The National Register. — London, England, 1813-01-10 00:00:00

THE NATIONAL REGISTER. -. Cur iting, ana talus. PUBLISHED AT NO. 11. NEWCASTLE-STREET, STRAND. SUNDAY, JANUARY 10, ISIS. No 263. POLITICAL 1)IQMS1TION. HISTORY or THE EASE' INDIA COMPANY. The whole country is now occupied wilb the considera tion of the question, which at this period is necessarily - agi tated respecting the renewal of the East India Company's I Charter. The question is one of no common importance, and it is one of no common difficulty. So much is urged, and in candour we must admit, with so great a show of reason on the one side and on the other, that those who have no interest but that of their country, no will but that the decision, which will be most beneficial to mankind in general, may be come to, are not a little puzzled to deter mine oh which they ought to take their stand. When we see so many persons of the first respectability on the side of the East India Company, and take into consideration the very serious consequences which the extension of the trade' to the outports must produce to thousands of persons in thn, metropolis, it is impos-ible not to feel some apprehension for the experiment which Mini - ters seem disposed to make; but, on the other liamd, when we Irrok to the repsesenta tions of the outports, we can hardly repress a•wish that -icl: an experiment should be made. We cannot . wholly admi' or reject the assertions of either party. Both arc entitled to respect, yet both must be viewed With suspicion ; as, if intet may with justice be sunrosed generally to actuate those who favour the renewal of the Company's Charter, the most disioterested of their °pro:Bents may, for the most part, fairly he charged with prejudice. When a CESC is thus to be argued by inteeest and by prejudice, whatever is advanced by either should be received with caution. 'With that. im partiality which we profess, and which, we hope, we do not ntercly profess, we shall endeavour to hold the scale fairly between the contending parties. To the arguments of each we shall strive to give proper weight, occasionally pointing out what is fallacious on either side, and reserve our decision till the cases of both those who are fot, and those who arc against, the renewal of the Charter, arc completely before the public. At present, it can hardly be said that both patties have been fairly, as they certainly have not been equa!l heard, and it must therefore be felt, that to give a deci sive opinion wovld be premature. In this stage of the business, as a sort of preface to what from time to time ve shall have to offer on the subject, the following succinct history of the East India Company may nut be unacceptable to our readers : _ Our commercial intercourse with the East Indies com menced in the reign of Queen ELIZABETH. Three ships were sent oitt as a private venture in the year 1591. Of these only one Teached India. After three years the Commander, Capt. LANC AST ER, returned to Eng!and . in another ;itip, his TV, VI, No CCLXIII. PRICE N. own having been tal.en ftom him by his sailors. Unfavf *r abic as this_beginning must appear, the account which he gave of what he had learnt in, his voyage, led to a- new and more successful speculation, and was the cause of the, grant of a Royal Charter (Dec. 51, 1600) to the old 4t fudia Company. They first sent out four t,hips, and . the suit being fortunate, encouraged them to make larger yen -tures. In their fist twelve voyages they_ appear to • have traded as a regulated Company, with separate stocks, though only in the general ships of the Company. In 161.4 they united and became a Joint Stock Company. Their Charter was exclusive, and, though nut confirmed by Pa; lament, was • at that period supposed to give a real exclusive privilege. They carried on for many years a successful trade ; but in process of time it became doubtful how far a 116yal Charter, not confirmed by Act of Parliament, could convey an'exclu sive privilege. r Upen this question the decisions of the Courts of ost:ce Were frequently at variance. Interlopers multiplied upon the Company, and ttiwaids the end of the reign of CH RL cs the 2d, through the whole of that of JAMES the 2d, and during part of that of WILLIAM the 3', le:Need them to great distress. In, the year 1698, a propo ,;al was made to advance 2,000,0001. to Government at eight per cent. interest, with a paoviso, that the-subsclibets -of this sum should be erected into a new East India Com:.any, with exclusive privileges. The old Company offered 7e0,000:0, (pearly the wholt: of their capital) at four per tent. upon the same condition ; but it was thought more advantageous, from the state of public coedit at that time, for Government to bor row two millions at eight pet cent. intere,t, tlion 700,0001 i at four, and the first offer was accepted and a new East India Company establiAted. The old East India Company had a ri,ght to continue their trade till 1701, and they very artfully subscribed in the name of their Treasurer, s 15,0001. into the Stock of the new Company. From the manner in which the Act was worded. - the stibteribers ware. not obliged to unite into a joint stock, and a few private traders, whose subscription atncunted to nniy met. insizited upon the priviltv of trading separately, upon thole own stocks, and at their own risk. The Old Company had not only a right to a separate trade till the'year 1701, but both before and after a right like other merchants to a separate trade on the 3 i 5,0001. which they had subscribed into the stock of the New Company. The competition to wbich this gave rise, is said to have nearly ruined all pa ties concerned. In 730, when a proposal was made to Parliament for putting the trade under the management of a regular Coln and thereby laying it in some measure open, the .)::ast In dia Company in very strong terms set forth the ",spi erects," w they sled them of this competition. la lodia they sa!d it raised the price of gt;odi so high t':at they ''~~