Produced by Richard J. Shiffer and the Distributed Proofreading volunteers at http://www.pgdp.net for Project Gutenberg. (This file was produced from images generously made available by The Internet Archive.) [Transcriber's Note: Every effort has been made to replicate this text as faithfully as possible, including obsolete and variant spellings and other inconsistencies. Text that has been changed to correct an obvious error is noted at the end of this ebook.] A SHORT VIEW OF THE LAWS Now subsisting with Respect to the Powers of the EAST INDIA COMPANY To borrow Money under their Seal, and to incur Debts in the Course of their Trade, by the Purchase of Goods on Credit, and by freighting Ships or other Mercantile Transactions. LONDON: Printed for W. NICOLL, in St. Paul's Church-Yard. MDCCLXVII. A short View, _&c._ As many erroneous opinions have been industriously propagated with respect to the powers of the East India Company to contract debts, I think it a duty to the Company and to the public, to give a fair state of the laws now subsisting with respect to these matters, by which the prejudiced may be set to rights, the ignorant informed, and the malevolent deceivers of the public exposed and detected. By act 9 and 10 William III. c. 44. § 75. the Company is allowed to borrow on the credit of the two millions lent to Government, but is restrained from borrowing any greater sums than shall be employed in their trade, without, however, any restriction as to the amount of such borrowing, only such borrowing must be under common seal. By § 86 of the same statute, the Company is directed to take care that the sum total of its debts do not exceed the amount of its funds and effects, and if they shall reduce their funds and effects by dividends, so as not to leave sufficient to answer their debts, the persons who receive the dividends are each made answerable to pay the debts, to the amount of the dividend respectively received. By act 9 Ann, c. 17. § 2. The Company having lent to the public 1,200,000_l._ more, they are allowed to borrow under their common seal, to the amount of 1,500,000_l._ above what they might lawfully borrow by the preceding act. By act 7 Geo. I. c. 5. § 32, the Company is allowed to borrow under their common seal for carrying on their trade or lending on bottomry, to the amount of the sum due from the publick, _or five millions_. By act 17 Geo. II. c. 17. § 8. the company having advanced _one million_ more to government, the power of borrowing under their common seal, is extended to one million above what they might borrow before that act. In consequence of these acts, the Company has always considered itself entitled to borrow to the amount of six millions under its common seal.