to one of gold In France the marke of gold valued at seuentie foure Crownes and the siluer at 6 ⅓ Crownes maketh the proportion 11 11 19 parts but valuing the French Crowne at three Frankes is eleuen to one In England the Angel at ten shillings and the siluer at sixtie shillings the pound Troy of 12 ounces being that six Angels did weigh an ounce made also eleuen to one In Germany one marke of Siluer at 8 ½ Gold guilders maketh 11 ⅔ for 1 but the valuation of moneys being altered hath also altered the same In Rome the pound of siluer at 108 Carlini and the Ducat of gold 99 ¼ is 12 to 1. So at Millaine the Ducat 112 and the Teaston 28 is but 9 ⅓ for 1. The siluer being so in request there for the making of gold and siluer threed that is to say siluer threed guilt and white Now for all places of momentarie trafficke it is 12 to 1 and in England 13 ½ to 1 as hath beene declared The valuation of forreine coyne of gold and siluer published in the vnited Low Prouinces on the 21 day of Iulie 1622 with the orders established by the Estates of the said Countries for the better obseruation of the said valuation which neuer the lesse are continually infringed from time to time And the like is done in other countries so that to obserue our owne rule according to Equalitie and Equitie will be found the best and safest course of Politicke gouernment  Guilders Stiuers Flemish The great golden Ryder of the vnited Prouinces 11 6 or 37 s◠8 d The halfe of the said Ryder 5 13 18 10 The double Ducat of the said Prouinces with the Letters 8 10 28 4 The French Crowne 3 18 13 0 The Pistolet of Spaine of foure Pistolets 15 8 51 4 The double Pistolet of Spaine 7 14 25 8 The single Pistolet after the rate 3 17 12 10 The Albertins or ducats of Albertus of Austria 5 13 18 10 The double Rose Noble of England 18 12 62 0 The Rose Noble of Henricus Edward and Queene Elizabeth 9 6 31 0 The Henricus Noble 8 6 27 8 The Flemish Noble old and new of the vnited Countries 8 0 26 8 The old Angell of England 6 4 20 8 The new Ryder of Guelders and Freeseland 3 13 12 2 The gold Guilder of those Mints 3 2 10 4 All which coynes are to bee weighed with their accustomed weight and the remedie of two graines and no more with some little aduantage ouer or at the least being within the rest of the ballance Prouided alwaies that the coynes of their due finenesse although they be lighter shall be currant paying for euerie graine wanting two stiuers Siluer Coynes  Guilders Stiuers Flemish    ss d. The Lyon Doller of the Low Prouinces 2 0 6 8 The Rickx Dollers in generall 2 10 8 4 The Crosse Doller of Albertus 2 7 7 10 The Spanish Ryalls of 8 2 8 8 0 The Doller of Zealand and Frise with the Eagle 1 10 5 0 The Floren or Guilder of Friseland 1 8 4 8 The English Shilling and of great Brittaine 0 10 ½ 1 9 The Marke peece or Thistle of Scotland 0 12 2 0 The Harpe of Scotland and Ireland 0 8 1 4 And if any of the said peeces be found to want of their weight and the appointed remedy within the rest of the ballance or some little aduantage ouer they shall be currant paying for euerie graine wanting two pence Hollandts whereof 16 make one stiuer and the English groats are made bullion or shall not be currant Small Moneys for ordinarie payments THe Shillings of all the seuerall Prouinces respectiuely and of the Mints of Nimogen Deuenter Campen and Swoll 6 Stiuers The halfe Shillings after the rate 3 Stiuers The peeces called Flabs of Groninghen 4 stiuers the double 8 Stiuers The twintigst part of the great siluer Royall 2 ½ Stiuers The double and single stiuers of all these countries 2 1 Stiuer The tenth to be receiued in copper monies 1 Of all which small moneys for the payments of rents interest or abatement of the same as also of all manner of Merchandise exceeding in one parcell the summe of one hundreth Guilders no man shall be bound to receiue more than the tenth pennie 2 The Duyts according to the order of the Prouinces made in the Prouinciall Mints and none other are as yet tollerated for a Duyt and all other copper moneys of the Prouinciall Mints are also tollerated to be paied out for one pennie the peece the 16 whereof make one Hollandts Stiuer and not aboue whereas we do intend hereafter to prohibit the same to be currant for any price because wee will prouide our selues forthwith with so much copper mony as the commodiousnesse shall require 3 We do also prohibit from henceforth no copper moneys to be brought into these countries aboue two stiuers vpon paine often stiuers for euerie peece to be forfeited and whosoeuer shall issue any copper moneys aboue the said price shall incur the like penaltie of ten stiuers for euerie peece 4 And all the said coynes shall be currant in these Prouinces for the prices aforesaid declaring all other peeces for bullion All other coynes made bullion to be molten which by this Our proclamation are not valued prohibiting any of the said peeces to be offered or receiued as also to presse any of those which are valued to be paied at a higher price than they are valued and likewise offer to put forth other coynes of gold and siluer valued which are clipped washed broken mended neiled or otherwise augmented in weight vpon forfeiture of all the said coynes so to be offered at higher rates than this proclamation doth permit and if the fact be not instantly discouered to forfeit the value thereof and moreouer the quadruple or the value thereof or 24 guilders in liew thereof if the said coynes did not amount to sixe guilders for the first time the second time double and for the third time quadruple and moreouer arbitrable correction according to the qualitie of the fact 5 Without that any distinction shall be made whether the said coynes were instantly paied from forreine parts or sent from some one Prouince or Towne into another in which case if the receiuer thereof will be freed of the said forfeiture he is to giue notice of it within twentie and foure houres after the receipt thereof vnto the Magistrates or other Officers to be thereunto appointed to the end they may proceed therein against the sender of the said coyne as it shall or may appertaine 6 Yet shal the said Receiuer keepe the said coyns wholly to himselfe if the said moneys be sent vnto him in paiment of a former debt and neuerthelesse haue his action against the partie for so much as they shall want of the said valuation and if the said coynes be sent for any debt as yet not due or to be made the said
of Indico in Barrels Sugar in Chests and Pepper in Bags marked and numbered according to the goodnes by the Lot drawne or cast and expect Gods blessings according to the saying of the Wise-man as aforesaid Forasmuch as in Italy and Germany diuers commodities and manufactures are dispersed distributed and in a maner vented by the meanes of Lottaries which are continually extant in publike markets and other places I cannot omit to speake hereof as a matter appertaining to Merchants There are two manner of Lotaries namely Standing Lotaries and Running Lotaries the first limitted for a continuance of time to bee drawne at the end thereof without intermission by day and night the latter to bee drawne daily and at all conuenient houres when the parties will put in their money and haue the Lot drawne instantly To which end in many places of Germany there are publike Shops and Stales where diuers sorts of manufactures are exposed to be sold and to euery Lot there is a Prize appointed to answere the said Lot whereby a man hath alwayes some thing for his money and many times a Prize of good value Being therein like vnto the Tree of Fortune The Tree of Fortune which is painted with blind Fortune sitting in the middle part of the Tree and all manner of men women and children standing or lying ouer the said Tree doe receiue somewhat falling from it to the one a purse full of money to the other a halter to the one a golden chaine and to the other a cutting knife and to be briefe to some good and to some other euill things as is seene in all wordly affaires Standing Lotaries are stately and magnificent consisting of Siluer Plate Chaines of Gold Iewells Cabinets Hangings Pictures and other precious and curious things fit for honourable persons and others of qualitie Albeit all men are admitted to aduenture therein which is the cause the Lots are commonly made of twelue pence or two shillings the number whereof maketh a compleat Lotarie fit to be drawne when the same is full which must bee done by gathering in the money in continuance of a certaine time limitted as aforesaid The Running Lotaries are of Plate Chaines of Gold and other things whereof the price is in a manner certaine as also of moneys and for that they are instantly drawne and men willing to know their present fortune as they terme it euerie one is inclined that the money which they draw they will venture againe in hope of a better whereby their Lotaries are sooner filled Both these sorts of Lotaries haue a Table wherein the Prizes are declared which are valued by publike authoritie to preuent deceit and fraud which in great Standing Lotaries is more likely to bee practised There is as many Bills made of the aduenturers by their names or poesies as there are Blankes and Prizes to be drawne answerable to the Tickets deliuered for the money to euerie man that is an aduenturer in the said Lotaries and all these Bills of names being examined by the Magistrates or Commissioners with the Bookes of Collection for the monyes are put into one great close Basket with a hole in the middle thereof for a man or a boy to put in his arme to draw them at the appointed time Likewise all the Blankes and Prizes with the like suruay of Sworne-men are put into the like close Basket after examination of the Prizes registred in the said Table which being all of one fashion and bignesse are publikely vpon a Stage mixt tossed and tumbled in certaines sheets of Canuas before they be put in the said Basket and between the said two Baskets sitteth the Drawer putting both his armes at one instant seuerally in euery Basket deliuering the Bills of the names or poesies with the right hand and the Blankes and Prizes with the left hand to certaine Sworne-men which doe read the contents thereof openly to all the standers by which Drawers or persons do change for certain hours for they continue both night and day vntill all be drawne out without stirring of the Baskets Othersome doe herein obserue certaine houres daily and vpon euerie discontinuance they seale the said Baskets vnder two or three Seales from time to time proclaming all Prizes by the sound of the Trumpet and stringing some blew papers in the Files made of the Blankes and names and the Prizes euerie day drawne are the next day to bee seene in print with the assistance of Officers appointed to see good orders obserued in keeping the Peace vpon all occasions of fallings out which might happen amongst the vnruly multitude of mechanicall people The Prizes are many to auoid discontent which the reading of many names and answeres in Blanke prouoketh And commonly they do not exceed in number aboue thirtie or fortie for one and so the least prize being but tenne shillings is proportionably three or foure to one in value or in readie money All the Prizes haue a priuie marke or number knowne onely to some few persons to preuent the counterfeiting of euill disposed persons or officers which are hereby easily discouered For all the cautions and preuentions of dishonest and craftie dealings are more than necessarie in Lotaries the rather of the common opinion of all men which hold it impossible for Lotaries to be without fraud Caueat in Lotaries And here I may not conceale a great fraud committed in Standing Lotaries when not only the Prizes are ouer-valued or change but also when the parties of the Lotaries will set vp the same to draw men to aduenture and take that to their aduantage filling vp the Lotaries themselues and enioying the most Prizes by the multitude of the Lots put in by them wherein they are like to the craftie common Out-cryer for goods sold publikely in out-cries by appropriating to himselfe and his parteners which are onely knowne to him all such good bargaines and penny-worths as he hath with them contriued to bring about Fraud of goods sold by outcryes or as he hath vndertaken to put to sale for other men vnder the colour of out-cryes selling them if he please or keeping and retiring the goods into his owne hands when hee cannot aduance them according to his will wherein other men are ignorant And this being a vendition may not be omitted to bee noted in this Booke concerning all manner of buyings and sellings the rather for that the aduenturer in Lotaries incurreth lesse danger than Merchants doe in the course of Trade especially in Assurances when they doe aduenture one hundreth pounds for three or foure pounds from London to Barbarie whereas for one Lot of twelue pence he hath a possibilitie to haue allotted vnto him two or three hundreth pounds Lotaries are commendable The right vse of Lotaries if they be appropriated to their right vses and good intentions finis Coronat opus for this maketh them to be of continuance pleasing and profitable when the benefit thereof doth redound to pious workes
