The reader will easily discern that I mean the company for carrying on a trade to the South Seas, who, notwithstanding the extensiveness of their charter, confirmed and supported by authority of parliament, have not, so far as my information reaches, ever attempted to send so much as a single ship for the sake of discoveries into the South Seas, which, however, was the great point proposed when this company was first established.

In order to prove this, I need only lay before the reader the limits assigned that company by their charter, the substance of which is contained in the following words:-- "The corporation, and their successors, shall, for ever, be vested in the sole trade into and from all the kingdoms and lands on the east side of America, from the River Oroonoco, to the southernmost part of Terra del Fuego, and on the west side thereof from the said southernmost part of Terra del Fuego, through the South Sea, to the northernmost part of America, and into and through all the countries, islands, and places within the said limits, which are reputed to belong 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.