[1695/5/104]¹

Legislation

Act for a company trading to Africa and the Indies

Our sovereign lord, taking into his consideration that by an act passed in this present parliament, entitled, act for encouraging of foreign trade, his majesty, for the improvement thereof did, with advice and consent of the estates of parliament, statute and declare that merchants, more or fewer, may contract and enter into such societies and companies for carrying on of trade, as to any subject of goods or merchandise, to whatsoever kingdoms, countries or parts of the world not being in war with his majesty, where trade is in use to be, or may be followed, and particularly beside the kingdoms and countries of Europe, to the East and West Indies, the Straights, and to trade in the Mediterranean, or upon the coast of Africa, or in the northern parts, or elsewhere as above; which societies and companies, being contracted and entered into, upon the terms and in the usual manner as such companies are set up, and in use in other parts, consistent always with the laws of this kingdom, his majesty, with consent foresaid, did allow and approve, giving and granting to them, and each of them, all powers, rights and privileges as to their persons and rules and orders that, by the laws, are given to companies allowed to be erected for manufactories. And his majesty, for their greater encouragement, did promise to give to these companies and each of them his letters patent, under the great seal, confirming to them the whole foresaid powers and privileges, with what other encouragement his majesty should judge needful, as the foresaid act of parliament at more length bears. And his majesty, understanding that several persons, as well foreigners as natives of this kingdom, are willing to engage themselves with great sums of money in an American, African and Indian trade to be exercised in and from this kingdom if enabled and encouraged thereinto by the concessions, powers and privileges, needful and usual in such cases, therefore, and in pursuance of the foresaid act of parliament, his majesty, with advice and consent of the said estates of parliament, does hereby make and constitute John [Hamilton], lord Belhaven, Adam Cockburn of Ormiston, lord justice clerk, Mr Francis Montgomery of Giffen, Sir John Maxwell of Pollok, Sir Robert Chiesley [of Bonnington], present provost of Edinburgh, John Swinton of that ilk, George Clark, late bailie of Edinburgh, Mr Robert Blackwood, and James Balfour, merchants in Edinburgh and John Corse, merchant in Glasgow, William Paterson, esquire, James Foulis, David Nairn, esquires, Thomas Deans, esquire, James Chiesley, John Smith, Thomas Coutts, Hugh Fraser, Joseph Cowan, Davis Ovedo and Walter Stewart, merchants in London, with such others as shall join with them within the space of twelve months after 1 August next, and all others whom the foresaid persons and those joined with them, or majority of them being assembled, shall admit and join into their joint stock and trade, who shall all be reputed, as if herein originally inserted, to be one body incorporated, and a free incorporation with perpetual succession, by the name of the Company of Scotland Trading to Africa and the Indies, providing always, likewise it is hereby in the first place provided, that of the fund or capital stock that shall be agreed to be advanced and employed by the foresaid undertakers and their co-partners the half at least shall be appointed and allotted for Scottish men within this kingdom, who shall enter and subscribe to the said company before 1 August 1696. And if it shall happen that Scotsmen living within this kingdom shall not, between now and the foresaid term, subscribe for and make up the equal half of the said fund or capital stock, then and in that case only, it shall be, and is hereby allowed to Scotsmen residing abroad, or to foreigners, to come in to subscribe and be assumed for the surplus of the said half, and not otherwise. Likewise, the quota of every man's part of the said stock whereupon he shall be capable to enter into the said company, whether he be native or foreigner, shall be for the least £100 sterling, and for the highest or greatest £3,000 pound sterling, and no more directly nor indirectly in any sort, with power to the said company to have a common seal and to alter and renew the same at their pleasure, with advice always of the lyon king at arms. As also, to plead and sue, and be sued, and to purchase, acquire, possess and enjoy lordships, lands, tenements or other estates, real or personal, of whatsoever nature or quality and to dispose upon and alienate the same, or any part thereof at their pleasure, and that by transfers and assignment, made and entered in their books and records, without any other formality of law, providing always, that such shares as are first subscribed for by Scotsmen within this kingdom, shall not be alienable to any other than Scotsmen living within this kingdom, that the foresaid transfers and conveyances as to lands and other real estate (when made of these only and a part) be perfected according to the laws of this kingdom anent the conveyances of lands and real rights. With power likewise to the foresaid company, by subscription or otherwise as they shall think fit, for to raise a joint stock or capital fund of such a sum or sums of money, and under and subject to such rules, conditions and qualifications, as by the foresaid company, or majority of them when assembled, shall be limited and appointed to begin, carry on and support their intended trade of navigation, and whatever may contribute to the advancement thereof. And, it is hereby declared, that the said joint stock or capital fund, or any part thereof, or any estate, real or personal, ships, goods or other effects of and belonging to the said company, shall not be liable to any manner of confiscation, seizure, forfeiture, attachment, arrest or restraint, for and by reason of any embargo, breach of peace, letters of mark or reprisal, declaration of war with any foreign prince, potentate or state, or upon any other account or pretence whatsoever, but shall only be transferrable, assignable or alienable in such way and manner, and in such parts and portions, and under such