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THE CONSTITUTION AND FINANCE
OF ENGLISH, SCOTTISH AND IRISH
JOINT-STOCK COMPANIES TO 1720
VOLUME I
THE GENERAL DEVELOPMENT OF THE JOINT-STOCK SYSTEM
TO 1720
CAMBRIDGE UNIVERSITY PRESS
Honbon: FETTER LANE, E.G.
C. F. CLAY, Manager
ffiHtnburgij: loo, PRINCES STREET
Berlin: A. ASHER AND CO.
ILeipjifl: F, A. BROCKHAUS
i^efaj Sotk: G. P. PUTNAM'S SONS
18om6aa anU Calcutta: MACMILLAN AND CO., Ltd.
Ail rights reserved
THE CONSTITUTION AND FINANCE
OF ENGLISH, SCOTTISH AND IRISH
JOINT-STOCK COMPANIES TO 1720
BY
WILLIAM ROBERT SCOTT, M.A., D.Phil., Litt.D,
LECTURER IN POLITICAL ECONOMY IN THE UNIVERSITY OF ST ANDREWS
VOLUME I
THE GENERAL DEVELOPMENT OF THE JOINT-STOCK
SYSTEM TO 1720
Cambridge :
at the University Press
1912
(•TamijrtKge :
PRINTED BY JOHN CLAY, M.A. AT THE UNIVERSITY PRESS
PREFACE
TN the study of economic progress, more especially in relation to -*- capital, the development of the joint-stock system occupies an important place. This method of organization became prominent at an early period in England, and the investigation of it has all the fascination arising out of the small beginnings of a type of association which eventually attained great magnitude. In a number of ways this enquiry contains much both of interest and romance which would scarcely be expected in a work that necessarily includes a large amount of statistical material. At the present time joint-stock management has been standardized. In the sixteenth and seventeenth centuries methods were still to be discovered, and the conflict between different practices is suggestive and instructive. Not only were the methods new, but the system itself was applied to enterprizes which were then novel. Thus early companies were concerned in voyages of discovery, privateering, foreign trade, the exploiting of new inventions and the financing of the government. In these early ventures there is a remarkable freshness in the point of view of the shareholders, and their speech and writings are characterized by vigour and directness.
The enquiry, of which the results are given in the following pages, is confined to a period which is comparatively self-contained ; but, even in this epoch, no attempt has been made to treat the whole life-history of the joint-stock system. A complete account of its organization, in its entirety, would have required much more space than that available in this and the remaining two volumes. Accordingly, certain aspects of the system have been selected for treatment. These include the internal management of companies in relation to their corporate character, the means by which capital was collected and controlled and the methods by which those who provided it participated in the profits or losses. It
vi Preface
would appear that this enquiry, when carried on over a period of less than one hundred and seventy years, ought to be capable of compression into a shorter space than that which has been assigned to it ; but there arise many cognate problems for which solutions must be found, unless the results are to be left incomplete. Indeed, to preserve a due balance between the different sub-divisions of the subject, it has been necessary to omit altogether or merely to suggest much information that is not at present available save in manuscripts or very rare pamphlets. The detailed working of many of the companies or the particular kind of improvement in production they attempted to accomplish is often exceedingly valuable ; but, instead of describing either of these in full, an effort has been made to convey a sufficient impression of its character to indicate the profit-earning capacity, without entering into a full discussion of the many technical issues involved. Even when the subject has been limited to this extent, there remains the question of the best method of presentation to the reader. The material must be regarded from two points of view, which are distinct but complementary. On the one side there is the comparative method of treatment, and on the other the history of each company as a distinct unit — the first, in fact, regards the phenomena during a very short period, as it were, from above ; while the second follows out a series of events in a direct line along a horizontal plane, taking the enterprizes one by one from the foundation till their end, or in some cases to the time at which this investigation closes. Considering the number of companies to be dealt with, I am convinced that nothing would have been gained by attempting to combine these two points of view. For an under- standing of the joint-stock system, one requires a knowledge of how it was related to other activities at a certain time and how it developed afterwards: one also needs to be able to follow the history of a company throughout. Both objects are secured by treating each aspect separately. No doubt this method involves some repetition, but the amount of it will, I think, be found to be less than might have been expected. It has sometimes happened that the same events must be referred to in each part of the work, but it has frequently turned out that " the values," in an artistic sense, are quite different — circumstances may be very important in the separate history of a company and only deserve the merest passing mention in the comparative treatment of the system as a whole. After much consideration, I decided to place the
Preface vii
comparative portion in the first volume, assigning to the second and the third the accounts of the individual companies. Accordingly, the first part of the work consists of an attempt to record the beginning and the development of the joint-stock system during the first important stage in its history, namely till the year 1720. Stated in this way the enquiry seems a simple one, but a little consideration will show that it is in reality exceedingly complex. Early companies were affected by, and in their turn affected the national life at so many points that, in order to present a reasonably complete view of the evolution, it is necessary to reconstruct the environment in which the system worked and to notice contemporary types of joint-stock activity in other countries. When one looks beneath the merely surface view of things, it will be found that early companies were influenced by a vast number of circum- stances, such as the trend of trade, the state of the Crown finances, the general social conditions, the economic and foreign policies of successive governments and the ethical standard of the time. All these, with other events, constituted the external influences which affected the rise of the joint-stock system in Great Britain; and, as it progressed, the form it assumed was determined also by causes arising mainly from within. To arrive at these, a comparison of the methods and results of the chief companies, existing at a given time, is needed ; and these data are collected from the accounts of the individual companies in the second and third volumes. Thus in one sense the first part consists of a general introduction, providing a summary of the early years of joint- stock organization ; while in another sense, through the comparison of company with company, it also aims at presenting conclusions. It is hoped that, taking the two parts together, the rise of the system, in spite of a seeming mass of disconnected particular instances, will be seen to evolve gradually a delicately balanced causation of its own, and, in the end, to develope according to a comparatively simple and precise method.
Though in the order of arrangement this volume comes first, owing to the number of paged references to the other two, it is the last to be issued; and, while apologising to my readers for the apparent anomaly, the value of the system of cross-references may perhaps be held to justify the delay. I am glad to thank the Secretary of State for India in Council, the Syndics of the University Press, Cambridge, the University Court of the University of St Andrews and the Carnegie
viii Preface
Trust for the Universities of Scotland for providing for the publication of the whole book. I am greatly indebted to Prof. W. J. Ashley for valuable suggestions arising out of his reading of the MS. of the first two chapters.
My thanks are also due to the officials at many libraries for favourable opportunities for prosecuting my enquiries. It was through these facilities that several important authorities were discovered.
W. R. S.
The University St Andrews
'Uh July 1912
CONTENTS OF VOLUME I
PAGE
PREFACE V
LIST OF AUTHORITIES .
PART I. THE GENERAL HISTORY OF ENGLISH, SCOTTISH AND IRISH JOINT-STOCK COMPANIES TO 1720. «
CHAPTER I. THE VARIOUS LINES OF ECONOMIC DEVELOP- MENT WHICH CONVERGE IN THE FIRST ENGLISH JOINT- STOCK COMPANIES.
The earliest English joint-stock companies might have been evolved either from the mediaeval partnership or from the idea of a corporation, (a) The Societas or Commenda — the societas was extensively used by Italian financiers in England during the thirteenth and fourteenth centuries. Italian influence declined after the failure of the Bardi in 1845. (6) The development of the corporate idea — traces of the conception of perpetual succession implicit in the Saxon gilds. Brotherhood inside the gild resulted in exclusiveness out- side, and from the latter the monopoly of early trading societies was derived. The government of gilds, feasts and processions involved the ownership and management of property by the gild, and also general meetings and audit of accounts. The monopoly of the gilda mercatoria led to collective bargaining. Government of the gild merchant became established as consisting of a governor with a council to assist him, or to be associated with him, whence was later derived the governor and assistants of the regulated company.
The internal organization of the Staple and of the Merchant Adventurers — by the sixteenth century groups of members had been formed within regulated companies, who traded "in joint-stocke," and transactions are recorded which approximate to the early joint-stock type of a corporate purchase followed by a commodity-division. When this stage was reached the transition to a joint-stock company would soon follow, and the same result was possible by an extension of the societas. A third possibility was the transplanting of a joint-stock constitution from the Continent — instances of the latter tendency are wanting, though allowance must be made for foreign influences in early English joint-stock companies as determining some minor points in their organization
Contents
CHAPTER II. FROM THE BEGINNING OF THE RUSSIA COMPANY IN 1553 TO THE CRISIS OF 1569.
From the economic point of view the Reformation involved a dislocation of production in England. After the dissolution of the monasteries there came a period of extravagance which resulted in the contraction of a large Crown deht, amounting in 1555 to £148,526 at 14 per cent. These loans were due abroad, and the payment of the interest constituted a serious drain on the commerce of the country. One direction in which eiforts were made towards development of commerce was the use of capital in new foreign trades, which were carried on by the joint-stock system. The Russia company and the Adventurers to Guinie were started in 1553. The constitution of the Russia company under the charter of 1555 — the three orders of officials in the court and the origin of the office of consuls. While the Russia company was a development of the regulated company, the Adventurers to Guinie repre- sented an extension of the societas — the position of the '^ under-ad venturers," the initial capitalization of these two companies and the profits obtained.
The commercial depression at the end of the reign of Mary delayed the benefits which would otherwise have followed from the opening of new trades. The finances of the Crown were in an unsatisfactory condition — the debt being £226,910 in 1559 ; estimates of the Ordinary Revenue and Ordinary Expenditure in 1560-1. An expenditure of £300,000 was required for national defence; the difficulty in financing the debt when foreign lenders refused advances and voluntary loans could not be raised in England. Gresham operated on the foreign exchange in order to meet the financial emergency. The political and diplomatic anxieties connected with Scotland reacted on English credit abroad, and in 1560 there was a panic amongst the creditors of the Crown at Antwerp. Both trade and the credit of the Crown improved between 1560 and 1563. The Russia and Guinie companies were used to aid in the carrying out of Elizabeth's policy — the former by supplying naval requisites on credit, and the latter by relieving the Exchequer from the cost of maintaining a ship-of-war which was employed by the Adventurers. The reform of the coinage was begun, also schemes for the production of ordnance. The grant of the privilege of mine royal, which formed the basis of an important mining company.
