the great Prejudice done the Stock by several capricious and costly Projects, and such inexcusable Mismanagement, In employing Persons wholly unfit for the Business, Unnecessary charge of Dead Freight and Demorage; And such strange improper Quantities and sorts of Goods sent out and ordered home; That though I cannot positively affirm the Promoters of these ill things were in Combination with the Companies professed Enemies, yet this I may safely aver. That if they had received very considerable Marks of Esteem (as the French Phrase it) from those who longed for their Destruction, they could not have more effectually contributed to it.  
But above all things of this kind, that which devoured the Stock by wholesale, was the most unreasonable and unjust Dividends, which were made without the least regard to any real Advance produced by the Trade, but as Ambition and Avarice were pleased to command; for in the compass of Five Years, which was from February 1 ● to January ⁸ ½ they drew out l 741647 and in Two Months afterwards they doubled their Stock. which together made l. 1109673: and all this from a Capital of l. 369891: which was the principal Money paid in by the Adventurers: And if we here further consider, that in this Interim they were moreover at the Charge of above l. 300000: for Money borrowed at Interest and Compliments to Friends at Court, It does all together look so very strange, that I think it would well deserve to be esteemed the Eighth Wonder of the World, had it not soon after appeared, that they made more haste than good Speed in this prodigious Career, which subjected it to the common Fate of all those Motions, that are more violent than the Nature of the Thing will bear. For by these ways and means the Stock was brought into that languishing Condition, and in such a sad manner exhausted, that 'twas apparent, Those who managed the Affair had their Thoughts so wholly employed about the business of dividing, that they quite forgot to leave any Money behind to satisfy their Debts; for instead of continuing those punctual Payments which till then had preserved their Credit in its Virgin Purity, they did soon after prostitute their Reputation by affixing a Paper on the Treasury Door, declaring that they could not pay any more Money till after some Month's time, which, for the Presumption and the Scandal of it, is perhaps without a Precedent.  
And here we have found the right Key to the Mystery of the War with the Mogul: For things being brought to this sad pass, 'twas now high time to cast about how to repair the Ruins: And the happy Expedient resolved on, was to seize on the rich Fleets belonging to Suratt, and more especially those that traded to Arabia and 〈◊〉. But there was also an ingenious Contrivance antecedent to this Enterprise▪ and that was, To gain an Advantage by the Friendship we had with these People, before we treated them as Enemies. In making use of the Companies Credit, to borrow about l. 300000: and then retire to Bombay to make Spoil of their Ships and Goods. And to stimulate their chief Factor Mr. Child to prosecute this great Work with the highest degree of Zeal and Diligence, there was procured for him a Patent for a Baronet, with a Commission, styling him General of all his Majesty's Forces by Sea and Land in the Northern Parts of India, Persia and Arabia etc. The Commanders of the Ships had likewise the King's Commission, with leave to wear the Royal Ensigns; All which together appeared so absurd and ridiculous, that as an ingenuous Gentleman writes from thence Our Neighbours the French and Dutch could not put themselves into a Posture of laughing enough at it: but while they laughed, our Company won (at least it was then thought so:) For besides a great number of smaller Vessels, they took about 13 considerable Ships to amount of above a Million Sterling, as has been Sworn in their Majesty's Court of Exchequer, and the value of about l. 300000: of it has been brought home, as can be proved by the Confession of one of the prime Agents in the present Committee.  
Now all these Proceed were not only most unjustifiable, for that they had not in reality received any Injuries that required such Reparations, Nor did they apply to the Mogul for Redress of their pretended Grievances, before they acted those Hostilities on his Subjects: But the Violence is still further aggravated in regard that several of the Ships they took had the Security of their own Passes, and they have made seizure of some Goods which were laden on board their own Ships on Freight. And although the prevailing Interest of some Members of the Committee did in time of the late King procure a Commission to set up a Court of Admiralty on their Island of Bombay, which they made use of to confiscate the Estates of their Fellow Subjects, yet to the Ships and Goods belonging to Suratt, they did not allow so much as the formality of a Trial and Condemnation, which makes these Captures look more like plain Piracy than Lawful Prize. Indeed the whole thing together is such a complicated Evil, That I want a Name for it, Crimen laesae Majestatis & proditae Patriae will scarce reach it: And that our Legislators have not provided a particular Statute against it, and appointed a Punishment suitable to so heinous an Offence; there can be no other Reason assigned, but what the Historian tells us was the Cause; That till after the second Punic War, there was in the Roman Constitutions no particular Law against Parricide.  
