long　to　Spain；　or　which　shall　hereafter　be　found　out　and　discovered　within　the　limits　aforesaid；　not　exceeding　300　leagues　from　the　continent　of　America；　between　the　southernmost　part　of　the　Terra　del　Fuego　and　the　northernmost　part　of　America；　on　the　said　west　side　thereof；　except　the　Kingdom　of　Brazil；　and　such　other　places　on　the　east　side　of　America；　as　are　now　in　the　possession　of　the　King　of　Portugal；　and　the　country　of　Surinam；　in　the　possession　of　the　States…general。　　The　said　company；　and　none　else；　are　to　trade　within　the　said　limits；　and；　if　any　other　persons　shall　trade　to　the　South　Seas；　they　shall　forfeit　the　ship　and　goods；　and　double　value；　one…fourth　part　to　the　crown；　and　another　fourth　part　to　the　prosecutor；　and　the　other　two…fourths　to　the　use　of　the　company。　And　the　company　shall　be　the　sole　owners　of　the　islands；　forts；　etc。；　which　they　shall　discover　within　the　said　limits；　to　be　held　of　the　crown；　under　an　annual　rent　of　an　ounce　of　gold；　and　of　all　ships　taken　as　prizes　by　the　ships　of　the　said　company；　and　the　company　may　seize；　by　force　of　arms；　all　other　British　ships　trading　in　those　seas。〃
  It　is；　I　think；　impossible　for　any　man　to　imagine　that　either　these　limits　should　be　secured　to　the　company　for　no　purpose　in　the　world；　or　that　these　prohibitions　and　penalties　should　take　place；　notwithstanding　the　company's　never　attempting　to　make　any　use　of　these　powers；　from　whence　I　infer　that　it　was　the　intent　of　the　legislature　that　new　discoveries　should　be　made；　new　plantations　settled；　and　a　new　trade　carried　on　by　this　new　corporation；　agreeable　to　the　rules　prescribed；　and　for　the　general　benefit　of　this　nation；　which　I　apprehend　was　chiefly　considered　in　the　providing　that　this　new　commerce　should　be　put　under　the　management　of　a　particular　company。　　But　I　am　very　well　aware　of　an　objection　that　may　be　made　to　what　I　have　advanced；　viz。；　that；　from　my　own　showing；　this　southern　continent　lies　absolutely　without　their　limits；　and　that　there　is　also　a　proviso　in　the　charter　of　that　company　that　seems　particularly　calculated　to　exclude　it；　since　it　recites　that。
  〃The　agents　of　the　company　shall　not　sail　beyond　the　southernmost　parts　of　Terra　del　Fuego；　except　through　the　Straits　of　Magellan；　or　round　Terra　del　Fuego；　nor　go　from　thence　to　any　part　of　the　East　Indies；　nor　return　to　Great　Britain；　or　any　port　or　place；　unless　through　the　said　straits；　or　by　Terra　del　Fuego：　　nor　shall　they　trade　in　East　India　goods；　or　in　any　places　within　the　limits　granted　to　the　united　company　of　merchants　of　England　trading　to　East　India　（such　India　goods　excepted　as　shall　be　actually　exported　from　Great　Britain；　and　also　such　gold；　silver；　wrought　plate；　and　other　goods　and　commodities；　which　are　the　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　interest　of　trade　and　the　nation；　there　is　the　greatest　reason　to　believe　this　to　be　the　intention　of　the　legislature。　　I　have　been　obliged　to　insist　fully　upon　this　matter；　because　it　is　a　point　hitherto　untouched；　and　a　point　of　such　high　importance；　that；　unless　it　be　understood　according　to　my　sense　of　the　matter；　there　is　an　end　of　all　hopes　of　extending　our　trade　on　this　side；　which　is　perhaps　the　only　side　on　which　there　is　the　least　probability　that　it　ever　can　be　extended；　for；　as　to　the　north…west　passage　into　the　South　Seas；　that　seems　to　be　blocked　up　by　the　rights　of　another　company；　so　that；　according　to　the　letter　of　our　laws；　each　company　is　to　have　its　rights；　and　the　nation　in　general　no　right　at　all。
