precis made by francis russell in A Collection of Statutes concerning the Incorporation, Trade, and Commerce of the East India Company, 1786, appendix, pp. xviii-xxii. In 1698 a consortium of merchants succeeded in persuading the House of Commons to accept proposals embodying them as a new East India company competing with the ‘old’ Company founded in 1600. The new Company was granted a royal charter, which became the charter of the United Company when the two bodies merged in 1709.