shillings or seuentie two pence and 72 ½ pence for the said French Crowne in Exchange when the Crowne in specie is paied him in France for seuentie fiue soulz The like consideration are we to haue of the Dollers of Germanie of the Polish Guilders or Florins and all other coynes inhaunced aboue the Par of Exchanges heretofore calculated amongst Merchants and especially with the admittance of Princes The operation heereof in the course of trafficke is of verie great moment more than in times past when the difference was not so sensible which made me to compare the same vnto the serpent Aspis which stingeth men in such sort that they fall into a pleasant sleepe vntill they die which is meant by particular persons whose estate is consumed by running vpon Exchanges Or like vnto the crueltie of the Planet Saturne which maketh his spherecall course in thirtie yeares with great operation although wee doe not so sensibly perceiue his motion which is meant in the reuolution of State affaires in progresse and continuance of time CHAP. XI Of Attachments and Arrest THE Common Law of England doth not vse the course of Attachments as is vsed by the Custome of the Citie of London which was borrowed from Merchants actions obserued in forraine Countreys and was thereupon by Custome here established it being a readie way whereby men may secure themselues of present meanes if they doubt of their debtor For if the creditor do know any debts or goods belonging vnto his debtor he may instantly vpon a specialtie to be exhibited vnto the Magistrate haue authoritie to attach the said debts and goods in the hands of any person where he findeth the same onely Priuiledged places excepted or Ecclesiasticall persons in most places To this Attachment if the partie doe appeare and put in baile either by himselfe or his Atturney then the Attachment is ipso facto void and declaration being put in dependeth in Court vpon the said baile and if no declaration bee put in the next Court day or within three dayes then the said baile is likewise discharged by the said Custome albeit this is not so duely obserued as the Customarie Law of Merchants requireth But if the partie doe not appeare and the Attachment doe proceed three Court dayes or three defaults to be entred then for the fourth default judgement or sentence is giuen that hee who did make the Attachment shall recouer the said debt and goods and take the same into his owne possession vpon good sureties to be put into the Court to answere the value thereof within one yeare and a day in which time the proprietarie may disreason the said recouerie by disprouing the other parties surmises or allegations prouing that the specialtie was paied whereupon the Attachment was grounded For the Attachments beyond the Seas cannot be made vpon any pretended Action but must bee done vpon a Bill of debt and many times the Magistrates will sequester the goods or debts into their owne hands to auoid incertainties of honest dealings Besides Merchants will be aduised before they make Attachments because both the Ciuile Law and Customes of Merchants doe impose great damages vpon the partie if hee haue made his Attachment without iust cause to the ouerthrow of the other parties credit And moreouer if it be vpon debts appearing by specialties or Bills Obligatorie it may fall out that the said debts are transferred or set ouer vnto other Merchants according to the Custome heretofore mentioned whereby the propertie is altered I remember a case of mine owne that happened aboue twentie yeares since which concurreth with the matter in hand A Merchant being indebted vnto me by a Bill Obligatorie the summe of 800 ll payable at six moneths was perswaded by a friend of his with whom I had some differences and controuersies of accounts to suffer an Attachment to be made in his hands of the said moneys by the Custome of London vpon promise made vnto him That he would giue him long dayes of payment for the said moneys whereupon my Debtor appeareth to the said Attachment and did acknowledge the said debt of 800 ll relying vpon the long dayes of paiment and he that made the Attachment did proceed in the Law and had judgement thereupon making no doubt to obtaine execution accordingly Being aduised by learned councell in London Attachments to be remoued after judgements wee suffered him so farre to proceed and then we did speake in Arrest of execution and brought a Writ of Certiorare out of the Kings Bench vnder the hand of the Lord Chiefe Iustice putting in speciall baile in London to satisfie the judgement The record was remoued to the said Court of Kings Bench and there wee did put in other baile and vpon that brought a Supersedias into London and discharged our especiall baile and by the Law the said Attachment and all proceedings were made void and this Merchant was taken Pro confesso and ordered to bring the money instantly into the Court whereas he had yet six moneths for the payment the interest whereof was 40 ll whereby the Prouerbe tooke place Fallere fallentem non est fraus Here the Law did preuaile against Custome but in another like matter of attachment Custome hath preuailed against the Law One being indebted vnto another the summe of one hundreth pounds payable at a certaine time it came to passe that the Creditor went ouer beyond the Seas before the money was due the cautelous Debtor vpon vntrue surmise to defraud the Creditor made attachment of this money in his owne hands by the Custome of London and put in sureties to bee answerable for it for one yeare and a day according to the manner and order of the Court in which time the said Creditor was to disreason the said pretended debt but the Creditor being beyond the Seas and ignorant of these proceedings came ouer after the expiration of the yeare and a day and the Debtor had judgement vpon the said attachment and execution awarded vnto him in his owne hands The Creditor being now come ouer demanded his money the other denied to owe him any in briefe the Bill was put in suit at the Common Law the Debtor did plead the said judgement and recouerie in London and by that practise and fraudulent meanes defeated his Creditor and being done by Law it is taken to be no cousenage to be punished by the Starre-chamber or other Courts onely the partie is A.K. Touching Citizens or Merchants arrests beyond the Seas there is a Custome that no Officer may arrest after Sun set No arrest to be alter Sun set such therefore as goe abroad but at those times are said to Fly with the Owle by a common Prouerbe and it is hoped by the said Custome that the Debtor may by hauing accesse at some time vnto his Creditor compound with him and preserue the good opinion and credit wherein hee liueth and thereby not onely haue meanes to recouer himselfe but also be
purpose as by the graunt appeareth This licence they in short time peruerted to the great disturbance of the ancient course of the Staple whereby the trade of the Realme greatly declined and the Kings Customes decreased so that from 160 thousand pounds yearely payed out of the Staple the Customes came short of 120 thousand pounds The Fraternitie of Saint Thomas of Becket These new Merchants terming themselues The fraternitie of Saint Thomas of Becket were by Act of Parlement and by direction vnder the Great Scale of England in the time of King Henrie the sixth prohibited from doing any act that might preiudice the Staple and so it continued vntill the two and twentieth yeare of King Henrie the seuenth and then there was another great complaint in Parlement against the said fraternitie for decaying of trade and a verie strict law made against them with especiall order that they should admit any of the Kings liege people into their socitie paying vnto them ten markes which vnder pretence of some priuiledges hath beene interrupted and especially by his Maiesties Proclamation in the fifteenth yeare of his Highnesse happie raigne by reason of the controuersie for the dressing and dying of cloth neuerthelesse in all their graunts exception is made That the Staplers should not be preiudiced which in the wisedome of a Parlement will be found most necessarie to be vnited againe to make a free trade vnder gouernment 8 The exportation of the materialls for cloth as woolls Fullers earth woolfells and woodashes is prohibited lately by his Maiesties Proclamation with good orders for the execution thereof according as heeretofore was done by the Correctors of the Staple for other commodities 9 Touching the warres of Christendome let vs obserue that King Edward the third had also great wars in his times with France and in Ireland and neuerthelesse he did receiue a verie great assistance by subsidies of fiftie shillings vpon euerie sacke of wooll exported for and during the time of sixe yeares which amounted to 1500 hundreth thousand pounds when one ounce of siluer was valued but at twentie pence which would now amount to foure millions and a halfe 10 And lastly the immoderate vse of forraine commodities was by the Maior and Constables of the Staple had in consideration for they had alwaies an especiall care to the inriching of the Kingdome because the prouident care of the King did put them in mind thereof insomuch that when the said King became forgetfull therein by reason of the warres and that the Kingdome wanted chaffer wares and necessarie prouisions the Parlement did absolutely deny to giue him any subsidie as appeareth by the Chronicle of Grafton in the one and fiftieth yeare of his raigne so that by the premisses things haue bin in some measure considered of when least disorder in trade appeared A Conclusion to the iudicious Reader THe triuiall vice of Enuie is said to be the mother of wickednesse and accounted to sit in an imâ—ginarie Theater Her Pallace is a dim and hollow vault wherin she waxeth pale and wan as hauing the consumption of the liuer looking a squint as borne vnder Saturne neuer resting as though shee were an arme of Ixâ—ns wheele engendred and hatched by the vgly Megara of Hell that feeds and crams her gorge with Dragons and fomes out againe deadly poyson This vâ—ce hath sent forth triple headed Cerberus vnder the shadow of Zoilus Momus and Mastix Three enuious Satyies to performe her intended tragedie but Zoylus remembring that his railing Commentaries presented by him to Ptolome king of Aegypt and his presumption to bee better learned than Homer did worke his ouerthrow goeth by with silence and shaking his head seemeth to be discontented and vnder hand he doth instigate Momus and Mastix to follow their enuious humors wherupon Momus with his carping eyes dimmed with passion hauing cursorily read ouer this booke taketh vpon him to be a great Pollitician or Statist and findeth fault that many things therein contained which he termeth Mysteries should be published and made knowne especially such as may concerne Princes in their reuenues or secrets of their mints Vnto him therefore I frame this answere confessing and auoiding that true it is That the ancient Monarchies Empires and Common-weales held the knowledge of their reuenues in such reuerence and secret that none but the officers which had the managing thereof were made priuie of them as being sacred things not fitting that the people should take notice thereof which was truely obserued in the Romane Empire and Common-weales of the Grecians But as times produce varietie and the maners of men do change breeding corruption of lawes and customes so was it found that by this secrecie officers were both emboldned and enabled to deceiue the Princes thereby and the people would pretend ignorance to giâ—e vnto them their dues whereupon the Senators of Rome by mature deliberation did ordaine that from that time forward the reuenues of their treasure and the dependances thereupon should be published and made knowne not only vnto the people but vnto strangers also which the Emperor Iustinian caused to beobserued and other Emperors succeeding him as appeareth by the Code and other Bookes which the French Kings haue imitated euer since willing and commaunding that these things should be knowne of euerie one yea euen of the meere strangers of other countries so that this obiection is of small moment especially this booke being moderate in the handling thereof Now Mastix riding a false gallop on a hackney horse being full fraighted of conceits commeth to towne and maketh two exceptions to the methode and contents of the booke first he will not allow the termes of Art by diuiding of the same according to the three