And here after this Account of the Ground and Progress of our Martial Exploits, It may not be amiss to subjoin an Estimate of the Advantages have accrued to us thereby, which may be summed up in the following Particulars.  
It has cost the Company above l. 400000: in sundry Expenses and Charges; as. Advance on the rate of their Tonnage for supernumerary Seamen, Transporting Soldiers from England, with their Pay, and the like of great Numbers raised in India, Vast Quantities of Ammunition and extraordinary Charges of Garrison in Fort S. George and Bombay, together with those heavy Articles of dead Freight and Demorage.  
It has interrupted the course of our Traffic for four or five years, whereby the Company (supposing they had a sufficient Stock to manage the Trade:) cannot be computed to have lost less than l. 800000: and the Crown about l. 200000: in Customs.  
It has occasioned the loss of some Thousands of our good Soldiers and able Seamen.  
It has been the means of destroying five considerable Ships that we know of, besides what may be doubted of those which have been so long abroad in that unhappy Service.  
But above all we have thereby lost that invaluable Jewel, our Reputation and Respect; and of the most belov'd and favoured are justly become most abhorred and infamous in the Esteem of that People. There needs no further Proof of this than the very Phirmaunds or Patents lately granted by the Mogul, at our Readmission to Trade in his Countries, which were translated out of Persian, and sent to the Company by their Factors at Suratt, in these following Words:  

The PHIRMAUND for Bengale.  
KNOW this, that the good Fortune of the English hath directed them the right way to end their Faults, they are sorry and ashamed for what they have done, therefore have sent their Vakeels [Factor] to our noble Court, with a Petition for a gracious Phirmaund to pardon their Faults; which the King out of his great Favour and Mercy always ready to pardon, doth freely forgive them; Therefore his clear and unspotted Order is such, which you are to observe, as you do his that you pray to, That so soon as this gracious Phirmaund reaches your hands, you suffer no body in your Jurisdiction to molest, hurt, or hinder the English Nation in their Business, but suffer them to carry it on in the same manner as formerly. This understand, and act accordingly.   

The PHIRMAUND for Suratt.  
ALL the English having made an humble submissive Petition, That the ill Crimes they have done may be pardoned, and requested a noble Phirmaund to make their being forgiven manifest, and sent their Vakeels to the Heavenly Palace the most illustrious in the World, to get the Royal Favour. And Ettimand Chawn The Governor of Suratt's Petition to the famous Cou●t, equal to the Skies, being arriv●d; That they wou●d present the great King with a Fine of 150000 Rupees to his noble Treasury, resembling the Sun, and would restore the Merchant's Goods they took away to the Owners of them, and would walk by the ancient Customs of the Port, and behave themselves for the future no more in such a shameful manner:  
Wherefore His Majesty according to his daily Favour to all People of the World, hath pardoned their Faults, mercifully forgiven them, and out of his Princely Condescension agrees, That the Present be put into the Treasure of the Port, the Merchant's Goods be returned, the Town flourish, and they follow their Trade as in former times; and Mr. Child, who did the Disgrace, be turned out and expelled.  
This Order is irreversible.   
These are their new Patents, but may much more properly be styled Gracious Pardons: And although I am well assured the Mahometans will religiously observe them▪ if the Christians that are concerned do punctually perform the Conditions on their Part; yet certainly there is no Mankind but must needs be affected with most passionate Resentments, to see the Honour of his Mother Country exposed to this Contempt and Ignominy, and our common Name stigmatised with such opprobrious Epithets; But what still makes the consideration much more 〈◊〉 is, That the black Characters are in a manner indelible, for these Instruments are reposited amongst the Records in the Court of that great Prince, where they are like to remain as long as God continues a Being to the World, and so the Reproach will be entailed on our Posterity, and Generations to come may feel the dire Effects of subjecting the Dictates of Reason to the Power of the Purse by the fatal device of Complicated Votes. For 'tis by that means alone that our Affairs have been brought into these most unhappy Circumstances.  
