adventurers from entering into the trade. A
fine, even of twenty pounds, besides, though
it may not, perhaps, be sufficient to discourage
any man from entering into the Turkey
trade, with an intention to continue in it, may
be enough to discourage a speculative merchant
from hazarding a single adventure in it.
In all trades, the regular established traders,
even though not incorporated, naturally combine
to raise profits, which are noway so likely
to be kept, at all times, down to their proper
level, as by the occasional competition of
speculative adventurers. The Turkey trade,
though in some measure laid open by this act
of parliament, is still considered by many people
as very far from being altogether free.
The Turkey company contribute to maintain
an ambassador and two or three consuls, who,
like other public ministers, ought to be maintained
altogether by the state, and the trade
laid open to all his majesty's subjects. The
different taxes levied by the company, for this
and other corporation purposes, might afford
a revenue much more than sufficient to enable
a state to maintain such ministers.
Regulated companies, it was observed by
Sir Josiah Child, though they had frequently
supported public ministers, had never maintained
any forts or garrisons in the countries
to which they traded; whereas joint-stock
companies frequently had. And, in reality,
the former seem to be much more unfit for
this sort of service than the latter. First, the
directors of a regulated company have no particular
interest in the prosperity of the general
trade of the company, for the sake of which
such forts and garrisons are maintained. The
decay of that general trade may even frequently
contribute to the advantage of their own
private trade; as, by diminishing the number
of their competitors, it may enable them both
to buy cheaper, and to sell dearer. The directors
of a joint-stock company, on the contrary,
having only their share in the profits
which are made upon the common stock committed
to their management, have no private
trade of their own, of which the interest can
be separated from that of the general trade of
the company. Their private interest is connected
with the prosperity of the general trade
of the company, and with the maintenance of
the forts and garrisons which are necessary for
its defence. They are more likely, therefore,
to have that continual and careful attention
which that maintenance necessarily requires.
Secondly, The directors of a joint-stock company
have always the management of a large
capital, the joint stock of the company, a
part of which they may frequently employ,
with propriety, in building, repairing, and
maintaining such necessary forts and garrisons.
But the directors of a regulated company,
having the management of no common
capital, have no other fund to employ in this
way, but the casual revenue arising from the
admission fines, and from the corporation duties
imposed upon the trade of the company.
Though they had the same interest, therefore,
to attend to the maintenance of such forts and
garrisons, they can seldom have the same ability
to render that attention effectual. The
maintenance of a public minister, requiring
scarce any attention, and but a moderate and
limited expense, is a business much more suitable
both to the temper and abilities of a regulated
company.
Long after the time of Sir Josiah Child,
however, in 1750, a regulated company was
established, the present company of merchants
trading to Africa; which was expressly charged
at first with the maintenance of all the British
forts and garrisons that lie between Cape
Blanc and the Cape of Good Hope, and afterwards
with that of those only which lie between
Cape Rouge and the Cape of Good
Hope. The act which establishes this company
(the 23d of George II. c. 31), seems to
have had two distinct objects in view; first,
to restrain effectually the oppressive and monopolizing
spirit which is natural to the directors
of a regulated company; and, secondly,
to force them, as much as possible, to give
an attention, which is not natural to them,
towards the maintenance of forts and garrisons.
For the first of these purposes, the fine for
admission is limited to forty shillings. The
company is prohibited from trading in their
corporate capacity, or upon a joint stock; from
borrowing money upon common seal, or from
laying any restraints upon the trade, which
may be carried on freely from all places, and
by all persons being British subjects, and paying
the fine. The government is in a committee
of nine persons, who meet at London, but
who are chosen annually by the freemen of
the company at London, Bristol, and Liverpool;
three from each place. No committee-man
can be continued in office for more than
three years together. Any committee-man
might be removed by the board of trade and
plantations, now by a committee of council, after
being heard in his own defence. The
committee are forbid to export negroes from
Africa, or to import any African goods into
Great Britain. But as they are charged with
the maintenance of forts and garrisons, they
may, for that purpose export from Great Britain
to Africa goods and stores of different
kinds. Out of the moneys which they shall
receive from the company, they are allowed a
sum, not exceeding eight hundred pounds, for
the salaries of their clerks and agents at London,
Bristol, and Liverpool, the house-rent of
their offices at London, and all other expenses
of management, commission, and agency, in
England. What remains of this sum, after
defraying these different expenses, they may
divide among themselves, as compensation for
their trouble, in what manner they think proper.