An outbreak of plague in 1663 caused a serious dislocation of trade, followed by a crisis. English goods were prohibited in Flanders ; and again the foreign creditors of the Crown pressed for payment of their loans, causing great anxiety in the administration of the finances. The effects of the crisis on the companies — the Guinie company came to an end about 1566, mainly through the slave-trading of Hawkins' syndicate ; the Russia company was forced to increase its capital. The Russia company endeavoured to establish a European wax-monopoly — its difficulties with interlopers and the settlement of 1566 on the basis of admission of independent traders on equitable terms. The franchises of the company in Russia were suspended in 1570. The development of mining was carried out in connection with the national policy of the time, and the societies of the Mines Royal and the Mineral and Battery Works were begun in 1564 and received charters in 1568. The total capital, invested in joint-stock companies in 1570, may be estimated at £100,000, the relation of this amount to other statistical data of the period. ^^Considerations pointing to the general trend of profits of companies at this
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time and the results of joint-stock activity. Tlie early conception of " the share," the number of which was regarded as fixed, while the amount paid up varied. As calls increased, fractional shares came into existence. Hence the share was understood as a ''part" in the business. In this respect the early company was related to the partnership ; but, at the same time, its corporate character is clearly marked by its by-laws and by the early appear- ance of a comparatively free market for shares ...... 15
CHAPTER HI. THE CRISIS, 1569 TO 1574.
There were several causes tending towards a crisis — («) the political dangers of privateering, (6) the situation in Scotland, (c) internal troubles in Flanders prevented the renewal of loans to Elizabeth, {d) the seizure of Spanish bullion in 1568, (e) Alva seized English goods in the Low Countries in 1569.
The interruption of trade with Flanders marked the beginning of a crisis, which was intensified by Norfolk's Rebellion and by bad harvests. The crisis caused many failures and much embarrassment in the Crown finances. A Parliament was summoned in 1571, in which complaints were made of monopolies, usury and abuses in the Treasury. The legislation against usury failed.
The crisis affected all the chief joint-stock companies. The Russia com- pany was reorganized and a new stock was formed. A ** farming" system was adopted by both the Mines Royal and by the Mineral and Battery Works. Farming caused dissensions in the Mineral and Battery Works. Capital, at this period, was not distinctly understood — various uses of the term ''stock." Capital, as a term in accountancy, appears as early as 1569. The financial results of joint-stock management from 1569 to 1574 were poor. The only new company, formed during the period of depression, was the society for the New Art of making Copper — its analogy to a modern private company 47
CHAPTER IV. FROM 1575 TO 1586— THE ELEVEN YEARS OF GREAT PROSPERITY.
The recovery from the crisis began in 1575 and was the beginning of a period of prosperity. ITie Crown credit was good. The effect of better times on the joint-stock companies — improved position of the Mineral and Battery Works ; the Mines Royal worked at a profit in 1586, its policy was enlightened ; the reorganized Russia company developed " a new trade " from Persia via the Caspian Sea and the Volga, which was profitable from 1573 to 1581 — possible competition between the Russia and Levant companies; the Russia company and the discovery of a north-west passage.
The importance of privateering — (a) the political motive, {h) English progress in shipbuilding. Privateering syndicates were joint-stock bodies. This method of organization possessed the financial advantage of enabling the capitalist to distribute his risk, and the political one of escaping legal complications. The accounts of privateering companies were kept secret, but those of the Adventurers in Frobisher's Voyages afford a basis for calcula- tion. Capital was often provided in the form of commodities, e.g. ships or
62
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stores : ratio between the tonnage and number of crew in a privateering expedition. This mode of calculation fixes the capital-outlay on Drake's voyage round the world at about ÂŁ5,000. The captured bullion was said to have been between ÂŁ1,500,000 and ÂŁ1,750,000. A comedy was arranged to deceive the Spanish Ambassador as to the amount, by landing the greater part of it secretly prior to the official inspection. Out of the secreted bullion, the adventurers received a division of 4,700 per cent, or about ÂŁ250,000; while Elizabeth obtained the uncustomed bullion, valued at ÂŁ250,000 to ÂŁ300,000. These funds improved the position of the Crown finances and enabled Elizabeth to give assistance to the Netherlands.
Good trade and the success of privateering resulted in a general spirit of optimism. The standard of living was raised, and it was estimated that the wealth of England had trebled since 1558. The boom in privateering was an appearance, rather than the reality of prosperity. Its temporary success depended on secrecy, which was not maintainable to the same extent when the expeditions became more numerous. Several of these made some attempts at colonization. As the privateering expeditions became larger, the profits were smaller. By 1586 the reprisals of the Spaniards occasioned depression of trade, which was increased by a bad harvest in 1587. The crisis of 1586-7 affected the joint-stock companies — the second joint-stock of the Russia company and the subsidiary companies of the Mines Royal in Cornwall and Cumberland were wound up.
The crisis of 1586-7 made the financing of the struggle against the Armada very difficult. The subsidizing of Flanders had involved a large outlay. When money was needed suddenly in 1588, the foreign loan-market was closed to Elizabeth; and, owing to the crisis, she found it difficult to borrow enough at home. Hence funds were wanting to drive home the victory, which had been obtained at an outlay of only ÂŁ161,185 . . 64 .
CHAPTER V. THE DEPRESSION FROM 1587 TO 1603.
War expenditure increased greatly after 1588, and the burden of direct taxation was heavier, even when allowance is made for the easy methods of assessment. Yet the parliamentary grants only paid half of the Extraordinary Expenditure from 1588 to 1603, the other half being met from the surplus Ordinary Revenue and other sources. Much of the increase in the Ordinary Revenue was due to augmented duties or to a more rigorous collection of existing indirect taxes, which eventually involved a further burden on trade. By 1591 many ships had been captured, and foreign trade was greatly restricted. Privateering was less profitable, and expeditions became fewer. The decline in privateering, added to the error in a disproportionate outlay on land operations, tended to prolong the war with Spain.
Trade was also depressed by the bad harvests from 1594 to 1597, and there was great distress in 1597. Privateering revived ; this, however, was offset by losses of shipping. The maximum of the depression was reached during the plague of 1602-3. The Levant company suffered from the war and was reorganized, but as a regulated company. The foundation of the East India company in 1600. The Russia company was in difficulties through want of capital and internal disputes— its profits. Operations of the Mines Royal were impeded by scarcity of funds. The society of the Mineral and
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Battery Works was unfortunate in the letting of its iron-works, but well- established in its legal position 93
CHAPTER VI. THE DISCUSSION OF MONOPOLIES, 1697-1604.
The preoccupation of the government during the war with Spain caused a relaxation in the supervision of home affairs. By 1597 there were com- plaints of *'the enormities" of monopolies. Elizabeth promised that monopolies should be tried by law. Coke's opinion on the prerogative in relation to monopolies. Many patents were defensible as grants, but there had been abuses by the agents of the patentees in certain instances. Difficulties had been placed in the way of trying some patents ; and, in 1601, the Commons considered monopolies a grievance. Monopoly defined as an exclusive grant to an individual, hence there was no enquiry into the privileges of the Mineral and Battery Works and of the Levant company. The report of the Committee dealt with — (a) licenses relating to home and foreign trade, some of which were relaxations of existing restraints of trade, (6) copy-rights, (c) privileges to sow hemp, flax and woad, {d) grants relating to munitions of war, (e) luxuries, (/) manufacturing privileges, (^f) grants for personal reasons — Raleigh and tin-mining. The gun-powder patent was objected to on the ground of the inconvenience it caused householders. The gold and silver thread and dice patents — the latter had been tried at law in 1697, but Elizabeth intervened. The industrial monopolies— the starch patent, how financed, arbitrary action of searchers ; the Aqua ViUe patent ; the paper patent and the supply of rags. Bacon arbitrated. Alleged rise of prices througli patents for drinking glasses, stone bottles and steel. These were newly established industries, hence there was an element of protection in the encouragement of them. Summary of the position of monopolies in 1601.
The parliamentary enquiry of 1604 related to monopolies granted to cor- porations for foreign trade. Sandys' "Instructions" for "the free exercise of industry" and against "a monopolizing foreign traffick." The bona fides of this document discussed in relation to Sandys' part in the proposed tobacco monopoly of the Virginia company. Many of the statements in the " Instructions " are false or perverted. This document favoured the regulated, as against the joint-stock company. Monopolies for the life of the discoverers of a new trade were approved — application of these principles to the Levant company. The case of the Spanish company. The state exercised its super- vision of foreign trading monopolies in a wrong direction. Sandys attacked the Russia company — its legal position and discoveries; the points in its favour and against it 106
CHAPTER VII. BRITISH COMMERCE AND FINANCE FROM THE PEACE OF 1604 TO THE CRISIS OF 1620.
Trade began to revive in 1604 after the peace, when markets, closed during the war, were re-opened. Returning prosperity showed itself in an increase of population and a rise in the standard of living, also in an advance in the receipts from Customs. The progress of joint-stock companies — the East India and Russia companies were making large profits, the African trade
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was re-opened in 1618. In colonization, two Virginia companies were in- corporated in 1606, the Bermuda company in 1611, the Guiana company in 1619, the New England company in 1620 and the New Scotland company in 1621. In the home trade there were the beginnings of the Irish society in 1609, the foundation of the New River company and large silver discoveries in Wales by a subsidiary company of the Mines Royal society.
The provision of capital for commerce was largely conditioned by the state of the Crown finances. James I. often showed considerable insight, but he was deficient in the more practical qualities. Tlie Crown spent more in his reign, when the country was at peace, than Elizabeth had needed in time of war. By 1606 the debt was ÂŁ735,280. The increased expenditure was caused in part by payments to courtiers; and, in addition, privileges were granted to individuals which gave rise to new and objectionable monopolies. In 1608 the debt had grown to ÂŁ1,400,000, and the attempt to reduce it involved the new impositions. Parliament investigated these, together with other burdens on trade, such as the taxes on coals, currants, wines and hides. The East India company and the pepper tax. Failing sufficient grants from Parliament, there were various projects to improve the revenue.