From which melancholy Relation I proceed to the last thing demanded of me.   

III. Concerning the most proper Manner and Method of establishing this opulent Trade, to the Honour and Interest of the Nation.  
That the Commerce to the East Indies, as well in regard to the public Reputation, as the Security and Advantage of the Adventurers, requires to be negotiated by a National joint Stock, is a great Truth so generally received amongst ourselves, and confirmed by the universal Consent and Practice of other Nations, that 'twould be a Tautology to offer any Arguments for Proof of it, and therefore I will here only repeat what I before occasionally intimated; That such a Constitution will most conduce to the common Good, in communicating the benefits to all Degrees and Professions amongst us: So that the Thing now to be considered is, How Justice and Prudence will direct us (under the present Posture of Affairs) to lay a good Foundation for this Great Work.  
There has too much been already said (if the Laws of Truth could have been dispensed with) to make it evident, That the Nation has sustained irreparable Prejudice by the Errors of those that have presided in the Management of the present Companies Concerns, who, besides many other high Misdemeanours, have divided and consumed the Stock in such a manner, that they have not left a sufficient Fund to negotiate the Trade, which will be totally lost to us, if some speedy and effectual Remedy be not applied to support and re-establish it. But it does not therefore follow, That the Present Stock must unavoidably be concluded and broke up, and another Subscription promoted entirely new and separate from it. Because though the Authors of all this Mischief deserve to be severely censured; yet it ought to be remembered, That there are some very honourable Personages, and many very worthy Gentlemen interested in this Company who should not have any thing offered to them that does so much as look like the least hard Usage. And therefore that equal Right may be done to all, It seems more agreeable, That the Remains of the present Company, as well Dead as Quick Stock, be equitably valued, with a due consideration of all their just and reasonable Pretences; And that a General Subscription be made throughout the whole Kingdom, to be conjoined thereto, and this to be incorporated and confirmed by Act of Parliament as a National East-India Company, with such Privileges and under such Regulations as to the great Wisdom of our Honourable Representatives shall seem meet.  
And here, though perhaps it may look like too fond a Conceit of my own Sentiments, yet I cannot forbear to say, That there is no Person concerned in the present Stock, who has an honest Intention directed by a true Cognizance of the State of their Affairs, but must readily accord to this Proposal, and not only acknowledge, That 'tis indispensibly requisite it be done with all possible Expedition, But That 'tis likewise the utmost, Justice can allow to be done in their Favour; while at the same time I am not ignorant, that there are some Conspirators as hard at Work, as ever Guy Faux was in the Cellars under the Senate-House, in contriving to get this Company confirmed at the next Session of Parliament, without any Inspection into their Bottom, or Reformation of their notorious Abuses; and they depend upon supplying their want of Stock, by Money to be taken up at Interest, which they promise themselves will flow in to them, on the Credit of such an Establishment.  
These are a sort of Men, who Act as if 'twere a principal Article of their Creed, that their main Business in this World is to aggrandise their Families, though they raise their Fortunes by the Ruin of their Country; and they go on with a strange assurance of Success to their evil Design; for they have cut out a Bill in readiness, and presume they shall make an Interest for its passing without opposition; whereby one or two aspiring Men hope to be invested with a more Despotic Power over our Lives and Estates, than their Majesties assume or exercise on the Throne; And thus after all the Boasts we have made to the World of the great Liberties we enjoy, they would make us the most abject Slaves in Nature; For those Imposing may in some respect be tolerable from the hand of a Sovereign, which would be worse than Death from a Fellow-Subject, especially from such who have not the least Pretence to any Superiority, more, than they fancy they have acquired by amassing a great deal of Wealth in a little time; whereas this their imaginary Gain and Glory is their real Loss and Shame, and so esteemed by all good Men who have a true sense of Things, and rightly consider how their Accounts must be audited in another World. Wherefore I could hearty wish these Gentlemen would recollect, and engage their Minds and moneys on some more laudable Enterprise. Not that I fear that all their Artifice and Influence can accomplish their Ends: my ardent Desire of seeing this mighty Trade revive and flourish, inspires me with better hopes, and assures me, They shall not obtain. For indeed there only wants a public Representation of things in their proper Colours, to take off that deceptio Visus wherewith they have disguised the Face of Truth; and all their Endeavours will soon appear as vain and fruitless in their own Eyes, as they are ignoble and ungenerous in the Opinion of others. I have heard of some of their little Arguments (or rather Evasions) whereby they would fain persuade them that are Strangers to these Affairs, That 'twill be very incommodious, if not impracticable, to make any Alteration in the present Company. As;  
That 'twill be a Work of Time to adjust all matters 'twixt the old and new Adventurers, and so may occasion an Interruption in the Trade, which will be a great Prejudice to the Nation.  
