Page:Cyclopaedia, Chambers - Volume 1.djvu/438

COM The Capital Fund of the Company, which was mostly furnish'd by the King, was seven or eight Millions of Livres, but was to have been 1 5 Millions.

In efftft, tho no means were wanting to fupport the Com- pany, yet it ftill droop'd, and ftill ftruggled; till having lub- fitted ten Years without any change in its Form, and being no longer able to difcharge its Engagements, there were new Regulations concerted; but to little purpofe. At length, Things not being difpofed for a new Eaft- India Company, nor much good to be cxpefled from the old one; in 1708, the Miniftry allow'd the Directors to treat with the rich Traders of S. Mtto, and refign 'em their Privilege under certain Conditions. Under the Hands of thefe laft, the Com- pany began to flourim.

lis chief Faaory is at Tonichery, or Tondtcbety, on the Coaft of Coromandel : This is the Refidence of the Direc- tor-General; the other Faflories are inconfiderable. 1 he Merchandizes the Company brings into France, are Silks, Cottons, Spices, Coffee, Rice, Saltpetre; fcveral Kinds ot Gums and Drugs, Woods, Wax, printed Calhcos, Muf-

lins, fgc. „',,.,,

French Weft India Company, eftablifh'd in 166-4 : their Charter gave 'em the Property and Seigniory of Canada, A- cadia, Antilles Ijlands, Jfle of Cayenne, and the terra fir- ma of America, from the River of the Amazons to that of Oroencko; with an exclufive Privilege for the Commerce of thofe Places, as alfo of Senegal and the Coafls of Guinea, for forty Years, onlv paying half the Duties.

The Stock of 'the Company was fo confiderable, that inlefs than 6 Months, 45 Veffe-ls were cquipp'd; wherewith they took pofleffion.of all the Places in their Grant, and fettled a Commerce: yet it only fubfifted nine Years. In 1674 the Grant was revok'd, and the Countries above reunited to the King's Dominions, as before; the King reimburfing the Ac- tions of the Adventurets. This Revocation was owing part- ly to the Poverty of the Company, occafion'd by its Loffes in the Wars with England, which had neceflitated it to bor- row above a Million; and even to alienate its exclufive Privilege for the Coafts of Guinea : but alfo to its having in good meafute anfwcr'd its End; which was to recover the Commerce of the Weft-Indies from the Dutch, who had tore it from 'em : For the French Merchants being now accuf- tom'd to traffick to the Antilles, by permiffion of the Com- pany, were fo attach'd to it, that it was not doubted they would fupport the Commerce after the Diffolution of the Company.

French Mi ffifippi Comp any, was firft eftablifh d in 1684, in favour of the Chevalier de la Salle; who having projected it in 1660, and being appointed Governor of the Fort of Frontignac, at the Mouth of that River, travell'd over the Country in the Year 1683, and return'd to Frame to follicit the Elfablifhment. This obtain'd, he fet fail for his new Colony, with four Veffcls loaden with Inhabitants, tic. but entering the Gulf of Mexico, did not, it feems, know the River that had coft him fo much fatigue; but fettled on another River, unknown; where his Colony perifh'd by de- btees : fo that in 1685 there were not 100 Perfons remain- ing. Making feveral Expeditions to find the Miffijlp/'i, he was kill'd in one of 'em by a Party who mutiny'd againft him : whereupon the Colony was difpers'd and loft. M. Ha- ierville afterwards fucceeded better; he found the Miffifippi, built a Fort, and fettled a French Colony; But he being poifon'd, 'lis faid, by the Intrigues of the Spaniard, who fcar'd fuch a Neighbour; in 1712, M. Cmizat had the whole Property of trading to the French Territories, call'd Lonijiana, granted him for 15 Years.

Company of the Weft. In 1717, the Sieur Crouzat fur- render'd his Grant; and in the fame Year a new Company was erected, under the Title of Company of the Weft : To which, befides every thing granted to the former Company, was added the Commetce of Caftor, enjoy'd by the Canada Company from the Year 1706, but expiring in 17 17. In this EftahUftnnenr, an equal View was had to the Finances, and the Commerce of the Nation : And accordingly, part of the Conditions of its Eftablifhmcnt regarded the fettling a Colony, a Trade, $$c. the other the venting part of the Bills, call'd Sills of Slate; which could no longer fubfift on their prefent Footing. The former are no more than are ufual in fuch Eftablifnments : for the latter, the Actions are fix'd at five hundred Livres; each payable in Bills of State : The Actions to be efteem'd as Merchandize; and in that Quali- iv to be bought, fold, and traffick'd. The Bills of State, which make the Fund of the Actions, to be converted into yearly Revenue. To put the finilhing hand to the Company, in n 17 its Fund was fix'd at an hundred Million of Livres : which being fili'd, the Cafh was fhut up.