essentiall parts of Trafficke next he will not haue Merchants secrets laied open or their trades divulged To the first concerning the being essence or existance of things he will make no difference betweene naturall things and things artificiall and so there is but two essentiall parts of Materia forma albeit that some Philosophers haue established three beginnings of naturall things Matter Forme and Depriuation The Matter hath no other office or function but the changing from one Forme into another Depriuation giuing an inclination thereunto for Depriuation is an imperfection so conioyned to the Matter that without her if she were seperated nothing would be ingendered and therefore in Heauen there is no Depriuation and consequently no generation ne corruption The Forme therefore giueth perfection to the thing and being also and without her the Matter is more imperfect than the eye is without the facultie of seeing or the eares without hearing But in artificialls the being hath her parts as Trafficke hath three namely Commodities Money and Exchange so other things may consist of more being or simples wherein the termes of Art are not excluded neither can they auoid Mastix his enuie To the second the whole contents of this Booke manifesteth to all judicious Merchants how necessarie the knowledge is of the matter therein contained to maintaine Equitie and Iustice by the Law of Nations and that there is no particular secret of any Merchants trade reuealed to the preiudice of any man or nation in so much that they are much pleased with it as being desirous to aduance the good and to banish the euill obseruing that vertue maketh a stranger grow naturall in a strange countrie and the vicious becommeth a meere stranger in his owne natiue soile Let vertue therefore enioy her freedome and possesse her priuiledges by the right of Law and all the people shal flourish with equitie Iustice shall maintaine Peace Peace shall procure Securitie Securitie shall nourish Wealth and Wealth Felicitie No man is to be dismayed at his small tallent or to grudge at anothers greater prosperitie for without doubt Nature hath by her secret motion denied none some perfect qualitie to supplie that want which in himselfe breeds discontent or mislike for euen as the fish hauing no eares hath a most cleere sight so though want of dignitie be a disgrace to some though want of coyne discontent diuers and though lacke of wealth impaires the credit of many yet nature hath supplied that outward ornament with such an internall reward as a loyall and louing heart notwithstanding many hard measures will with constancie spend all his time for the good of the common-wealth being thereunto imployed This worke thus at length happily concluded and commended to the kind acceptation of all gentle and well disposed minds is not compiled to please the vaine appetite of some men according to their nice opinion but is referred to the judiciall and affable judgements of this age to whom I shall during the remainder of my daies alwaies be readie to supplie any thing which in the next impression may be desired not doubting but they will measure it by the iust desert and censure thereof as their owne kind natures haue euer beene accustomed Soli Deo gloria FINIS
Marriners and owners of Ships 9. The customes subsidies impositions tribute and tolles payed vpon all the commodities imported and exported within the dominions of all Princes 10. The manner of making of Assurances vpon goods ships the persons of men or any other things aduentured by sea or by land and the customes obserued therein betweene nation and nations 11. The keeping of Merchants accounts by Debitor and Creditor and the calculation of the diuersities of money whereby the said bookes of account are kept 12. The authoritie and proceedings of Merchants Courts or Priors and Consuls to decide their differences according to equitie in places where they are kept or any other lawes imperiall or common to some countries whereby Merchants controuersies are determined with the course of attachments and sequestrations or executions and finall determinations by arbitrators or iudiciall decrees in any Chauncery or Court of Equitie All these making the customarie law of Merchants haue neuer beene written by any Ciuilian or Phylosopher The customary Law of Merchants nor for ought I know of any author as is conuenient for Merchants whereupon I haue with Gods assistance resolued to handle the same compendiously and substantially in this booke vpon fiftie yeeres obseruation knowledge and experience And albeit that the sea lawes are comprehended therein whereby the proceedings might seem to be promiscuously handled neuerthelesse the method is followed as neere as the matter could affoord according to the said three Essentiall parts of trafficke or the three Simples of commodities Money and the Exchange of money by Bills of exchanges as hereafter may appeare And this Law of Merchants hitherto obserued in all countries ought in regard of commerce to be esteemed and held in reputation as the Law of twelue Tables was amongst the Romanes For herein you shall find euery thing built vpon the foundations of Reason and Iustice and knowing the foresaid twelue points you shall be able to please your owne minde and giue satisfaction of your sufficiencie to others For the saying is true Melius est Ciuitatem ab optima lege quam ab optimo viro gubernari It is better to gouerne a Citie by a good Law than by a good man And it is better for a man to be ruled by Reason than by his owne Reason to seeke to rule others Finally to giue satisfaction to the learned and judicious I haue abstracted the obseruations of the learned in the Ciuile Lawes vpon all the precedent points and added them vnto the following Chapters distinctly from the Customes of Merchants vsing the ordinary name of Ciuilians in generall without naming any particular Author to auoid ambiguitie and vncertaintie in the Contents of this Booke diuided into three parts according to the said three Essentiall parts of Trafficke CHAP. II. An obseruation concerning TIME ALL men of iudgement and vnderstanding doe know that there is nothing more necessary for the knowledge of Histories and diuers estates of the world than the obseruation of Times without which great obscuritie and errors will be found in the Actions of men aswell in matters of Religion as in ciuile gouernment where Merchants in regard of their Trafficke and Commerce haue the managing and disposing of the wealth of Kingdomes and Common-weales So that it behoueth them to obserue the yeeres moneths weekes Merchants are to obserue Time and dayes and sometimes the houres of their negotiation with the course of the Moone and the ebbing and flowing of waters the variation of windes and alterations of weathers for stormes at the seas and vnseasonable Times on land whereby the haruests doe faile and commodities become to be plentifull or scarce and the prices thereof deere or good cheape with many other considerations incident in the course of buying and selling of commodities and in receiuing and paying of moneys To make a definition of Time will in one respect be verie difficult if we consider that Time is inseperably conioyned with Eternitie But if we obserue the attribute of Time and doe distinguish things orderly we shall easily perceiue what Time is and make vse thereof The attributes of Time Time is the consumer of all things Tempus edax rerum Time is the discouerer of all things Veritas filia Temporis Time is vncertaine and wanteth bounds Tempora mutantur c. Times minutes past no treasure can restore Irrevocabile Tempus Time doth pierce the hardest flint Gutta cavat lapidem non vi sed sepe cadendo Time hath a salue for all extremities and yet begetteth vsurie Times office is to end the hate of foes Times glorie is to calme contending kings Time is a tutor both to good and bad and doth discouer the affections of the mind Time offers still each houre to do amisse Time breedeth griefe and heales when Art doth faile By Time and Wisdome passions are supprest In Time small wedges cleaue the hardest oakes Time is the Anchor both of Trueth and Right Time hath set downe the compasse of his course Times motions do equall the reeling Sunne Time measureth our actions Time is the best gouernour of all our councells Time on the weariest wretch bestoweth rest Both Life and Loue in Time must haue an end Many more attributes may be bestowed vpon Time But we shall find vpon due consideration that Time is but a distinction and measure of all things and betweene all things Concerning the reuolution of Time let vs obserue That euen as God the Author and Conseruer of all things in a comely and decent order The reuolution of Time hath appointed a succession and progresse of Time for accomplishment of the naturall course thereof So hath he appointed certaine Periods and Reuolutions of Time wherein things returne to the same or like estate wherein they were before As we see in the motions of the Heauens and consequently in the seasons of the yere all which are measured by Time The Sunne the Moone and the Starres to haue their particular and distinct reuolutions wherein they accomplish their courses and returne after a limitted and determinate space of Time to the places from which they did depart The Sunne compleating his course and Reuolution in 365 daies and almost sixe houres or a quarter of a day as shal be declared which is that space of Time which wee call the yeare termed Annus qui Annulus Annus quasi Annulus taking the similitude from a Ring which caused the Egyptions to make the figure thereof in their Hierogliphicks like vnto a serpent byting his owne taile The Moone by her Reuolution in the Sphere in 28 daies or thereabouts determinates vnto vs the moneths as the Sunne doth the daies and houres Saturnus the Planet maketh her Reuolution in 30 yeares Iupiter in 12. yeares Mars in two years and Venus and Mercurie in 360 daies or thereaboâ—ts The fixed starres haue also their peculiar Motions and Reuolutions The knowledge of all which is both pleasing and necessarie vnto judicious Merchants And because Time is
man knoweth that in the buying and selling of commodities there is an estimation and price demanded and agreed vpon between both parties according to a certaine equalitie in the value of things permuted by a true reason grounded vpon the commodious vse of things So that equalitie is nothing else but a mutuall voluntarie estimation of things made in good order and trueth Definition of equalitie wherein inequalitie is not admitted or knowne And the seller is to sell his wares according to the common estimation and course at such time as he shall thinke conuenient vnlesse it be for victualls and munition wherein necessitie compelleth him to sell for the generall good by the interposition of the magistrates by whose authoritie he can obserue no time but must sell taking a reasonable gaine for the same for the estimation is also the greater vpon such occasions and accidents when the selling of a thing is not according to the goodnesse of the nature of the thing but rather according to the vsefulnesse of it to mankind and therein the condition of the thing is to be considered which may decay and be subiect to corruption in quantitie qualitie and substance or which is not subiect thereunto True it is that there can be no rule prescribed or taught how to buy and sell which is lawfull and vnlawfull or iust and vniust by any wise man whatsoeuer because the children of this age are wiser than the children of light in their generation and calling which is the cause that some Diuines hauing written hereof do proceed with great moderation Tho. Aquinas Scotus and others obseruing that the transferring of things from one owner vnto another is effected fiue maner of waies by priuate persons 1 By Donation which is altogether of free gift according to the saying recorded Luke the sixteenth chapter Mutuum date Fiue means to transferthings nihil inde sperantes 2 By Permutation Do vt Des I giue because you should giue as the prouerbe is Si mihi des tibi do si nil des nil tibi reddo Hoc verbum do das nutrit amicitias 3 By Emption or buying of things 4 By Vendition or selling of things 5 By actiue mutuation or mutuall giuing or lending of moneys Eleuen conditions in the buying and selling of things And in buying and selling of things there are required eleuen necessarie conditions First a consent in the selling secondly a power to sell the like in the buyer thirdly and fourthly consent and power fifthly and sixthly some conditions on either side agreeing in the transferring of the thing seuenthly that the same be honest eighthly also lawfull ninthly and tenthly to be without vnreasonable conditions to buy and sell the same againe eleuenthly that it be an absolute irreuocable bargaine And herein is the law of nature to