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The more effectually to carry on this trade, the company are authorized to meet from time to time, and make "such and so many reasonable laws, constitutions, orders, and ordinances," as may seem as may seem "necessary and convenient" for the good government of the company, and of all their factors, masters, mariners, and other officers; and for the better advancement and continuance of the trade; and not only to make such laws, but to enforce the observance of them by inflicting upon offenders "pains, punishments, and penalties, by imprisonment of body, or by fines and amercements, or by all or any of them," it being. however, always understood that "the said laws, orders, constitutions, orders and ordinances be reasonable, and not contrary or repugnant to the laws, statutes, or customs" of the realm.

The privilege of trade within the limits above described is declared to belong exclusively to the company; and all subjects of the English crown, "of what degree or quality soever they be," are strictly forbidden, "by virtue of our prerogative royal, which we will not in that behalf have argued or brought in question," to "visit, haunt, frequent or trade, traffick or adventure, by way of merchandise, into or from any of the said East Indies, or into or from any the islands, ports, havens, cities, towns, or places aforesaid,"-every person or persons presuming to traffic in defiance of this prohibition "shall incur our indignation, and the forfeiture and loss of the goods, merchandizes, and other things whatsoever, which so shall be brought into this realm of England, or any of the dominions of the same, contrary to our said prohibition, or the purport or true meaning of these presents, as also of the ship and ships with the furniture thereof." One-half of the forfeitures thus incurred is reserved to the crown; the other half is granted to the company. The offenders are, moreover, "for their said contempt, to suffer imprisonment during our pleasure, and such other punishment as to us, our heirs or successors, for so high a contempt, shall seem meet and convenient, and not to be in any wise delivered until they and every of them shall become bound to pay unto the said governor for the time being the sum of £1000 at the least" not to repeat the offence. These severe enactments against interlopers strikingly contrast with the large discretion given to the company, who, in addition to an exclusive right of traffic carefully guarded against encroachment, are empowered, "for the better encouragement of merchants, strangers, or others, to bring in commodities to our realm," and "for any consideration or benefit to be taken to their own use," to "give license to any person or persons to sail, trade, or traffick into or from the said East Indies." To enhance the value of this large discretionary power, the queen gratuitously binds herself, her heirs and successors, not to grant license of trading within the limits of the charter to any person whatever "without the consent" of the company.

On the ground that the company "have not yet experienced of the kinds of commodities and merchandizes which are or will be vendible" in the East