The Grounds of Complaint of several Merchants and other Traders of the City of London, who are humble Petitioners to the Honourable House of Commons, against the present Managers of the East-India-Company.
IT has always been the Usage and Practice of the East-India Company, to make Publick Sale of all their Goods by Inch of Candle, in the East-India House (pursuant to the Preamble, that every Adventurer Subscribes, before he can be admitted into the Stock.) And to give convenient notice of the time of their Sale; together with Printed Books, containing the Accounts of the Quantities and Sorts of every particular Commodity, as they were indifferently disposed into several Lotts.
The present Managers of the said Company have of late presumed to alter the aforesaid Usages, by introducing other Methods, in disposing of their Goods by Private Contracts amongst themselves; Monopolizing those Commodities in best Demand at under Rates to their own use; and several Goods which have in such Manner been ingrost by some Members of the Committee, have afterwards been exposed by the Candle at the Publick Sale, as still belonging to the Company, where Brokers have been appointed to bid considerable Advance on the Prices, at which they were privately bought at, with no other Design, than to impose on the other real Buyers. Whereby the Petitioners are very much disappointed in their Affairs, to their great Loss and Detriment, for that Commissions from abroad cannot be effected, nor Occasions at home supplyed.
Moreover, When Publick Notice has been given by the aforesaid Printed Books, of an intended Sale, specifying the several Lots of each Commodity as above; and the Petitioners have accordingly made Provision with their Correspondents abroad, and for their own Occasions at home; the foresaid Managers have very indirectly altered their appointed Lots at the time of their Sale, and put up the whole Quantities of some Goods to a very great Value in one Lot, to the great Surprize of all the Buyers; designing thereby to give opportunity to some amongst themselves, to ingross the same, as they have accordingly done, to the further prejudice of the Petitioners.
By all which indirect Proceedings, the Joint-Stock has been prejudiced in the space of about two years to the Value of above One Hundred Thousand Pounds and the Petitioners put out of their Way of Trade, as they are ready to prove, and humbly supplicate this Honourable House, for Redress of their Arbitrary Abuses.