be regarded and obserued Quod tibi fieri non vis alteri ne feceris or do as you would be done vnto Yet if I haue occasion to buy that which another is about to buy it is lawfull and iust for me to buy the same Three things to be obserued in the selling of things But to auoid suspition in selling iustly or vniustly three things are required First the buyer to be expert in the commodities he buyeth secondly that he be not too needie or constrained to buy and thirdly that persuasiue reasons be ommitted which cause the partie to buy deerer The Ciuilians affirming that probabilitie to proue the estimation of a thing is sufficient whether it be more or lesse worth do admit that a man may sell deerer vnto an expert man than vnto a simple man and to sell deerer than the thing is worth by common estimation is adiudged by them to be alwaies vniust as also to vse reasons and inducements to sell wares the deerer neither is the seller to demand or expect any thing aboue the price agreed vpon And intreating hereof they make large discourses which I do admit to handle for the reasons aforesaid Buying and selling say they is done two manner of waies First that the thing be so bought that all power of pretence be auoided which is giuing a thing at a certaine price for the thing and secondly that the thing sold be as a gift for that price which in substance may be said to be a plaine absolute and lawfull bargaine sold as we say in open market or shop Selling in open market or shop in so much that there be not a curtaine to hide the commoditie so bought and sold howbeit in all faires and markets in the parts beyond the seas a Trades-mans shop and a Merchants ware-house is taken to be publicke and open at the appointed times They haue also determined that a seller may not demand a greater price for the forbearance of his payment or satisfaction of the thing but he may well diminish the price if the buyer do satisfie him the sooner Payments by anticipation and before the time of paiment by way of anticipation which neuerthelesse resteth in his power to accept thereof or to expect the time But this is commonly done not by abating of the price of the commo ditie because money hath made a certainetie of the totall summe of the said commoditie but by allowance or deduction of the interest of the said money for the time to come and vnexpired according as they make their agreement of the price of interest To conclude the premisses touching buying and selling we find that no man in selling any wares is bound to declare whether any quantitie of the like wares are to be had or expected when he selleth CHAP. X. Of Suretiship and Merchants Promises HAuing intreated of the ordinarie buying and selling of commodities either for money to be paied at some daies of payment or for wares to be deliuered by way of permutation wherein many times a third person is interposed or it doth meerely depend vpon the parties promise it may seeme conuenient to handle the point of Suretiship and Promises For albeit as the Ciuilians say A bare or naked couenant that Nudae pactio obligationem non parit exceptionem parit a bare or naked couenant bindeth not but breedeth exceptions this is to be vnderstood vpon contracts and where no sureties haue made any promise But otherwise if any merchant do passe his word for another it maketh him liable as fide inssor to performe the same and the act done before is a sufficient good consideration and they all agree that bona fides inter mercatores est seruanda Faith or trust is to be kept betweene merchants and that also must be done without quillets or titles of the law to auoid interruption of trafficke wherein his Suretiship is to be considered according to the promise for if it be conditionall if such a man do not pay then the other to pay the same within a time or to saue him harmelesse it is first to be demaunded of the
they were neither the discouerers or first inuenters thereof But if it be done by the Kings Prerogatiue then they take it to be a kind of Monopoly So that if it be by a dispensation vpon a Penall Law they make the same questionable wherein neuerthelesse the Princes wisedome is to rule for the good of the Common-wealth Others would haue all things at large in the course of trafficke and that there should be no Societies or Corporations of Merchants for any places of trade but that by way of partenership Merchants might associate themselues to make or enterprise some voyages or in sending of commodities in copartnership without regard had that innouations are dangerous where the trade hath beene carried alwayes by Companies or Societies whereof some are of great antiquitie This is more considerable in the gouernements of Monarchies and especially in Islands than in State or popular gouernements where the ouerballancing of forraine commodities is not respected neither the oueraboundant inhabitation of strangers which augmenteth their Customes and Impositions laid at pleasure vpon their commodities as a principall matter whereby they subsist Others make a difference betweene Companies or Associations dealing in a ioynt Stocke or apart affirming the negotiation of a ioynt Stocke to be within the compasse of a Monopoly Neuerthelesse they would be contented to tollerate the same for the imployment outwards But for the returnes homewards they would haue a diuision in kind or species of the commodities which they receiue which is contrarie to the manner of the Portugalls whose experience hath made apparant vnto vs that they haue for many yeares sold their Spices and other East-India commodities with good order and reputation for their benefit And in this course they vse many times other mens names Merchants vsing each others name according to the Custome of Merchants as they doe also manage other mens affaires in their owne names but this is done with the priuitie of the partie whose name is borrowed and thought worthy to bee trusted otherwise it may prooue verie dangerous especially in time of warre Touching forestalling of Corne or other commodities in Markets it is as I haue said prouided for by Lawes neuerthelesse the Ciuilians haue noted That by the Municipall Lawes of all Countries it is not prohibited for any man to make his prouision of Corne or other victualls for one whole yeare and vpon changing of mind to sell the same againe to profit * ⎠* CHAP. XLIII Of Merchants Oppignorations MErchants oppignorations are more vsed in regard of the commodiousnesse of it than vpon necessitie as other goods are pawned For when a Merchant hath a Ship come home laden with Wines Oyles Woad or such like commodities and is to pay a great summe of money for Fraight Custome and Impost hee will not willingly disburse more money but will indeauour to sell part of his commodities to pay the same withall because that thereby hee may auoid the payment of interest for money vnto others which sometimes hee cannot so reâ—dily find vpon his owne Bond alone and if he doe then must hee bee tied to take the same for foure or sixe moneths and pay that interest when within one moneth he may make moneys of his own goods Vpon consideration whereof some rich Citizens that haue great houses and many Sellers or Ware-houses and to let them at greater rents haue beene contented to lend money vpon the goods brought into their Sellers and Ware-houses paying after the rate of tenne in the hundreth for the yeare and when they sell their goods they must pay them the said money for they do trust Bayard in the Stable In which regard the houses of Commerce are very necessary and other such houses that are spacious to receiue great quantities of commodities where the Customes and Impositions are only paied by the sale of the commodities and you may borrow more money for little or no consideration at all and heereby doth a Merchant inlarge his trade and young Merchants hauing small Stockes find great ease and commoditie You haue at Lixborne the Alfandega in Seuill A Dicana at Venice Il fontego Houses of Commerce at Antuerp the house of the Easterlings is memorable whereof I did deliuer the figure in print to the late Earle of Salisburie when he caused the Brittaines Burse to be builded in the Strand and withall a proiect to build a house of Commerce vpon the Tower Hill which he did like exceedingly and protested that if hee had not begun that worke hee would vndertake this proiect which I doe here declare in hope that some honourable friend to Merchants may be pleased to build the same hereafter Domus Commutationis THe scituation of this House of Commutations or Commerce would be verie commodious vpon the Tower hill to be made of free stone the proportion almost square according to the said Easterlings house at Antuerpe leauing a faire street on euerie side the fore part thereof towards the riuer of Thames and the water to be brought before it by cutting in the docke below the Tower wharfe so as two ships of ordinarie burthen might at one time come in to discharge at the Cranes to be made there for the purpose The drinesse of the ground is very fit to make great Cellars in the middest a stately Court and all the lower part of this house double Ware-houses for commodities of great Bulke and ouer that Galleries answerable to the lower part set vpon stately Columes full of Ware-houses for small wares of value and so for a third Storie and double Garrets for corne and such like commodities reseruing some faire roomes for the entertainement of great personages comming from beyond the seas to feast them onely also with a magnificent Turret great Gates and places with ballances and beames to weigh all sorts of commodities The earth of the Cellars would serue to raise the hither part of the ditches of the Tower to make them deeper and part of the ground leuell fit for goodly walkes and for the scouring of the docke or entrance a Mill might be made to grind mineralls and other things One part of this House to serue the clothiers that cannot conueniently at all times sell their clothes at Blackwel Hall which they may remoue when they haue occasion to vse mony to buy necessarie commodities to maintaine their trade which commodities they may haue for that money or by way of commutation as Woolls Oyle Woad Indicoe Cutcheneale Allome Copperas or other such like extant in other Ware-houses of this House as by the Register kept thereof will appeare whereunto all Brokers shall resort and haue notice of if they will When the clothiers shall haue this commodiousnesse they will increase their trade and set more people on worke to make good clothes according to the statute which will be more vendible in other places beyond the seas to the generall aduancement of trafficke his maiesties Customes and Impositions and all other dependancies
inhabite in Virginia where they shall haue houses and lands for themselues and their heires for euer and their worke shall be taken from them and they shal be duely paied and that a certaine number onely shall haue this priuiledge for certaine yeares and none others to be admitted albeit the number of people doe increase wherby they may be sure of a certain beneficial liuing And no doubt they wil aduenture that little they haue to inrich their means and estate and persuade their wiues and seruants to go with them who may succeed them vpon other good conditions The like is to be done with Taylors Bakers Brewers and other handicraftes-men and so conceauing a common-wealth within themselues wil resolue and encourage many that are of some meanes to accompanie others of smaller means whereby the base minded will be brought to be also painefull and industrious in time and the charge of the vndertakers will be lesse and more commodious to prouide the voyages with facilitie The like was to be put in practise by the Hollanders in the Island of saint Thomas vnder the line but the extreamitie of the heate of that Climate did bring a disorder and the attempt was giuen ouer It is more like to be established in other places for albeit the warres in Europe will diminish the people yet most countries are populous Politicians although they are much mistaken in the number of parishes of seuerall kingdomes yet are they not in the number of the persons or inhabitants France containing by late estimation about 27400 parishes What people in France in numbers c. esteemed in 44 hundreth thousand families of fiue persons to a familie where in England six persons are accounted to be in a familie is 22 millions of persons England containing 9725 parishes 52 shires and 26 cities is esteemed in 28 hundreth thousand families of six persons which maketh 16 millions and 800 thousand persons Scotland containing aboue 4000 parishes is esteemed to haue about 1500 thousand persons or families of six persons is nine millions of persons Ireland containing 5500 parishes was esteemed not to containe the two third parts of Scotland which is now