The activity of trade culminated between 1613 and 1615 — money was plentiful everywhere except in the Exchequer. Loans were obtainable by the chief companies at 9 per cent, and sometimes at 8 per cent. Foreign trade was flourishing — from 1609 to 1613 the East India company made total profits of 121f per cent, to 234 per cent. ; while, in 1613 and 1614, the Russia company paid two dividends of 90 per cent. each. There were two hindrances to the continuance of the prosperity — the competition of the Dutch and the condition of the Crown finances. James I. attempted to obtain revenue from the cloth trade by the export of dyed, instead of undyed cloth. The promoters of the scheme anticipated a profit of £600,000 a year, of which the Crown was promised £300,000. The great gamble in the cloth trade was begun by the establishment of the New Merchant Adventurers in 1613. The scheme failed totally, exports of cloth declined, and this trade experienced a crisis in 1616. This crisis did not become general, partly owing to the re-establish- ment of the Merchant Adventurers, partly through the success of the new foreign and colonial trades. From 1608 to 1615 the Russia company dis- tributed 339 per cent., while the First Joint-Stock of the East India company divided 87J per cent, from profits, making a total estimated profit, since 1600, of £1,028,281. These results compared with those of the Dutch East India company. The rate of the English company per cent, was higher, but the Dutch company had a larger capital, and besides it expended undivided profits in improving its trade — a policy which could not be carried out by the English company owing to its terminable stocks.
The Scottish whaling and India company received a Scottish charter in 1617 — the legal position as between it and the East India and Russia com- panies. The two latter purchased the assets of the Scottish company and formed a joint-adventure for whaling. The Second Joint-Stock of the East India company was floated successfully in 1617. Capital in 1618 was apparently plentiful, but the real reason of the quantity of funds seeking investment was the depression in the cloth trade. The repayment of advances by Holland produced a temporary improvement in the Crown finances. The grants of James I. were becoming a serious burden on industry, through the sums
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exacted from the mercantile classes by courtiers. Some of the patentees began to use their privileges in compelling persons in allied trades to com- pound with them 129
CHAPTER VIII. THE ORGANIZATION OF THE JOINT-STOCK COMPANY FROM 1600 TO 1620.
Early in the seventeenth century there was a standard type of incorpora- tion. Most companies were controlled by governors and assistants, the number of the latter being twelve or a multiple of twelve. There were several points of contact between regulated and joint-stock companies. The struggle between a temporary and a permanent capital in companies — the prevalence of the former explains the payment of divisions, as distinguished from dividends out of profits. This method was convenient in the plantation companies, where the shareholders received a division in land. Even in the East India company, there was a tendency against a temporary capital, while companies for the home trade had a permanent capital. There was difficulty in obtaining capital owing to the fixing of the number of shares — attempt of the East India company to procure subscriptions. Shares of small denomina- tions were introduced and also of different values, but without priority as to dividend — progress towards the idea of a capital-stock in the East India company 1613-17.
Methods of deciding the distributions to be paid to shareholders and the formulae by which they were described. The meaning of a division of "a capital " by the East India company and the magazine of the Virginia com- pany. The introduction of the term capital into accountancy is probably traceable to Italian influence. The need for a special name became clearer as the ambiguity of " stock " was recognized. Divisions, in terms of ^' capitals," must be regarded from the contemporary point of view.
How far were there public subscriptions of capital and a free market in shares ? — sales of shares " by inch of candle " and the prices obtained in relation to the divisions. Peace or dissension in the management of com- panies depended on the state of the finances. Regulations determining voting qualifications and the quorum. Payments made to the governor and assistants. In 1609 the governor of the East India company threatened to resign unless his honorarium was reduced by more than one-half. The mutual relations of companies — monopolies were, in reality, often confined to the trade-route, hence at one time, in some respects, the Russia, Levant and East India companies were in competition. On the other hand, there were cases of community of interest — (a) the Mines Royal and the Mineral and Battery Works, {b) the Russia, Levant and East India companies in relation to the proposed discovery of a north-west passage, (c) the proposed amalgama- tion of the English and Dutch East India companies, {d) the absorption of interloping expeditious by chartered companies 160
CHAPTER IX. THE CRISIS OF 1620-1625.
The disturbance of the cloth trade might have caused a crisis in 1616-17. The activity of new foreign trades tended for a time to postpone the depres- sion. By 1620 the competition of the Dutch had reduced profits, and the
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East India and Russia companies could not pay their debts. The crisis was marked by great depression in the cloth trade and in agriculture. There was much unemployment, a high rate of interest and numerous bankruptcies. Popular opinion regarded the crisis as a monetary one, but this analysis was superficial — the true position of international indebtedness. The deferred effects of the interference with the cloth trade and the reaction on trade of the bad state of the Crown credit.
Parliament sought to remedy "the scarcity of money" by various recom- mendations. The scheme to prevent export of bullion by importing tobacco from the plantations, instead of from Spain. That "an Imperial preference" was not intended is shown by contemporary proposals for restricting imports from Scotland and Ireland. Investigation of grants made by the Crown — patents for the delegation of administrative functions, e.g. registration of ale- houses— increase of licenses and at the same time hardships inflicted on inn-keepers. Industrial monopolies — the iron-smelting and glass patents, lighthouses, the lobster grant, the linen-printing company, the gold and silver thread patent. The latter resulted in very many abuses. A "bill against monopolies" introduced in 1621. The East India company criticized for ex- porting bullion. The position of the African company from 1621 to 1624. The finance of the Russia company was described as involving "gross juggling."
Partial failure of the harvests of 1622 and 1623, followed by the plague in 1625, tended to delay a recovery of trade. Industry was burdened through the financial mistakes of the Crown and the monopoly of the Merchant Adventurers. The crisis of 1620-6 marked a stage in the history of the plantation companies. By 1625, many of them had made land-divisions, and some had come to an end. The capital outlay to 1624, on founding the British Empire in America, may be estimated at £300,000; while share- holders in the companies obtained land at about 2«. 6rf. an acre . . . 166
CHAPTER X. FROM 1624 TO THE CRISIS OF 1630.
By the summer of 1625 trade had begun to improve. The years 1625-30 were only fairly good, the cloth trade was better, but it had not regained the prosperity of 1610 ; the East India and African trades, while showing some recovery, remained depressed. Reviving trade was checked by the state of foreign politics, which caused a fresh strain on the finances. The views of the Crown and Parliament, as to the scope of the projected hostilities, were essentially divergent — James I. asked {^ths and ffths; but Parliament only granted 5^ths and ^ths. Charles I. failed to obtain sufficient parliamentary grants for the war, and in 1626 he levied a compulsory loan, but in 1628 there was a deficiency of over a million on the war-expenditure. The subsidies of 1628 and other receipts would have reduced this deficit, had it not been that part of the Ordinary Revenue was precarious, through the effect of the tonnage and poundage dispute on the finances. Position of companies in 1629-30 — the Russia company, having re-adjusted its finances, was more prosperous, the development of colonization, new plantation companies, the Second Joint-Stock of the East India company, the Mines Royal, the Mineral and Battery Works.
Disputes about tonnage and poundage tended towards depression of trade — want of employment in the cloth trade in 1630. A shoi't crisis in
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1630 came to an end on the announcement of the peace with Spain. The dividends, paid by the English and Dutch East India companies from 1018 to 1630, compared. The consequences of their respective financial policies reacted on the question of monopolies for foreign trade. It is possible that the financial methods of the English company were due to its relation to the Stuarts and the pressure exerted on it by the Crown . . . 186
CHAPTER XL THE DELEGATION OF INDIRECT TAXATION BY THE CROWN TO MONOPOLISTIC COMPANIES, 1630-40.
In 1631 the prospects for investment were considered favourable. The Greenland and Russia companies were making profits; the position of the East India company and the foundation of a new African company. Colo- nizing was progressing — the Massachusetts Bay company, the settlement of the West Indies, the Mosquito Islands company. In the h"Slne trade the Mines Royal and Mineral and Battery Works were still in existence, and several companies were formed for the drainage of land. A British Fishery society was established in 1632, to which subsidiary associations were affiliated.
The personal government of Charles I. had consequences which tended towards the restriction of commercial activity — religious disputes caused emigration and the tonnage question remained unsettled. The Crown finances became involved, owing to the cessation of subsidies. Various ^ plans were devised to create revenue to meet the deficit. Companies, being exempt from the Monopoly Act, were formed to a considerable extent, on condition they should pay substantial sums to the Crown — the coal, the salt and the soap monopolies. These were expected in 1635 to produce £80,000 a year for the Exchequer, but that amount was obtained at a cost of between £200,000 and £300,000 to consumers. This method was essentially waste- ful, indirect taxation. By 1636 trade had become dull — the soap monopoly affected the Greenland company, while the salt monopoly injured the Fishery society. The East India and New River companies were prejudiced by the encouragement of rival undertakings by Charles I.
In 1637 trade was depressed— the parallelism between 1610-20 and 1630- 40. Further attempts to obtain revenue from monopolies — the Soap-makers company, the wine, currant, starch and coal monopolies. From these £200,000 a year was payable to the Crown, which cost tax-payers at least £760,000 a year in a rise of prices and aroused great indignation. By 1640 the government of Charles I. was bankrupt — the seizure of pepper from the East India company and of bullion from the Mint, the latter caused a serious crisis.
Summary of the position of joint-stock companies from 1630 to 1640 — the East India company made smaller profits than the Dutch company. Failure of the African, Greenland, Fishery and Russia companies. A sub- sidiary company of the Mines Royal was succeeding, progress of the New River company, state of the Mosquito Islands company. The nature of the internal organization of the monopolies — its points of contact with both the regulated and joint-stock company. Subsidiary associations were consti- tuted without charters, and the style '^A. B. and Co." began to appear. In the Fishery and Mosquito Islands companies there was an approximation
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towards a species of limited liability. The controversy between votes by ballot and votes by shares became acute. Charles I. intervened in favour of the latter. Questions of policy were keenly debated in the coui*ts of the East India company — an attempt to appoint a committee of inspection, and shareholders forbidden "to dive" into the accounts 199
CHAPTER XII. THE DEPRESSION FROM 1640 TO 1660.
