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.