much increased The prouince of Flanders one of the 17 Netherlands esteemed to containe 140 thousand families of fiue persons is 700 thousand persons which is more than the kingdome of Denmarke being ten times more spacious Now omitting to speake of other countries Too populous is dangerous in Monarchies let vs obserue that in all popular gouernments be it an Aristocracie or Democracie the meanes to make countries populous is thought reasonable which in Monarchies is held to be dangerous The concourse of people causeth the greater consumpsion of all things and the reuenues are great by Impositions and it giueth life to trafficke and commerce The Plantation of Vlster one of the foure Prouinces of Ireland is now verie great and the meanes to set the people on worke are to be taken in hand which may be done by a Corporation of English and Irish Merchants there inhabiting and English Merchants in England to vent the superfluities of the commodities of that kingdome and to increase the manufacture of many needfull commodities to bee made there the realme affording stuffe and materialls thereunto plentiously And here I remember a good obseruation heretofore made touching the kingdome of Ireland Why the same was not brought vnto perfect obedience to their soueraigne these 400 yearâ—s but vnder our most gratious king Iames which is attributed to the mistaking of the place of the plantation of the first aduenturers that were deceiued in their choice Fit places for plantation to be considered of for they sate downe and erected their castles and habitations in the plaines and open countries where they found most fruitfull and profitable lands turned the Irish into the woods and mountaines which as they were proper places for Outlawes and Theeues so were they their naturall castles and fortifications thither they draue their preys and stealths the lurked there waited to do euill and mischiefe for these places they kept vnknowne by making the waies and entries thereunto impassible there â—hey kept their cattle liuing by the milke of the cow without husbandrie or tillage there they increased and multiplyed vnto infinit numbers by promiscuous generation among themselues there they made their assemblies and conspiracies without discouerie but they discouered the weaknesse of the English dwelling in the open plaines and thereupon made their fallies and retraits with great aduantage Whereas on the other side if the English had builded their castles and townes in those places of fastnes had driuen the Irish into the plaines and open countries where they might haue had an eye and obseruation vpon them the Irish had beene easily kept in order and in short time reclaimed from their wildnesse and would haue vsed tillage and by dwelling together in towneships learned mechanicall Arts and Sciences This discourse may seeme strange to the Law of Merchants but when Merchants vndertake Plantations as we see they do no man will hold the same to be impertinent The discouerie of the Southerne countries called Terra Australis And for as much as diuers Mathematicians heretofore haue according to those discoueries made their maps and vpon good probabilitie affirmed and set downe Terra Australis incognita whereof discouerie hath beene made in the yeare 1615 by Ferdinand de Quir a Spanish Captaine let vs consider that many other countries may also be found out albeit this containeth a fifth part of the world for as he saieth to Philip the third late king of Spaine the length thereof is as great as all Europe and Asia the lesse vnto the sea of Bachu Persia and all the Isles as well of the Ocean as of the Mediterranean sea taking England and Island into this account seated within Zona Torrida and a great thereof reacheth vnto the Equinoctiall Circle eleuated vnto them to 90 degrees aboue the Horizon and in some places a little lesse There they liue without Kings or Lawes and know no neighbourhood either of Turkes or Moores and according to this maner of life although they want Yron and Guns they haue not need of any thing But they abound with many excellent commodities whereof the Spaniards will in time make vse especially if they be more assured of Gold there to be found as in part they are of Siluer and Pearles for these are the three most pretious darlings that lie and are cherrished in the bosome of Nature To say nothing of Spices and Drugs whereof they abound with many other commodities by the said Captaine declared And here we may not omit to remember That it is not enough to discouer countries and leaue them without plantation or at the least neglect the vse of them if Merchants do giue ouer their enterprises But it is the part of Princes to see plantations made True causes to make plantations for two maine reasons
other hauing meanes more than sufficient to maintaine the trades considering the great summes of money deliuered at interest although the money in specie be wanting which by these meanes would be supplyed And concerning the priuiledges graunted to seuerall societies it will bee easie to reconcile them by good orders to be obserued in the fishing trade wherein all men of seuerall companies may participate and the generall good is alwaies to be preferred before the particular and that societie which is against the common good ought not to bee admitted or continued for any priuate respect Answere To the second obiection That other nations are more painefull and industrious and haue more skill in the cutting salting and packing of fish and pay no fraight for the transportation of their fish Suppose it be so as you say for the present yet you cannot denie but that the same may be amended by vse and custome seeing our people can endure all climates and hardinesse as well as others and by good orders and gaine may be allured to vndertake labour and pains when want breedeth industrie and gaine is like a second life The managing to make fish more merchantable and vendible may be learned of others in time and for wages men will be procured that shall teach others we know that the prouerbe is true omne principium graue The like may bee said touching the fraight of shipping which in processe of time may be had in the same manner if the coast Townes of England were made and appropriated to bee the Ware-houses or Megasins for the grosse commodities of those countries where the Herrings are sold For the scituation of England is farre more commodious to send away the said commodities for all other countries and in diuers places at all times and seasons of the yeare when their countries are frozen for many moneths together or want many times winde and weather to performe their voyages which was the cause that the Hamburgers could not conueniently continue their fishing trade as is alledged Hauing answered sufficiently as I hope the two maine obiections against the fishing trade let vs now examine the benefit of it by the calculation made by the said gentleman Now to shew truely saith he what the charge of a Busse will be with all her furniture as Masts The whole charge of a Busse Sailes Anchors Cables and with all her fishers implements and appurtenances at the first prouided all new is a great charge she being betweene 30 and 40 Last will cost fiue hundreth pounds and may continue 20 yeares with small cost and reparations but the yeâ—rely slite and weare of her tackle and war-ropes with her nets wil cost 80 pounds And the whole charge for the keeping of her at sea for the whole Summer or three voyages for the filling of a hundred Last of caske or barrels 100 Last of barrels 72 ll For salt 4 moneths 88 ll Beere 4 moneths 42 ll For bread 4 moneths 21 ll Bacon and butter 18 ll For pease and billets 6 ll For mens wages 4 moneths 88 ll 335 ll A hundred Last of barrels filled and sold at 10 pounds the Last is 1000 ll 0 0 The charge deducted 335 0 0 Gotten 665 0 0 Here saith he plainely appeareth The profit of one Busse that there is gotten 665 pounds in one Summer whereof if that you do deduct one hundreth pounds for the wearing of the ship and the reparations of her nets against the next Summer yet still there is 565 ll remaining for cleere gaines by one bâ—sse in one yeare rating the Herrings sold but at ten pound the Last which is commonly sold by the Hollanders at Danske for fifteene and twentie pounds The charge of a Pinke of eighteene or twentie Last Of â— Pinke making fifteene Last of barrel fish he accounted accordingly to cost 260 ll and the prouision and wages to be for two moneths 57 ll and the Last sold at 14 ll 8 ss or 24 ss the barrell there is resting gaine for fifteene Last of barrell fish 158 ll He hath noted moreouer that besides the Hollanders the French men of Picardie haue also a hundreth saile of fishermen onely for Herrings on his maiesties seas euerie yeare in the Summer season and they be almost like vnto Busses but they haue not any gagers to come vnto them but they do lade themselues and returne home twice euerie yeare and find great profit by their making of two voyages yearely And hereupon he concludeth with an exhortation to all noble Exhortation for the fishing trade worshipfull and wealthie subiects to put too their aduenturing and helping hands for the speedie launching and floating forward of this great good common-wealth businesse for the strengthning of his maiesties dominions with two principall pillars which is with plentie of coine brought in for fish and Herrings from forraine nations and also for the increasing of mariners against all forreine inuasions and for the bettering of trades and setting of thousands of poore and idle people on worke But now returning to the lawfulnesse of fishing wherein we are to obserue That albeit hunting hawking and fishing be of one kind as subiect to a like law and libertie because that any wild beast fowle or fish being once taken by any man commonly it becommeth his owne proper by the law of nations yet there is a difference between these three and although hunting and hawking be almost euerie where lawfull yet fishing is forbidden in other mens ponds stankes and lakes as comparable vnto theft Statute Lawes of England Scotland and Ireland concerning fishing THe seuerall Statutes of these kingdomes haue established good orders concerning the fishing trade whereunto relation may be had containing in substance the ordinances to build ships and boats and appointing of certaine times for fishing and then onely to fish vpon paines not onely of forfeitures and fines but death also according to the manner of offence made and contempt of those decrees and ordinances Prohibiting for the increase of fishes the making setting and vsing of crowes yarres dams ditches tramlets parkings dyking in any waters where the sea ebbes and flowes and albeit some are permitted to lay nets and to make weares yet must he keep the Saturdaies slop that is to lift the same from Saturday in the afternoone vntill Monday And he is to make each space or mesh of his nets three ynches wide except for taking of Smelts and other fish which will neuer be bigger and the same is to be set vpon the water that the midstreame may haue the space of six foot wide vpon paine of fiue pounds The priuiledges of fishers And concerning the fishers safetie and priuiledges it is prouided That all ships sayling to catch Herrings shall during the taking of them let downe saile after day-light is past and let their anchor fall and keepe watch with lanterne and light vntill the day light appeare least otherwise the poore fishers should be
