pre duct of affairs. The whole of the factories and sidencies were rendered subordinate to the President and Council at Surat. The presidencies, however, at Fort St. George and at Bantam were continued; the factories and agencies on the Coromandel coast and in Bengal being made dependent on the former, and those in the southern islands on the latter.1 As heavy complaints had been made of trade carried on, for their own account, by the agents and servants of the Company, who not only acted as the rivals, but neglected and betrayed the interests, of their masters, it was prohibited, and, in tion, additional salaries allowed.? compensa After these preliminary proceedings, the first fleet was despatched. It consisted of five ships; one for Madras carrying 15,500l. in bullion; one for Bengal; and three for Surat, Persia, and Bantam. The following year, that is the season 1658-59, one ship was consigned to Surat, one to Fort St. George, and two to Bantam. The latter were directed to touch at Fort St. George to obtain coast clothes for the islands, and to return to Bengal and Fort St. George to take in Bengal and Coromandel goods for Europe. Instructions were given to make great efforts for recovering a share of the spice trade. Bantam, however, was at this time blockaded by the Dutch, and no accounts were 4 Bruce, 539, 540. The state of interest, both in India and England, appears incidentally in the accounts received by the Company from the agents at Surat, in the year 1658-59. These agents, after stating the narrowness of the funds placed at their disposal, recommend to the Directors rather to borrow money in England, which could easily be done at 4 per cent., than leave them to take up money in India at 8 or 9 per cent. Ib. 542. BOOK I. CHAP. 4. 1659. СНАР. 4. BOOK I. this year received of the traffic in the southern islands.1 1661. The operations of the new joint-stock were not more prosperous than those of the old. Transactions at the several factories were feeble and unsuccessful. For two years, 1659-60, and 1660-61, there is no account of the Company's equipments; and their advances to India were no doubt small. "The embarrassed state of the Company's funds at this particular period," says Mr. Bruce," may be inferred from the resolutions they had taken to relinquish many of their out-stations, and to limit their trade in the Peninsula of India to the presidencies of Surat and Fort St. George, and their subordinate factories."3 Meanwhile Cromwell had died, and Charles II. ascended the throne. Amid the arrangements which took place between England and the continental powers, the Company were careful to press on the attention of government a list of grievances, which they represented themselves as still enduring at the hands of the Dutch; and an order was obtained, empowering them to take possession of the island of Polaroon. They afterwards complained that it was delivered to them in such a state of prepared desolation, as to be of no value. The truth is, it was of little value at best. On every change in the government of the country, it had been an important object with the Company to obtain a confirmation of their exclusive privileges. The usual policy was not neglected, on the accession of Charles II.; and a petition was presented to him 1 Bruce, 544. 2 Ib. 549-551. 3 Ib. 555. Ib. i. 553, 554. for a renewal of the East India charter. As there BOOK I. appears not to have been, at that time, any body of opponents to make interest or importunity for a contrary measure, it was far easier to grant without inquiry, than to inquire and refuse; and Charles and his ministers had a predilection for easy rules of government. A charter, bearing date the 3rd of April, 1661, was accordingly granted, confirming the ancient privileges of the Company, and vesting in them authority to make peace and war with any prince or people, not being Christians; and to seize unlicensed persons within their limits, and send them to England. The two last were important privileges; and, with the right of administering justice, consigned almost all the powers of government to the discretion of the Directors and their servants. It appears not that, on this occasion, the expedient of a new subscription for obtaining a capital was attempted. A new adjustment with regard to the privileges and dead stock in India would have been required. The joint-stock was not as yet a definite and invariable sum, placed beyond the power of resumption, at the disposal of the Company, the shares only transferable by purchase and sale in the market. The capital was variable and fluctuating; formed by the sums which, on the occasion of each voyage, the individuals, who were free of the Company, chose to pay into the hands of the Directors, receiving credit for the amount in the Company's books, and proportional dividends on the profits of the voyage. Of this stock 500l. entitled a proprietor to a vote in the general courts; and the 1 Bruce, 557. СНАР. 4. 1661. СНАР. 4. BOOK I. shares were transferable, even to such as were not free of the Company, upon paying 57. for admis1662-67. sion.1 Of the amount either of the shipping or stock of the first voyage upon the renewed charter we have no account; but the instructions sent to India prescribed a reduction of the circle of trade. In the following year, 1662-63, two ships sailed for Surat, with a cargo in goods and bullion, amounting to 65,000l., of which it would appear that 28,300l. was consigned to Fort St. George. Next season there is no account of equipments. In 1664-65, two ships were sent out with the very limited value of 16,0001. The following season, the same number only of ships was equipped; and the value in money and goods consigned to Surat was 20,600l.; whether any thing in addition was afforded to Fort St. George does not appear; there was no consignment to Bantam. In 1666-67, the equipment seems to have consisted but of one vessel, consigned to Surat with a value of 16,0001.2 With these inadequate means, the operations of the Company in India were by necessity languid and humble. At Surat the out-factories and agencies were suppressed. Instructions were given to sell the English goods at low rates, for the purpose of ruining the interlopers. The Dutch, however, revenged the private traders; and, by the competition of their powerful capital, rendered the Company's business difficult and unprofitable. On the Coromandel coast 'Anderson's Hist.. of Commerce, in Macpherson's Annals, ii. 495, 605. 2 Bruce, ii. 108, 119, 152, 186. 3 Bruce, 110, 138, 157, 158, 174. СНАР. 4. the wars among the native chiefs, and the overbear- BOOK I. ing influence of the Dutch, cramped and threatened to extinguish the trade of the English. And at 1662-67. Bantam, where the Dutch power was most sensibly felt, the feeble resources of their rivals hardly sufficed to keep their business alive,1 During these years of weakness and obscurity, several events occurred, which, by their consequences, proved to be of considerable importance. The island of Bombay was ceded to the King of England as part of the dowry of the Infanta Catharine; and a fleet of five men of war commanded by the Earl of Marlborough, with 500 troops commanded by Sir Abraham Shipman, were sent to receive the possession. The armament arrived at Bombay on the 18th of September, 1662; but the governor evaded the cession. The English understood the treaty to include Salsette and the other dependencies of Bombay. As it was not precise in its terms, the Portuguese denied that it referred to any thing more than the island of Bombay. Even Bombay they refused to give up, till further instructions, on the pretext that the letters or patent of the King did not accord with the usages of Portugal. The commander of the armament applied in this emergency to the Company's President, to make arrangements for receiving the troops and ships at Surat, as the men were dying by long confinement on board. But that magistrate represented the danger of incurring the suspicion of the Mogul government, which would produce the seizure of the Company's investment, and the expulsion of their servants from the country. In these Bruce, ii. 130, 159. |
