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Updated: May 7, 2025
EAST INDIA COMPANY'S CHArTER. The commons, in a clause of the bill for taxing several joint-stocks, provided, that in case of a default in the payment of that tax, within the time limited by the act, the charter of the company so failing should be deemed void and forfeited.
But here began the forming of public joint-stocks, which, together with the East India, African, and Hudson's Bay Companies, before established, begot a new trade, which we call by a new name stock-jobbing, which was at first only the simple occasional transferring of interest and shares from one to another, as persons alienated their estates; but by the industry of the Exchange brokers, who got the business into their hands, it became a trade, and one perhaps managed with the greatest intrigue, artifice, and trick that ever anything that appeared with a face of honesty could be handled with; for while the brokers held the box, they made the whole Exchange the gamesters, and raised and lowered the prices of stocks as they pleased, and always had both buyers and sellers who stood ready innocently to commit their money to the mercy of their mercenary tongues.
Instead, it functioned as a governing body representing all of the merchants engaged in a particular trade, who traded individually or through a variety of joint-stocks invested under the general regulation of the company. And such was the character of the Virginia Company. Whatever may have been the specific terms offered earlier investors, those offered in 1609 are clear enough.
After a warm debate, however, it was adopted by a great majority, and obtained the royal assent. A third law related to certain articles of the national debt, which was now converted into several joint-stocks of annuities, transferable at the bank of England, to be charged on the sinking fund.
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