Political unrest precluded a trade-revival after the crisis of 1640. In 1642 the cloth trade was very depressed, and the situation became worse on the outbreak of the Civil War. The finance of the struggle involved a great drain on the capital of the country. The appointment of finance committees led to waste and a grave burden of debt. Parliament was prepared to grant encouragement to the Merchant Adventurers, the Levant and East India companies. Hence it appears there was a consensus of opinion, between 1640 and 1650, in favour of monopolies for foreign trade. But the com- panies favoured had lent money to the State — others, that made no loans, received no privileges — e.g. the Russia company. The great monetary stringency resulted in an economizing of currency and the organization of credit through the rise of banking about 1645. This phenomenon is evidence of a mitigation of the depression, but in 1646 there began a great dearth, and, at the same time, foreign trade suffered by the depredations of privateers. The disorganization of production had reacted still further on the wool trade, and there was widespread poverty and distress. The Civil War and bad trade made this period one of great depression for the joint-stock companies — the Russia, African, Greenland, Mines Royal, Mineral and Battery Works and East India companies. The financial difficulties of many companies were attributable to the want of reserve funds. Conse- quences of the expulsion of "delinquents" from joint-stock and regulated companies and the slower recovery of the latter 230
CHAPTER XIII. JOINT-STOCK COMPANIES UNDER THE COMMONWEALTH AND THE PROTECTORATE.
The beginning of a revival in trade manifested itself in England in 1650 and somewhat earlier in Scotland. The United Joint-Stock of the East India company was floated in 1650. Financial difficulties caused sales of land by the government — the low price obtained. The number of unin- corporated companies increased. The Committee of Trade inquired into the position of the Greenland and African companies — the settlement by limited reserved areas. The reasons for the passing of the Navigation Act in 1651, and its reaction on the carrying trade. The chartered companies and the Dutch War. Losses of shipping and dissensions in the East India company. The war caused general depression of trade and a great strain on the finances — the recurring deficits, a great debt and the sale of public property. The Protectorate was compelled to reduce expenditure or else to find new sources of revenue — the adventure of the Spanish War and its failure as a financial expedient. The relation of the necessities of the government to the charter of the East India company — its profits compared with those of the Dutch company. The New General Stock subscribed. The government was on
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the verge of bankruptcy in 1668 — ''the public faith" had become "the public despair. " The i)urden of taxation contrasted with that under Charles I. There were many causes of commercial depression in 1659, and tlie distress was great. Parliament had reached the end of its credit, and tax-resistance was common 2A^
CHAPTER XIV. INDUSTRIAL RECUPERATION AFTER THE CIVIL WAR (1660-71).
After the Restoration attempts were made to recover previous losses, the first step towards which was a national stock-taking — Petty's estimates of the National Wealth and National Dividend; calculations of imports and exports ; reports of the Committee of Trade relating to (o) bullion, (6) fishing, (c) the Merchant Adventurers, {d) the Levant company. The position of the joint-stock companies in 1060 — the Russia company and Greenland Adventurers had ceased to trade, the African company had suffered from losses of ships and a new company was formed in 1662. The East India company was making a fresh start. Developments of joint-stock organi- zation— an act of quasi-limited liability (1662). Opinion began to be con- centrated on certain aspects of monopolies for foreign trade. s/
Reviving commercial activity showed itself in new schemes. The shortage in the settled revenue led to an increase of banking transactions. Scotland and the Plantations were developed. With the beginning of the Dutch War there came a crisis, which was intensified by the Great Fire and the appear- ance of the Dutch fleet in the Thames. The financing of the war injured the credit of the Crown. The run on bankers resulted in a panic in June 1667 — magnitude of distress after the crisis — "the infinite wantsof all men." Effects of the crisis on joint-stock companies — difficulties of the African and Fishery companies, reasons for the large dividends of the East India company.
Revival of trade after the war — an insurance office and a mining company founded, Scottish companies established. Various indications of commercial progress between 1667 and 1671. The African company reconstructed, the position of the East India company shown by its dividends and prices of stock, comparison with the Dutch company. Development of the internal affairs of companies — form and methods of transfer of stock, the principle of a maximum vote.
The Crown finances again reacted on trade — the growth of the debt, and Crown property sold to obtain funds. Tlie advisers of Charles II. planned to commit England to a war with Holland by seizing the Dutch Levant fleet. In order to procure funds, payments out of the Exchequer were stopped in 1671, with the result of a crisis in 1672 involving the failure of many bankers and widespread ruin 263
CHAPTER XV. FROM THE STOP OF THE EXCHEQUER TO THE CRISIS OF 1686.
The stop of the Exchequer caused a depression in trade till early in 1674. The Crown finances were disorganized — continued shortage of the settled revenue, reduction in Customs-revenue during the war, excess of expenditure
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above the estimates, the cost of bribery in the House of Commons, posed retrenchment of expenditure caused a brief crisis.
After the Peace with Holland there came a great trade revival. Existing companies were more prosperous and several new inventions were made — a discount-bank in existence in 1676 and a land-bank proposed. The rebuild- ing of London had aided the water-supply companies — position of the New River company and the foundation of the York Buildings company. Petty's Political Arithmetick showed the progress made since 1665.
Different views of Charles II. and Parliament on foreign policy affected the finances, and the revenue was heavily anticipated, while salaries had fallen into arrear. Fears of war with France, together with disclosures concerning the Popish Plot, caused a minor crisis in 1678. The attempt to rehabilitate the finances was aided by the advance in the settled revenue through the activity of trade — new inventions and the progress of the Milled-Lead Adventure. Statistical data showed industrial progress — the development of credit and banking. The East India company borrowed at 3 per cent., reasons of a low rate of interest when trade was active. A private fire insurance undertaking transferred to a joint-stock company, and a postage company established (1680), scheme for infant insurance by the State, the Shadwell water company founded. In Scotland a cloth manu- facturing company was started in 1681 — its minutes, differences as between England and Scotland in the organization and privileges of companies. Position of companies already established — the Royal Fishery company had sold its remaining assets, but it was succeeded by an unincorporated company. The East India, Royal African and Hudson's Bay companies had made large profits. The dividends of the English and Dutch East India companies compared, also the quotations of their stocks. The East India company divided a scrip-bonus of 100 per cent, in 1682 — the danger of this course was shown during the crisis of 1682, when the company was forced to suspend payment.
Since 1678 trade had been less active — dissatisfaction concerning the decline in exports of cloth and the increase of imports from France. The Merchant Adventurers and Levant companies were in difiiculties ; the attack of the latter on the East India company. In 1686 the cloth trade experi- enced a crisis, which was intensified by the failure of the City bank, which involved *Hhe Orphans' Fund," whence there was great distress . . . 288
CHAPITER XVI. FOREIGN TRADING COMPANIES, 1682 TO 1697.
The political situation from 1682 to 1688 had different effects on the foreign and home trades, respectively — the dissolution of the Bermuda company (1684). The attitude of Parliament kept the Crown expenditure relatively low, and the restoration of credit was helped by the continued improvement in the settled revenue, independently of the new duties on French goods, llie arrival of the Huguenots made great additions to the immaterial and material wealth of the country — foundation of the White Paper, Linen and Lustring companies (1685-7). The City and Friendly Fire Insurances started, also the company for making Salt Water fresh and the Convex Lights company. Summary of progress in 1688 according to Davenant, Gregory King and Petty.
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The prosperity to 1G88 was largely due to foreign trade — from 1683 to 1692 the East India company divided 400 per cent, on the original stock. The position of an adventurer of 1658 reconstructed in each of the chief foreign trading companies. Tliis result was important in the parliamentary struggle from 1689 to 1698 with reference to privileges for foreign trade. The oppo- nents of the East India company received an accession of strength from dis- sentient stockholders, who sold out at high prices with a view to buying back at par or less, and of deposing Child from the position of governor. Up to 1693 the opposition was apparently successful, but it failed in securing a sufficient modification of the voting power for its purposes. Hence the campaign developed in the direction of the overthrow of the company, and in 1698 the New Company was incorporated ; but the Old Company took up stock in the former and was thus entitled to a reduced trade. Tliese events, together with the foundation of the Darien company, resulted in a great depreciation in the price of stock of the Old Company — the total capital of foreign trading companies and its market- value 1689-94 311
CHAPTER XVII. THE BOOM OF 1692-5 IN THE STOCK AND SHARE MARKET.
A period of speculative activity began with the success of the Phipps treasure-seeking expedition of 1687-8, the shareholders in which received a division of 10,000 per cent. — the organization and finance of similar ventures. Up to 1695 about 150 companies are known to have been formed. JThe causes of these promotions are connected with the French war — {a) to pro- duce commodities which could not be imported, (6) to provide munitions, (c) to aid in financing the government. From 1692 prices of stocks were regularly quoted, description of the different types of Houghton's list — its peculiarities and ambiguities. The total capital invested in companies, existing in 1695, is estimated at 4:\ millions — the relation of this figure to that of wealth employed in trade.
Houghton's description of a typical promotion of the period shows that the obtaining of a charter was not essential ; but, in special instances, these instruments were sought, and acts of Parliament obtained. The English and Scottish models of company-government differed ; numbers of officials, of the quorum ; amount of qualification. The rival principles of a maximum vote and the sliding scale. In industrial companies the capital was divided into shares, the usual denominations of these. Some typical promoters' profits analyzed. The remarkable reluctance of shareholders to pay calls. Relations between the governing body and the shareholders were sometimes very cordial, but there are cases of abuse of trust. Exceptional characteristics in promotions, e.g. the promising of dividends to charity or of limited liability. The glamour of "a fund of credit" misled certain companies. Examination of the general level of prices of manufacturing companies' shares, from 1692 to 1694.
