THE East-India TRADE.  
BEing a Jewel not enough to be valued, Or to say the least can be said of it, not fit to be thrown away, has many Sessions of Parliament much troubled the House, occasioned by two Interests, both striving to get the same Thing; the one being the Interest of the Old Company, the other being the Interest of many other Rich Men, who very fain would be a New. This together with some Clauses in the Old Company's Charter, which say, there shall Three Years Notice be given, before that Charter should determine, so puzzled the Cause, that the whole was referred to the King; but before any thing was done by His Majesty in't, Providence so ordered the Matter, that the Old Company's Charter by Act of Parliament became Null and Void; and the Prudence of Their Majesties thereupon so ordered the Matter, that in the New Charter given them, there is (among other things) Power reserved till Michaelmas 1694. to even Determine that Charter.  
So that this Matter seems to come plainly before the House to Advise in't as they shall see best: And if the House does not now so Order the Matter, that these Mighty great Riches to be hoped from ●he Indies, so strove for by some, may be given to all, according 〈◊〉 their respective Interests they have in the Lands and other Rents of this Kingdom, the Generations to come in every Parish of England, when they shall come to know the Advantage they might have had by being concerned in this Trade, and find themselves excluded from it, will say at the least, there was an Opportunity slipped; whereas if the Matter be but so ordered, as that the Benefit of that Trade may in General as aforesaid accrue unto all, all must be certainly pleased with it: Besides which, at this time it may possibly further Advantage the Public, in case they Resolve to raise the Tax on Land by way of a Pound Rate, by making the Land-Owners the more willing to let their Estates be Taxed to the true Value, that so they may accordingly be concerned in this Trade, which in few Years will make them Amends, if settled in some Method, like what is herein after proposed, which being Printed last Year, is at the desire of some (who then seemed to be pleased with it) reprinted in the very same words, as follows. To preserve the East-India Trade, in such sort as to make it National truly for the good of the Public, and so that the Landed Men of the Kingdom, who are most burdened with Taxes, and are the only Persons can and will suffer in their Rents and Estates, unless concerned some way in Interest by the now intended Increase of this Mighty East-India Trade may not be prejudiced, but rather much Advantaged thereby, and without paying down any thing for it.  

It's Proposed,  
That this Trade should be settled by Parliament, so as to be carried on by a Joint-stock Exclusive to others, and under such Regulations as shall be expressed in the Act.  
That this Trade should be Managed by a Number of Persons (less than Fifteen enough) to be chosen by Parliament, to whom they should be accountable, and that upon Oath, when required.  
That that Number of Persons shall (by a common Seal) be Empowered to take up Money at Interest, not exceeding 1400000 l. for carrying on of this Trade, at such time, and in such proportions as shall by them be found needful for it.  
That the Money so taken up and employed in this Trade, shall always be liable to pay Principal and Interest to the Lender's thereof as the same becomes due, and be required. And,  
That there may be no fear of borrowing Money enough to thus carry on well this New intended East-India Trade, 'tis farther Proposed,  
That there should be settled for ever, one single Months Tax in a Year, after the rate of 70000 l. per Mensem, as a Fund to a perpetual Interest at 5 per Cent. of 1400000 l. but not to be raised but when found needful by the Persons appointed to Manage the Trade.  
