We gave in our last a List of the Ships which were then in Commission, or preparing to be put into Commiffion; accordingly, on the 21st of February, the Lords Commiffioners of the Admiralty were pleased to put the Britannia, a First Rate of 100 Guns and 780 Men into Commission, and to give the Command of her to Capt. Thomas Whitney; and on the 23d they put the following Ships in Commission, and gave the Commands of them to the several Captains following, viz.

Ships Names. Leopard Faulkland

Roebuck

Rates. Guns.Men. Commanders.

4th 50 280 Peter Warren.

Hon. Fitz Henry Lee,

4th 50. 280
5th 40 200

-Crawford.

5th 40 200

Forrester.

Princess Louisa

Kingsale

5th 40 200 John Trevor.

Of this Fleet, Sir John Norris was appointed Admiral in Chief, and hoifted his Flag on Board the Britannia before mention'd.

South-Sea Company.

N the 20th of February the South-Sea Company camé to a Resolution to hold a General Court the 29th of March following, to consider on the Equivalent offer'd by Spain, in lieu of their annual Ship to the Spanish West Indies: We take this Occasion to infert the following Letter offer'd by Way of Advice in that Affair.

S

To the Proprietors of the South-Sea Trading Stock.

March 28, 1734

INCE at the General Court called to be held the 29th Instant, the Trade of the Company is to be taken into Confideration, conformable to the Resolution of a General Court of the 20th of February last, I think I may, without any Apology, after the Example of another Company, who at present almost fill the printed News-papers, take the fame Method of communicating such Thoughts upon this important Occasion to my Fellow Proprietors, as appear to me for our common Interest and Advantage.

I very frankly acknowledge myself to be one amongst us, who, from the first Proposal of the Commerce of Spain, was for admitting the Equivalent offered, even in Exclufion of our annual Ship the Royal Caroline, then preparing for the West Indies; and I am fince fully con vinced, that it had been very much to the Benefit of the Company, had her Voyage, according to the Proposal, been fufpended.

But I am at a Loss to conceive what can be offer'd for the non-accepting of it at present, when every Proprie for who has Eyes, by cafting them into the Accounts, publish'd by our Committee of Inspection, may fee, Page

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Page 22, N° 24, the Ballance of ten Years Trade, amounting to no more than 32,2601. 18 s. not half the Sum offer'd for one Year's Equivalent ; the Remainder of the Profits being funk in excessive Charges, or into the private Pockets of Particulars employ'd in the Company's Service.

This, no doubt, with ill Management beside, was the Cafe of our Whale-fishing Trade, by which, without Question, some particular Persons employ'd, were Gainers: But I cannot think any one, confider'd only as a Stock-Proprietor, diffatisfy'd with the prudent Resolution of not profecuting that Branch of our Trade any longer, since the Company very forrowfully experienced, it could not be carry'd on without confiderable Loss: And I am afraid, when all Accompts are impartially ftated and settled, for which express Purpose the King of Spain has at present a Minifter here, we shall find our Spanish American Trade not attended with much better Succefs; for I give very little Credit to what is whisper'd abroad, that the Accompts of Trade, in which the King of Spain is a Quarter Part concern'd, cannot be adjusted. So ftrange a Supposition can only be entertained by such as are ignorant of what dangerous Confequence the Reality might prove to the future Interests and Welfare of the Company; for if any, who from Time to Time have had the Direction of our Affairs, could be deemed capable of such Neglect and Misconduct, any Expedient, in my humble Opinion, were adviscable, I was going to say, almost necessary, to falve fo calamitous an Error: But as I take the Rumour only to be a well-intentioned Policy, to conceal the true State of our Trade, 'till the Equivalent for the Suspension of it be agreed, I have lent my Ears to it without Contradiction or Disfavour, and should rejoice to see the good Effects warranted, by obtaining better Conditions for giving up our Trade, than were at first offer'd by the Commerce of Spain.

For my Part, I can apprehend no other probable, or even poffible Method, but what arises from admitting the proposed Equivalent, that can revive our depreciated Stock, and enable us to discharge the Remainder of our Bond Debt, 'till when, we can never hope for any Advance in our half-yearly Dividends, since by the Wifdom of the Legislature, the mal and ruinous Practice of Exceedings is happily and totally prevented, and not indeed before it was high Time, as we may learn from what

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what our Committee of Inspection have laid before us, where we find to what exorbitant Abuse that evil swell'd and increas'd itself.

