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 Chap. VIII.] A SCOTCH EAST INDIA COMPANY. 367

queen's majesties, considering how much the improvement of trade concerns ad. leos. the wealth and wellfare of tlie kingdom, and that nothing hath been found more efFectuall for the improving and enlargeing thereof than the erecting and encourageing of companies, whereby the same may be carryed on by under- takeings to the remotest parts, which it is not possible for single persons to undergo, doe therefore, with advice and consent of the estates of parliament, statute and declare, that merchants more or fewer may contract and enter into societies and companies for carrying on of trade, as to any subject and sort of goodes and merchandice to whatsoever kingdoms, countreyes, or parts of the world, not being in warr with their majesties, where trade is in use to be, or may be followed, and particularly beside the kingdoms and countreyes of Europe, caritai sub- to the East and West Indies, to the straits and trade of the Mediterranean, or upon the coast of AfTrica, or northern parts, or elsewhere, as above." By a subsequent act, dated 26tii June, 1695, John, Lord Belhaven, and various indi- viduals specially named, including beside Scottish, several Engli.sh and foreign merchants, " together with such others as shall joyn with them within the space of twelve moneths after the first day of August next," were constituted " a free incorporation, with perpetual succession, by the name of the Company of Scot- land tradeing to AfFrica and the Indies." Half the capital was to be " allotted for Scottish men within this kingdom;" but it was allowed to "Scotsmen residing abroad or forraigners to come in and subscribe," the least sum being £100 and the gi'eatest £3000. In canying on their trade the company were "impowered to equip, fitt, set out, fraught, and navigate their own or hired ships in such manner as they shall think fitt, and that for the space of ten years from the date hereof," and " from any of the ports or places of this kingdom, or from any other ports or places in amity, or not in hostility with his majesty, in warlike or other manner, to any lands, islands, countreyes, or places in Asia, AfFrica, or America, and there to plant collonies, build cityes, touns, or forts, on or upon the places not inhabited, or on or upon any other place by consent of the natives or inhabitants thereof, and not possest by an European sovereign poten- tate, prince, or state;" they were also fully authorized not only to defend them- selves by " force of arms," but " to seeke and take reparation of damage done by sea or laud, and to make and conclude treaties of peace with the soveraigns, princes, estates, rulers, governors, or proprietoi-s of the foresaid lands, islands, countreyes, or places in Asia, AfFrica, or America."

Beside these extensive powei^s, which were declared to be exclusive, no Si)wiai subject of Scotland being permitted without the company's written permission "^"'*^' to trade within these limits, various extraordinary privileges were conferred. Among others it was declared that " all persons concerned or to be concerned in this company" were "to be free denizens of this kingdom," and that "they with all that shall settle to inhabit, or be born in any of the foresaid plantation.s, collonies, cityes, touns, factories, and other places, that shall be purchast and