5th. During the said Seven Years from the Date of the Indenture, each Company shall hold their distinct Courts; and shall have distinct Courts of Directors.—Each Company may raise Money, either for their respective Moieties of the United Trade, or for transacting their separate Affairs (such as paying their separate Debts, &c.); but Debts contracted for the Joint Trade shall be discharged out of the United Company's Stock.
6th and 7th. Both Companies shall forthwith bring home their separate Estate, and divide the same amongst their respective Members; after which, neither Company shall send put any Ships or Goods on their separate Account, but all shall be upon the joint Account, by such Others as shall be made by the General Courts of both Companies, in the name of The English Company trading to the East Indies, by Direction of Twelve Directors out of each Company, subordinate to both the General Courts.
8th and 9th. Both Companies shall bear an equal Proportion of the United Trade, and the Members of each may transfer their nominal Stocks, in the Book of their respective Company 5 but so as the Old Company shall keep their Moiety of Stock issue in their corporate capacity for the said Seven Years.
10th. Both Companies covenant with Her Majesty, that on the joint Account there shall be exported annually to India, of the Growth, Product, or Manufacture of England, at least One Tenth Part of the whole Sum they shall trade for: An Account whereof shall be annually delivered to the Privy Council, The Crown releases both Companies from all former Covenants, excepting for the Supply of Saltpetre, of which Merchandize, they shall be obliged to deliver to the Office of Ordnance Four Hundred and Ninety-four Tons and a quarter at £45 per Ton in Time of Peace, and at £52, in Time of War; the refraction thereof being settled at £15 per Cent.
11th. This Article directs that the Company's Chaplains shall have Precedence next, after the Fifth Member of Council in the Factory.
12th. The Queen agrees to take the Company's sealed Bonds for all the Customs on their Merchandize, the £15 per ent. on Muslins, only excepted.
13th, 14th, 15ih, and 16th. Nothing to be transacted on the Joint Trade, without the Concurrence of both Companies:—And only Servants and free Merchants, or other Corporations, (the Bank of England excepted) may be licensed to trade for themselves in the Company's Ships.
17th. The Queen grants that the General Courts of both Companies and their Sub-managers shall have the sole Government of their Forts.—May coin foreign Money in India; and the Old Company may convey Bombay and Saint Helena to the New Company.
18th, 19th, £0th. The Old Company, at or near the Expiration of the said Seven Years, shall transfer into the Books of the New Company their Share of the joint Stock to their respective Members. And shall also, some Time before the said Expiration, assign to Her Majesty all the Debts due to them, which Debts she engages to re-assign, in Ten Days after, unto Trustep, for answering the said Old Company's Debts, and afterwards for the Benefit of their Members. The Old Company covenant to surrender their Charters, in two Months after the Expiration of the said Seven Years, into the Queen's Hand, and the Queen engages to accept of such surrender; and from thenceforth the New Company is to be called The United Company of Merchants of England trading to the East Indies: whose Affairs shall thenceforth be conducted by their Own sole Directors, agreeable to their Charter of the Tenth of King William the Third. [The remaining Articles are purely temporary, as indeed some of the foregoing ones also are]. And lastly, the Queen declared, that this Indenture shall be construed in the most favourable Sense for the Advantage of both Companies.
Deed of Conveyance from the Old Company, of their Dead Stock to the New Company, dated 22d July 1702.
Absract of the Deed
New Company convey to Old Company, Bombay, St. Helena, and other Settlements, factories in Persia, Fort St. George and Madras.
BY Indenture Quinquepartite of this Date, made between various Parties, the Old Company convey to the New Company, not only the Ports and Islands of Bombay, and Saint Helena, granted to them by King Charles the Second, but also the Forts of Mazagom, Mahim, Syon, Syere, and Worle, the Factories of Surat, Swally, Broach, Amadavad, Agra, and Lucknow; the Forts of Carwar, Tellicherry, Anjengo, and Callicut; and the Factories of Gombron, Shyraz, and Ispkaun in Persia, and the yearly Rent of £3,333 6s. 8d. granted them by the Sophy of Persia; also on the Coast of Coromandel, Chinga, Orixa, and Fort Saint George, with the Castle, Fortifications, and Territory thereto belonging, upon which a large City is built (which were held of and paidRent
