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he produce, growth, or manufactures of the West Indies, or continent of America): neither shall they send ships, or use them or any vessel, within the South Seas, from Terra del Fuego to the northernmost parts of America, above three hundred leagues to the westward of, and distant from the land of Chili, Peru, Mexico, California, or any other the lands or shores of Southern or Northern America, between Terra del Fuego and the northernmost part of America, on pain of the forfeiture of the ships and goods; one-third to the crown, and the other two-thirds to the East India Company." But the reader will observe that I mentioned the East India and African Companies before; and that I now mention the South Sea Company, on a supposition that the two former may refuse it. In that case, I presume, the legislature will make the same distinction that the States of Holland did, and not suffer the private advantage of any particular company to stand in competition with the good of a whole people. It was upon this principle that I laid it down as a thing certain, that the African company would be allowed to settle the island of Madagascar, though it lies within the limits of the East India Company's charter, in case it should be found necessary for the better carrying on of this trade. It is upon the same principle I say this southern continent lies within the intention of the South Sea Company's charter, because, I presume, the intent of that charter was to grant them all the commerce in those seas, not occupied before by British subjects; for, if it were otherwise, what a condition should we be in as a maritime power? If a grant does not oblige a company to carry on a trade within the limits granted to that company, and is, at the same time, of force to preclude all the subjects of this nation from the right they before had to carry on a trade within those limits, such a law is plainly destructive to the nation's interest and to commerce in general. I therefore suppose, that, if the South Sea Company should think proper to revive their trade in the manner I propose, this proviso would be explained by Parliament to mean no more than excluding the South Sea Company from settling or trading in or to any place at present settled in or traded to by the East India Company: for, as this interpretation would secure the just rights of both companies, and, at the same time reconcile the laws for establishing them to the general interes
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