of iurisdiction in the best manner that can be deuised Euerie person of this societie to be free and exempted of all Impositions Taxes Customes Subsidies lending of moneys any maner of waies or any charges as also masters of the counting houses which shall not be permitted to exercise any trafficke or trade particular but must wholy employ themselues to this businesse with such allowance and order as is prescribed vnto them All worldly things being subiect to mutabilitie euen the greatnesse and superioritie of Princes which may happen to be deposed for a time and afterwards to be restored againe It is prouided that of the gaines of the three parts allotted vnto them for three stakes in this couenant the two shall remaine to the Crowne and the third to the Prince vntill he be restored againe or dead which is onely to take place in all hereditarie kingdomes The said societie therefore not to purchase any land for the generalitie to endanger Princes estates but onely for their particular as occasion serueth Modells or Medalia to be worne by the said hundreth persons of the societie and the Masters of counting houses onely with emendation and augmentation of their armes and by their successors vpon true register and acknowledgement to be made and kept thereof The said Modells to containe on the one side the world concatenated together vnder a Crowne Imperiall assisted with the personages of Prosperitie Honour and Mercie enuironed round about with two inclosed hands and armes of Faith and Credit and on the other side the like with a Crosse and Inscription He doth crowne his owne workes in vs. All which persons shall be made noble Knights of this order accordingly with certaine other additions as shall be thought conuenient As by Faith and Credit it shall subsist or the like The aforesaid stocke and credit to be emploied by the said Masters of counting houses and assistants in fiue seuerall matters by Exchange Banke Mount of Charitie Mensa argentaria and Houses of Vendition without any aduenture or losse according to an instruction shewing the benefit and commodiousnesse which will arise thereby vnto all estates for the preseruation and augmentation of Honour and Wealth of the rich reliefe of the poore and welfare of the commons in generall hauing some gratuities bestowed vpon them The priuate person with whom all the aforesaid parties are to couenant is to be generall Master of all the counting houses and onely to keepe a generall booke of account without any administration of the stocke or to meddle in any trade of merchandise but to haue the honour of knighthood with a large allowance of charges expences had and to be had for to entertaine all the parties and correspondencies which might resort to the places of his habitation to which purpose he must be prouided of a stately house with all conuenient things necessarie and many seruants messengers and posts with the gaines of one hundreth thousand crownes that he doth furnish by many allowances and other meanes to the satisfaction of all the parties according to a particular agreement wherein the vnited Low Prouinces are named the chiefe place or Rendevous of this negotiation or intended contract whereunto diuers countries haue condescended The authors of this proiect vnder the said priuate name do desire for the aduancement hereof permission to execute the same safgarde to be protected from all iniuries and to repaire all dammages which might be done vnto them in hostile or peaceable manner freedome of all taxes and assurance for their persons and goods according to an instruction To which end the Master generall of the said counting houses if breach be made by any one of the parties in any article of this couenant is to receiue the complaint and to consult with his counsell of assistance and so to giue notice thereof vnto the next neighbour Prince or State of this societie to see the same redressed or amended If that Prince do denie to be ayding or be forgetfull therein he shall be accessarie and iudged as guiltie as the first offendor whereas on the contrarie the forfeiture of the reuenues of this first offendor for the time shall be his And the society may remoue their counting houses or change them into correspondencies if other Princes and States should also proue to be negligent and without respect had to their priuate gaine abandon so good an action losing their title or reuenue violating the law of nations wherewith no doubt most Princes shall find themselues agreeued and these Princes or persons transgressors will find the worse and endanger their estates to their great dishonour through all the world and disturbance of other neighbour Princes For the better aduancement hereof there is a place reserued for reward of two vnknowne persons which by their industrie labour and science shall be thought worthie thereof one bearing the name of it This princely contract requireth a serious consideration The Stocke or Capitall is 2 ½ Millions or 2500 thousand pounds sterling or ten millions Flemish which increased by nine hundreth correspondencies will make the stocke to be twenty and fiue millions oâ— one hundreth millions Flemish It being verie probable that through all the world there lyeth so much money dead without any vse or employment The calculation of tenne vpon the hundreth by the yeare doubleth yearely so that he who by gift employeth one hundreth pounds is to haue for it one hundreth pounds yearely for euer and this is supposed to be gotten by fiue seuerall means viz. by Cambium Banke Mons Pietatis Mâ—nsa Argentaria and Domus Commutationis whereof you may find the particulars in this Booke The proceeding of this matter of great consequence hath beene interrupted by Monsieur Olden Barneuelt lately executed at the Hague in Holland the sequell hereof time will discouer and we may say with the Poet Quid non mortalia Pectora cogunt c. CHAP. XVIII Of Moneys deliuered vpon Liues Annuities and Pensions HAuing intreated of Moneys deliuered at interest without casualtie and so termed Vsurie by reason of the contract of benefit without aduenture it is conuenient to handle of Moneys deliuered vpon Liues when Merchants do giue twelue vpon the hundreth without pawne called beyond the seas after the pennie 8 the moitie whereof with pawne is six vpon the hundreth or double eight according to the pennie 16 as aforesaid The pennie 8 is 12 ½ for eight times 12 ½ maketh one hundreth so the pennie 16 which is vsed for rents vpon houses or lands is 6 ¼ according to which pennie 8 vpon one life or double for one yeare so they all liue is equal vpon eight liues This is much vsed in diuers cities beyond the seas to draw moneys into their hands As for example One hundreth pounds is deliuered to haue two hundreth pounds for it at the yeares end vpon eight liues if they all liue you haue two hundreth pounds to buy a perpetuall rent or sometimes as it hath beene
Cash you make ouer 300 ll for Amsterdam by exchange with condition and order to your Factor That from time to time as the mony groweth due hee shall make it ouer againe by exchange vnto you at double Vsance which is two moneths as you made it ouer vnto him some now in this case wil arme an account of exchanges but it is better to make the factor of Amsterdam debitor for it and cash creditor Ships are now arriued from Saint Lucar in Spaine and your Factor of Seuill hath sold your Perpetuanoes Bayes and Lead Retuâ—ne from Spaine in Tabacco and in returne thereof hath sent you a parcell of Tabacco because Cutcheneall was too deare and rich Indico is heere too good cheape withall hee hath sent you the account of your commodities kept in Royalls of Siluer Accounts of goods sold in Spaine accounting sixe pence for a Royall of the cleere Prouenu being 27240 Royalls making sterling 681 ll whereof you make him Debitor and the Voyage for Spaine Creditor and when you come to your Leiger Booke there it appeareth that the said goods did cost you 736 ll and so there is lost 55 ll For this now to cleare the account of the said goods you make Profit and Losse Debitor Losse vpon wares in Spain and the said Voyage Creditor to ballance this losse contrarie to the gaine the Tabacco did cost with all charges 24800 Royalls which is 620 ll for this you make an account of Tabacco Debitor and your Factor of Seuill Creditor Reduction of Spanish mony into sterling in the same manner as you did your Veluets putting thereunto the great Impost which you paied for the same and all charges and hauing sold your Tabacco for tenne shillings a pound one with another you find to haue made cleere aboue one thousand pounds be it 1010 ll which cost you in Spaine but 620 ll so heere is 390 ll gotten Gaine by Tabacco but you lost 55 ll by your wares sent into Spaine well this account is cleared Tabacco is made Debitor 390 ll and Profit and Losse Creditor for the same and now you are well stored for money for all is readie money sauing 300 ll at sixe moneths Hereupon you make more money ouer by exchange for Amsterdam Money made oâ—er by exchange by seuerall Bills to your Factor to the sum of 500 ll and thereupon he is made Debitor and Cash Creditor for the said sum Interim your said Factor of Amsterdam hath made ouer vnto you by exchange the former 300 ll backe againe for which you make him Creditor and the partie Debitor that is to pay you the money at double Vsance The Ships of Lixborne are also arriued and bring in returne of your Kerseys and Reading clothes fortie chests of Sugar of the three sorts Pancla Mascauado and Blanco or white with aduice that the commodities are sold at a reasonable rate for by the account it appeareth that the nett Prouenu of it commeth to 1204 thousand 800 Reys Reduction of Portugall money into sterling which make 3012 ducats of ten Royalls or 400 Reys is sterling 753 ll so that there is aduanced by the account iust one hundreth pounds which are carried to the account of Profit and Losse as in the former Accounts The fortie chests of Sugars did cost 550 ll whereof the Factor of Lixborne is made Creditor and the Account of Sugars Debitor in like manner as aforesaid Mutatis Mutandis and the said Sugars were sold paiable at sixe and sixe moneths for 820 ll so that the charges and customes deducted there was 190 ll gotten which are likewise posted to the Account of Profit and Losse Money which was made ouer returned by exchange againe The 300 ll made ouer from Amsterdam are now due to be paied heere and the Merchant doth offer you to pay them by a new Bill of exchange whereunto you agree and heereupon you make him Creditor and your Factor of Amsterdam againe Debitor and withall you make ouer by exchange other 200 ll payable at double Vsance and for this you make him Debitor also and Cash Creditor The yeare is now almost expired and euerie prouident Merchant doth commonly make vp his Account and draweth a ballance of his booke and this Merchant findeth to haue receiued of his Mannor of Latham Money receiued oâ— lands and lease Expences of house keeping reckoned and lease of a house 106 ll and for this he charged his Cash and carrieth the same to Gaine and Losse as he did all the former parcells Then hee doth cast vp his expences of house keeping which come to 150 ll and for this hee maketh Profit and Losse Debitor and Cash Creditor The 400 ll made ouer from Hamborough are receiued and Cash is Debitor for it and the parties that payed the same are made Creditor and discharged Now by the Account of Profit and Losse there appeareth to be gotten 911 ll cleare Gaines of the Accâ—unt of Profit Losse and Losse carried to Capital or stocke all charges and expences deducted this is now carried to Stocke which is now 5911 ll Heereupon take all the remainders of the Accounts by Debitor and Creditor which is the ballance of the Booke and you shall find nothing on the Creditors side but the Capitall of 5911 ll which is ballanced by the nine accounts following and the three accounts for the lands leases and houshold stuffe amounting to 1900 ll vnaltered So 1900 ll for the said lands Ballance of the Leiger Booke lease plate and houshold stuffe 420 Owing by two parcels at interest by C.D. N.W. Merchants 520 Owing for Veluets sold to c. 300 Owing for Tabacco sold to c. 820 Owing for Sugars sold to c. 1000 Owing by the Factor of Amsterdam c. 180 Owing by the Factor of Hamborough c. 61 Owing by the Factor of Seuill c. 203 Owing by the Factor of Lixborne c. 507 Readie money in Cash 5911 ll  Thus it appeareth that this Merchant hath augmented his Capitall or Stocke nine hundreth and eleuen pounds Losse by the Account of profit and losse being now worth 5911 ll And if he had beene a loser by the Account of profit and losse then must he make his Capitall Debtor and the said Account Creditor to ballance the matter whereby his Stock would haue decreased Now by these proceedings in buying and selling receiuing and paying you may vnderstand all other voyages for what places soeuer taking notice of the diuersities of moneys and calculations of Exchanges alreadie declared in our former Chapters hauing an especiall care to keepe an orderly Cash Booke of all the moneys receiued and payed out which The importance oâ— a Cash Booke as money is Publica Mensura or a right Iudge to set a price vnto euerie thing so may you by the measure thereof truely entred in the Cash Booke find out many doubts questions and vncertaineties