As the pressure of war-taxation grew greater, markets became less active — the adverse state of the foreign exchanges, the re-coinage, the run on bankers and the suspension of the Bank of England (1696). The crisis continued till March, 1697, owing to pressure of war-expenditure, which resulted in a dangerous addition to the unfunded debt. The engraftment of tallies into
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Bank of England stock transferred the discount on these to Bank stock. The severity of the crisis measured by the fall in representative securities between 1692 and 1697 326
CHAPTER XVIII. JOINT-STOCK COMPANIES FROM THE CRISIS OF 1697 TO THAT OF 1708.
Credit improved on prospects of peace — rise in the stocks of the Bank of England and the Hudson's Bay company. The chief causes which led to the failure of many of the companies founded before the crisis, out of the whole number 28 per cent, to 29 per cent, are known to have been in existence in 1698. *^*The pernicious art of stock-jobbing" was condemned by the Com- missioners of Trade, but the available information does not justify the charge against promoters or dealers in stocks. While dealings in stocks had become highly organized {e.g. bear sales and options were common) the movements in shares of manufacturing companies are to be assigned to causes other than market-manipulation. Nor is there evidence of fraudulent promotions; on the contrary most of the founders of companies held their shares. Stock- jobbers, in fact, were made scape-goats, and their business was subjected to several restrictions.
A time of prosperity began in 1697 and continued till 1700 — agriculture and shipping were good, while foreign trade expanded. Attempts were made to settle the African and East India trades. In the former a system of licenses was adopted ; while in the latter the act of 1698 (founding the New Company) was virtually a compromise, giving scope for the inde- pendent trader, the regulated company and the joint-stock company. New enterprize from 1697 to 1700 manifested itself chiefly in the direction of provident schemes. As a contrast, the Mine Adventurers company was floated by an ingenious lottery. The gradual emergence of different classes of shares, so that by 1700 the division of capital into debentures, preference and ordi- nary shares had been, to some extent, anticipated.
Early in 1701 fears of war and the struggle between the East India companies resulted in a crisis, when several bankers failed, and stocks fell 34 per cent, to 53 per cent. Since 1698 the Old Company had improved its position, and in 1702 an agreement was signed, which was intended to bring about an eventual amalgamation of the companies. In 1702 the Sword Blade company had started its land-development undertaking, and in 1703 the London Bridge water works and the City Conduits were amalgamated.
Trade and credit were good from the summer of 1701 till 1704. Though the number of companies was smaller, the capital was larger than in 1695 — in 1703 the share capital was 8^ millions, with bonds it may be calculated at 10 millions. The strain of the war made itself felt at the end of 1704 — in Scotland there was great depression through the failure of the Darien company and bad harvests, hence the Bank of Scotland suspended payment. Friction between England and Scotland produced an unsettling ejffect, and the dividend of the Bank of England was reduced in 1705 and 1706, while in the latter year its stock was below par. The crisis of 1706 aflfected the bank- ing activities of the Mine Adventurers and the Sword Blade company ; while the African company, after having paid dividends out of capital, was unable to meet the interest on its bonds 352
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CHAPTER XIX. THE AMALGAMATION OF THE EAST INDIA COMPANIES, THE RE-ORGANIZATIONS OF THE ROYAL AFRICAN COMPANY AND THE MINE ADVENTURERS, AND THE CRISIS OF 1710.
Hopes of an early peace and relief from anxiety concerning the situation in Scotland brought about an improvement in credit. The Union produced striking consequences on Scottish companies — cloth factories suffered, but the Bank of Scotland was successful, while the repayment of the capital of the Darien company was beneficial. The better times enabled important financial operations to be carried out — the extinction of the engrafted stock of the Bank of England and a new issue of capital. In the East India trade no less than seven distinct stocks were merged in that of the United company. Reliance on "a fund of credit" had diminished the working capital of this trade, since the funds subscribed were used by the State. The outcome of an investment in India stock depended on the time when a purchase was made — the gains and losses of various classes of investors. The re-organiza- tions of the African company and the Mine Adventurers were related to peculiarities in the finance of these bodies — the position of an original investor in the former.
The jirqsperity from 1708 to 1710 is shown by the increase of dividends of the Bank of England and the East India company, but the war forced enterprize into new channels, the chief of which was speculative insurance. The Amicable Society and the Sun Fire Office were founded in this period, and in addition a very great number of dividend-societies. The latter encouraged gambling and led to fraud. The government objected to the diversion of capital from its own lottery-loans, and the prohibition of gambling insurances was one cause of the crisis of 1710. Also, the cumulative burden of war expenditure was now making itself felt, and there was a large addition to the floating debt. Prices of government stocks fell heavily, until, in some cases, the discomit was 40 per cent 375
CHAPTER XX. FROM THE RETURN OF CREDIT IN 1711 TO THE CULMINATION OF THE BOOM IN JUNE 1720.
Prospects of peace and the funding of the floating debt, through the foundation of the South Sea company in 1711, tended towards a restoration of credit. An unfounded rumour of the death of Anne resulted in a small crisis early in 1714 — comparison of the fall of stocks in 1710 and in 1714. For the year, August 1714 to August 1715, trade was active ; but a check came through the Rebellion —fall in stocks. Business was good till the end of 1717. The capital of companies in 1717 was 20^ millions. Fears of a rupture with Spain led to two minor crises in 1717 and 1718.
The check to activity made capital appear plentiful, and the rate of interest was low. The importance assigned to "a fund of credit," tended towards speculative activity in the form of financial operations. Law's Mississippi scheme was at once a consolidation of French foreign trade and a conversion of the debt. Through expectations of great profits on the series of operations, the shares of the company advanced immensely. Though the South Sea conversion and the speculation in the shares of this company
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appear to be a reflex of the French "system/' it developed, to a large degree, independently. As early as October 1719, there was considerable specu- lation in London ; and, before the end of the year, several large fishery, insurance and finance companies had been promoted. In November plans were under discussion for the conversion of the National Debt into the stock of a trading company — the rivalry of the Bank of England and the South Sea company, in which the latter was the victor.
The system of conversion by the South Sea company depended for its success in the obtaining of a surplus of issuable over issued stock, and the amount of that surplus was determined by the premium on the stock. The growth of speculation in the shares of fishery and insurance companies in January and February 1720 made the directors of the South Sea company apprehensive that the available capital and credit would be consumed by these ventures, and steps were taken to check new promotions. In May the terms for the first series of conversions were announced, and South Sea stock was quoted at 400, while there was great activity in new promotions. The boom culminated in June, when South Sea stock touched 1,050. The market was then an artificial one, the company having made large advances on its own stock. New companies were still floated in large numbers — the capital, offered from June 4th to 11th, being estimated at 224 millions. Companies were prohibited from acting without a charter or under an obsolete one, with the result that speculation became concentrated — in- stances of great premiums on popular stocks, some of which were 10, 15, 20, 25, 35 or 60 times the amount actually paid up 388
CHAPTER XXI. THE COLLAPSE OF THE BOOM OF 1720.
The intensity of speculation in the summer of 1720 had subjected credit to a severe strain. The inflation was maintained till August when further conversions were made. In order to divert capital from new promotions, the South Sea company caused a writ of scire facias to be issued against the Royal Lustring, the English and Welsh Copper, and the York Buildings companies. The issue of the writs resulted in a great fall in the shares of these and other new companies, which reacted on South Sea stock — the fall in a month (August 20 to September 19) being 450. The attempt of the Bank of England to arrest the panic was frustrated by the failure of the Sword Blade bank. In the last days of September the panic was at its worst, and the fall of stocks continued — the amount of the depreciations from June to December.
The crisis affected diflferent groups of companies in different ways. Finance companies suffered most — effects on the Million bank and the York Buildings company, the position of the South Sea company, where the nature of the settlement was the touchstone of the national honesty. The Bank of England, too, was influenced by the fund of credit fallacy. The Royal Exchange and London Assurances experienced a period of financial stress, while the Sun Fire Office rearranged its capital. An attempt was made to force the Bank of Scotland to engraft equivalent debentures into its capital. Of the companies named in the writ of scire facias, the York Buildings, the English and the Welsh copper companies continued to transact business — the fate of other mineral companies after the boom. Water supply companies were little
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affected by the panic. The boom involved the directors of the East India company in many anxieties, while the African and Hudson's Bay companies issued further capital, the one too early and the other too late.
Tlie panic of 1720 determined the position of the joint-stock system during the ensuing century. The cause of the break-down of credit was found in stock-jobbing and efforts were made to suppress it. After 1720 companies were required to obtain a charter, and these instruments were granted rarely. Hence the inflow of capital into industry by means of the joint-stock system was restricted, until unchartered companies were permitted early in the nine- teenth century 422
CHAFfER XXII. REVIEW OF THE JOINT-STOCK SYSTEM FROM 1553 TO 1720 : WITH A NOTE ON THE CRISES DURING THAT PERIOD.
The increase in the amount of capital employed by the joint-stock system was striking. From 1553 to 1560 it was under ÂŁ10,000, while in 1720 the sum actually paid in may be estimated at 50 millions. The ratio of these figures to the national wealth and to trading capital estimated. The progress of companies is closely connected with the progress of English marine enter- prize, with early colonization, with the extension and consolidation of distant foreign trades, with the organization of credit and with the prosecution of WQVf manufactures.
Tlie reasons for the success of the joint-stock system were (1) that it broke down the quasi-monopoly of mercantile capital, as such, (2) member- ship of a joint-stock was more easily obtainable than that of a regulated company — the relatively free market for shares, (3) the advantage of the union of different classes in early joint-stock undertakings, (4) the com- paratively high profits which were earned on the whole. Adam Smith held that there were serious counterbalancing disadvantages. Adam Smith's historical data examined — his charges of ''waste and profusion" against the East India company, errors in his account of the early history of the company, and his tendency to assume financial failure, when profits were made. The assumption — that the interest of the managers was not sufficient to induce care and attention — investigated, and shown to be erroneous in the case of the early history of the East India company. A. Smith confused the ratio of a qualification to the whole capital w ith that of a qualification to the manager's total wealth. When A. Smith compared joint-stock with individual manage- ment in interloping expeditions, he was ignorant of the fact that important ventures of the latter type were organized by joint-stock companies. A. Smith admitted the necessity of fortifications in some foreign trades, but the plea for liberty of trade, which he endorses, was often a disingenuous effort by the unscrupulous to obtain the benefit of outlay by others without making any return. In several distinct ways there was scope for an enterprising merchant in a foreign trade where there was a monopoly. The possibility of defence of a foreign trade being undertaken by the State and of the compensation of the founders of it— various considerations show that this course was impracticable in the seventeenth century. The problem — whether England was "ripe" for the East India trade early in the seventeenth century
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— discussed. AVTiile several considerations point to this trade having been perhaps opened too soon, there was compensation in a reduction in prices.