So that besides the Money employed in this Trade, and the Profit of it, out of which the Interest of the Money to be Borrowed for the carrying it on, may be easily paid, here will be Land Security as a perpetual Fund for the Interest settled, so that should the Stock fail, the Lender's will be secure, which will give the Company such a Credit, they can never want Money at the lowest Interest that any where it can be had. And,  
Thus the Profits first arising, may go to clear the Money first Borrowed, and after that is paid, to the Owners of Land in Proportion to their Estates as Rated to this single Months Tax; and to make this effectual, the whole Stock and its Proceed must for ever remain so fixed to the Land itself, that it shall be in the Power of no Man to sell the one, without selling the other at all, and it may be hence hoped, that after the first five or six years (without paying one Penny) the Landed-men of the Nation may have the whole Benefit of this great East-India Trade. And,  
When any Dividend (after the Money borrowed to carry on the Trade is repaid shall be made of the Profits, it ought never to be under 15 per Cent. which (upon a Stock of 1400000 l. to be kept always entire) amounts to 2●0000 l. and that at the rate of 70000 l. per Mensem will be a just three months' Tax, which on such Dividend (to yearly be hoped for) should be paid to the Sheriff of the County, and by him be sent to each Division or Hundred of his County, and thence to each Parish, where the owner of Land will receive as much Money as his Land would be assessest at for a three months' Tax, after the rate of 70000 l. per Mensem on every such Dividend made. And this way of deviding will be very easy and safe. And,  
This would make it National truly, and a great Advantage to all, and Landed Men only being therein concerned, and such a Fund of Security settled, the Stock might at any time be easily enlarged (if found needful) for the Public Advantage and Profit; so that 'twould quickly outdo all Companies that ever set up in England, be a general Good, and to be never complained of, which any other (on a Stock raised by Subscriptions) will very soon be, and by especially such who may after have Money, they would gladly put into't, having not at the first Subscribed to it.  
To this it may and will be objected and said,  
This is a matter of Trade, and best managed by Merchants who know one another, and so are only able to choose fit Managers for it, whose Interest in a Stock (to be raised by Subscriptions) will always oblige them to act the best they can for it; and Merchants being this way Excluded, where will you find able and honest Men to undertake it, that will mind and manage the Trade to the best advantage, so well as such Merchants would do that might have great Stocks themselves in that Trade.   

Answer,  
Merchants are not so Excluded, but that they may be chosen for the Managers of it, and 'tis not to be doubted, but that the Parliament may choose as able and honest Men as Subscribers can, for a Committee to manage this Trade, and those chosen by Parliament, being made Accountable to it upon Oath, are likely to act as honestly at least as a Committee chosen by Subscribers will do for the general good of this Stock, to the best of their knowledge and skill, and 'tis fit they should have (besides a Salary of two Cuinies Weekly) the same Encouragement so to act for the good of the Stock, as if they themselves had considerable Stocks in the Trade, all which may well thus be contrived.  
Suppose these Managers are obliged to meet twice a Week certain, and oftener if needful to take care of this Stock, and that for such day of the two which they Personally appear, to have one Guiney paid them, in lieu of a Salary of 100 l. yearly, but not to be paid, but only for the days they appear, which will make them more duly attend. And  
That for every Dividend made (which 'tis hoped may be yearly) of 15 per Cent. as aforesaid, that there should be paid two per Cent. for that Dividend, which as aforesaid supposing it to be 15 per Cent on a 1400000 l. Stock, makes 210000 l. and for such Dividend supposing 2 per Cent paid to the Managers, makes 4200 l. which if divided twixt fourteen Manygers, makes 300 l. each, and is equal advantage to them, and will make them act full as well for the Common good, as if they had each 2000 l. Stock in the Trade, and yet that advantage of 2 per Cent. for each Dividend (supposing 210000 l. which is 15 per Cent. each year divided) together with a Salary of 100 l. yearly for 14 Managers of it, amounts to but 2 s. in the 100 l. unless a Dividend made, and then but to yearly 5600 l. which is 8 s. in each 100 l. only on the whole Stock (supposed 1400000 l.) for taking this care of the Trade, which most easily will bear such a Charge.  
Other Objections no doubt may be made, and so will by the Merchants, and such whose Interest and Care is either to maintain the Old Company, or else by way of Subscription 〈◊〉 their own sakes to set up a New, but those and all other Objections may, 'tis hoped, be easily Answered when made, and Gentlemen are desired to take notice, that if this be not done now, it will be after this Sessions too late.  
December 29. 1693.