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 TransactionsPulteney, William
History
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
Pulteney, William
East India Company -- Appropriations and expenditures; East India Company -- Rules and practice; Great Britain -- Commercial policy
It is extremely remarkable, that when the Directors were asked in the
general court whether they had taken any opinions of council to justify
their pretended doubt as to the Company's power of contracting such
debts, they declared that they had not, and the chairman said, he did
not think they would have been justified if they had taken such
opinions. Nothing can shew more clearly the unjustifiable motives of the
Directors opposition than this answer: they opposed the dividend upon
pretence of a doubt of the Company's power of incurring debts beyond six
millions, and yet they did not take the opinion of council concerning
the Company's real powers. They knew that no opinion could be procured
to give a foundation for the doubt which they pretended to entertain,
and therefore they took no opinions, but made use of their pretended
doubt as a mask to cover the real motives which induced them to engage
in their conspiracy against the interest of the proprietors whose
servants they are.
The act 9 and 10 of king William, c. 44. contains no clauses which can
any way restrain the Company's power of borrowing or extending its
trade, except what is to be found in section 61, 62, 64, 75 and 86.--By
sections 61, 62 and 64, there is no other restriction except that the
Company shall not, _in any one year_, successively, send or cause to be
sent to the East Indies from England or any other country, goods,
bullion, or commodities to any greater value than their principal stock
subscribed. And the fact is, that the Company never has sent _in any one
year_, goods, bullion or commodities to the value of one-third of their
principal stock, and therefore no argument can be founded on the
limitations contained in these three clauses.
Public-domain text, read in full here on John Shaqi.
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