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 right they before had to carry on a trade within
those limits, such a law is plainly destructive to the nation's interest