Page:History of India Vol 7.djvu/209

 THE ENGLISH COMPANY'S FINANCIAL DISTRESS 165 chiefs at Surat imprisoned in irons; " to be," in the words of their president, " the shameful subjects of daily threats, revilings, scorns, and disdainful deri- sions.' ' At home, the finances of the Company threatened a collapse. Notwithstanding the profits of individual voyages, the value of its capital had in 1626 fallen over twenty per cent., and £100 of stock were not worth £80. Its shipping had decreased by one-third. The affrighted adventurers, seeing no end to their losses, would contribute but £40,000 instead of £200,000, or one- fifth of what they had formerly provided for the annual voyage, and in 1628 the Company could not obtain a subscription for a new joint-stock. It had already bor- rowed so heavily that no one would lend it more money on its common seal, and its managers had to carry on business by pledging their private credit. Internal dis- sensions rose high, and in 1627 the Company was con- strained to " battulate " a brawling member (Mr. Thomas Smethwike), that is, to forbid him any more to come to its meetings or to trouble its house and courts. In June, 1628, the Company's debt amounted to £230,- 000, which was further increased to £300,000 by March, 1629, and the yearly interest to £20,000. From outside it could hope for little support. To the country gentlemen the East India Company was a monopoly which drained England of its bullion in order to buy spices, luxuries, and toys. This " canker of the commonwealth,' ' on which Malynes, in 1601, had laid a rough finger, with the threatening motto