notwithstanding this heavy tax, the company were still unable to maintain the competition.

Their stock and credit gradually declined. In 1712, their debts had become so great that a particular Act of Parliament was thought necessary, both for their security and for that of their creditors. It was enacted that the resolution of two-thirds of these creditors in number and value should bind the rest, both with regard to the time which should be allowed to the company for the payment of their debts, and with regard to any other agreement which it might be thought proper to make with them concerning those debts. In 1730, their affairs were in so great disorder that they were altogether incapable of maintaining their forts and garrisons, the sole purpose and pretext of their institution. From that year, till their final