restrictions, rules and conditions, as the said company shall by writing in and upon their books, records and registers directly and approved. And these transfers and assignments only, and no other, shall convey the right and property in and to the said joint stock and capital fund and effects thereof above-mentioned, or any part of the same, excepting always as is above-excepted. And that the creditors of any particular member of the company may, by their real diligence, affect the share of the profit falling and pertaining to the debtor, without having any further right or power of the debtors' part and interest in the stock or capital fund, otherwise than is above-appointed, and with this express provision, that whatever charges the company may be put to by the contending of any of their members deceased, or of their assignees, creditors or any other persons in their rights, the company shall have retention of their charges and expenses in the first place. And the books, records and registers of the said company, or authentic abstracts or extracts out of the same, are hereby declared to be good and sufficient for evidence in all courts of judicatory, and elsewhere. And his majesty, with advice foresaid, further statutes and declares that the said John, lord Belhaven, Adam Cockburn of Ormiston, lord justice clerk, Mr Francis Montgomery of Giffen, Sir John Maxwell of Pollok, Sir Robert Chiesley, present provost of Edinburgh, John Swinton of that ilk, George Clark, late bailie of Edinburgh, Mr Robert Blackwood, and James Balfour, merchants in Edinburgh, and John Corse, merchant in Glasgow, William Paterson, esquire, James Foulis and David Nairn, esquires, Thomas Deans, esquire, James Chiesley, John Smith, Thomas Coutts, Hugh Fraser, Joseph Cowan, Davis Ovedo and Walter Stewart, merchants in London, and others to be joined with or assumed by them, in manner above-mentioned, and their successors or majority of them assembled in the said company, shall and may in all time coming, by the plurality of votes, agree, make, constitute and ordain all such other rules, ordinances and constitutions as may be needful for the better government and improvement of their joint stock or capital fund, in all matters and things relating thereinto. To which rules, ordinances and constitutions, all persons belonging to the said company, as well directors as members thereof, governors or other officers civil or military, or others whatsoever, shall be subject, and hereby concluded; as also, to administer and take oaths of good faith, and others requisite to the management of the foresaid stock and company. And the said company is hereby empowered to equip, fit, set out, freight and navigate their own or hired ships in such manner as they shall think fit, and that for the space of ten years from the date hereof, notwithstanding of the act of parliament of 1661, entitled, act for encouraging of shipping and navigation, wherewith his majesty, with consent foresaid, dispenses for the said time only in favour of the said company, and that from any of the ports or places of this kingdom, or from any other ports or places in amity, or not in hostility with his majesty, in warlike or other manner, to any lands, islands, countries or places in Asia, Africa or America, and there to plant colonies, build cities, towns or forts,² in or upon the places not inhabited, or in or upon any other place, by consent of the natives or inhabitants thereof and not possessed by any European sovereign, potentate, prince or state, and to provide and furnish the foresaid places, cities, towns or forts, with magazines, ordinances, arms, weapons, ammunition and stores of war, and by force of arms to defend their trade and navigation, colonies, cities, towns, forts and plantations, and other effects whatsoever. As also, to make reprisals and to seek and take reparation of damage done by sea or by land, and to make and conclude treaties of peace and commerce with the sovereigns, princes, estates, rulers, governors or proprietors of the foresaid lands, islands, countries or places in Asia, Africa or America, providing always, such as it is hereby specially provided, that all ships employed by them shall return to this kingdom with their effects, under the pain of confiscation, forfeiture and seizure of the ship and goods, in case of breaking of bulk before their return, excepting the case of necessity for preserving the ship, company and loading only. And his majesty, with consent foresaid, does further statute and ordain that none of the lieges of this kingdom shall or may trade or navigate to any lands, islands, countries or places in Asia or Africa in any time hereafter, or in America, for and during the space of thirty-one years, to be counted from the passing of this present act, without license and permission in writing from the said company; certifying all such as shall do in the contrary hereof, that they shall forfeit and amit the third part of the ship or ships, and of the cargo or cargos therein employed, or the value thereof, the one half to his majesty as escheat, and the other half to the use and benefit of the said company, and for the effectual execution whereof it shall be lawful to the said company, or any employed by them, to seize the said ships and goods, in any place of Asia or Africa, or at sea upon the coasts of Asia or Africa, upon the transgression foresaid, by force of arms, and at their own hand, and that without the hazard of incurring any crime or delinquency whatsoever on account of the said seizure, or anything necessarily done in prosecution thereof, excepting always, and without prejudice to any of the subjects of this kingdom to trade and navigate during the said space to any part of America, where the colonies, plantations or possessions of the said company shall not be settled. And it is further hereby enacted that the said company shall have the free and absolute right and property only relieving and holding of his majesty and his successors in sovereignty, for the only acknowledgement of their allegiance and paying yearly a hogshead of tobacco, in name of blench duty, if required only, in and to all such lands, islands, colonies, cities, towns, forts and plantations, that they shall