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acquired　by　private　adventurers；　and　without　it　there　seems　to　be

no　possibility　of　trading　to　Hudson's　Bay。　The　moderate　capital

of　the　company；　which；　it　is　said；　does　not　exceed　one　hundred

and　ten　thousand　pounds；　may　besides　be　sufficient　to　enable　them

to　engross　the　whole；　or　almost　the　whole；　trade　and　surplus

produce　of　the　miserable；　though　extensive　country；　comprehended

within　their　charter。　No　private　adventurers；　accordingly；　have

ever　attempted　to　trade　to　that　country　in　competition　with　them。

This　company；　therefore；　have　always　enjoyed　an　exclusive　trade

in　fact；　though　they　may　have　no　right　to　it　in　law。　Over　and

above　all　this；　the　moderate　capital　of　this　company　is　said　to

be　divided　among　a　very　small　number　of　proprietors。　But　a　joint

stock　company；　consisting　of　a　small　number　of　proprietors；　with

a　moderate　capital；　approaches　very　nearly　to　the　nature　of　a

private　copartnery；　and　may　be　capable　of　nearly　the　same　degree

of　vigilance　and　attention。　It　is　not　to　be　wondered　at；

therefore；　if；　in　consequence　of　these　different　advantages；　the

Hudson's　Bay　Company　had；　before　the　late　war；　been　able　to　carry

on　their　trade　with　a　considerable　degree　of　success。　It　does　not

seem　probable；　however；　that　their　profits　ever　approached　to

what　the　late　Mr。　Dobbs　imagined　them。　A　much　more　sober　and

judicious　writer；　Mr。　Anderson；　author　of　The　Historical　and

Chronological　Deduction　of　Commerce；　very　justly　observes　that；

upon　examining　the　accounts　of　which　Mr。　Dobbs　himself　was　given

for　several　years　together　of　their　exports　and　imports；　and　upon

making　proper　allowances　for　their　extraordinary　risk　and

expense；　it　does　not　appear　that　their　profits　deserve　to　be

envied；　or　that　they　can　much；　if　at　all；　exceed　the　ordinary

profits　of　trade。

　　　　　The　South　Sea　Company　never　had　any　forts　or　garrisons　to

maintain；　and　therefore　were　entirely　exempted　from　one　great

expense　to　which　other　joint　stock　companies　for　foreign　trade

are　subject。　But　they　had　an　immense　capital　divided　among　an

immense　number　of　proprietors。　It　was　naturally　to　be　expected；

therefore；　that　folly；　negligence；　and　profusion　should　prevail

in　the　whole　management　of　their　affairs。　The　knavery　and

extravagance　of　their　stock…jobbing　projects　are　sufficiently

known；　and　the　explication　of　them　would　be　foreign　to　the

present　subject。　Their　mercantile　projects　were　not　much　better

conducted。　The　first　trade　which　they　engaged　in　was　that　of

supplying　the　Spanish　West　Indies　with　negroes；　of　which　（in

consequence　of　what　was　called　the　Assiento　contract　granted　them

by　the　Treaty　of　Utrecht）　they　had　the　exclusive　privilege。　But

as　it　was　not　expected　that　much　profit　could　be　made　by　this

trade；　both　the　Portuguese　and　French　companies；　who　had　enjoyed

it　upon　the　same　terms　before　them；　having　been　ruined　by　it；

they　were　allowed；　as　compensation；　to　send　annually　a　ship　of　a

certain　burden　to　trade　directly　to　the　Spanish　West　Indies。　Of

the　ten　voyages　which　this　annual　ship　was　allowed　to　make；　they

are　said　to　have　gained　considerably　by　one；　that　of　the　Royal

Caroline　in　1731；　and　to　have　been　losers；　more　or　less；　by

almost　all　the　rest。　Their　ill　success　was　imputed；　by　their

