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

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

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