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Daily Courant Newspaper Archive: March 11, 1730 - Page 1

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Publication: Daily Courant

Location: London, Middlesex

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   Daily Courant (Newspaper) - March 11, 1730, London, Middlesex                                The Daily Courant N�. 8867. .....- *- Wednefday, Mareh n, 17x9-30. A Second Letter to Mr. J- P-tc,  about the Propofal of an Open Trade to India. IHeartily congratulate my Friend upon tbe Glorious Refolution of the Houfe, which has withfiood tbe mighty vain Promifes of thefe Open clofeTreiders.- And in this Determination every Englifh-rnan, your Modern Patriots excepted, will not only acquiefce, but be pleafed.- Yet it may be of fome Ufe ftill to draw a fhort Sketch, and juft hint at the more obvious and unavoidable ill Confequences of Opening this Trade.- And in order thereto, it will be needful only to examine, whether this Propofal can furely attain the End which it fo pompoufly pretends.- / ' All Sides agree, that the Trade is Beneficial ; from whence I infer, that it is neceflary, and by the molt effectual Means muft be prer ferv'd.-- This brings the Queftion into a narrow Compafs, Whether it is moft likely to preserve the Trade in a Company with exclufive Privileges and Regulations, as the Parliament fhall from Time to Time diredt, or whether the Trade (hall be left open to Merchants and Dealers of every Kingdom in Europe ? For they do not appear to confine it to our own People, but to thofe who fhall pay the Price of a Licenfe under the Seal of their Ctmpany, be they Natives or Foreigners, be they Dutch or Hamburgers, French or Spanifh adventurers; the Company's Seal fhall be their Warrant to Trade.- Now let the prefent Company be con-fider'd as a political Body, that manageth their Bufinefs with excellent Order, exclufive of all Foreign Intruders, and many ways to the Advantage of the Publick.- Nor do the Oppofers at this Time alledge any ill Management or Mifconduct, but vi'bat they are oblig'd to go back for, almoft 40 Years: and if one over-bearing Director or Officer belongs to their Body, he may have a great many compenfating Virtues which the Trade is obliged to.- And if they gain by their Trade, which perhaps is the grand Foundation of Complaint; it will be anfwer'd-What do all Merchants trade for ? And why do thefe Gentlemen bid fo luftily to come into it?-Their conftant Ejo fences, the vaft Stock, employ d, the great Ham ^ards, and often Loffes fuftaind, require that they fliou'd make a confiderable Gain, or the Trade cou'd not be fupported.-- The Cufioms arifing to the Publick are immenfeiy great, and anfwer the Appropriations made of them by Parliament better than moft other Duties; nor is the Sum fo inconfi-derable,as that the Government fhou'd let them fall> without a certainty in the room of them, which thefe open clofe Traders: can hardly offer ; or if they offer'd, will hardly per form- I will fet every Computation at the loweft -the Cufioms then fhall be allowed to bring in Nett Money, clear off all Drawbacks and Debentures, 300,000 /.- Againft this what do thefe Gentlemen offer ? Why they offer almoft as many 100,000 /. as there ftand Subfcribers upon their Lift-all in an happy State of Solvency, if the Government will have the Grace to believe them - Come we next to the Method of Trade propos'd-which as I cake ir, lies before us thus- Tbe Forts and Fa (Stories, (not enquiring by what Right) fhall devolve to the Government-"Whether tbe Government fha!! pur-chafe them, and who fhall fet a Price, or whether they fhall be feiz'd by Quo Warranto, and taken by Force, all that remains as yet in Petto among thefe Gentlemen.- Now thefe Forts and Fa&ories coft the Company 300,000 /. a Year to maintain; and the Government may depend upon it, will not coft them iefs : for they are to maintain them for the future by this new Scheme.- Thus there is 600,000 1. a Year funk upon the Publick at once  that is to fay, certain Disburfe,-(ift.) 300,000 1. for the maintaining the Forts and Factories ; and perhaps it may coft the Government 400,000 1. they not being able to do it at fo cheap a Rate as the Company.-(2) Then there is 300,0001 to be funk in the Cuftoms which the Company's Trade now pays, but which we are very far from being fure this open Trade will fupply j nor do they offer to fay, it fhall-Which naturally leads uxto enquire what Security will they, or can they give to the Publick for the Payment of this 600,0001. a Year ? and without fuch Security what kind of Bargain will the Government have of it ? As they are no Body Politicly they can give no Corporation Security: And fingle Merchants will never be bound for more than in proportion to the Trade they carry on : And being not o-blig'd to Trade to any Emitted Sum, they will never bind themfelves beyond their Adventure.'