CHARTER OF THE EAST-INDIA COMPANY.

The subsidies were continued to the landgrave of Hesse-Cassel and the duke of Brunswick-Wolfenbuttle, in spite of all that could be urged against these extraneous incumbrances; and the supply for the ensuing year was granted according to the estimates which the ministry thought proper to produce, amounting to about two millions two hundred and eighty thousand pounds. It must be owned, however, for the credit of the session, that the house appropriated one million of the surplusses arising from the sinking fund towards the discharge of the national debt; and by another act extinguished the duties upon salt, by which expedient the subject was eased of a heavy burden, not only in being freed from the duty, but also from a considerable charge of salaries given to a great number of officers employed to collect this imposition. They likewise encouraged the colony of Carolina with an act, allowing the planters and traders of that province to export rice directly to any part of Europe southward of Cape Finisterre; and they permitted salt from Europe to be imported into the colony of New York. The term of the exclusive trade granted by act of parliament to the East India company drawing towards a period, many considerable merchants and others made application forbeing incorporated and vested with the privilege of trading to those countries, proposing to lay that branch of trade open to all the subjects of Great Britain on certain conditions. In consideration of an act of parliament for this purpose, they offered to advance three millions two hundred thousand pounds, for redeeming the fund and trade of the present East India company. This proposal was rejected; and the exclusive privilege vested in the company was, by act of parliament, protracted to the year one thousand seven hundred and sixty-six, upon the following conditions: That they should pay into the exchequer the sum of two hundred thousand pounds towards the supplies of the year, without interest or addition to their capital stock: that the annuity or yearly fund of one hundred and sixty thousand pounds, payable to them from the public, should be reduced to one hundred and twenty-eight thousand: that after the year one thousand seven hundred and sixty-six, their right to the exclusive trade should be liable to be taken away by parliament, on three years’ notice, and repayment of their capital.

1730