come to establish or possess in manner foresaid. As also, to all manner of treasures, wealth, riches, profits, mines, minerals, fishings, with the whole product and benefit thereof, as well under as above the ground, and as well in rivers and seas, as in the lands thereto belonging, or from or by reason of the same in any sort, together with the right of government and admiralty thereof. And that the said company may, by virtue hereof, grant and delegate such rights, properties, powers and immunities, and permit and allow such sort of trade, commerce and navigation into their plantations, colonies, cities, towns or places of their possession, as the said company from time to time shall judge fit and convenient; with power to them to impose and exact such customs and other duties, upon and from themselves, and others trading with and coming to the said plantations, cities, towns, places and ports and harbours thereof, as the company shall think needful for the maintenance and other public uses of the same, holding always, and to hold the whole matter of his majesty, and his successors kings of Scotland, as sovereigns thereof, and paying only for the same their acknowledgement and allegiance, with a hogshead of tobacco yearly, in name of blench duty, if required, for all other duty, service, claim or demand whatsoever. With power and liberty to the said company to treat for and to procure and purchases such rights, liberties, privileges, exemptions and other grants as may be convenient for supporting, promoting and enlarging their trade and navigation from any foreign potentate or prince whatsoever in amity with his majesty, for which the general treaties of peace and commerce between his majesty and such potentates, princes or states shall serve for sufficient security, warrant and authority. And if contrary to the said rights, liberties, privileges, exemptions, grants or agreements, any of the ships, goods, merchandise, persons or other effects whatsoever belonging to the said company shall be stopped, detained, embezzled or away taken, or in any sort prejudiced or damnified, his majesty promises to interpose his authority to have restitution, reparation and satisfaction made for the damage done, and that upon the public charge, which his majesty shall cause disburse, and lay out for that effect. And further, it is hereby statute that all ships, vessels, merchandise, goods and other effects whatsoever belonging to the said company shall be free of all manner of restraints or prohibitions, and of all customs, taxes, cesses, supplies or other duties imposed, or to be imposed by act of parliament, or otherwise, for and during the space of twenty-one years, excepting always the whole duties of tobacco and sugar that are not of the growth of the plantations of the said company. And further, it is enacted that the said company, by commission under their common seal, or otherwise as they shall appoint, may make and constitute all and every their directors, governors and commanders in chief, and other officers civil or military, by sea, or by land. As likewise, that the said company may enlist, enroll, hire and retain all such persons subjects of this kingdom, or others whatsoever, as shall be willing and consent to enter in their service or pay, providing always that they uplift or levy none within this kingdom to be soldiers without leave and warrant first obtained from his majesty, or the lords of his privy council, over which directors, governors, commanders in chief or other officers civil or military, and others whatsoever in their service and pay, the company shall have the power, command and disposition both by sea and land. And it is further statute, that no officer civil or military, or other person whatsoever within this kingdom, shall impress, entertain, stop or detain any of the members, officers, servants or others whatsoever, of or belonging to the said company. And, in case the said company, their officers or agents, shall find or understand any of their members, officers, servants or others aforesaid, to be impressed, stopped or detained, they are hereby authorised and allowed to take hold of and release the foresaid person impressed or stopped in any part of this kingdom, either by land or water. And all magistrates and others of his majesty's officers civil and military, and all others, are hereby required in their respective stations to be aiding and assisting to the said company, under the pain of being liable to all the loss, damage and detriment of the said company, by reason of the foresaid persons their neglect. And further, that the said company, whole members, officers, servants or others belonging thereto, shall be free both in their persons, estates and goods, employed in the said stock and trade, from all manner of taxes, cesses, supplies, excises, quartering of soldiers, transient or local, or levying of soldiers, or other impositions whatsoever, and that for and during the space of twenty-one years. And lastly, all persons concerned or to be concerned in this company, are hereby declared to be free denizens of this kingdom, and that they, with all that shall settle to inhabit, or be born in any of the foresaid plantations, colonies, cities, towns, factories and other places that shall be purchased and possessed by the said company, shall be reputed as natives of this kingdom, and have the privileges thereof. And generally, without prejudice of the specialities foresaid, his majesty, with consent foresaid, gives and grants to the said company all power, rights and privileges, as to their persons, rules, orders, estates, goods and effects whatsoever, that by the laws are given to companies allowed to be erected for manufactories, or that are usually given in any other civil kingdom or commonwealth, to any company there erected for trade and commerce. And for the better establishment and greater solemnity of this act and gift in favour of the said company, his majesty does further ordain letters patent to be expedited hereupon, containing the whole details, under the great seal of this kingdom, for doing whereof all at once this act shall be sufficient warrant both to the director and chancellor, or keeper of the great seal, as use is in like cases.