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Daily Courant (Newspaper) - March 10, 1730, London, Middlesex The Daily Courant. Tuefday, March 10, 1729-50. Considerations occafion'd by the Eaft-India Company's Proposal, Jhexv-ing, That as the Company have not a Perpetuity in the Trade, afier the Redemption of their Fund.by theRep.iyment oftbe3,ioo,oool. the Redutlion of the Company's Annuity fom 160,000 j. to 128,000 j. and the <� ompany's giving 200,000 1- to the Government, is not in any degree an Equivalent for granting the Company a longer Term of 30 Tears in the Trade after the z$th of March 1736, THE Reduction of 32,000 /. a Year for Six Years is only 192,000/. to which add 200,000 /. and the whole Money the Pubiick ^lli hive from the Company, for rhe Consideration of giving them a longer Term of 30 Years in the Trade, will be only 391,000/. Whereas it appears by the Act of the 6th of Queen Ann, that the Company gave the Government 330,000 /. for a Term of 15 Years only, and at a time when it was not in its Power to repay them the 2.00,000 /. as it is now to repay them the 3,200,000 / at the Expiration of their Term. Therefore As the Sum of 392,000 /. is al! that the Pubiick are like to have for the Grant of a N longer Term in the Trade to the Eafi-lndies, it will be neceffary to compare the Company's Propofal with the Propofal of the Merchants. The Government by the Merchants Propofal (fuppofing it had not took place until the 25th of March 1736) would indeed have paid 40,000/. a Year more Intereft than by the Company's Propofal, or 240,000/. in Six Years. But notwithstanding this, the Government from and after the 2 5 th of March 1736, would have had a Certainty of paying no more than 2 per Cent, per Ann. on 5,200,000/. for 30 Years, which being 64,000 /. a Year, would * have amounted in 30 Years to 1,920,000 /. Whereas* by leaving the Company at Liberty to acceptor not accept, a lower Intereft than 4 /. perCent. after the 25th of March 1736, it is not to be expected as they will have a longer Term of 30 Years in the Trade, rhu they will confent co accept a lefs Rate of Intereft ; unlefs all other the Pubiick Securities are reduced to 3 /. per Cent, or lower before or at that time : But Supposing the Company fliould confent to lower their Annuity to 3 /. per Cent, for ibe remaining r,o Years in their Term of Trade, tbey v ill then receive 96,000/. a Year, which in 30 Years is-2,880,000/. And then the Account will ftand thus, The Government will pay at the foot of the Merchants Propofal but 2,160,000 /. whereas on the foot of the Company's Account a,880,000/. whereby it appears that the Company will give lefs ro the Government for the fole Benefit of this Trade, than was offered by the Merchants, by the Sum of 750,000/. and they it is probable would have confented to have made a more advantageous Offer, particularly in advancing 800,000 /. more for the current Service of this Year, had not their Petition and Propofal been rejected ; which, fuppofing 1 /. per Cent. Intereft only on 800,000 /. for 30 Years, will make up the Difference 974,000 /. But without any regard to the Merchants Propofal, it is certain, that by leaving the Trade undifpofed of until afcer the 25 th of "March 1736, the Nation will be a Gainer fome Millii.'f-s more than by accepting, at this time, the Company's Propofal: As may be concluded by its having been declared by the Directors, that notwithstanding rhe Reduction of 40,000/. a Year cf their Annuity (which will be a ^.th. per Cent.) the Company are a- ble to continue a Dividend of 8 /. per Cent, per Ann. on every 100/. Capital Stock, which muft be 4/. 5 s. per Cent. or. 160,000/. a Year on 3,200,000/. by Trade; whereby it appears rhe Company will have a Term given them in this Trade worth more than 4,80 ,000 /. Though this is a ftrong Objection, yet there are other Objections with refpect to our Foreign and Domeftick Bufinefs, againft granting the Company any fuch Term as 30 Years longer in the Trade, deferving the molt ferious Attention and higbelt Confideration of the Legifhture, and equally as much as the fallowing Oblervation, which concerns every Man from the Prince to the Pe&fant. It is computed that Foreigners have the Property of at ieaft One third of the Stock of the Eaft India Company; and whereas 171 /. 15 s. has been divided on every too /. Capital in 30 Years laft paft, therefore, fuppofing Foreigners to have had only One Million of the Stock, the Money tbey have received in fuch time amounts to 1.717,500/. Suppoiing the Company fliould have a longer Term of 30 Years granted them in the Trade, and the Directors continue the Dividenk-vof 81. per Cent, or a Dividend in Proportion ko what they have hitherto done, which may'be fuppofed they will do to keep up the Price of their Stock in Exchange-Alley, tho* the Profits by the Trade will nor warrant any fuch large Dividend ; this will be giving Foreigners an Opportunity of taking from us another 1,717,500!. or near that Sum in 20 Years more, or of felling out at fuch high Prices, as that they will gain double or treble the Sum upon every 100 i Capital Stock more than it coft them. This is an Objection of the ftrongeft kind, and it is couceiv'd an unanfwerable one a-gainft giving the Company any longer Term