East India Company Act 1697

LXVI.

An additional Duty of £5 per Cent. laid on all East India Goods imported after 29th Sept. 1698, by any Persons trading pursuant to this Act; to be paid over to the General Society, or such Companies as may be erected, or their respective Treasurers, for maintaining Ambassadors, &c; Overplus of such Duty to be disposed of for the Benefit of the Members, as herein mentioned.

And the said Commons of England in Parliament assembled for the Ends and Purposes in this Act expressed have also given and granted unto His Majesty His Heirs and Successors the further Rates and Duties herein after mentioned And it is hereby further enacted by the Authority aforesaid That for and upon all Goods Wares and Merchandizes whatsoever of the Growth Product or Manufacture of the East Indies or any other Countreys or Places within the Limits aforesaid to wit beyond the said Cape to the Streights of Magellan which from and after the said Nine and twentieth Day of September One thousand six hundred ninety eight at any time or times shall be imported or brought into the Kingdom of England Dominion of Wales or Town of Berwick upon Tweed by any Corporation Person or Persons trading within the Limits aforesaid by virtue or in pursuance of this Act there shall be yeilded and paid to His Majesty His Heirs and Successors (over and above all other Duties payable for the same) a Duty after the Rate of Five Pounds for every One hundred Pounds of the true and real Value of the said Goods to be paid over from time to time to the said General Society of Subscribers and their Successors or such Treasurer or Treasurers as such Society shall appoint to receive the same unless a Company upon the Desire of the Subscribers or any of them shall be erected in pursuance of this Act to trade with a Joynt Stock as aforesaid And from and after the erecting or settling of such Company then the said Duty of Five Pounds per Cents shall be paid over to such Company and their Successors or to their Treasurer to the End that the said General Society and the said Company respectively may out of the Produce of the said Duty of Five Pounds per Cents maintain such Ambassadors or other Ministers as His Majesty His Heirs or Successors (at the Nomination of the Trustees Directors or Managers of or for the General Society aforesaid or of such Company so to be impowered to trade with a Joynt Stock as aforesaid shall be pleased to send to any Emperor Prince or State within the Parts aforesaid and defray any other extraordinary or necessary Expences in carrying on the said Trade And if at any time or times there be an Overplus of the Produce of the said Duty to dispose the same from time to time to and for the Benefit of all the Members of the said General Society until a Company to trade with a Joynt Stock shall be erected as aforesaid And after such Company shall be erected then to and for the Benefit of all the Members thereof according to their respective Shares or Interests in the Principal or Capital Stock of the same.