House of Commons Journal Volume 12: 14 June 1698

Martis, 14 die Junii;

Decimo Gulielmi.

Prayers.

Pitt's Estate.

AN ingrossed Bill, from the Lords, intituled, An Act to confirm a Conveyance made by George Pitt Esquire, and others, of the Manor of Tarrant Preston, and other Lands, in the County of Dorset, to John Pitt Gentleman, and the Heirs Male of his Body, was, according to Order, read a Second time.

Resolved, That the Bill be committed to Mr. Harley, Mr. Vincent, Sir Henry Colt, Sir John Bolls, Mr. Mawdit, Mr. Harrison, Mr. York, Sir Marm. Wyvell, Mr. Osborne, Sir Wm. Lowther, Lord Cavendish, Mr. Pagitt, Mr. Apreese, Mr. Mounstevens, Mr. Hammond, Mr. Thornhaugh, Sir Henry Hobart, Sir Wm. Ashurst, Mr. Battiscomb, Mr. Hoar, Mr. Brotherton, Mr. Fuller, Mr. Fleming, Mr. Blofeild, Sir Edward Hungerford, Mr. Bockland, Mr. Farrer, Mr. Trelawny, Mr. Burrington, Mr. Austin, Sir Cha. Windham, Mr. Manley; and all that serve for the Counties of Dorset and Wilts: And they are to meet this Afternoon at Five a Clock, in the Speaker's Chamber.

Trafford's Estate.

An ingrossed Bill for enabling Humphrey Trafford Esquire to raise 4,000 l. upon his Estate, for Payment of his Debts, was read the Third time.

Resolved, That the Bill do pass: And that the Title be, An Act for enabling Humphrey Trafford Esquire to raise 4,000l. upon his Estate, for Payment of his Debts.

Ordered, That Mr. Brotherton do carry the Bill to the Lords, and desire their Concurrence thereunto.

Desborough's Share of Prize.

Ordered, That the Report from the Committee, to whom the Petition of Captain Charles Desborough was referred, be made upon Monday Morning next.

Copper Coinage.

Ordered, That a Message be sent to the Lords, to put them in mind of the Bill, intituled, An Act to stop the Coining of Farthings and Half-pence, for one Year; And that Mr. Cox do carry the said Message.

Committees.

Ordered, That all Committees be revived.

Timber in New Forest.

The House, according to Order, proceeded to take into Consideration the Amendments, made by the Lords, to the Bill, intituled, An Act for the Increase and Preservation of Timber in the New Forest, in the County of Southampton:

And the same, being twice read, were, upon the Question severally put thereupon, agreed unto by the House: and are as follow; viz.

1 Sk. 19 L. leave out "forthwith."

2 Sk. L. 1, after "Acres," add "shall be made in manner following; that is to say, One thousand of the said Acres."

L. 5, after "ever," add "the remaining One thousand Acres, from and immediately after the Determination of the First Session of Parliament, which shall be held after the Year of our Lord 1699, shall be in like manner admeasured by a sworn Surveyor, and set out and inclosed, butted and bounded; and the Quantities, Butts, and Boundaries thereof, returned into the said Court of Exchequer, there to remain of Record."

L. 9. instead of "Inclosure," read "several Inclosures;" and, after " of," read "the said."

L. 18, leave out "defraying the Charges and."

4 Sk. L. 9, after * *, add Clause A: "And be it further Enacted, by the Authority aforesaid, That the said Inclosures shall not be plowed, or sowed with any Corn, or fed with any Cattle; or be, at any time or times hereafter, kept for Underwood, but in such manner only as shall be fit for the Raising and Preserving of Timber for the Use of the Navy."

L. 16, after "Officer," add "or any other Person whatsoever."

L. 25, after "Law," add "except in the Wasteground of the said Forest, to be then appointed by One or more of the Verdurers, and Two or more of the Regarders of the Surveyor or Woodard, and not within One thousand Paces of any Inclosure to be made by this Act; nor shall any of the said Coal-hearths, or Coal-fires, be fenced with Bushes, but with Heath or Furz only."

7 Sk. L. 7, after "Defendant," add "and shall also be incapable of holding or enjoying any Office or Employment whatsoever."