an occasion to gather in his owne debts sooner In some places also they may not arrest vpon the Sabbath dayes and Holy-dayes to the end they should not bee depriued of Diuine Seruice towardes God and comfort of their soules The Officers or Serieants may not arrest any man vpon the Bursse or Royall Exchange although the partie to be arrested should yeeld thereunto and renounce the said priuiledge It is not many yeares since that a Merchant of Amsterdam being vpon the Exchange at Antuerp had notice giuen him that another Merchant had giuen order that vpon his going from the Exchange hee should bee arrested and that the Officer did attend him being neere at hand whereupon hee perceiuing the said Officer called him vnto him and said Hee would obey the arrest which for the first time is but an adiourning or citation the Officer did require a pledge of a peece of coyne in token thereof as the manner is which hee gaue him Afterwards this Merchant of Amsterdam being otherwise aduised by his friends did disclaime from that arrest because it was done vpon the Exchange and claimed the said priuiledge insomuch that the Magistrates and the learned Aduocates on both sides did thereupon assemble in the Towne-house as it were the Guild-hall and there the matter was debated and discussed at large according to the lawes And it was at last concluded and determined that the said Arrest was void in Law for the renunciation of a Priuiledge by any particular The renunciation of a priuiledge cannot abolish the priuiledge or many persons cannot derogate or abrogate any Custome or Priuiledge not only in the generall but also in the particular so that within twentie and foure houres after he might haue bin arrested againe but he was non inuentus and vpon this Arrest he was to find caution to answere the law The like is to be vnderstood for all priuiledged places as Churches Chappels Church-yards and other places of iurisdictions and diuers Cities and Towns do not permit any man to be arrested vpon forreine pleas for debts or contracts made in other townes places or countries which are as places of refuge for some Merchants as the towne of Middleborough in Zealand Townes of refuge and the towne of Dort in Holland and other cities and townes in other countries and most cities and towns where a Nation or a Societie of Merchants do agree to make their residence as the Companie of Merchants Aduenturers and others commonly the said cities and townes doe exempt them from all litigious suits which happen betweene themselues to be determined by their Gouernour or Court master so as only controuersies happening betweene them and strangers or inhabitants are subiect to the ordinarie course of the law for the determination of Merchants differences They will also free them from all debts owing by Kings Princes and States so that the subiects goods shall not be lyable thereunto to the end that trafficke be not interrupted The Officers or Serieants which make these arrests are knowne by their habite Officers knowne by their habits or by a rod to be seene in their hands and may not by stealth come vpon a man wherby many insolencies are preuented and Serieants are not subiect to be killed as many times they are with vs. And if they haue not their habits or colours no man is to assist them if they be abused and the rescuing of a man then is no offence and howsoeuer if a man Arrested or to be Arrested do run away euerie man giueth him way as desirous to helpe him to keepe him out of troubles accounting the Arresting of a man to be a part of the hangmans office and neuerthelesse their hangmen are seene to be alwaies in rich apparrell and are reputed as necessarie members in a common-wealth whereas in England it is verie contemptible and base Returning to speake againe of Attachments it is a matter of great consideration with vs not to admit any to be done either in London or any other citie or towne corporate Attachments to be granted vpon specialties according to the custome of London vnlesse it be vpon plaine specialties and also with putting in good sureties for the costs for it is a verie dangerous thing for Merchants dwelling beyond the seas as also Merchants which dwell in remote places of the kingdome hauing their Factors at London if they vpon any surmise or pretence of debt shall make secretly any Attachment in their owne hands of their masters goods either when they know their master to be dead or trauelling in some forreine countries vpon a long voiage as occasion may fall out and so by practise deceiue them of their estates by pleading afterwards the said Attachment or Iudgement had thereupon in bar as aforesaid CHAP. XII Of Sequestrations and Executions THe magistrates considering that abuses may be committed many waies by attachments do commonly vse Sequestration of goods by deliuering them into the hands of a third person or taking of them into their owne custodie or power for by these meanes also are many attachments preuented which men would do if the disposing of the goods or debts did come into their owne power wherein they haue a care not to feed the humour of contentious persons which is meerely contrarie to the course of trade which is the cause that in the execution of their sentences wherein the life of the law doth consist they do proceed gradatim Execution is the Life of the Law and if any such Sequestration is made vniustly or without cause the Ciuile Law as also the office of Priour and Consulls hereafter declared will giue good costs and dammages Considerable Executions In the proceeding of the said Magistrates there are many persuasiue meanes vsed by them in the behalfe of the debtour with the creditor to bring him to a composition if not then some Officers are sent to the parties house to keepe him as it were a prisoner to whom he must giue meat drinke lodging and a daily fee according to the Iudges appointment and as the matter may be of moment to the end that by this pecuniarie punishment he may cause him to pay or satisfie the creditor which is aggrauated by sending two Officers at the first then two more and so six or eight of them to eate him out of house and home for these men will gnaw him to the verie bones and are therefore called Clyuers or Deuourers But if the debtor will not endure this and do go wilfully to prison then the creditor must find the debtor maintenance at the discretion of the Iudge who may if he will presently put him to bread and water which is seldome or neuer done but when it is knowne that the partie hath meanes and will not satisfie his creditor who after the imprisonment of the person cannot come vpon the goods againe according to the common lawes of the realme then he is to be kept in Arcta custodia with
appertaine by the first of Our Officers or Serieants that shall bee required whom Wee enioyne to performe the same accordingly to the intent that all those charges and extraordinarie expences which Merchants may bee put vnto in following their suits against their Factors and dealers before many Iudges might by these meanes be vtterly auoided Furthermore Wee haue permitted and doe giue authoritie to the said Prior and Consulls Halfe of the forfeitures to the Prior c. that all such penalties of moneys as by them shall be inflicted vpon men for contempts or any other offences shall be forfeited the one halfe to Vs the other halfe to the vse of the said Common Place or Bourse of Roan to supply the wants thereof allowing them likewise absolute libertie and power to chuse and constitute one Councellor A Councellor and one Atturney and one Atturney who shall by all lawfull means labour the benefit and aduancement of the said place and shall defend the same to direct their proces and causes as well before the said Prior and Consulls as before all other Iudges And to the end that the Merchants may assemble themselues as well to consult of their common affaires as to constitute the said Councellor and Atturney without being subiect to repaire to Vs or to Our Iudges for leaue when need shall require Therefore all such judgements as shall passe before the Prior and Consulls being sealed with their Seales and signed by a Register by them appointed be it by imprisonment sale disposing of goods or otherwise shall be held for reall and lawfull being past in manner aforesaid without any constraint to haue Our further commission or liking euen according as was permitted by Our most honourable Our Father the King vnto the Merchants of Our Citie of Lyons by his letters Patents giuen in the moneth of Februarie Appeale to the Parlemeâ—t in the yeare of Our Lord 1535 reseruing vnto Our said Court of Parliament at Our said Citie of Roan for a last conclusion and by appeale the jurisdiction and knowledge of the said discords and differences And to the end that all such appeales as shall proceed by reason of the iudgements and sentences that shall be giuen and declared by the said Prior and Consuls may be speedily and without delay ended in our said court Wee haue ordained and doe ordaine inioyne and commaund all Our louing and truâ—tie Presidents and Councellors holding Our said court of Parliament to declare to the said Merchants without delay one day in euerie weeke such as they shall thinke conuenient to heare determine and dispatch the said appellations by order of roll for that purpose ordained Iustice with all expedition And in regard of the processe by writing there shall be one other roll made a part to the end that the said appeales may be ended in the same day to auoide the prolonging of suits to the ruine and consuming of the suiter And to the end that the said place of meetings of the Merchants twice a day may be quiet and without disturbance Our pleasure is and Wee do straitly commaund that none of Our Serieants and Officers presume to enter into the same place No arrest to be made vpon the Burse c. not to make any arrest for any cause of any person whatsoeuer during the time of those two accustomed houres of meeting And if such arrest should bee made during the said houres Wee haue declared heretofore and doe declare at this present the same to bee void and insufficient charging all Our Iudges not to haue any regard thereunto And as Wee are informed that the trade of Assurances is of late greatly aduanced by the Merchants of the said citie of Roan a worke so honourable that it doth euen beautifie and greatly aduance the trade and commerce of the said citie Wee to the end those said pollicies of Assurances and all other writings thereunto belonging may receiue full vigour haue permitted and doe permit that all Merchants frequenting the said place both now and hereafter to come to assemble themselues at all times when it shall be needfull to chuse and nominate according to the most voices one Merchant amongst them such a one as they shall thinke meet being a man trustie and expert in the knowledge of the trade of Assurances who shall make and register the said pollicies A Register for Assurances whereunto the Assurors shall set their hands at all times hereafter in the said place and liberties of Roan when it shall please the Merchants whose office shall likewise be to draw forth accounts of such arrerages as shall happen being thereunto called receiuing for his paines and time spent about the businesse of the same Assurances according as it shall bee thought meete by the said Merchants and keepe a perfect and true Register of the same Assurances To the which Register and Copies thereof and all other Acts and Writings by him made concerning matter of Assurances and by him signed Wee will and ordaine that all manner of credit shall be thereunto giuen before all Iudges and others to whom it shall appertaine without that any other person or persons shall haue to do or meddle in the said busines of Assurances or any thing thereunto belonging vnlesse he be before chosen and admitted thereunto by the said Prior and Consuls and by the said Merchants as aforesaid And Wee doe commaund and giue in charge to all persons holding Our courts of Parliament great Consells Admiralls Vice-Admiralls Stewards and their deputies and to all other Iudges and Officers whom it shall concerne that you do cause to be read proclaimed and registred this Our present Will Declaration Permission and Ordinance and the same to be obserued and kept by all them accordingly that the Merchants may vse and inioy the force and benefit thereof plainely and peaceably without any contradiction Moreouer Wee doe charge and commaund Our Atturney generall that he do with all dilligence cause all these things to be plainely and truely executed and that he do certifie vs of his diligence so done for such is Our pleasure for that of Our meere motion and power Wee will haue it done and that notwithstanding any ordinance customes statutes priuiledges commandements defenses or letters to the contrarie the which in this cause without doing preiudice to other causes Wee haue made void and doe make void And for that men shall haue occasion to vse this Our grant in diuers places Our pleasure is that credit shal be giuen to all such copies as shal be made by any Our louing and trustie Notaries and Serieants Secretaries or vnder in ample manner as to the originall and to this effect We do giue you full power authoritie and especiall charge and commission by these presents commaunding all Our Iustices Officers and subiects to obey you in this case And to the end this may remaine established for euer Our owne right in all other causes reserued Wee
