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     The fine for admission into the Turkey Company was formerly

twenty…five pounds for all persons under twenty…six years of age;

and fifty pounds for all persons above that age。 Nobody but mere

merchants could be admitted; a restriction which excluded all

shopkeepers and retailers。 By a bye…law; no British manufactures

could be exported to Turkey but in the general ships of the

company; and as those ships sailed always from the port of

London; this restriction confined the trade to that expensive

port; and the traders to those who lived in London and in its

neighbourhood。 By another bye…law; no person living within twenty

miles of London; and not free of the city; could be admitted a

member; another restriction which; joined to the foregoing;

necessarily excluded all but the freemen of London。 As the time

for the loading and sailing of those general ships depended

altogether upon the directors; they could easily fill them with

their own goods and those of their particular friends; to the

exclusion of others; who; they might pretend; had made their

proposals too late。 In this state of things; therefore; this

company was in every respect a strict and oppressive monopoly。

Those abuses gave occasion to the act of the 26th of George II;

c。 18; reducing the fine for admission to twenty pounds for all

persons; without any distinction of ages; or any restriction;

either to mere merchants; or to the freemen of London; and

granting to all such persons the liberty of exporting; from all

the ports of Great Britain to any port in Turkey; all British

goods of which the exportation was not prohibited; and of

importing from thence all Turkish goods of which the importation

was not prohibited; upon paying both the general duties of

customs; and the particular duties assessed for defraying the

necessary expenses of the company; and submitting; at the same

time; to the lawful authority of the British ambassador and

consuls resident in Turkey; and to the bye laws of the company

duly enacted。 To prevent any oppression by those bye…laws; it was

by the same act ordained; that if any seven members of the

company conceived themselves aggrieved by any bye…law which

should be enacted after the passing of this act; they might

appeal to the Board of Trade and Plantations (to the authority of

which a committee of the Privy Council has now succeeded);

provided such appeal was brought within twelve months after the

bye…law was enacted; and that if any seven members conceived

themselves aggrieved by any bye…law which had been enacted before

the passing of this act; they might bring a like appeal; provided

it was within twelve months after the day on which this act was

to take place。 The experience of one year; however; may not

always be sufficient to discover to all the members of a great

company; the pernicious tendency of a particular bye…law; and if

several of them should afterwards discover it; neither the Board

of Trade; nor the committee of council; can afford them any

redress。 The object; besides; of the greater part of the bye…laws

of all regulated companies; as well as of all other corporations;

is not so much to oppress those who are already members; as to

discourage others from becoming so; which may be done; not only

by a high fine; but by many other contrivances。 The constant view

of such companies is always to raise the rate of their own profit

as high as they can; to keep the market; both for the goods which

they export; and for those which they import; as much

understocked as they can: which can be done only by restraining

the competition; or by discouraging new 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 adventure。 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 avenue much

more than sufficient to enable the 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 23rd of

George II; c。 3) 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 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

monies which they shall receive from the company; they are


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