These merchants export to Turkey chiefly broadcloth, long-ells, tins, lead, and some iron; and the English merchants frequently buy up French and Lisbon sugars and transport thither, as well as bullion from Cadiz.
The commodities received from thence are chiefly raw silk, grogram yarn, dyeing stuffs of sundry kinds, drugs, soap; leather, cotton, and some fruit, oil, &c.
The East India Company were incorporated about the 42nd of Elizabeth, anno 1600, and empowered to trade to all countries to the eastward of the Cape of Good Hope, exclusive of all others.
About the middle of King William’s reign it was generally said their patent was illegal, and that the Crown could not restrain the English merchants from trading to any country they were disposed to deal with; and application being made to Parliament for leave to lay the trade open, the ministry took the hint, and procured an Act of Parliament (9 and 10 William III., cap. 44) empowering every subject of England to trade to India who should raise a sum of money for the supply of the Government in proportion to the sum he should advance, and each subscriber was to have an annuity after the rate of 8 per cent. per annum, to commence from Michaelmas, 1698. And his Majesty was empowered to incorporate the subscribers, as he afterwards did, and they were usually called the New East India Company, the old company being allowed a certain time to withdraw their effects. But the old company being masters of all the towns and forts belonging to the English on the coast of India, and their members having subscribed such considerable sums towards the two millions intended to be raised, that they could not be excluded from the trade, the new company found it necessary to unite with the old company, and to trade with one joint stock, and have ever since been styled “The United Company of Merchants trading to the East Indies.”
The company have a governor, deputy-governor, and twenty-four assistants or directors, elected annually in April.
The East India Company export great quantities of bullion, lead, English cloth, and some other goods, the product or manufacture of that kingdom, and import from China and India tea, china ware, cabinets, raw and wrought silks, coffee, muslins, calicoes, and other goods.