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same as in other corporations； and entitled the person who had
served his time to a member of the company to become himself a
member； either without paying any fine； or upon paying a much
smaller one than what was exacted of other people。 The usual
corporation spirit； wherever the law does not restrain it；
prevails in all regulated companies。 When they have been allowed
to act according to their natural genius； they have always； in
order to confine the competition to as small a number of persons
as possible； endeavoured to subject the trade to many burden some
regulations。 When the law has restrained them from doing this；
they have become altogether useless and insignificant。
The regulated companies for foreign commerce which at
present subsist in Great Britain are the ancient merchant
adventurers' company； now commonly called the Hamburg Company；
the Russia Company； the Eastland Company； the Turkey Company； and
the African Company。
The terms of admission into the Hamburg Company are now said
to be quite easy； and the directors either have it not their
power to subject the trade to any burdensome restraint or
regulations； or； at least； have not of late exercised that power。
It has not always been so。 About the middle of the last century；
the fine for admission was fifty； and at one time one hundred
pounds； and the conduct of the company was said to be extremely
oppressive。 In 1643； in 1645； and in 1661； the clothiers and free
traders of the West of England complained of them to Parliament
as of monopolists who confined the trade and oppressed the
manufactures of the country。 Though those complaints produced an
Act of Parliament； they had probably intimidated the company so
far as to oblige them to reform their conduct。 Since that time；
at least； there has been no complaints against them。 By the 10th
and 11th of William III； c。 6； the fine for admission into the
Russia Company was reduced to five pounds； and by the 25th of
Charles II； c。 7； that for admission into the Eastland Company to
forty shillings； while； at the same time； Sweden； Denmark； and
Norway； all the countries on the north side of the Baltic； were
exempted from their exclusive charter。 The conduct of those
companies had probably given occasion to those two Acts of
Parliament。 Before that time； Sir Josiah Child had represented
both these and the Hamburg Company as extremely oppressive； and
imputed to their bad management the low state of the trade which
we at that time carried on to the countries comprehended within
their respective charters。 But though such companies may not； in
the present times； be very oppressive； they are certainly
altogether useless。 To be merely useless； indeed； is perhaps the
highest eulogy which can ever justly be bestowed upon a regulated
company； and all the three companies above mentioned seem； in
their present state； to deserve this eulogy。
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； wh