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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