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 Chap. III.]

A NEW JOINT-STOCK COMPANY.

279

tion, by directing notices to be affixed to the Exchange, appointing a day for all. d. less. persons concerned in the East India trade to attend, and fully considering all the arguments urged orally or in ^vriting by both parties, they had not ventured to come to any positive determination, though their own private opinion was that the trade ought to be conducted on an united joint stock. The council having the question thus returned upon them, summoned the governor and committees of the Company and the principal merchant adventurers to the East Indies to attend them; and after a full hearing on January 28, 1657, gave it as their advice to the Protector, "That the trade of East Indya be mannaged by a united joynt stock, exclusive of all others." Within a fortnight thereafter, Cromwell announced his determination to act on this advice; and a committee of the council was appointed to consider the terms of the charter to be granted to the East India Company.

It is to be presumed that the charter thus vu'tually promised was actually a new joint

stock coni*

granted ; but, strange to say, no copy of it has ever been discovered, and the i)anyfoi-iue.i only evidence of its existence is derived from a reference made to it in a petition which the Company presented to Cromwell in 1658, and from a letter from Fort St. George to the factory of Surat, in which it is stated that a vessel called the Blackmoore, which arrived from England on the 12th of June in that year, had " posted away with all haste after his highness the Lord Protector had signed the Company's charter." The Company were, of course, greatly elated with their success; and having again formed a coalition with the principal members of the merchant adventurers, succeeded in obtaining a subscription of £786,000 to form a new joint stock. It was necessaiy, however, before acting upon it, to make an arrangement for the settlement of previously existing claims. Under the original agreement with Corn-ten's association, the trade had for some years been carried on by the funds of what was called the "United Joint Stock." The state of its affairs, made up to the date of 1st September, 1655, throws light on the position which the Company then occupied: —

ACCOUNT-GENERAL OF THE UNITED JOINT STOCK, on the Ist September, 1655.'

Siil.irios of tlio mercliants remaining in India, Debii. from 30th Nov., 1650, to 30th Nov., 1C56, at £"JOt56, '2s. 8rf. per annum, to be paid in India, £9,641 19 4

Mariners' wages, for the like terms, per esti- mate, 4,000

Two years' generall exjionces in Snratt, from 30th Nov., 1654, to Nov., 1656,. 7,600

Coast of Coromandell, .... 5,000

Bantam, &c 2,800

Salary of the merchants gone upon the Three

Brothers, 230

Gratuitys to the comniitteea, none liaving been jiaid since this stock began, ... —

Rests 156,317 7 8

£185, .5S9 7

' This account is copied from Bruce's Annah (i. 50T but the two columns do not tally, as the credit side amounts to

Balance of estate in England, made up to the Credit.

Ist Sept., 1655, £82,053 12

Remaines in Suratt and subordinate factories, 32,829 5

At Madraspatnara and fiicturies on that coast, 22,671 11

At Bant.im and 8ulK)r(linates,. 26,451 10

Voyage to PoUaroone 1,051

Fort St. George, value, with all privileges of

saving of customs, 6,000

Customs of Gombroon 9,000

Three lioiises in Agra, .MiniodatMul, and Luck- now, with the garden at Suratt,. 1,932 Five hoitses at Bantam, Jajwirra, Macassar, Jambee, attd Bangar-Masseen, 3,600

Ship Expedition 600

— Sea-horse, 250

Sloop Marline, 200

Pynnace Hope, 50

£l.S5,58 9 7

£1S6,58,S, 19«. Oii. The error, however, does not interfere with the puri)ose for which the account is given.