That they have not for some Years passed received Accounts from their Factors, and are thereby unacquainted with the true State of their Affairs, and Value of their Effects in India.  
That 'twill be a very difficult thing how to compute an equitable Consideration for their dead Stock abroad in Castles, Forts, Colonies, Cities, Towns, Factories, etc.  
Now besides the Invalidity of these empty Pretences, I cannot but take notice, That our Cunning Men are sometimes so unlucky, to outwit themselves by their own Sophisms; for certainly 'tis not well considered to give a Hint of the Damage 'twould be to the Public, to have the Trade interrupted for a little time, Because it may give occasion to the Government, to make stricter Inquiry into the Reason of the late Interruption for four or five Years together, and to exact satisfaction for the great Loss sustained thereby, which, as I before intimated, cannot be computed at less than a Million to the Crown and the Company.  
Nor will it pass for better than a Blunder in the School of Politics, To bring upon the Stage an Accusation against their Servants, in alleging they are so long behind in their Accounts; Because such unpardonable Failures abroad, will arraign the Understanding or Integrity of Some body at home, who has had the choice of all their Servants for several Years past; and make it manifest, that there has been Care taken to provide Persons, just so fit to assist in their Mercantile Affairs, as Coachmen would be to command their Ships. But moreover this Thing is not more improper to be offered, than 'tis in part, if not altogether false; for to my certain knowledge there were General Books of Accounts brought from Fort St. George by the Chandois, in the beginning of February last, though I cannot say they are now where they ought to be, in the Companies House in Leaden-Hall-street, for I have been told that a certain Man, who is at present no more than one of the Committee, did lately take away several of their Books and Papers to his own House about six Miles from London; which, if true, is in my Opinion a sort of Felony that ought not to have the Benefit of Clergy.  
As to their dead Stock, what I have already said concerning it, will vouch for me, That 'tis as far from my Will, as my Power, to deny them full Satisfaction for every particular. But I must here say, 'Tis very idle (I had almost said ridiculous) in those that pretend 'twill be such an insuperable Difficulty to make a reasonable Valuation of it. For 'tis but doing over again, what has been done several times before, and the very same thing that this Company did to the preceding. Wherefore however they express themselves about this Concern, their Meaning is plain, and the Use they hope to make of it is this; That if it does them no further Service, 'twill help to prepossess People with an Opinion, that it must needs be for some mighty Things that they make so great a Noise, and so it may prepare the way to make a Noble of Ninepences by a more current over-valuing those matters, when they come to an Adjustment of them. Thus do our sage Seniors, who have made their Will a Law to the other Adventurers, and used the Committee as the French King does his Parliament at Paris, contrive to impose on the whole Nation at once. But their Wits that have served them so well in other Attempts, will fail them in this. For as I hope there is no Man wishes them the least wrong, so I know there are several now in England, who can, and I'm sure will, do a general Right by an Impartial Account and Estimate of all those Particulars.  