- By this Rule thefe open Traders may one Year fend out 40 Ships, and the next Year not 4 Ships, as the Market happens to en* courage; then hJtv in the Name of Patno-tifm fhall the Government be paid ? In fliort, there can be no Security given, but by forming a Company, which has fomeching to forfeit.- It would furnifh a great many merry Scenes, to enter into a Defcription of the Management of thefe new Traders, with their open clofe Trade-, how they would ftruggle and wrangle, and perhaps fight, both When they buy and when they fell.-How they would All be a Prey to the Ignorant, yet Cunning, as by them better inform''d Indian, till the Price of Goods being raifed by their outbidding one another, for the fake of Dif-patch, tbe Goods wou'd not be worth buying ; and how they wou'd be a Prey to one another at Home, by underfelling for the like Difpatch, till the Goods wou'd not be worth felling! This needs no farther Explanation, than by looking back to the Times when the Two Companies contended againft each other j when tho' that Contention lafted but a little while, they almoft ruin'd the Trade ; and the Wounds then given to it are fcarce healed to this Day-Let thefe open Traders boneftly ponder the tendency of their Petition, and be afham'd, at Leifure, if fuch a Trade can afford it. Tefierday arrived the Mail due from Holland. Rome, Feb. 25^ N. S.' CArdinal Pipia, a Dominican; who had lain ill fome Days, died a few Hours after the Pope.  The Chevalier de St. George and Cardinal Borghefe keep their Beds with the Sicknefs that rages here. Fifty four of the former's Domefticks, and all Cardinal Cofcia's, are alio laid up with that Diftemper, fo that his Eminency is obliged to make ufe of Strangers. Two Days ago, the Abbot Ra-moni, Farmer of" the Duties upon Fifh, and Signor Vaierio Loiali, Steward of the Houfhold to Cardinal Cofcia, (both of them his Eminency's Confidence) were carried to Prifon, by Order of Cardinal Albani and the Sacred College. The People hearing of ir, ran in Crowds to take them out of tbe Hands of tbe Sbirri, and tear them in pieces, but the Guards came up time enough to prevent it, and to conduct them to the Caftle. In the Evening the Mobb got together again, to revenge themfelves upon all the Beneventines; for which purpoie they; ran to the Palace of the Marquis Abbati; where Cardinal Cofcia was ; but his Eminency had the good Luck to get away j which fo enraged the Multitude, that they; had certainly fet that Palace and other Beneventines Houfes on Fire, had not the Guards been reinforced, and come up in time to dif-' perfe them; whereby the Confequeuces were prevented. We do not know whither Cardinal Cofcia is fled. Genoa, Feb. 25. N. S. They write from Corfica, that the Governour of that ifland pretending to force tbe People to pay him for the Corn fent by tbe Republick to fupply their Wants laft Year, they took up Arms, to the Number of above 10,000, and were marching towards the Capital City; whereupon the Governor was retired into the Caftle. Vienna, March 4. N. S. The General Count Maximilian of Staremberg has re-ceiv'd Orders to get ready to go to Italy, to take upon him the Command of the Imperial Army in that Country. Prince Eugene's Equipage is likewife getting ready ; which makes us believe his Highnefs will go to Italy, in cafe of a Rupture. The fecond Derach ment of Imperial Troops is to break up next Week. The 7 German Cardinals are upon the point of fetting out for Rome. Deal, March 9. The Ships in my laft remain, but fome of the firtall ones are preparing to fail; one of the Tranfports and a Norway Man fell this Day one foul cf the other, and the Tranfport hath loft her Bdw-fprit. Yefterday arrived the Manchefter, Newel, from Seville; a fmall Pink from Malaga, for Amfterdam ; the Robert and Mary, Robinfon ; Sherrant, for Dunkirk 5 the Champion, and other Homeward bound yet remain here waiting a Wind. Wind N.W. bN. LONDON. Yefterday his Royal Highnefs the Prince of Wales went in his Chair to the Houfe of the Lord HaUifax in New Palace Yard, Weftminfter, where his Highnefs ftaid feveral Hours, to hear the Debates of the Hon. Houfe of Commons on the State of the Nation. Yefterday died Caleb Lomax, Efij; Member of Parliament for the Borough of St. Albans^ at his Seat at Chillick near the faid Borough. On Saturday laft the Royal African Company received Advice of the Arrival of one of their Ships in the Downs from Cape Coaft Caftle in Africa, with a valuable Cargo of Gold and Elephant's Teeth ; and we hear that they are in daily Expectation of the Arrival of another of their Ships from James Fort in the River of Gambia, with a confiderable Quantity 0. Wax, Elephant's Teeth, and other Cornmod 0f that Country,   

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