than they have already in the Trade, and a very cogent Reafon for the laying it open, as larely propos'd by many Eminent Merchants of Great Britain, thereby to prevent fuch great Sums of Money from going annually out of the Nation, and to put an end in a great Meafure to Stockjobbing, which is the DeJiruBion of all Trade and Bufinefs, and an Enemy to the Government itfelf; as upon the Rumours of Wars, or our entring into War, it neceffarily engages the private Intereft of fome, and tbeF v, of others, to difturb the publicly Refolutions, and the Peace and Happinefs of Numbers of Families: But without putting an end to the Company, there will be no putting an end to the Stockjobbing of their Stock, or the Company's making greater Dividends than their Profi:s can warrant; nay from their making Dividends at the Time they lofe by their Trade ; whereas was the Merchants Propofal to take Effect, and Foreigners to advance any part of the Money, this would not be the Cafe, fince their Dividend would only arife from the largenefs of Trade carried on, to National Pr�fit and to an increafe of his Majefiy's Revenue. Thus it is fliewn, that the Company's Propofal, not only with regard to the Sum of Money offered by them, in Prpportion to the Money which the Nation'may have for the fole Benefit of this Trade, at the Expiration of the Company's Term, but alfo with regard to many other Confiderations of much more Concern to the People of Great.Britain than a Million or :wo of Money, ought aor to be accepted by Parliament, or render'd effectual by the Legiflature. And as it has been, the large Dividends of 10 or 8 per Cent, per Ann. on every 1001. Capital (but 871. 10 s. Original Money) for 20 Years paft, that has occafion'd the railing the Stock nominally to 184, rhe Price it now fells at in Exchange-Alley,' and given Foreigners an Opportunity either to draw very great Sums annually out of the Kingdom, or felling out at advanced Prices much beyond what their Stock coft them, the Company ought to be immediately rc-ftrain'd by Parliament, who are Guardians of the Nation as well as of the Proprietors, from continuing any fuch Dividends; unlefs they can fliew that they have at this Time, or at any one Point of Time in every Year, over and above the 3,200,000 1. owing by the Government, Money in Cafh or Effects, in their Warehouses in London, fufficienr to anfwer the Money they may owe upon Bond, or btherwik, in England \ for it highly concerns the Pubiick Welfare and Happinefs, as Foreigners have luch Sums of Money in our Stocks, to prevent the raifing, by fuch artful Ways, any Pare or the whole of the Pubiick Securities: as well as to take Advantage for the Benefit of the Nation of the high Prices of Stocks, when occalion'd by a real Plenty of Money, to reduce the Intereft of fuch of the Pubiick Securities as are redeem* able by Parliament,,, As it is faid, that nothing but the Impcjfililitj of raifing 800,000 1. -without an Additional Tax on Land, or creating fome nerp Ta :, is the Inducement to fome Gentlemen to come into th� Company's Propofal, it may be neceflary; to obferve, That tho' it may be next to an Impoflibility; to continue raifing any Sum of Money for the cur~ rent Service of theTear, beyond 1,750,000 I. or rather 1,500,000 1. without exceeding Two Shillings in the Pound upon Land, which muft be owned is a very melancholy Confideration, yet this is fo far from being a Reafon for accepting the Company's Propofal, that it is a very ftrong Reafon againft it. For if we are in fuch Circumftances as to be under a Difficulty to raife 8oo,coo/. at this time, whac may we expect tc be fome Years hence, or whenever we ffiaU be fo unhappy as to have any Apprehenfions of War, or actually enter into a War wich any of our Neighbours ? This is a Confideration that the Company's Propofal fliould not be accepted, ac this time, by Parliament but the Trade to the Eaft-Indies referved to anfwer future Events. For if it be given away now, it will be given away for a Term of 30 Years after the 25th of March 1736 for the poor Confideration from the Company of 392,^00/. whereas if no Dilpofltion be made of this Trade until that time, the Nation may certainly value themfeives upon it, or have for it, three Millions of Money, or more: Therefore it is both natural and reafo-nable ro conclude, that the Company's Propofal mil net be accepted, but the 800,000 /. wanted for the current Service of the Year 1730,' (if no other Ways and Means of doing it can be found our, which undoubtedly, there may) will be rais'd by circulating Exchequer Bills upon the Credit of the Sinking Fund ; which there is not any poflible Objection to the doing fince the 800,000 /. propos'd to be borrowed will be a Debt in Perpetuity upon the Nation, unlefs repaid out of the Sinking Fund ; and fince the Proprietors of the Pubiick. Securities will every one of them be fo far from complaining of it, that they will efteem it a Angular Piece of Service done them, as may be concluded by our having been 'old, in the moft pubiick Manner, and by the beft of Authorities, that the only Con-tefi among the Creditors of the Government ft, ~ *r + that every one of them defire to be the laM*& Z^J�Ik Courfc of Payment. ^&�m
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