A. Smith considers the joint-stock system only applicable in industries where there was a routine, e.g. banking, insurance, water supply and inland navigation. But from 1694 to 1720 banking and insurance were in a purely experimental condition and routine was impossible. On the contrary, joint- stock companies were found applicable in new industries, in those where there was a large risk or where large capital or large credit was required. The development of the system in dealing with these was marked by the evolution of methods for managing the capital and for representation of the members.
The charge — that the formation of companies increased the risk of crises — examined. There is an apparent symmetry in the crises from 1559 to 1720 which is interesting, but does not represent the whole truth — a more com- plete list of crises. Traces show themselves of an incomplete decennial periodicity, but these are too broken to be of value. Theories of crises examined in relation to the period 1559 to 1720 — "sun-spots," agricultural scarcity, over-speculation, over-production, the Psychological theory. Early crises are assignable to the concurrence of objective and subjective con- ditions. The necessity of forecasting the future. An inaccurate forecast, on a sufficiently large scale, often led to a crisis — instances of this. Once a tendency towards good trade or towards bad trade had established itself, it tended to persist. At first the development of banking and the extension of credit made crises more frequent, the publication of commercial intelligence in the Press produced similar effects. In the sixteenth and seventeenth centuries the objective causes of crises were, on the whole, more important than the subjective causes, but this was a temporary condition, and at a later period the latter influences have become more powerful .... 439
Index 473
Plate showing types of quotations of stocks and shares from Collections for
Improvement of Husbandry and Trade by John Houghton, 1692-1700 . 351
AUTHORITIES
I. MANUSCRIPTS AND COLLECTIONS OF PAPERS
Cambridge. Magdalene College — The Ferrar Papers.
Darlington Library. Bills of Exchange of the King's and Queen's Corporation for
the Linen Manufacture in England. Dublin, Record Office. King's and Queen's Letters; Patent Rolls; Petitions to
the House of Commons.
Trinity College Library. A discourse of Free Trade against incorporated
societies ; Character of a Projector ; Letters of Archbishop King.
Edinburgh. Advocates' Library. Collection of MSS. and other papers relating to the Darien Company; Collection of MSS. entitled " Scotland— Trade and Manufactures"; Wodrow MSS.
Bank of Scotland, Head Office. Records of the Bank.
General Register House. Register of the Great Seal ; Privy Council Records ;
Parliamentary Papers ; a Minute book and other papers of the Newmills Cloth Manufactory.
University Library. A Minute book of the Newmills Cloth Manufactory ;
Collection of Petitions to the Barons of the Exchequer ; Laing MSS. (including Policies of State practised in diverse Kingdoms for the encrease of trade by John Keymor; Laing MSS., Division ii. No. 52).
London. Bank of England. Records of the Bank.
British Museum. Additional MSS. (and in particular The Laws... of the
Fellowschippe of Merchants Adventurers— Add. MSS. 18,913, f. 5 ; Causes of the Decay of Trade amongst English Merchants— Add. MSS. 34,324, f. 191 ; A brief narrative of the discoverie of the Northern Seas — Add. MSS. 33,837 ; Minutes of the Committee of Trade (Charles II.)— Add. MSS. 25,115; Collections for a history of the East India Company, by James Pulhagi — Add. MSS. 24,934; Court Books of the South Sea Company— Add. MSS. 25,497-8), Cotton MSS.,Egerton MSS., Harleian MSS. (and in particular Severall Grievances concerning trade— Harl. MSS. 2,244 ; A small treatise or discourse touching the diminution of the Subsidie— Harl. MSS. 188 ; A regulated company more national than a joint-stock company in the East India trade — Harl. MSS. 7,310, f. 1) ; Lansdowne MSS. (and in particular Petition and remonstrance of the English Merchants for the discoverie of New Trades — Lansd. MSS. 142, f. 301 ; Extract of the Mines Royal at Christmas anno 1575— Lansd. MSS. 22 (5) ; Summary of Avenant's Bill against cei-tain of the Company of the Mineral and Battery Works— Lansd. MSS. 56 (47)); Otho MSS., Sloan MSS., Stowe MSS. (and in particular. The Rise of the Fellowship of Merchant Adventurers of England— Stowe MSS. 303, f. 99),
c2
xxviii List of Authorities
London. Goldsmiths' Hall. Records of the Goldsmiths' Company.
Guildhall Library. Compendium omnium privilegiorum, libertatum et im-
munitatum concessarum illustri Societati Mercatorum Anglorum de Stapula, by Wm Ryley — MS. 88 ; Minutes of Common Council ; Collection of Papers relating to the water companies of London ; Deed of covenant between the New River Co. and the proprietors of the London Bridge Water Works ; A short account of the London Bridge Water Works and memorandums relating to their business.
Hampstead Aqueducts. Staple Inn. Records of the Company.
House of Lords Library. Accounts of the Muscovie Company ; Act to
encourage the manufacture of White Paper, 2 Will. & Mary, No. 25 ; [Petition] Royal Mynes Bill, Jan. 26, 1693.
Hudson's Bay House. Records of the Hudson's Bay Company.
India Office. Court Books of the East India Company ; General Court
Minutes ; Papers relating to the Union [of the Companies] 1706-8 ; Home Miscellaneous Series of MSS. ; Draft memoir of the East India Company.
London Assurance Corporation. Records of the Company.
Record Office. Domestic Series of State Papers (Edward VI. to Anne);
Foreign Series (Elizabeth) ; East India Series ; Colonial Series (and in particular the minutes of the New England Company) ; Petition Entry Books (Charles II. to George I.); Colonial Entry Books (and in particular the minutes of the Providence Islands Company) ; H. O. Warrant Books ; Warrant Books (Scot- land) ; Domestic Correspondence ; Colonial Correspondence ; Privy Council Register ; Levant Papers ; Board of Trade, Commercial Series II. ; Trade Papers (Charles II.); Manchester Papers; K. R. Exchequer Depositions, 22 James I. ; Q. B. Special Commissions and Depositions, 2 Charles I. ; Chancery Proceedings (and in particular pleadings relating to the Convex Lights and Royal Lustring Companies) ; Treasury Papers ; Treasury Books ; Treasury Records (and in particular Court Books, Stock Books, Transfer Books and Ledgers of the Royal African Company) ; Patent Rolls (Elizabeth to Charles II.) ; Close Rolls (and in particular indentures relating to the New River Company) ; Exchequer of Receipt (Miscellanea) ; Auditors' Declaration Books (Charles II., James II.); Audit Office Declared Accounts (Elizabeth); Issue Books (Elizabeth) ; Pells Declaration Books (Elizabeth) ; Entry Books of Issues (Elizabeth).
Royal Exchange Assurance. Records of the Company.
Russia Company, 4, St Helens Place, E.C. Records of the Company.
Sun Fire Office. Records of the Company.
Lyons. Recueil du Precis des titres et papiers de la communaute des marchands et des maitres fabriquants de la ville de Lyon.
Oxford. Bodleian Library. Carte MSS. ; Lister MSS. (and in particular the Report of George Bowes and Francis Needham sent to take view of the Mines Royal at Keswick) ; Rawlinson MSS. (and in particular the Minute Books and other documents of the Mine Adventurers Company) ; Tanner MSS. (and in particular papers relating to the New River Company) ; English History MSS. (and in particular the Exchequer Accounts, Charles II. to William III.).
St Andrews. University Library. The Formulare ; List of the town of Edinburgh's creditors at Lambas, 1713; Memoirs concerning the affairs of Scotland from Queen Anne's Accession to the Throne to the commencement of the Union of the two Kingdoms.
Simancas. Archivo general, Secretaria de Estado, Legajo 833.
List of Authomties xxix
Venice. Rubricario del dispaccio dell' Ambasciatore Veneto Cappello de Constan- tinopoli, 17 Oct. 1598.
Wanstead. Weavers' Almshouses. Court Books of the Weavers' Company.
Washington. Library of Congress. Records of tlie Virginia Company.
Private Libraries. On a Land Bank, by Patrick Campbell of Monzie ; Second and last advice to ye Freeholders of England, 1721 ; Depositions of witnesses before the Committee of Secrecy relating to the South Sea Directors, 1721.
IL OFFICIAL PUBLICATIONS
A Collection of the Debates and Proceedings in Parliament in 1694 and 1695 upon the Enquiry into the late Briberies and Corrupt Practices. (And Supplement.) 1695. Account of the Transactions of the Million Bank (in vol. 96 of the General
Collection, 1792-3). Act of Parliament for erecting a Bank of Scotland. [1695.] Acts of the Parliaments of Scotland. 7 vols. Index and Supplement. Ancient Laws and Institutes of England. 1840. Calendars of State Papers.
Acts of the Privy Council ; Domestic Series ; Irish Series — Adventurers for
Land ; Colonial Series ; East Indies ; Foreign Series ; Treasury Books ; Treasury
Papers ; Spanish Series, in the Archives of Simancas ; Venetian Series. History of the Earlier Years of the Funded Debt from 1694 to 1787. [Blue Book,
c. 9010. 1898.] Journals of the House of Commons.
Journals of the House of Commons of the Kingdom of Ireland. 19 vols. 1796-1800. Journals of the House of Lords.
