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A38194 An abstract of proceedings of the House of Commons, in relation to the East-India Company and trade; Proceedings. 1698. England and Wales. Parliament. House of Commons. 1698 (1698) Wing E2502; ESTC R200375 5,075 4

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An ABSTRACT of Proceedings of the House of Commons in Relation to the East-India Company and Trade Octob. 28 A Petition of several Merchants and Traders about the City of London concerning the East-India Trade And a Petition of the East-India Company were presented to the House and referred to a Committee of the Whole House Sir John Guise Reported from the said Committee the following Resolutions which were Read and agreed to by the House Resolved 1. That the East-India Trade is Necessary and Beneficial to this Kingdom 2. That the East-India Trade will be best Managed by a Joint Stock exclusive to all others 3. That a Company to Trade to the East-Indies in a Joint Stock be Established by Act of Parliament And Ordered the then Company to lay before that Honourable House a true state of their Stock and Debts at home and abroad Nov. 14 Sir Joseph Herne the then Governor of the Company delivered in several Accounts as a state of their Stock and Debts at home and abroad which was referred to a Committee of the Whole House Dec. 17 Sir John Guise after Nine sittings of the said Committee of the Whole House Reported the Resolutions of the said Committee which were read and agreed to by the House and amongst other things it was Resolved That a Sum not less than 1500000 l and not exceeding Two Millions is a Fund Necessary to carry on the East-India Trade in a Joint Stock That no One Person shall have above One Vote in a Company Trading to the East-Indies and that each Person who has 500 l Stock therein shall have One Vote That no private Contracts shall be made but all Goods sold at Publick Sales by Inch of Candle except Salt-Petre for the Use of the Government Dec. 18 The said Committee Resolved That the Members of the Committee of the East-India Company be obliged to give Security to be Approved of by the House That the Stock and Estate they then had should be made good 744000 l all Debts paid which was 100 l per Cent. their Capital Stock being then called 744000 l. That Security being first given an Humble Address be presented to His Majesty to Incorporate the present East-India Company by Charter according to the Regulations agreed upon by the House that the same may pass into an Act of Parliament And the Committee of the East-India Company were ordered to attend the House on the Wednesday following to give Security accordingly Sir Thomas Cooke and others of the East-India Committee delivered in Proposals in Writing signed by the Secretary concerning the said Security which Proposal was That Security be given that the Company 's Stock is really worth as much as the Account delivered into the House of Commons makes out That the said Security be either by the Company 's Common Seal as hath been always done Or by every particular Adventurer's Personal Obligation for his own Stock Or by so many of the Principal Adventurers as shall be Approved of for the full Value of the Company 's Stock as it was given into the House of Commons Which Security was not approved by the House but the Committee of the East India Company were ordered on the Tuesday following to bring the Persons they shall propose to the House to be Security Decmber 29 The Committee of the East-India Company delivered in a Paper of the Names of the Persons they proposed to be Security and the Sums for which each Person would be Security many of which Persons attended there January 8 The Committee of the Company were called in to the Bar and asked whether the Persons proposed for Security did know of the Regulations Voted by the House and consented to by them And whether they would give a Recognizance To which they answered That they submitted to such Regulations as should be passed into an Act and that the Security should be as the House should Direct Whereupon the House approved of their Security proposed and ordered a Bill to be brought in to Establish an East-India Company according to the Regulations and Resolutions agreed upon by the House And Mr. Finch Sir Christopher Musgrave and others were appointed to bring in the Bill Sir Christopher Musgrave presented the Bill to the House The Bill was Read the First time and Ordered a Second Reading The Bill was Read a Second time and the Persons proposed by the Company for Security 29th December last were after the Second Reading of the Bill Ordered to attend the next Day to give Security according to their Proposals The East-India Committee attending were called in and the Speaker acquainted them that there was a Bill brought in by the Order of the House to Establish an East-India Company And that the present Adventurers might have a Stock therein of 744000 l. if they would give Security That the Stock they then had should be made good 744000 l. all Debts paid And that the House gave them time till Tuesday then next to give in an Answer to the said Proposition And that the House expected an Answer to be then given accordingly February 6 They gave in their Answer agreed upon by the General Court the First of February Wherein they refused giving Security as the Bill stood pretending the same was not consonant to the Vote and Resolution of the 18th December in the very Substance thereof But in its whole Contexture tended to the Destruction of the said Company by several Clauses therein contained The House took the said Answer into Consideration and after Consideration had thereof it was Resolved That an Humble Address be made to His Majesty to Dissolve the present East-India Company according to His Power reserved in their Charter and to Constitute another East-India Company for the better preserving of the East-India Trade to this Kingdom in such manner as His Majesty in his Royal Wisdom shall think fit Which Address was presented by the whole House on the Tenth of February Mr. Speaker reported His Majesties Answer to the said Address as follows viz. That it was a Matter of very great Importance to the Trade of this Kingdom and that it could not be expected that He should give a present Answer to it but that He would take time to consider of it and in a short time give this House His positive Answer Whereupon the next Session viz. Lunae 14. die Novembris 1692. Sir Edward Seymour acquaints the House that he had a Message from His Majesty in Answer to the Address of this House the last Session in relation to the East-India Company the which he delivered in Writing at the Table where the same was read in these Words viz. THE House of Commons having presented an Address to the King to Dissolve the present East-India Company according to the Power reserved in their Charter and to Constitute a New One His Majesty took into Consideration the proper Methods of complying with their Desires and of securing effectually this Advantageous Trade to the Nation But His