India Comp £n*. The Junction of the former Company with that of Canada, was immediately follow'd by its Union with that of Senegal; both, in the Year 17 18, by an Arret of Council, which a't the fame time granted the new Company the Commerce of Caftor, and made it Miftrefi of the Negro, or Guinea Trade, to the French Colonies in America.

Nothing was now wanting to its Perfection, but an Union with AxEaft-Iudia Company, and with thofe of China and s Domingo, which were effected; the two firft in 17 19, and the' third in 1720. This Union of the Eaft-India mi China Com- pany with the Company of the Weft, occafion'd an Alteration of the Name, and i t was henceforth call'd the India Company

The Reafons of the Union, were the Inability of the two former to carry on their Commerce, the immenfe Debts they had contracted in the Indies, efpecially tire Eafl-Com- pany; Complaints whereof had been Tent 10 Court by tho Indians, which difcredited the Company fo, that they durft not appear any longer at Sural : Laftly, the little Care they took to difcharge their Engagements; and their having transferr'd their Privilege ro the private Traders of S. Malo, in confideration of a tenth in the Profits of the Re. turns of their Ships.

The antient Actions of the Company of the Weft, which were not at Par when this Engraftment was projected, ere it was compleated, were rifen to 300 per Cent, which unex- pected Succefs, gave occalton to conclude the new Actions of the united Companies would not bear lefs Credit. The Concourfe of Subscribers was fo great, that in a Month's time there were above fifty Millions fubferib'd for : The firft twenty five Million Acfions which were granted to the India Company, beyond the 100 Millions of Stock allow'd the Com- pany of the Weft, being fili'd as foon as the Books wete open'd; to fatisfy the Earneftnefs of the Subscribers, the Stock was increas'd by feveral Arrets to three hundred Mil- lions. Credit ftill increafing, the new Acfions rofe to 1200 per Cent, and thofe of the antient Company of the Weft to 1900 per Cent, an exorbitant Price, to which no other Com- pany ever rofe.

Its Condition was now fo flourilfiing, that in 17 19 it of. fer'd the King to take a Leafe of all his Farms for nine Years, at the Rate of three Millions five hundred rhoufand Livres per Annum, more than had been given before; and to lend his Majefty twelve hundred Millions to pay the Debts of the State : Thefe Offers were accepted : and the King, in confideration hereof, granted 'em all the Privileges of the feveral Grants of the Companies united to that Company, to the Year 1770 : On condition, how- ever, of discharging all the Debts of the old Eaft-India Company, without any Deduction at all. The Loan of twelve hundred Millions not being fuifkient for the Occafions of the State, was augmented, three Months afterwards, with three hundred Million more; which, with the former Loan, and another of one hundred Million before, made fixteen hun- dred Millions : for which the King was to pay Intercft at the Rate of three per Cent.

The Duke of Orleans, in February 1720, did the Compa- ny the Honour to prefide in their Affembly, where he made feveral Propofals to 'cm on the Part of the King: the prin- cipal was, that they /hould take on 'em the Charge and Adminiftration of the Royal Bank. This was accepted of, and Mr. Lain, Comptroller-General of the Finances, was named by the King, Injpcltor-General of the India-Compa- ny and Sank united.

This Union, which, it was propofed, would have been a mutual help to both thofe famous Eftablifhments, proved the fatal Point from whence the Fall of both commene'd : From this time, both the Bank-Bills and the Actions of the Company began to fall : in effect, the firft perifh'd abfo. lutely, and the other had been drawn along with it, but for the prudent Precautions taken for its Support.

The firft Precaution was the revoking the Office of Infpector- General, and obliging Mr. Law to quit the Kingdom : The antient Directors were difcarded, and new ones fubftitutcd; and, to find the bottom of the Companies Affairs, it was or- der 'd, they /hould give an account of what they had receiv'd, and disburs'd; both on the account of the Company, and of the Bank, which they had had the Management of near a Year. Another Precaution to come at the State of the Company, was by endeavouring to diflinguifh the lawful Aclionaties from the Miffifippi 'Extortioners; whofe immenfe Riches, as well as their criminal Addrefs in realifing their Actions, either into Species or Merchandize, were become fo fatal to the State; in order, if poffible, to iecure the honeft Ad- venturers their Stock. To this end, an Inquifition was made into their Books, g?c. by Perfons appointed by the King : And the new Directors, or, as they were called Regisseurs began seriously to look about for their Commerce abroad.

The French have had feveral other Companies; f° m. e whereof have fallen of themfclves, rhe reft upon the Expi- ration of their Grants : as, the

Saftion Company of France, which was, at firft, a fio- ple Aflociation of two Merchants of Marfetlles, in the XVt» Century, for fifiiing of Coral in the Gulf of Stora-Courcoup on the Coaft of Sarhary, on the Frontiers of Algior and 7»' nis. Having obtained leave of the Sultan Solyman ^•. t? make an Eftablilhment, and having likewife treated wit" the Moorijh Princes of the Country; in 156T they built a little Fort, called the Saftion of France, whence the Com- pany took its Name. 1 be