subscription to choose a blank person before they were trusted with the name of their candidate." But he adds, with considerable naivete, "the Old East India Company had driven a course of corruption within doors with so little shame, that the New Company intended to follow their example; but with this difference, that, whereas the former had bought the persons who were elected, they resolved to buy elections."[1] The general interest that was taken in the dispute between the two companies did not abate till towards the very close of William's reign; but at length the parties principally concerned began themselves to perceive that the contest was only exhausting and ruining both; and shortly after the accession of Anne an arrangement that had been for some time negociating was completed under the sanction of the queen, by which their differences were composed in the mean time, and provision was made for their ultimate union into one body. The fixed property, or dead stock, as it was called, of the Old Company in India, being valued at 330,000l., and that of the New Company at 70,000l., a fair adjustment of their respective claims and liabilities in regard to that matter was made by the latter paying over to the former the sum of 130,000l., so that each might be regarded as contributing 200,000l. to this part of the common stock; and then the money capital of 2,000,000l. was in like manner divided equally between the two, by the Old Company purchasing at par as much stock from the New Company as made up their original subscription of 315,000l. to 1,000,000l.[2] These terms were embodied in a tripartite indenture, which was signed by her majesty and both Companies on the 2nd of July, 1702; and by which it was also stipulated that after the expiration of the term of seven years all separation of interests should cease, and the whole incorporated shareholders should