Clause B: "And be it further Enacted, That, at all times hereafter, when any Sale of Wood shall be ordered to be made within the said Forest, publick Notice thereof shall be given, by the proper Officers of the Forest, in all the adjacent Market-Towns, Three Weeks at least before such Sale, of the Time and Place where such Sale shall be made; and that the Officers, who are usually in that Case intrusted, do set a Valuation, before the Day of Sale, of the Wood to be sold; of which Valuation to be made, Notice shall be given to Two or more of the Verdurers of the said Forest; and the Person or Persons who, at the Time and Place aforesaid, shall offer most Money for the Parcel of Wood then to be sold, over and above the same was valued at, making his Proposal in Writing, and giving good Security for Payment of the said Money, shall be the Purchaser."

Clause C: "And be it further Enacted, That no Officer whatsoever shall take any Fee, Poundage, Gratuity, or Reward, for the Felling of any Trees to cut down for the Inclosures to be made by virtue of this Act; or for or upon the Sale of the Residue or Remainder of such Trees as shall be cut down for the Purposes aforesaid, if any there be; or for the Sale of the Lops, Tops, or Roots, of the said Trees."

Clause D: "And be it further Enacted, That if any Officer whatsoever shall offend, in cutting down, and disposing of, any Trees, contrary to the Intent of this Act, such Officer shall, for such his Offence, forfeit his Office."

Ordered, That Mr. Smith do carry the Bill to the Lords, and acquaint them, That this House hath agreed to the said Amendments.

Message relating to Impeachments.

The House, according to Order, proceeded to take into Consideration the Message from the Lords, the Ninth Instant, relating to the Tryal of John Goudet, and others, upon the Impeachments against them:

Conference desired with Lords.

Resolved, That a Conference be desired with the Lords, upon the Subject-matter of their Lordships Message, the Ninth Instant, relating to the Tryal of John Goudet, and others, upon the Impeachments against them.

Ordered, That the Committee appointed to manage the Evidence at the said Tryal, do draw up what shall be offered at the said Conference.

East-India Company.

Sir Henry Hobart, according to Order, reported, from the Committee appointed to inspect the East-India Company's Books, relating to the Trade, Estate, and Management, of the Company, the Matter, as it appeared to them; which he read in his Place; and afterwards delivered in at the Clerk's Table: Where the same was read, and is as followeth; viz.

That it appeared to the Committee, upon their inspecting the East-India Company's Books, That the original Stock of the said Company, in the Year 1657, was 369,891l. 5s.:

That 390l. ½ per Cent. was divided between the First Day of October, 1661, and the First Day of April 1681:

That, upon the Second of November 1681, a General Court was held; where they call in the Residue of the Adventurers Subscriptions, at 100l. per Cent. at Two equal Payments; and an Entry made in the Books, as appears by the Paper marked A:

That, on the 18th January 1681, another General Court was held; where they revoke the said former Order, and make a Dividend of 150l. per Cent.; viz. 100l. per Cent. to double their Stock, and 50l. to be paid in Money; and an Entry made thereof, as appears by the Paper marked B.

That, upon reading the foregoing Orders, the Committee inquiring of some of the Company, What was the Cause of so great an Alteration of their Affairs, in so short a Time, as from 2d November 1681, to the 18th January following? were informed by them, That upon the 14th January, which was the Day their Committee came to the aforesaid Resolution of doubling their Stock, and of dividing of 50l. per Cent. they had received Advice of the Arrival of Six Ships; viz. the Bernardiston, the Persia-Merchant, the Eagle, the President, the Society, the Berkley-castle; the Cargoes whereof they computed at (fn. 1) [upwards] 500,000l. Value.

It appeared likewise to the Committee, That, upon the 31th December 1680, the Company owed 532,589l. 7s. 5d. and took up at Interest, in the Year 1681, 80,940l.: So that, in the Year 1681, they were indebted 613,529l. 7s. 5 d.

That it appeared to the Committee, from the Company's Books, That, after the 50l. per Cent. Dividend, pursuant to the before-mentioned Entry, and the Doubling their Stock in the aforesaid Manner, all future Dividends were made and computed upon their Stock so doubled; of which the Committee found the following Entries; viz.

A Dividend of 25l. per Cent. on the 21th October 1685.