factors　and　agents；　to　the　extortion　and　oppression　of　the

Spanish　government；　but　was；　perhaps；　principally　owing　to　the

profusion　and　depredations　of　those　very　factors　and　agents；　some

of　whom　are　said　to　have　acquired　great　fortunes　even　in　one

year。　In　1734；　the　company　petitioned　the　king　that　they　might　be

allowed　to　dispose　of　the　trade　and　tonnage　of　their　annual　ship；

on　account　of　the　little　profit　which　they　made　by　it；　and　to

accept　such　equivalent　as　they　could　obtain　from　the　of　Spain。

　　　　　In　1724；　this　company　had　undertaken　the　whale…fishery。　Of

this；　indeed；　they　had　no　monopoly；　but　as　long　as　they　carried

it　on；　no　other　British　subjects　appear　to　have　engaged　in　it。　Of

the　eight　voyages　which　their　ships　made　to　Greenland；　they　were

gainers　by　one；　and　losers　by　all　the　rest。　After　their　eighth

and　last　voyage；　when　they　had　sold　their　ships；　stores；　and

utensils；　they　found　that　their　whole　loss；　upon　this　branch；

capital　and　interest　included；　amounted　to　upwards　of　two　hundred

and　thirty…seven　thousand　pounds。

　　　　　In　1722；　this　company　petitioned　the　Parliament　to　be

allowed　to　divide　their　immense　capital　of　more　than　thirty…three

millions　eight　hundred　thousand　pounds；　the　whole　of　which　had

been　lent　to　government；　into　two　equal　parts：　The　one　half；　or

upwards　of　sixteen　millions　nine　hundred　thousand　pounds；　to　be

put　upon　the　same　footing　with　other　government　annuities；　and

not　to　be　subject　to　the　debts　contracted；　or　losses　incurred；　by

the　directors　of　the　company　in　the　prosecution　of　their

mercantile　projects；　the　other　half　to　remain；　as　before；　a

trading　stock；　and　to　be　subject　to　those　debts　and　losses。　The

petition　was　too　reasonable　not　to　be　granted。　In　1733；　they

again　petitioned　the　Parliament　that　three…fourths　of　their

trading　stock　might　be　turned　into　annuity　stock；　and　only

one…fourth　remain　as　trading　stock；　or　exposed　to　the　hazards

arising　from　the　bad　management　of　their　directors。　Both　their

annuity　and　trading　stocks　had；　by　this　time；　been　reduced　more

than　two　millions　each　by　several　different　payments　from

government；　so　that　this　fourth　amounted　only　to　L3；662；784　8s。

6d。　In　1748；　all　the　demands　of　the　company　upon　the　King　of

Spain；　in　consequence　of　the　Assiento　contract；　were；　by　the

Treaty　of　Aix…la…Chapelle；　given　up　for　what　was　supposed　an

equivalent。　An　end　was　put　to　their　trade　with　the　Spanish　West

Indies；　the　remainder　of　their　trading　stock　was　turned　into　an

annuity　stock；　and　the　company　ceased　in　every　respect　to　be　a

trading　company。

　　　　　It　ought　to　be　observed　that　in　the　trade　which　the　South

Sea　Company　carried　on　by　means　of　their　annual　ship；　the　only

trade　by　which　it　ever　was　expected　that　they　could　make　any

considerable　profit；　they　were　not　without　competitors；　either　in

the　foreign　or　in　the　home　market。　At　Carthagena；　Porto　Bello；

and　La　Vera　Cruz；　they　had　to　encounter　the　competition　of　the

Spanish　merchants；　who　brought　from　Cadiz；　to　those　markets；

European　goods　of　the　same　kind　with　the　outward　cargo　of　their

ship；　and　in　England　they　had　to　encounter　that　of　the　English

merchants；　who　imported　from　Cadiz　goods　of　the　Spanish　West

Indies　of　the　same　kind　with　the　inward　cargo。　The　goods　both　of

the　Spanish　and　English　merchants；　indeed；　were；　perhaps；　subject

