conditions. But such was at that time the state of public credit, that it was more convenient for government to borrow two millions at eight per cent than seven hundred thousand pounds at four. The proposal of the new subscribers was accepted, and a new East India Company established in consequence. The old East India Company, however, had a right to continue their trade till 1701. They had, at the same time, in the name of their treasurer, subscribed, very artfully, three hundred and fifteen thousand pounds into the stock of the new. By a negligence in the expression of the Act of Parliament which vested the East India trade in the subscribers to this loan of two millions, it did not appear evident that they were all obliged to unite into a joint stock.

A few private traders, whose subscriptions amounted only to seven