his fraud If the Factor do sell another mans commoditie to a man discredited who cannot vsually as before buy commodities at the ordinarie price as other men and it falleth out that this man breaketh the Factor shall pay for the said goods as shall be thought they were worth vnlesse hee can prooue that hee was ignorant of the parties weake estate and credit or that hee sold him goods of his owne account also which argueth plaine dealing or that hee had Commission of the other man to deale for him as if it were for his owne proper goods as hath beene declared And yet in this case hee cannot barter any of the said commodities for other commodities Batter but hee must haue expresse commission and order for it from the Merchant neither can hee transferre or set ouer any Bills Obligatorie in nature before declared Bills of Debt For albeit this manner of Commissions giuen to Factors is very large yet it containeth certaine restrictions and limitations in euery Merchants vnderstanding If a Factor shall by a false Entrie in the Custome house either vnawares or of purpose Customes conceale part of the Custome without consent or priuitie of the Merchant whereby the goods become forfeited to the Prince the said Factor shall beare the losse of them and answere the value thereof vnto the Merchant as they did cost if it be for goods to be transported or as they might haue been sold if it be for goods to be imported If a Factor or Merchant doe colour the goods of Merchant Strangers in paying but English Customes although he did beare the aduenture of the Seas for the said goods he runneth into a Praemunire and forfeiteth all his goods vnto the King and his bodie to perpetuall imprisonment If a Factor by a Letter of aduice or by an Inuoyce of commodities which the Merchant sendeth doe make a short entrie into the Custome house the goods not entred shall be lost but the Factor cannot be charged with the same If a Factor make returne vnto a Merchant for the prouenue of his commodities sold Prohibited commodities in prohibited goods which may not be exported and haue no Commission from the Merchant to doe the same hee shall beare the losse of those goods if they be seized vpon for the King or taken as forfeited But if it be vpon commodities to bee imported the Factor is in no fault howbeit hee ought to giue aduice vnto the Merchant what commodities are forbidden to bee imported or exported according to the pleasure of Princes which are absolute gouernours in their Hauens Harbours Ports or Creekes Monyes If a Factor commit any vnlawfull Act by the direction of the Merchant be it for the transportation of Gold or Siluer into the parts beyond the Seas or otherwise and if it happen thereupon that the same bee taken the Merchant beareth the losse and yet the Factor is subiect to pay treble damages by the Law if it be followed within the yeare or may bee fined for the same in the Starchamber although it be many yeares after If a Factor doe pay money for a Merchant without Commission to another man it is at his apperill to answere for it And if hee deliuer other mens money at interest and take more than the tolleration of the Statute which is ten in the hundreth by the yeare whereby the said Statute against Vsurie taketh hold of him and the money is lost the said Factor is to be charged therewith and to make good the money vnto the Merchant If a Factor hauing receiued other mens goods or monyes into his custodie be robbed of the said goods and moneys he is to beare the losse Lost goods and to make good the same to the Merchant But not in case where the vnmercifull Elements of Fire and Water shall destroy the said goods or moneys or where a Towne is sacked or pilled which is alwaies to bee borne by the owner or proprietarie of the same If a Factor buy a commoditie Damnified Commodities which afterwards becommeth damnified by some accident or casualtie whereby the Merchant for whose account he bought the same becommeth a looser that Factor is not to be charged with any part of the losse But if the commodities were damnified before then he is to beare some part of the losse although it happened to be knowne afterwards A Factor bought for a Merchant of Amsterdam one hundreth tunnes of Allomes which came from Ciuita Vecchia laden with some Candia Oyle whereof some part was spilled vpon the said Allome afterwards the same being mingled together was sold and transported to Amsterdam and there sold to the dyers of Harlem Amsterdam and Roterdam who vsing the same found their cloth stained in diuers places for where the oyle touched there the colour could not take so that they became great loosers as appeared by diuers testimonials The Factor did thereupon demaund reparation of damages of him who sold him the allome and the Merchant did the like of the Factor for there was aboue 300 ll lost whereupon the matter was much debated amongst Merchants both here and beyond the seas and they did deliuer their Parecer or opinions in writing The Parecer of Merchants and being found that the Factor had knowledge that some oyle had bin spilled vpon the allome and neuertheles bought the same he was adiudged by the sentence of Merchants to pay the one halfe of the said losse and the other halfe was borne betweene the dyers and the Merchant of Amsterdam and he that sold the allomes was cleered and fully paied so that in these cases the circumstances and accidents are to be considered If a Factor do receiue money for other mens accounts Losse by money which afterwards are decried or some losse doth happen by exchanging the same be it vpon Copper moneys or light Gold taken for merchandises sold euerie man is to beare that losse proportionably according to his summe and the Factor is to sustaine no damage thereby vnlesse it were for false coine by him receiued which he is bound to know Letters of Credit If a Factor bee required by a Merchants Letter of Credit to giue credit vnto others hee must looke verie precisely to obserue the same accordingly which Letters of Credit are either ample or restrained to certaine conditions and limitation of time place persons summes and many other circumstances if they bee ample then is it dangerous for the giuer of the said Letters of Credit and may also procure a losse to fall vpon the Factor wherein consideration must bee had both wayes Suppose A. B. of London writeth his Letter vnto C. D. of Antuerp in these words If E. F. of Amsterdam or any other of my friends there draw by exchange vpon you any Summes of money it may please you to follow his and my friends order I will be your warrant for all and haue a care that all shall be accomplished orderly C.D.
of Antuerp the Factor in this case Exchange and Rechange doth accept from time to time many Billes of Exchanges and payed them accordingly and taketh vp the mony by the direction of E.F. of Amsterdam for Spaine and other places and so continueth the same for a long time by way of rechange from one place to another vpon the said credit of A.B. of London At last this Factor C.D. becommeth suspitious because of this long continuance of mony by exchange and rechange and writeth vnto the said A.B. of London to know whether he is contented to continue his former credit by him giuen to E. F. of Amsterdam A. B. continueth the same but with a limitation to a certaine summe Limitation of Letters of Credit not knowing what summe of money the said C.D. was engaged for the said E.F. of Amsterdam for C.D. gaue him no notice of it at that time hereupon it falleth out that E.F. of Amsterdam becōmeth insoluent and being much indebted vnto C.D. the Factor of Antuerpe this Factor requireth his satisfaction at the hands of A.B. of London according to the former Letter of Credit A.B. doth answere That he had restrained and limited the said Credit to a certaine summe which indeed did cut off all former matters seeing C.D. gaue him no notice of the moneys owing before and A.B. was onely to answere for the money which was taken vp by the second Letter of Credit according to the summe limited otherwise A. B. had beene cleered of all But if C.D. did continue those monyes by exchange and rechange vpon the credit of A. B and the Factor with whom hee had correspondence doth become insoluent and thereby C.D. the Factor is damnified and payeth the monyes running by exchange or is bound to pay the same This Factor is to be saued harmelesse by A. B. because hee tooke vp or caused to be taken vp The Efficient Cause alwaies to be regarded the said monyes originally So that his Credit was the Efficient Cause of it and the Factor is to bee regarded herein in all reason If a Factor doe accept Billes of Exchanges of a Merchant with order to Rechange the same againe vpon him or to take it vp by exchange for another place or places where he the said Factor shall find it to be for the most benefit of the Merchant if this Factor take vp the same according to his best skill and knowledge although it be found contrarie to the Merchants intention the Factor is not to be charged and the Merchant is to saue him harmelesse for the principall with exchange rechange and all charges of factoridge If a Factor do make ouer money for another mans account by exchange vnto another man or Merchant before he haue notice that this Merchant is broken and the Bills of Exchange are not due this Factor hath authoritie to countermaund the payment of this money although the partie vpon whom the Bill of Exchange is directed had accepted the same And if the said partie should pay the same before it was due he is to repaie the same againe to the said Factor as hauing paied it in his owne wrong contrarie to the custome of Merchants in exchanges If a Factor do fraight a ship for some voyage to be made Fraighting of ships going and comming for a Merchants account and by his Commission or order wherof a charter partie of fraightment is made by Indenture between him and the Master of the ship this Factor is liable for the performance thereof and to pay the fraight and all things accordingly But if the ship be only fraighted outwards and the Factor ladeth the same with some goods then these goods are lyable for the fraight and the Master can demaund nothing of the Factor by the charterpartie but must looke to be paied by the partie that receiueth the goods according to the Bill of lading whereby it is conditioned Bills of lading that the fraight shall be paied vpon the receit of the said goods And so is it also if a ship be fraighted to go to diuers parts as it were bound from one place to another and to be free in the last place of his discharge for the Master must still haue an eye to be secured by goods vnlesse there were an expresse Condition made in the charterpartie to the contrarie or that the ship were fraighted by the Great for a certaine summe of money to be paied by an agreement If a Factor do fraight a ship for another man or for his owne account and when it commeth to the place appointed to vnlade there are no goods to relade the same or there wanteth money for the lading thereof if the Master doe not stay out all his daies of demourer agreed vpon by the charterpartie of fraightment Protest for not lading and make a protest against the partie that he was consigned vnto to giue him his lading within that time but commeth away before that time be expired and although he maketh a protest for that he is not laden yet the Factor is to pay him no fraight at all vnlesse for the fraight outwards it were conditioned by the charterpartie But if the Master do stay out his time then the Factor is to answere the fraight although the Master had laden his ship with Salt for his owne account for if the said ship had bin laden only with Salt by the Merchant which it may be would not pay halfe the fraight yet the Factor or Merchant may at their pleasure abandon the same to the Master for his fraight Goods to be abandoned for the fraight and the Master can demaund no more of the Factor by the charterpartie But if the Master do take in Salt and ladeth his ship by his owne meanes before the daies of demourer are expired and that by some condition made with the Factor he may claime fraight then the Factor is to haue the benefit of the Salt in defalcation of the said fraight If a Factor do fraight a ship for a Merchant and afterwards the said ship is taken to serue the king for some few daies within the time agreed vpon for the lading and hereupon the Merchant disclaimeth the fraighting of the said ship albeit the Factor did proceede to lade the same In this case the Factor is not to beare any losse but what damage shall be adiudged to the Master the Merchant is to saue the Factor harmelesse of it If a Factor do hire a ship by the moneth for another Merchant or for his owne account and ladeth the same being readie to depart afterwards the king maketh a generall Embargo or restraint vpon all ships for a time the Master cannot demaund any fraight of the Factor for and during the said time of arrest And if the ship be vnladen againe and employed in the kings seruice the Factor is free of all agreements or couenants with the Master Money giuen for fraighting If a Factor do receiue