Stock, Bonds and Loans: capital Investments

L/AG/14/1 - number not in use. L/AG/14/2 -the 32 volumes originally in this series are all now part of other series within the India Office Records, see the entry for L/AG/14/2 for specific details.

Unrestricted

The following is a statement of the amounts of the Company's subscription capital and bond debt from time to time between 1601 and 1857. A more detailed explanation of events which concerned the raising and allocation of stock, from the raising of the New General Stock in 1657 to 1834 will be found in the Introduction to the IOR/L/AG series. 1st voyage - 1601 - £68,373; 2nd voyage - 1604 - £60,450 [These two were merged into a capital of £128,823]; 3rd voyage - 1607 - £53,500 [merged with the capital of the 5th voyage]; 4th voyage - 1608 - £33,000; 5th voyage - 1609 - £13,700; 6th voyage - 1610 - £80,163; 7th voyage - 1611 - £15,634; 8th voyage - 1611 - £55,947; 9th voyage - 1612 - £19,614; 10th voyage - 1612 - £46,092; 11th voyage - 1612 - £10,669; 12th voyage - 1613 - £7,142; First Joint Stock - 1613 - £420,436; Second Joint Stock - 1617 - £1,586,190; First Persian voyage - 1628 - £125,000; Second Persian voyage - 1629 - £140,000 to £150,000; Third Persian voyage - 1630 - about £100,000; Third Joint Stock - 1632 - £420,700; First General Voyage - 1641 - £105,000; Fourth Joint Stock - 1642 - £105,000; Second General Voyage - 1648 - £192,800; United Joint Stock - 1650 - about £200,000; New General Stock - 1657 - £739,782 1/2; In 1682 it was decided to make a dividend in stock of 100% thus raising the paid up capital to £739,782 10s 0d. Between 1682 and 1698, further stock was issued bringing the total to £1,574,608 10s 7d. By the Act 9 and 10 Will. III c.44, the Company was authorised to raise capital of £2,000,000, and by Act 6 Anne c.17 to increase it to £3,200,000. By January 1714, the actual amount of stock issued had become stabilised at £3,196,300. The difference of £3,700 between the last two figures represented shares in the old Company which were not brought to account until 1787. In 1786 by the Act 26 Geo III c.62 the Company were permitted to raise a further £800,000, and in 1789 by the Act 29 Geo III c.65 a further £1,000,000. Another £1,000,000 was raised in 1793 under the Act 33 Geo III cap 47, bringing the total liability at that date to £6,000,000. In addition to capital stock, the Company borrowed on short term bonds. During the Seventeenth Century, borrowings were made on a haphazard basis, and some details will be found in the General Ledgers and Interest Journals. The first limit to the amount of the borrowings on bonds was made by the Act 6 Anne c.17 which fixed the amount at £1,500,000. By the Act 7 Geo I c.5, it was raised to £5,000,000 and by the Act 17 Geo II c.17 to £6,000,000. The Regulating Act of 1773 required the limit to be reduced to £1,500,000. The limit was again raised to £2,000,000 by the Act 23 Geo III c.36 and to £3,200,000 by the Act 23 Geo III c.47, after which it was to be reduced to £1,500,000 by the Act 33 Geo III c.47. The Act Geo III c.41 provided that the debt be allowed to remain at £2,000,000 and could, with the approval of the Board of Control, be increased to £3,000,000. The Act 47 Geo III c.41 approved an increase of £2,000,000 and the Act 51 Geo III c.64 approved a like amount, so that the maximum amount permitted to be borrowed was £7,000,000. But it appears that at no time did the total amount of bonds issued greatly exceed £5,000,000. In addition to sterling bonds issued, various rupee loans were raised in India, some of which could be remitted for payment in England of both the capital and interest.