A Dividend of 25l. per Cent. on the 14th April 1686.

A Dividend of 25l. per Cent. on the 12th October 1687.

A Dividend of 25l. per Cent. on the 20th April 1688.

East-India Company.

A Dividend of 50l. per Cent. on the 2d October 1689.

A Dividend of 50l. per Cent. on the 8th April 1691.

Which their Accountant said was the last Dividend.

So that the Dividends, from 1657, to 1681, amount to 440l. ½ per Cent.; and from 1681, to 1691, doubling the same, as the Stock was, according to that nominal Duplication, amounts to 400l. per Cent. in all, from 1657 to 1691, 840l. ½ per Cent. of the 369,891l. 5s. original Stock.

The Committee, not observing, upon the Company's Books, any stated Accounts or Valuations, upon which any of the said Dividends were made, only general Resolutions of their Courts of Committees, examined the Company's Accountant to that Matter: Who said, That he knows of no other Method the Company take in their Dividends, than what appears by the said Books of the Court of Committees; nor knows of any Books or Accounts, wherein the Company's Stock was, at any time, valued or computed, before any Dividend made: Whereupon,

The Committee being desirous of further Satisfaction in this Matter, and several of the Committee of the said Company being then present, the Committee desired Satisfaction from them therein: Who informed the Committee, That they have hitherto kept no Books of Valuation of their Stock, from whence they made their Dividends; but hope it will be otherwise for the future; and that, upon the Arrival of their Ships, and calling their Accountant, Cashier, and Book-keeper, to their Assistance, they made general Computations; upon which they ordered their Dividends:

And some of them said, That, upon their doubling their Stock in 1681, the Addition by doubling was only nominal; and that 200l. of the doubled Stock was worth no more than 100l. Stock before.

The Committee, further inquiring into the State of the Company's Affairs, about the Time of the new Subscriptions, find, by their Books, That, on the 29th of April 1693, they owed, at Interest, 451,507l. 16s. 10d.; and that, on the 3d of May following, there was an Order made at a General Court, That the Adventurers may pay into the Company's Treasury any Sum of Money, not exceeding One Moiety of their joint Stock, before the 30th of June ensuing:

Pursuant to which Order, there was actually paid in 325,565l. 0s. 4d.; and, in their Books, the Committee found an Order, of the 10th November 1693, That the several Adventurers, or their Assigns, who advanced the said 325,565l. 0s. 4d. may receive back the respective Sums of Money by them so advanced, with Interest for the same, at the Rate of 5l. per Cent. per Annum, from the 30th June last; which Repayment was to commence Thirty Days after the Passing of their Charter:

And, at another General Court, held the 16th Day of November 1693, being the Day immediately preceding the Company's opening their Books for the new Subscription, the Committee found it ordered, amongst other Things, That the Adventurers, upon their new Subscriptions, be allowed their Proportion of the 325,565l. 0s. 4d. paid in, by Order of 3d May last, with Interest for the same, from the 30th June last, according to what was proposed to them from the Court of Committees.

The Committee observed, That, upon 18th November 1693, the said Debt was reduced to 256,359l. 6s. 11d..

That according to your Order, the Committee lay before this House the Names of the Subscribers, with the respective Sums, and a Distinction of such as were old Adventurers; whereby it appears, That the Subscriptionmoney did amount to (fn. 2) [in the Whole] 1,220,314l. 13s. 5d.; whereof subscribed, by the old Adventurers, 593,605l. 10s. 7d.; and, by the new Adventurers, 626,709l. 2s. 10d.; which Total was afterwards reduced, according to the Direction of their Charter, by Repayments, and Discount for prompt Payment, to 744,502l. 6s. 2d.; to wit, the old Adventurers 362,084l. 10s. 9d. and the new Adventurers 382,417l. 15s. 5d.:

That, betwixt the 11th January 1693, and the 21th May 1698, several of the new Adventurers sold out their whole Stock, to the Amount of about 118,278l. 8s. 7d.

The Committee, requiring, according to your Order, a List of those who are, at present, interested in the Capital, and their several Shares therein, were told, it could not be complied with, by reason of the frequent Transfers not yet posted in their Books.