List of the Marine Records of the late East India Company. 1896. Proceedings and Debates of the House of Commons, 1620 and 1621. Oxford. 1766. Proceedings and Debates of the House of Commons in the Sessions of Parliament
begun the twentieth of January, 1628. 1707. Proceedings of the House of Commons (Chandler's). 14 vols. 1742-4. Proceedings of the House of Lords (Timberland's). 8 vols. 1742, 1743. Proceedings of the Parliament of Scotland begun at Edinburgh 6th May, 1703. 1704. Report from the Committee of Secrecy to enquire into the state of the East India
Company (in vol. 4, Reports Committees). Report of the Commissioners appointed by Parliament to enquire into the Irish
Forfeitures. 1700. Report of the Commissioners for Taking, Examining and Stating the Public Accounts
of the Kingdom, with the Examinations and Depositions relating thereunto.
1712. Report of the Committee concerning the Indian and African Company. Edinb.
1707. Report of the Committee of the Lords in England, concerning the encouraging of
the linen manufacture in Ireland. 1704. Report on the State of the Copper Mines, 1803 (in vol. 10, Reports Committees). Reports from Committees of the House of Commons. 16 vols. 1803-6. Reports from Parliamentary Committees, Session 1821, vol. v.. Session 1828,
vol. VIII.
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Reports of the Historical MSS. Commission.
Scobell, H. Acts and Ordinances, 1640-56. 1658.
Special Report from the Committees appointed to enquire into the several subscrip- tions for Fisheries. 1720.
Statutes of the Realm. 11 vols. 1810-28.
The Several Reports of the Committee of Secrecy to the Honourable the House of Commons, relating to the South Sea Directors. 1721.
III. BOOKS, INCLUDING ARTICLES IN REVIEWS AND IN PUBLICATIONS OF SOCIETIES
A. R. Caution against Suretiship. 1688. Airy, Osmund. Charles II. 1904.
Anderson, Adam. Historical and Chronological Deduction of the Origin of Com- merce. 4 vols. 1790. Ditto. 1805 ed. by D. MacPherson. Andreades, A. History of the Bank of England. 1909. Anspach, L. A. History of Newfoundland. 1827. Archffiologia Americana. Vol. iii. Arnot, Hugo. History of Edinburgh. 1779. Ashley, W. J. Introduction to English Economic History, Vol. i. pts 1 and 2.
1892-3. Ashton, John. History of English Lotteries. 1893. Atkinson, Stephen. Discoverie and Historie of the Gold Mynes in Scotland.
(Bannatyne Club.) 1825. Aulicus Coquinariae, in The Secret History of James the First. 2 vols. 1811. Baines, Thomas. History of Liverpool. 1852.
Barbour, J. S. History of William Paterson and the Darien Company, 1907. Barrow, John. Life of Sir Francis Drake. 1843. Bastable, C. F. Public Finance, 1900. Baumer, Edw. Early Days of the Sun Fire Office. 1910. Baxter, J. P. Sir Fernando Gorges and his Province of Maine. (Prince Society.)
3 vols. 1890. Beckmann, John. A History of Inventions. 2 vols. 1846.
Benbrigge, J. Usura Accomodata ; or a Ready Way to rectify Usury..., in The Writings of William Paterson, ed. S. Bannister. 1858.
Benn, George. History of Belfast. 1877.
Besugon, A. History of the Dutch Sea Fisheries. 1884.
Bingham, H. Early History of the Scots Darien Company, in Scottish Historical Review, vol. iii. • Birdwood, Sir Geo. The First Letter Book of the East India Company. 1895.
Bisschop, W. R. The Rise of the London Money Market. 1910.
Black, Wm. The Privileges of the Royal Burrows, etc. 1707.
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Boase, C. W. A Century of Banking in Dundee, 1867.
Boate, Gerard, Ireland's Natural History, 1652.
Bonnassieux, Pierre. Les Grandea Compagnies de Commerce. 1892.
Bosman, William. A New and Accurate Description of the Coast of Guinea. 1721.
Boyer, Abel. Reign of Queen Anne. 1735.
Bradford, Wm. History of Plymouth Plantation. 1856.
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[Lib. Trin. Coll. Dub.] Burton, J. H. A History of the Reign of Queen Anne. 3 vols. 1880.
History of Scotland. 8 vols. 1873.
Burton, Thos. Diary, ed. by J. T. Rutt. 4 vols. 1828.
Cambridge Modern History. 12 vols. 1902-10.
Camden, Wm. Annales Rerum Anglicarum regnante Elizabetha. 3 vols. 1717.
Britannia. 2nd ed.
Carte, Thomas. Life of the Duke of Ormonde. 3 vols. 1736. Catalogue (A) of the Lords, Knights and Gentlemen that have compounded for their Estates, 1655, reprinted in Historical Sketches of Charles I. by W. D. Fellowes. 1828. Otto's Letters, or Essays on Liberty, Civil and Religious. 4 vols. 1733. k^awston, Geo. and Keane, A. H. The Early Chartered Companies. 1896. Chalmers, Geo. An Estimate of the Comparative Strength of Great Britain. 1794. Chamberlain, John. Letters. (Camden Society.) 1861. Chamberlayue, Edw. Angliae Notitia. 1692. Chambers, llobt. Domestic Annals of Scotland. 3 vols. 1859-61.
Edinburgh Merchants in the Olden Time. 1859.
Edinburgh Papers. 1861.
Charters granted to the East India Company from 1601, also the Treaties and Grants made with, or obtained from, the Princes and Powers in India from 1756-72.
Child, Sir Josiah. A New Discourse of Trade. 4th ed.
Churchill's Voyages. 6 vols. 1704-32.
Churchyard, Thos. The Miserie of Flaunders...and the Blessed State of Englande [1579]. Brit. Mus. C . 34 . h . 8.
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Clifford, F. A History of Private Bill Legislation. 2 vols. 1887.
Cobbett. State Trials. Vol. x. 1811.
Parliamentary History of England. 12 vols. 1806-12.
Cochran-Patrick, R. W. Early Records relating to Mining in Scotland. 1878.
Records of the Coinage of Scotland. 2 vols, 1876.
Cochut, P. A. Law, son Systeme et son Epoque. 1853.
Coke, Edward. Institutes of the Laws of England. 7 vols. 1794-7.
Coke, Roger. A Detection of the Court and State of England. 3 vols. 1719.
A Discourse of Trade. 1670.
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A Treatise wherein it is demonstrated that the Church and State of England
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Collection (A) of the Names of Merchants living in and about the City of London. 1677. (Reprinted 1878.)
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Parliamentary or Constitutional History of England. 24 vols. 1751-61. Paterson, W. An Inquiry into the Reasonableness and Consequences of an Union
with Scotland. 1706.
Life and Writings of William Paterson, ed. Bannister. 2 vols. 1858.
Paul, Jas. Balfour. The Scottish Ordinary of Arms. 1893.
Peckard, P. Memoirs of the Life of Mr Nicholas Ferrar. 1790.
Peebles, Charters and Documents relating to the Burgh of Peebles. [Scottish Burgh
Record Soc] 1872. Peele, Jas. The Pathwaye to Perfectnes in th' Accomptes of Debitour and Creditour,
1569. [Brit. Mus. 712.1.23.] Pepys, Samuel. Diary. Chandos Lib. ed. 1871. Pettus, Sir John. Fodinae Regales. 1670. Petty, Sir Wm. Economic Writings, ed. H. C. Hull. 1899.
Several Essays in Political Arithmetic. 1755.
Verbum Sapienti. Appendix to the Political Survey of Ireland. 1719.
Philipps, Fabian. Regale Necessarium. 1671.
Phillpott, N. Reasons and Proposals for a Registry or Remembrancer of all Deeds
and Incumbrances of Real Estates. 1671. Phips, Sir Wm. Pietas in Patriam : The Life of his Excellency Sir Wm Phips, Knt.
1697. [Brit. Mus. 615 . d . 2.] Plowden, E. The Commentaries or Reports of Edmund Plowden. 1816. Pollard, A. F. The Political History of England, 1547-1603. 1910. Postlethwayt, James. History of the Public Revenue. 1759. Postlethwayt, Malachy. Universal Dictionary of Trade and Commerce. 1774. Povey, Charles. General Remark No. 215, in An Account of Fire Insurance
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Secret History of the Sun Fire Office. 1733.
Prendergast, J. P. The Cromwellian Settlement of Ireland. 1870. Price, F. G. Hilton. A Handbook of London Bankers. 1890-1. Price, W. Hyde. The English Patents of Monopoly. 1906.
Prince, Thos. A Chronological History of New England. 5 vols. 1887-8. Purchas, Samuel. Hakluytus Posthumus or Purchas His Pilgrims. 20 vols.
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edited by W. R. Scott. (Scottish Hist. Soc.) 1905. Records of the Convention of Royal Burghs, 1615-1711. 5 vols. 1870-90. Records of the Council for New England, ed. C. Deane. 1867. Relton, F. B. An Account of Fire Insurance Companies. 1893. Reresby, Sir John. Memoire. 1736. Roberts, L. The Merchants' Mappe of Commerce. 1638.
List of Authorities xxxix
Rogers, J. E. Thorold. The First Nine Years of the Bank of England. 1887.
A History of Agriculture and Prices in England. 7 vols. 1866-1902.
Rooseboom, M. J. The Scottish Staple in the Netherlands. 11)10.
Rosier's Relation of Weymouth's Voyage to the Coast of Maine, 1606, ed. H. S.
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1621-38. (Bannatyne Club.) 1867. Ruddiman, Thos. Introduction to Mr James Anderson's Diplomata Scotiae. 1773. Ruding, R. Annals of the Coinage of Britain. 3 vols. 1817. Rushworth, John. Historical Collections. 7 vols. 1659-1701. Russia at the end of the Sixteenth Century. (Hakluyt Soc.) 1866. Rymer, T. Fcedera. 20 vols. 1704-35. Sagadahoc (llie) Colony, comprising the Relation of a Voyage into New England,
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Sinclair, Sir John. History of the Public Revenue of the British Empire. 3 vols. 1803-4.
Statistical Account of Scotland. 21 vols. 1791-9.
Sisley, R. The London Water Supply. 1899.
