To Preſerve the EAST-INDIA TRADE.

IN ſuch ſort as to make it National truly for the good of the Pub­lick, 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 Joynt Stock Excluſive to others, and under ſuch Regulations as ſhall be expreſs'd in the Act.

That this Trade ſhould be Managed by a Number of Perſons (leſs then 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't.

That the Money ſo taken up and Employed in this Trade, ſhall always be liable to pay Principal and Intereſt to the Lenders 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 needfull 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 Lenders 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 effectu­all, the whole Stock and its Proceed muſt for ever remain ſo fixed to the Land it ſelf, 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 repay'd) 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 intire) amounts to 210000 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 aſſeſt 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 eaſie an•…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 Publick Advantage and Profit; ſo that 'twould quick­ly out-do 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 matter of Trade, and beſt managed by Merchants who know one another, and ſo are only able to chuſe 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 if they ſhould have (beſides a Sallary of two Guinies Weekly) the•…me Encouragement ſo to act for the good of the Stock, as if they•…emſelves had conſiderable Stocks in the Trade, all which may well•…us be contrived.

Suppoſe theſe Managers are obliged to meet twice a Week certain,•…d oftner if needfull to take care of this Stock, and that for ſuch day•…the two which they Perſonally appear, to have one Guiney paid•…em, In lieu of a Sallary of 100 l yearly, but not to be paid, but•…ly for the days they appear, which will make them more duly at­•…d. And,

That for every Dividend made (which 'tis hop'd may be yearly of 15 per Cent as aforeſaid, that there ſhould be paid two per Cent fo•…that Dividend, which as aforeſaid ſuppoſing it to be 15 per Cent on 1400000 l Stock, makes 210000 l and for ſuch Dividend ſuppoſing 2 per Cent. paid to the Managers, makes 4200 l which if devided twixt fourteen Managers, makes 300 l each, and is equal advantage to them, and will make them act full as well for the Commo•…good as if they had each 2000 l. Stock in the Trade, and yet tha•…advantage of 2 per Cent. for each Dividend (ſuppoſing 210000•…which is 15 per Cent each year devided) together with a Sallary o•…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•…in each 100 l only on the whole Stock (ſuppoſed 1400000 l) fo•…taking this care of the Trade, which moſt eaſily will bear ſuch•…Charge.

Other Objections no doubt may be made, and ſo will by the Merchant and ſuch whoſe Intereſt and Care is either to maintain the Old Company or elſe by way of Subſcriptions for their own ſakes to ſet up a New, b•…thoſe and all other Objections may, 'tis hoped, be eaſily Anſwered whe•…made, and Gentlemen are deſired to take notice that if this be not do•…now, 'twill be One and Twenty Years more, ere it can.

Decemb, the 13th 1692.