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 354 HISTORY OF INDIA. [Book II.

AD. 1602. and pretences done in age.s past, before any of the pre.sent adventurers were born ; and therefore that part of the proposition .seems manifestly impossible, as well as unjust, neither the Mogul nor any of his sulyects having made any com- plaint to his majesty of the Company's being in debt to him or them ; that being only a suggestion of the interlopers and their adherents, not only now, but for many years past. As to that hypothcsi.s — if they can give security — it will not become the Company to say what they might of their own ability, or the ability or disability of their adversaries; they are, on both sides, well known on the Exchange." "'^. , The other answers exhibiting a similar spirit, were regarded by tlie king as

answer to a formal rejection by the Company of the charter which had been offered to

tliB address, ^ i-i i i-iv-r

tliem; and accordmgly, on the l4th JNovember, 1692, he returned the following answer to the address which had been presented to him on the subject duiing the previous session of parliament : —

" The House of Commons having presented an address to the king to dis- solve the present East India Company, according to the power reserved in their charter, and to constitute a new one, his majesty took into con.sideration the proper methods of complying with their desires, and of securing effectually this advantageous trade to the nation.

" But his majesty, upon examination of the charter, and consulting his judges and learned council, foimd that he could not legally dissolve the Company but upon tluree years' warning; and that during the tlu-ee years after warning the Company must subsist, and might continue to trade ; and that although the king might constitute a new company, yet he could not empower such new company to trade till after tliree years, the crown ha'ing expressly covenanted not to grant any such liberties.

"Hereupon his majesty was very apprehensive of the ill consequences of giving warning to the Company, because they would then be less solicitous of promoting the true interest and advantage of the trade, whereof they could not long reap the fruits, and that no new company could be immediately admitted to it ; so that this very beneficial trade, which is already so much impaired, might be in danger of being entirely lost to the nation.

" His majesty, very desirous to prevent so great a mischief, and to gi-atify the House of Commons in the end, since he could not do it without great hazard in the manner they proposed, required the East India Company to answer directly whether they woidd submit to such regidations as his majesty should judge proper, and most likely to advance the trade ; and the Company ha^^ng fully agreed to it, and declared their resolution in wi-iting, his majesty com- m.anded a committee of his privy council to prepare regulations ; which they did. and offered them to the Company; but the Company, not-withstanding their declaration of submission, rejected almost all the material particidara

"So that his majesty, finding that what possibly the House of Commons