They are pleased to make use of a great many several Names, but all the various Sounds signify one Thing, when we speak of what may be accounted really considerable, and that is their Fortifications of Bombay and Fort St. George. And because there are some, who have given themselves a lose to say any thing, and published what they dared not own, to magnify our Companies Interest at those Places far above its just worth, I cannot forbear to assert, what I'm sure the true Reason of the Thing will justify, That he who thinks those, or any other Fortifications in the Mogul's Dominions, can be of good use to us, longer than we hold a Friendship with the Government of the Country, had better keep his Opinion to himself, than expose his Ignorance in the Affairs of India. And I cannot fear that those who judge according to the true merits of the Cause, will suspect me the less devoted to the Service of my Country, or the Welfare of the Company, when I declare, That were it not more for the Dishonour, than any other real Disinterest to the Nation, I could hearty wish, Both those Forts now in the Mogul's Possession. For 'tis a certain Truth, That to have a prudent and intelligent Person always resident at the Court of that Great Prince, would signify more to our Security and Advantage, than Ten Fortifications, and cost less than the tenth Part of the Charge of One. I say this with the more Assurance, from the great Things I have seen done by some ingenious Gentlemen, Chiefs of the Companies Factories, who were duly sensible of what great Import it was, to have a good Friend, or a faithful Servant continually attending at Court, and acted accordingly. For I was in Bengale when Mr. Shem Bridges did superintend their Affairs in those Parts, and he had only a House for the Residence of the Factory, wherein I am sure he could no more pretend to any Strength sufficient to offend, or defend himself from the Government of the Country, than a single Gentleman amongst us can engage with a whole County; Yet I saw, That by the good Correspondence he kept at the Court of the Mogul's Vice Roy in that Kingdom, and by his great Prudence in his Converse and Intercourses with the People, he did not only live secure, with the Companies Affairs flourishing under his judicious Direction; but he obtained to exercise a Jurisdiction there: and for any Affronts, Frauds, or Failures, he did imprison the Delinquents, And inflicted what corporal Punishment he pleased not extending to Life. And such was his Art and Management in all Respects, as did great Honour to the Nation, and made himself beloved or feared by all about him.  
The like Encomiums are also justly due to Mr. William Jearsey formerly Chief at Metchlepatan, where he had nothing more like a Fortress, than a House in the midst of a populous Town, contiguous with other Buildings: But he found out Ways of making so potent an Interest at the Court of Golcondah, as not only gave him a general great Respect, and removed all Obstructions in his Business with the Merchants and People of the Country; But the very Governors stood in some awe of him: And one great Thing he did for our Honour and Interest, ought not to be forgot, though I fear 'twill never be requited, which was his saving the Ship Constantinople Merchant, from being taken, in the first War the late King Charles made with the Dutch. That Ship was riding in the open Road of Metchlepatan, when our Enemies sent Three or Four Ships of War to seize her, but this Gentleman had made timely and effectual Provision to frustrate their Design. For he obtained a positive Command from the King to the Governor of the Province, to bring a Force before the Dutch Factory, and threaten Destruction to them and all they had there, in case they offered any Violence to our Ship in the Po●●… 〈…〉 cooled their Courage, that they let her remain peaceably to take in 〈…〉, wherewith she afterwards safely arrived in England.  
I hope I shall not be misunderstood 〈…〉 Things, and while I am pursuing Truth, be suspected to have any 〈…〉 to the Present Companies Prejudice; Or that I would have it inferred 〈…〉 I have said, That Fort S. George and Bombay are of no value. I am 〈…〉 my Intentions, and I must declare myself of a contrary O●●●●… 〈…〉 have them, I think we are under a Necessity of endeavouring 〈…〉 and Justice will require, That this Company have a reasonable Considera●●●●●r what they presented to the Crown for the one, and paid to their Predecessors ●●● the other, together with what more may have been since expended in necessary and useful Additions to them.  
And truly I am sorry for their sakes, I cannot say the same thing for their new Garrison at Tegnapatan, whereof we had lately an Account in the Gazet, acquainting us, That they had purchased it for about Twelve Thousand Pounds. I know the Place, and should have been glad in their behalf, if in the room of that Intelligence they had heard of some unavoidable Loss to the like amount, for than they had known the worst at once: But I doubt the next Letters will bring them a melancholy Account of the growing Charge in repairing that ruinous Building, and accommodating its many Wants; and when all that is done, there can no more be made of it, than a New Thing, and nothing.  
