Page:History of merchant shipping and ancient commerce (Volume 2).djvu/175

 Company was allowed many powers and privileges by the Crown, including that of punishing offenders either in body or purse, provided the mode of punishment was not repugnant to the laws of England. Its exports were not subjected to any duties for the four first voyages, important indulgences were granted in paying the duties on imports, and liberty was given to export 30,000l. each voyage in foreign coin or bullion, provided 6,000l. of this sum passed through the Mint. But not exceeding six ships, and an equal number of pinnaces, with five hundred seamen, were allowed to be despatched annually to whatever station might be formed in India, with the additional provisoes that the seamen were not at the time required for the service of the royal navy, and that all gold or silver exported by the Company should be shipped at either London, Dartmouth, or Plymouth.

The stipulated capital of 72,000l. having been raised, almost as soon as the association had been mooted, the Company equipped five vessels to open the trade, consisting of the Dragon, of six hundred tons, her commander, according to the practice of the day, receiving the title of "Admiral of the Squadron;" the Hector, of three hundred tons, with the vice-admiral in command; two vessels of two hundred tons each; and the Guest, a store ship of one hundred and thirty tons. The men employed