I confess, nothing ever rejoiced me more, than to fee so salutary a Check given to the Bladder-blowing up of Credit, which in the Year 1720 proved fatal to so many Families, and had like to have ruin'd the Nation. I could heartily with the due Bounds, and the right Use of that nice and valuable Thing, Credit, were somewhat better underflood, than I can find, after all our Experience, it generally is: For the Reason which principally inclines me to be for admitting the Equivalent is, That it will be a real intrinfick Acquisition to the Company, without any Hazard on our Part, no ways subject to the Frauds and Abuses of Factors and Supercargoes, whose shameful illicit Practices have so justly alarmed the Court of Spain, by the great Prejudice the West-India Commerce of Cadiz fuftains by them, and of which all Nations interested therein, especially our own Merchants, make such loud and lamentable Complaints: And who knows what Construction Politicians, when Time serves, may give to such notorious Abuses ; and whether Masters may not be construed liable to answer for the Infractions of their Servants; which Confideration ever made me cool in Prosecutions, from which the Proprietors have never yet, and, I believe, never will, receive any Benefit. Let us therefore take Profit where it is offered us by Treaty, more (I am apt to think) than we shall ever get by Trade; at least, I am fure, more than we shall ever get by Contention.

Spanish Equivalent confider'd.

I am, &c.

This Gentleman reasons very justly as a Proprietor of the South-Sea trading Stock; but every Proprietor of that Stock ought to confider himself as an Englishman, as well as a Proprietor of that particular Stock; if he confiders himself in this double Capacity, he must conclude, that the Profit made by the Nation in general, as well as the Profit made by the Sonth-Sea Company, ought to be taken under Confideration, when we come to fettle what Equivalent ought to be given by Spain for it; and in this View, we must bring into the Account of Profit, not only what the Company makes, but likewise what all the Supercargoes, Factors, Captains, and Mariners under them,

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them, make in that Trade; for whatever Profit is made by any of them, is so much got to the Nation; nay, even their daily Wages ought to be brought into the Account, for thereby so many of the Subjects of the Nation are supported and maintained.

From the fame Confideration I have often been furprized to fee the Proprietors of that Company so very jealous of the private or illicit Trade (as they call it) carry'd on by their Servants; it is, indeed, the Business of Spain to prevent that Trade, if possible, but I cannot look upon him as a true Englishman, who is over exact in that Particular; and I am perfuaded, it would not have been so much taken Notice of by Spain, if it had not been for the Clamour raised against it, and the Profecutions carry'd on at home. Whatever Profit is made by the Servants of the Company, is a Profit to the Nation; and as long as the Company are at no Loss by the Trade, they ought to carry it on, and overlook the private Trade carry'd on by their Servants.

There is one Argument used by those who pretend to have the Interest of the Company at Heart, which shews that they have very little Concern for the Interest of their Country. They say, that by this private Trade, there is such a Glut of English Goods carry'd into New Spain, that it very much diminishes their Value; but it is certain, that no Man will carry Goods from one Country to another, unless he can make some Profit by the Carriage; and it is likewise certain, that the cheaper the Goods are fold in the Country to which they are carry'd, the more of them will be confumed, and consequently the greater will be the Profit of the Country in general from whence they are brought: It is a much greater Advantage to England, to have 100 Yards of our Woollen Manufacture fold in any foreign Country for 1001. than to have but 50 Yards of the fame Sort of Cloth fold for 1001. because there are more of our People employ'd and maintain'd at home in the manufacturing of 100 Yards, than could be employ'd in the ma. nufacturing of but 50 Yards of the fame Sort of Cloth; and therefore, if the Price of English Goods be by the private Trade diminished in the Spanish West-Indies, it is so far from being a Reason for us to endeavour to prevent it, that every true Briton ought to encourage it.

It is hardly possible for the Company to carry on a private or illicit Trade; all that they are to look to is, that the Tonnage allow'd be yearly sent out, and regularly