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