to　higher　duties。　But　the　loss　occasioned　by　the　negligence；

profusion；　and　malversation　of　the　servants　of　the　company　had

probably　been　a　tax　much　heavier　than　all　those　duties。　That　a

joint　stock　company　should　be　able　to　carry　on　successfully　any

branch　of　foreign　trade；　when　private　adventurers　can　come　into

any　sort　of　open　and　fair　competition　with　them；　seems　contrary

to　all　experience。

　　　　　The　old　English　East　India　Company　was　established　in　1600

by　a　charter　from　Queen　Elizabeth。　In　the　first　twelve　voyages

which　they　fitted　out　for　India；　they　appear　to　have　traded　as　a

regulated　company；　with　separate　stocks；　though　only　in　the

general　ships　of　the　company。　In　1612；　they　united　into　a　joint

stock。　Their　charter　was　exclusive；　and　though　not　confirmed　by

Act　of　Parliament；　was　in　those　days　supposed　to　convey　a　real

exclusive　privilege。　For　many　years；　therefore；　they　were　not

much　disturbed　by　interlopers。　Their　capital；　which　never

exceeded　seven　hundred　and　forty…four　thousand　pounds；　and　of

which　fifty　pounds　was　a　share；　was　not　so　exorbitant；　nor　their

dealings　so　extensive；　as　to　afford　either　a　pretext　for　gross

negligence　and　profusion；　or　a　cover　to　gross　malversation。

Notwithstanding　some　extraordinary　losses；　occasioned　partly　by

the　malice　of　the　Dutch　East　India　Company；　and　partly　by　other

accidents；　they　carried　on　for　many　years　a　successful　trade。　But

in　process　of　time；　when　the　principles　of　liberty　were　better

understood；　it　became　every　day　more　and　more　doubtful　how　far　a

Royal　Charter；　not　confirmed　by　Act　of　Parliament；　could　convey

an　exclusive　privilege。　Upon　this　question　the　decisions　of　the

courts　of　justice　were　not　uniform；　but　varied　with　the　authority

of　government　and　the　humours　of　the　times。　Interlopers

multiplied　upon　them；　and　towards　the　end　of　the　reign　of　Charles

II；　through　the　whole　of　that　of　James　II　and　during　a　part　of

that　of　William　III；　reduced　them　to　great　distress。　In　1698；　a

proposal　was　made　to　Parliament　of　advancing　two　millions　to

government　at　eight　per　cent；　provided　the　subscribers　were

erected　into　a　new　East　India　Company　with　exclusive　privileges。

The　old　East　India　Company　offered　seven　hundred　thousand　pounds；

nearly　the　amount　of　their　capital；　at　four　per　cent　upon　the

same　conditions。　But　such　was　at　that　time　the　state　of　public

credit；　that　it　was　more　convenient　for　government　to　borrow　two

millions　at　eight　per　cent　than　seven　hundred　thousand　pounds　at

four。　The　proposal　of　the　new　subscribers　was　accepted；　and　a　new

East　India　Company　established　in　consequence。　The　old　East　India

Company；　however；　had　a　right　to　continue　their　trade　till　1701。

They　had；　at　the　same　time；　in　the　name　of　their　treasurer；

subscribed；　very　artfully；　three　hundred　and　fifteen　thousand

pounds　into　the　stock　of　the　new。　By　a　negligence　in　the

expression　of　the　Act　of　Parliament　which　vested　the　East　India

trade　in　the　subscribers　to　this　loan　of　two　millions；　it　did　not

appear　evident　that　they　were　all　obliged　to　unite　into　a　joint

stock。　A　few　private　traders；　whose　subscriptions　amounted　only

to　seven　thousand　two　hundred　pounds；　insisted　upon　the　privilege

of　trading　separately　upon　their　own　stocks　and　at　their　own

risk。　The　old　East　India　Company　had　a　right　to　a　separate　trade