These Merchants Export To Turkey Chiefly Broadcloth, Long-Ells,
Tins, Lead, And Some Iron; And The English Merchants Frequently Buy
Up French And Lisbon Sugars And Transport Thither, As Well As
Bullion From Cadiz.
The commodities received from thence are chiefly raw silk, grogram
yarn, dyeing stuffs of sundry kinds, drugs, soap; leather, cotton,
and some fruit, oil, &c.
The East India Company were incorporated about the 42nd of
Elizabeth, anno 1600, and empowered to trade to all countries to the
eastward of the Cape of Good Hope, exclusive of all others.
About the middle of King William's reign it was generally said their
patent was illegal, and that the Crown could not restrain the
English merchants from trading to any country they were disposed to
deal with; and application being made to Parliament for leave to lay
the trade open, the ministry took the hint, and procured an Act of
Parliament (9 and 10 William III., cap. 44) empowering every subject
of England to trade to India who should raise a sum of money for the
supply of the Government in proportion to the sum he should advance,
and each subscriber was to have an annuity after the rate of 8 per
cent. per annum, to commence from Michaelmas, 1698. And his Majesty
was empowered to incorporate the subscribers, as he afterwards did,
and they were usually called the New East India Company, the old
company being allowed a certain time to withdraw their effects. But
the old company being masters of all the towns and forts belonging
to the English on the coast of India, and their members having
subscribed such considerable sums towards the two millions intended
to be raised, that they could not be excluded from the trade, the
new company found it necessary to unite with the old company, and to
trade with one joint stock, and have ever since been styled "The
United Company of Merchants trading to the East Indies."
The company have a governor, deputy-governor, and twenty-four
assistants or directors, elected annually in April.
The East India Company export great quantities of bullion, lead,
English cloth, and some other goods, the product or manufacture of
that kingdom, and import from China and India tea, china ware,
cabinets, raw and wrought silks, coffee, muslins, calicoes, and
other goods.
Bengal raw silk is bought at very low prices there, and is very
useful in carrying on the manufactures of this kingdom.
China silk is of excellent staple, and comes at little above one-
third of the price of Italian Piedmont silk.
The China silk is purchased at Canton, but their fine silk is made
in the provinces of Nankin and Chekiam, where their fine
manufactures are carried on, and where prodigious quantities of raw
silk are made, and the best in all China.
The Royal African Company was incorporated 14 Charles II., and
empowered to trade from Sallee, in South Barbary, to the Cape of
Good Hope, being all the western coast of Africa.
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