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 Chap. VII.] PETITION FOR A NEW COMPANY. 3*9

The " wise Dutch," whose conduct, after having been so often the subject of ad. 1093. bitter vituperation, is eulogized as a model, were now in close alliance with England; while France, which had been rapidly acquiring power and influence warwith

Franco.

in the East, had become their common enemy. Wliatever might be the ultimate issue of the hostilities, it was scarcely possible, while they continued, to carry on a profitable trade. Both in the East and in Europe, French privateers were on the watch to make prizes of the Company's ships. It was therefore easy to represent the curtailed equipments as the result of prudential arrangements, and to justify the resolution to make revenue a primary object. The accom- plishment of this object, however, was attended with considerable difficulty. At Bombay taxation had already been carried to an extent which had produced insurrection. In Fort St. George a similar result was threatened ; but the court, listening only to their necessities, lield that the additional revenue actually obtained was " by no means e(]ual to what might have been expected, or drawn from a fortified town which could afford protection to shipping and trade, and that the amount might be increased to £100,000 per annum, if a similar system of taxation should be introduced with that which the Dutch had established at Batavia."

The opposition to the Company had now assumed a definite shape, by the Petition for ])resentation of a petition to the House of Commons, praying for legislative indiaCom- sanction to the establishment of a new company, formed on more liberal prin- -""'^ ciples. From the causes already mentioned, the petitioners found much favour, and a committee was appointed who, after fully hearing both parties, reported on the 16th of January, 16i)0, that, in their opinion, " the best way to manage the East India trade, is to have it in a new company and a new joint stock, and this to be established by act of parliament; but that till this was done, the exclusive trade shoidd remain with the present Company." Parliament was prorogued before this report could be taken into consideration, but in 1691 the resolution of the committee was virtually sanctioned l)y an address which the House of Commons presented to the crowni. After this decided step, the Com- pany became convinced that their privileges would never be secure until they were confirmed by statute. To this object, accordingly, their domestic ])olicy was henceforth more especially devoted. In a petition to parliament they set forth their claims at full length, and ultimately gained what they justly consi- dered a victory, because the adverse decision previously given against them was not repeated ; and the House of Commons, as if satisfied that they had hitherto acted in the matter with some degree of precipitation, simply referred the whole business to the king. This was just what the Company desired, for they felt assured that even if argument shoidd fail, they had it in their power to conciliate the favour of government by the emplojTiient of other means of a more eflica- . cious nature. What these were will shortly appear ; but in the meantime it is necessary only to mention the result — that, on the 7th of October, 1693, the