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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
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 office 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。 By this constitution； it might
have been expected that the spirit of monopoly would have been
effectually restrained； and the first of these purposes
sufficiently answered。 It would seem； however； that it had not。
Though by the 4th of George III； c。 20； the fort of Senegal； with
all its dependencies； had been vested in the company of merchants
trading to Africa； yet in the year following （by the 5th of
George III； c。 44） not only Senegal and its dependencies； but the
whole coast from the port of Sallee； in south Barbary； to Cape
Rouge； was exempted from the jurisdiction of that company； was
vested in the crown； and the trade to it declared free to all his
Majesty's subjects。 The company had been suspected of restraining
the trade； and of establishing some sort of improper monopoly。 It
is not； however； very easy to conceive how； under the regulations
of the 23rd of George II； they could do so。 In the printed
debates of the House of Commons； not always the most authentic
records of truth； I observe； however； that they have been accused
of this。 The members of the committee of nine； being all
merchants； and the governors and factors； in their different
forts and settlements； being all dependent upon them； it is not
unlikely that the latter might have given peculiar attention to
the consignments and commissions of the former which would
establish a real monopoly。
For the second of these； purposes； the maintenance of the
forts and garrisons； an annual sum has been allotted to them by
Parliament； generall