they would then be less Solicitous of promoting the true Interest and Advantage of a Trade whereof they would not long reap the Fruits And that no new Company could be immediately admitted to it So that this very Beneficial Trade which is already so much impair'd might be in danger of being intirely lost to the Nation And in the Close of his Message upon that occasion His Majesty was graciously pleas'd to recommend to the House of Commons The Preparing such a Bill in Order to pass into an Act of Parliament as might establish this Trade on such Foundations as were most likely to preserve and advance it After this the Interlopers started a Suggestion That the Companies Charter was forfeited upon the Non-payment of the first Quarterly Assessment of 5 per Cent. Charg'd upon their whole Stock though the Companies Agent upon the day limited by the Act viz. the 25th of March 1693 went up to the Exchequer in order to pay it in but found the Exchequer not open the same being an Holy-day and the Printed Act not being publick till that Morning 〈◊〉 Enemies of the Company designing to take this Advantage over them They did with all Humility apply themselves to the King and His Majesty weighing in his Princely Wisdom That the Uncertainty of the Companies Affairs might occasion the total Loss of this Rich Trade and in his Goodness Commiserating the Losses about that time sustain'd by them he was graciously pleas'd to give them Assurance on the 12th of May following That no Advantage should be taken of their Forfeiture the Attorny General having then Orders to draw up a new Charter And it appearing that His Majesty was graciously dispos'd to grant the Company a Charter there were Petitions exhibited against it by the Interlopers and the Matter was contested many days before the Queen and Council and every Article of the intended Regulations was weigh'd and consider'd with great Deliberation This Business being in Debate from March 1693 to the 7th of October following at which time the Charter had the Seal with a Proviso That if the said Company did not submit and conform to such Alterations Restrictions and Qualifications as the King should make before the 29th of September following It should be lawful for His Majesty to Revoke the said Charter On the 7th of November the Parliament met and on the 11th following the Company had a new Charter of Regulations which in most material Points was fram'd pursuant to the Regulations formerly propos'd in Parliament Upon the Security of this Charter the Company consented to a new Subscription and there was Subscrib'd a-new into the said Stock about 1200,000 l. and reduced accordingly to 744,000 l. which new Subscriptions were made and the Mony thereupon brought in Sitting the Parliament And during that part of the Sessions in which the 744,000 l. were subscrib'd and paid in as an Addition to the former Joynt-Stock for enlarging and making the Trade more National nothing was done said or offer'd against the Charter of Regulations on the Strength and Credit of which the new Subscriptions were made So that upon the Publick Faith at least tacitly given 781 new Adventurers of which many are Widows and Orphans did subscribe a large part of their Substance to support this Trade during a hazardous War for the Profit and Honour of England And it having been so frequently Resolv'd That this Trade was Beneficial That it was best to be carry'd on in a Joynt-Stock And the principal Regulations having been pursu'd which had been propos'd in Parliament the new Adventurers thought they might without any Hazard subscribe on the Security of a Charter which was so plainly design'd by His Majesty to preserve the East-India Traffick then in danger of being lost And in less than six Months from the Date of the said Charter the Company did set out eleven Ships richly Frighted And in Obedience to an Order of His Majesty in Council did thereon lade above the Value of 150,000 l. in Woollen and other Goods of the Product and Manufacture of this Kingdom During the then Prorogation of the Parliament It was the Pleasure of their Majesties to order a second Charter of Regulations dated the 28th of September 1694 to obviate some Objections that had been made In these Charters of Regulations there are many Provisions made for the General Benefit of Trade and for the Publick Weale of this Kingdom Particularly the Company is thereby oblig'd to Export to the East-Indies to the Yearly Value of 100,000 l. at the least in Goods of the Growth Product or Manufacture of England and to furnish the Crown Yearly with 500 Tun of Salt-petre at the 〈◊〉 of 38 l. 10 s. per Tun in time of Peace and 45 l. per Tun in time of War The Company are ready to make appear of what Advantage their Yearly Exportation of Woollen Manufacture has been to this Nation and that they have carry'd out Draperies to a great Value which would not have been exported by any other Trade And it must be owned That the Companies Obligation to serve the Crown with Salt-petre at such a Price has sav'd the King a great Sum during the last War the Market-price being generally 70 l. per Tun and upwards Since this time the Company have lost several Rich Ships outward and homeward bound and having born the Brunt of the War and supported the Trade in times of Hazard they well hop'd to receive some Returns of Profit in time of Peace Upon which account an Intimation having been given in December last to some of the Court of Committees by persons of considerable Rank in the Government That a Proposal from the East-India Company to make a Loan might be acceptable They sounded several Members of their Body how they stood dispos'd to advance a Sum of Money in Consideration of a Settlement by Authority of Parliament and finding many inclin'd to it They resolv'd to take the first seasonable Opportunity to lay this Matter before a General Court and accordingly It was propos'd and agreed in a General Court of Adventurers for the General Joynt-Stock to the East-Indies held the 14th of April 1698 That by settling the East-India Company a Loan of 700,000 l. may be made which Proposal is ready to be exhibited to your Lordships And the Court pitch'd upon this Sum because it did formerly seem the publick Sence that an Establishment might be reasonably granted their Sufferings by the War consider'd for the Loan of 600,000 l. They were not without some Encouragement to offer this Proposal But as it has since appear'd there was privately carry'd on by the Interlopers a Design of proposing a far larger Sum For some few days after the Companies Offer of 700,000 l. was made Mr. Sheppard's Proposal of Two Millions was mention'd and on the 20th of May tender'd to the House of Commons And whereas