But I leave these Things to be more particularly inspected and examined by those may have it in Charge to consider of them; and what I have now farther to offer, is, That I am well assured all these Remora's wherewith the Conspirators endeavour to obstruct a happy Reform and Re-establishment of this Trade, will be effectually removed; If the Parliament shall in their great Wisdom see Cause to give Life to the Great and Good Work, by encouraging a National Subscription to be conjoined to the Net Remains of the Present Stock for a Grand Capital. Something of this kind notified to the Public, and the negotiating Part recommended to a Committee of Merchants, whose Parts and Probity qualify them for this Occasion, would most certainly in the Term of five or six Weeks accomplish the matter in readiness to be reported for further Consideration concerning the establishing this National Company by a Law. And for the speedier perfecting the whole Matter, The very same Gentlemen that shall be Commissioned for the new Subscriptions, may be conjoined with the like Number of the Members of the Committee for the present Company, and at the same time proceed in adjusting the value of things that are to be incorporated into the National Stock, having Power to examine Persons upon Oath, and to inspect all Books, Papers and Records as they shall find requisite for their Information. Thus, with the Assistance of the present Accountant General Mr. Buyer, who has so great Knowledge in the liberal Science he professes, That all Europe cannot produce one who excels, and but a very few that equal him; together with the Notices may be received of several Gentlemen who have resided in India, and are well acquainted with the Nature and Condition of every thing relating to the Company there; The great Affair cannot fail to be fully effected in the foresaid Term, and in the Interim Ships will be fitting, and may well be in readiness for dispatch to the several Parts of India, 'twixt the beginning of January and the end of March next, which is the most proper Season. So that the Conspirators may be at ease, and no longer disturb themselves with anxious Doubts and Fears of any Interruption happening to the Trade, by this most desirable Revolution and Fixation of it.  
The next great Consideration is, concerning a Committee to manage this National Stock. And where there must be so great a Trust reposed, there cannot be too much Care taken in the choice. For 'tis not only, That that wicked Thing of valuing the Man by his Stock, must be anathematised, and never so much as named amongst us, but all possible Cautions must be used, That the Elections be entirely influenced and guided by those intrinsic Recommendations of Integrity and Knowledge, abstracted from all other Invitations or Motives whatsoever.  
But after all that Care which Human Providence is capable of, in laying the Foundation of this noble Enterprise; There is one important thing more must be done with the first beginning of the Superstructure, if ever we hope to erect a Glorious Fabric; And that is, The obtaining of Their Majesties the Grace and Favor to send an Ambassador in their Royal Name, to the Great Mogul, to retrieve our lost Esteem, and reinstate us in our Commerce on Honourable and Advantageous Terms, which I am very sure may be effectually done by proper Applications from a Person of good Port and Conduct: And 'twill much facilitate his Success, by giving an acceptable Proof of our Intentions to become the same honest English Men they have formerly known us, If that Part of what the present Company have taken from the People of Suratt, and is now here in their Possession, be returned by his Lordship's hands to be restored to the Right-Owners. Nor shall we herein only advance our Reputation to the highest Degree with that People; but such a meritorious Action at our Entrance, will be a most effectual means to attack Heaven itself by a holy Violence, and secure the Divine Benediction to our future Adventures.   

I Have thus, Right Honourable and Most Honoured SIRS, endeavoured to discharge the Duty incumbent on me by your Command, and I have done it faithfully; for whatever I have asserted as matter of Fact, I am ready to Prove by full and particular Evidence: And wherein I have offered my Opinion, I have impartially set down those Sentiments which my Acquaintance with these Affairs dictated to me. And now, if I may hope what I have said sufficient to convince, That the Trade to India is worthy your Regard, and That the Honour and Interest of the Nation does indispensibly require some speedy and effectual Care for the Preservation of it; Then I am well assured, The same good Principle that prompted you to demand this Paper of me, will also incite you to make use of all your Interest and Influence with the Government, in promoting the happy Establishment thereof; Whereby you will do a most beneficial and acceptable Service to the whole Kingdom, and in a most especial manner highly oblige those honest Gentlemen and Merchants who have a right Cognisance and Esteem of this grand Concern: Amongst whom, I beg leave in the lowest Posture of Respect to render the most humble and most grateful Acknowledgement, of  
Most Noble LORDS, and most Honoured SIRS, Your most Obedient And most faithful Servant, GEORGE WHITE.