  If；　therefore；　the　settling　of　this　part　of　Terra　Australis　should　devolve　on　the　South　Sea　Company；　by　way　of　equivalent　for　the　loss　of　their　Assiento　contract；　there　is　no　sort　of　question　but　it　might　be　as　well　performed　by　them　as　by　any　other；　and　the　trade　carried　on　without　interfering　with　that　which　is　at　present　carried　on；　either　by　the　East　India　or　African　Companies。　　It　would　indeed；　in　this　case；　be　absolutely　necessary　to　settle　Juan　Fernandez；　the　settlement　of　which　place；　under　the　direction　of　that　company；　if　they　could；　as　very　probably　they　might；　fall　into　some　share　of　the　slave…trade　from　New　Guinea；　must　prove　wonderfully　advantageous；　considering　the　opportunity　they　would　have　of　vending　those　slaves　to　the　Spaniards　in　Chili　and　Peru。　　The　settling　of　this　island　ought　to　be　performed　at　once；　and　with　a　competent　force；　since；　without　doubt；　the　Spaniards　would　leave　no　means　unattempted　to　dispossess　them：　　yet；　if　a　good　fortification　was　once　raised；　the　passes　properly　retrenched；　and　a　garrison　left　there　of　between　three　and　five　hundred　men；　it　would　be　simply　impossible　for　the　Spaniards　to　force　them　out　of　it　before　the　arrival　of　another　squadron　from　hence。　　Neither　do　I　see　any　reason　why；　in　the　space　of　a　very　few　years；　the　plantation　of　this　island　should　not　prove　of　as　great　consequence　to　the　South　Sea　Company　as　that　of　Curacao　to　the　Dutch　West　India　Company；　who　raise　no　less　than　sixty　thousand　florins　per　annum　for　licensing　ships　to　trade　there。
  From　Juan　Fernandez　to　Van　Diemen's　Land　is　not　above　two　months'　sail；　and　a　voyage　for　discovery　might　be　very　conveniently　made　between　the　time　that　a　squadron　returned　from　Juan　Fernandez；　and　another　squadron's　arrival　there　from　hence。　　It　is　true　that；　if　once　a　considerable　settlement　was　made　in　the　most　southern　part　of　Terra　Australis；　the　company　might　then　fall　into　a　large　commerce　in　the　most　valuable　East　India　goods；　very　probably　gold；　and　spices　of　all　sorts：　　yet　I　cannot　think　that　even　these　would　fall　within　the　exclusive　proviso　of　their　charter；　for　that　was　certainly　intended　to　hinder　their　trading　in　such　goods　as　are　brought　hither　by　our　East　India　Company；　and　I　must　confess　I　see　no　difference；　with　respect　to　the　interest　of　that　company；　between　our　having　cloves；　cinnamon；　and　mace；　by　the　South　Sea　Company's　ships　from　Juan　Fernandez；　and　our　receiving　them　from　Holland；　after　the　Dutch　East　India　Company's　ships　have　brought　them　thither　by　the　way　of　the　Cape　of　Good　Hope。　　Sure　I　am　they　would　come　to　us　sooner　by　some　months　by　the　way　of　Cape　Horn。　　If　this　reasoning　does　not　satisfy　people；　but　they　still　remain　persuaded　that　the　South　Sea　Company　ought　not　to　intermeddle　with　the　East　India　trade　at　all；　I　desire　to　know　why　the　West　India　merchants　are　allowed　to　import　coffee　from　Jamaica；　when　it　is　well　known　that　the　East　India　Company　can　supply　the　whole　demand　of　this　kingdom　from　Mocha？　　If　it　be　answered　that　the　Jamaica　coffee　comes　cheaper；　and　is　the　growth　of　our　own　plantations；　I　reply；　that　these　spices　will　not　only　be　cheaper；　but　better；　and　be　purchased　by　our　own　manufacturers；　and　these；　I　think；　are　the　strongest　reasons　that　can　be　given。
  If　it　be　demanded　what　certainty　I　have　that　spices　can　be　had　from　thence；　I　answer；