The Committee find, That, the 30th November 1694, the Company owed, upon Bond, 401,813l. 8s. 5d.: That, the 30th November 1695, they owed 637,296l. 12s. of which, borrowed, upon Bottomry, of the Adventurers, 282,572l. 1s. 8d. at 20l. Premium upon 80l. paid in, and 6l. per Cent. Interest, as appears by an Order of a General Court, held the 30th October 1695:

That, the 30th November 1696, the Company owed, upon Bond, 746,808l. 19s. 6d.:

That, the 30th November 1697, they owed, upon Bond, 595,896l. 19s. 9d.; of which, taken up, upon Bottomry, 294,493l. 8s. at 20l. Premium upon 100l. paid in, and 6l. per Cent. Interest; as appears by an Order made at the General Court, held the 24th September 1697:

That the Premium upon the Two Sums borrowed, upon Bottomry, of such of the Adventurers as advanced the same, amounts to 105,596l. 13s. besides the Interest, and what was allowed for prompt Payment:

That, the 31th March 1698, to which time the Books are balanced, and no further, there was an additional Debt, upon Bond, of 35,658l. 0s. 1d.; so that the Total of their Debt, upon Bond, to the said 31th March 1698, amounts to 631,554l. 19s. 10d.:

That what is owing for Customs, by Computation, is 44,177l. 9s. 4d.:

That there is also due, by Computation of sundry Ships Accounts of Freight, and Demurrage, on Balance, 10,191l. 7s. 3d.

The Committee inquiring, What their Debts might be in India? were told by the Accountant, 'twas impossible for them to do it under Ten Days time.

The Committee, then, inquiring into the Cash and Credits of the said Company, were informed by the Cashier, That they have now in Cash 5,400l.: That there is owing to them, for Goods sold, 10,000l.: That they have 5,895 Bags of Salt-petre, which they valued at 13,000l.

The Committee inquiring, What Ships they had abroad? the Accountant delivered in a List of Ships, and their Cargoes: The Cargoes of which they valued at 925,639l. 5s. 3d.:

That, desiring an Account of the Value of their dead Stock in India, the Accountant gave the same Answer as he did to their Debts in India.

The Committee inquiring, How the 744,000l. paid in upon the new Subscriptions was disposed of? the Accountant said, it was impossible for them to give a particular Account of it, that Sum being mixed with the rest of the Company's Money; but it was all comprised in their Cash-Books: Which being called for, the Committee found them so voluminous and intricate, that it was impossible for (fn. 3) [them] to make out such Account: But, upon examining them, they found, That, besides the 325,565l. 0s. 4d. repaid to the old Adventurers, pursuant to the aforesaid Order of November 10th, 1693, these following Particulars placed to Account:

November 30th, 1693, Paid, for the Company's special Service, 24,983l.

December 7th, 1694, Paid, for Disbursements for the Company, 7,828l. 13s. (fn. 4) [1 d.]

May 9th, 1695. Paid to Sir Tho. Cook, on his Note, dated January 10th, 1693. 90,000l.

That, inquiring of the Secretary, what Orders there were lately made, relating to Business in Parliament; he produced an Order of the General Court, holden the 27th May 1698.

East India Company.

And a Motion being made, That Satisfaction be given to the late Subscribers to the East-India Company, for all Damages done them, by making Dividends beyond the real Value of the Company's Stock, at the time of such Dividend; and also, by ordering to be paid, out of the new Subscription, a Sum of about 325,000l. lent by the Members of the old Company, by way of Increase of the capital Stock; such Damage to be answered out of the Estates of the Members of the old Company, respectively, receiving such Dividend and Payment;

And a Debate arising thereupon;

Resolved, That the Debate be adjourned till To-morrow Morning.

Supply Bill; raising Annuities. [New E. I. Co. incorporated.]

Resolved, That this House will, To-morrow Morning, after the said adjourned Debate, resolve itself into a Committee of the whole House, to consider further of the Bill for raising a Sum, not exceeding Two Millions, by settling a perpetual Fund for Payment of certain Annuities, after the Rate of 8l. per Annum for every Hundred Pounds, and by further Advantages therein mentioned, redeemable by Parliament.

And then the House adjourned till To-morrow Morning, Nine a Clock.