Slafter, E. F. Sir W. Alexander and American Colonisation. (Prince Soc.) 1873. Smiles, Samuel. The Huguenots. 1867.
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xl List of Authorities
Sombart, Werner. Der Moderne Kapitalismus. 2 Bde. 1902.
Some Account of Mines... with an Appendix relating to the Mine Adventure in
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Townsend, Dorothea. Life and Letters of Mr Endymion Porter. 1897. Townshend, H. Historical Collections. 1680. Unwin, Geo. Industrial Organization in the Sixteenth and Seventeenth Centuries.
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The Compleat History of Independency. 1660-1.
Ward, John. Lives of the Professors of Gresham College. 1740.
List of Authorities xli
Warden, Alex. J. The Linen Trade, Ancient and Modem. 1864.
Wells, Samuel. A Collection of tlie Laws which form the Constitution of the
Bedford Level Corporation. 1828. Welwood, Jas. Memoirs of the Most Important Transactions in England for the
last Hundred Years. 1718. Wheeler, John. A Treatise of Commerce. 1601. Whitelock, B. Memorials of English Affairs. 1732. Whitworth, Sir Charles. A Collection of the Supplies. 1765.
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Whymper, W. N. The Royal Exchange Assurance, an Historical Sketch. 1896.
Willson, Beckles. The Great Company. 2 vols. 1900.
Wirth, Max. Geschichte der Handelskrisen. 1890.
Wiston-Glynn, A. W. John Law of Lauriston. 1907.
Wiszniewski, Prince A. Histoire de la Banque de Saint-Georges de Genes. 1865.
Wood, Anthony A. Athense Oxoniensis. 4 vols. 1813-20.
Wood, J. P. Memoirs of the Life of John Law. 1824.
Wood, William. New England's Prospect, 1634. (Prince Soc.) 1866.
Worcester, Marquis of. The Century of Inventions, 1663, No. 15, in The Life of
the Second Marquis of Worcester, by Henry Dircks. 1865. Wright, Thomas. Queen Elizabeth and her Times. 2 vols. 1838. Yarranton, Andrew. England's Improvement by Sea and Land. 2 pt. 1677-81. Zycha, A. Zur neuesten Literatur (iber die Wirthschafts- und Rechtsgeschichte des
deutschen Bergbaues, in Vierteljahrschrift fiir Social- und Wirthschaftsges-
chichte, v.
IV. PAMPHLETS
A Bill for the Relief of the Creditors and Proprietors of the Mine Adventure.
[Brit. Mus. 522 . m . 12 . (22).] A Brief Account of the Great Oppressions and Injuries which the Managers of the
East India Company have acted on the Lives, Liberties and Estates of their
fellow Subjects. [1698 .?] [Bod. Lib. Pamphlets 6, 658 (24).] A Briefe Apologie of Certaine New Inventions whereof there hath bene a publicke
View taken in London. [1593.] Coll. Broadsides Soc. Antiq., No. 91. A Brief Debate upon the Dissolving of the late Parliament and whether we ought
not to chuse the same Gentlemen Again. 1722. A Briefe Declaration of the Present State of Things in Virginia [1616 }\ in Brown,
Alex., Genesis of the United States, vol. ii. A Brief Essay on the Copper and Brass Manufactures of England, 1712. [Brit.
Mus. 726.0.1.(3).] A Brief Narration of the Originall Undertakings of the Advancement of Plantations,
in Coll. of Maine Hist. Soc. , vol. ii. A Brief Narrative of the Royal African Company's Proceedings with their Creditors.
[Brit. Mus. 8223 . e . 30.] A Brief Relation of Sir Walter Raleigh's Troubles, 1669, in Harl. Misc., vol. iv. A Brief Relation of the Discovery and Plantation of New England by the President
and Council, 1622, in Mass. Hist. Soc. Coll., 2nd Series, vol. ix. A Brief View of the late Scots Ministry ; and of the Reasons the Scots had to wish
for a Deliverance from them by the Union, 1709, in Somers* Tracts (1751),
vol. XV.
d
xlii List of Authorities
Abstract of Proceedings in the House of Commons in Relation to the East India
Company and Trade, 1691. Account of the Levant Company. [By R. Walsh.] 1825. Account of the Value of Estates subscribed towards the Fund for a National Land
Bank, 11 June to 3 August, 1695. [Brit. Mus. 712 . m . 1 . (43).] A Collection of Advertisements, Advices and Directions relating to the Royal Fishery.
1695. [Brit. Mus. 1029 . e . 29.] A Collection of the Debates and Proceedings in Parliament in 1694 and 1696 upon
the Inquiry into the late Briberies. 1695. A Commission to Enquire whether Nicholas Page or Sir Nicholas Halse was the first
Inventor of Cei-tain Kilns for the Drying of Malt, 1637, in Suppt. to the Series
of Letters Patent, ed. by Bennet Woodcroft. 1858. A Declaration concerning the generall Accompts of the Kingdome [1642], in Somers'
Tracts, vol. vi. A Declaration of the Right Honourable Robert, Earl of Warwick. 1644. [Brit.
Mus. E . 265 . (6).] A Declaration of the State of the Colony and Affiaires in Virginia. 1620. [Brit.
Mus. 1447 . c . 11.] A Deduction of the whole matter relating to the Lead-sheathing of his Majesty's
ships, in An Account of several new Inventions. 1691. [Brit. Mus.
534. a. 27.] A Description of the Office of Credit. 1665. [Brit. Mus. 1339 . f . 13.] A Dialogue between Francesco and Aurelia two unfortunate Orphans of the City of
London, 1690, in Harl. Misc. (1746), vol. iv. A Dialogue between two Members of the New and the Old East India Companies.
[Bod. Lib. Pamphlets 6, 658(64).] A Discourse concerning the East India Trade, in Somers' Tracts, vol. x. A Discourse consisting of Motives for the Enlargement and Freedom of Trade.
1645. [Brit. Mus. 1102 . h . 1 . (3).] A Discourse of Marriage and Wiving, 1615, in Harl. Misc. (1746), vol. ii. A Discovery of Subterraneall Treasure. 1639. [Lib. Trin. Coll. Dublin. P . gg . 40.
No. 17.] Advertisement and Proposals offered by Captain John Poyntz. [1683.] Brit. Mus.
816. m. 18. (52). A Familiar Letter containing an Account of the proceedings of the... Mine Adven- turers of England. 1720. [Brit. Mus. 726 . m . 12 . (11).] A Fund for granting Annuities with terms for joining the Million Bank. [1695 Y\
Brit. Mus. 712 . m . 1 . (42). A Just and Modest Vindication of the Two Last Parliaments of King Charles II., in
State Tracts of the Reign of Charles II., vol. i. 1693. A Letter from a Lawyer of the Inner Temple to his Friend in the Country concerning
the East India Stock. 1698. [India Office Tracts, vol. 268.] A Letter from a Parliament Man to his Friend, 1675, in State Tracts of the Reign
ofCharlesIL, vol. II. 1692. A Letter from a Soldier to the Commons of England, 1702, in State Tracts published
during the reign of William III. Vol. iii. 1705-7. A Letter to a Friend concerning the East India Trade. 1696. [India Office Tracts,
vol. 268.] A Letter to a Friend in which is shewn the Inviolable Nature of Publick Securities.
1717. [Brit. Mus. 8225 . a . 29. ] A Letter to a Member of Parliament. 1700. [Advocates Lib.]
List of Authorities xliii
A Letter to a Member of Parliament^ on the Resolution of the House to settle a
Trade to the South Seas of America, 1711, in Somers' Tracts (1748), vol. u. A Letter to a Member of Parliament showing the Injustice of the proposal made by
the Old East India Company. 1701. [Bod. Lib. Godw. Pamph. 2086(5).] A Letter to a New Member of the Honourable House of Commons ; touching the
Rise of all the Embezzlements of the Kingdom's Treasure, 1710, in Harl. Misc.
(1746), vol. VI. A Letter... whereunto is added avisos from several places of the taking of the Island
of Providence by the Spaniards. 1641. [Brit. Mus. E . 141 . (10).] A List of the Estates in Ireland belonging to the Governor and Company for making
Hollow Sword-Blades. [1709.] Lib. Trin. Coll. Dublin, Press A . 7 . 11. A List of the Governor and Court of Directors of the Company of Mine Adventurers.
1727. [Brit. Mus. 522 . m . 12 . (25).] A List of the Names of the Subscribers for raising the Summe of one million sterling
as a Fund for Insuring Sliips and Merchandisse at Sea. [1718.] Brit. Mus.
8225 . a . 38. A List of their names, who by their Adventures are capable of being chosen
committees by the East India Company for the year 1679. [Bob. Lib.
Pamphlets 6, 658 (28).] A List of the Names and Stocks of the Governor and Company of the Adventurers
of England trading into Hudson's Bay (November, 1673). Brit. Mus.
816 . m . 11 . (101). An Abstract of money raised in England by the Long Parliament from Nov. 3, 1640
to Nov. 1659, in Harl. Misc., vol. vi. An Abstract of Proposals for the Bank on Tickets of the Million Adventure. [Brit
Mus. 816 . m . 10 (20).] An Abstract of the Charter granted by their late Majesties to the Governor and
Company for making Iron with Pit Coal. [Brit. Mus. 816 . m . 13 (9).] An Abstract of the Deed or Instrument for an Union of all Parties concerned in the
Mine Adventure, 1710. [Brit. Mus. 522 . m . 25 (9).] An Abstract of the Receipts and Issues of the Publick Revenue, Taxes and Loans
during the Reign of His late Majesty King William, in Somera' Tracts (1751),
vol. xn. An Abstract or brief Declaration of the present state of his Majesties Revenew.
1651. [Brit. Mus. E . 1951 (2).] An Abstract or Short Account of the Duty laid upon Paper. [Brit. Mus.
816. m. 12(40).] An Account of some Transactions in the Honourable House of Commons and before
the Privy Council, relating to the East India Company, 1693, in Somei*s' Tracts,
vol. X. An Account of the clear Profits of extracting Silver out of Lead by the Governor
and Company of the Mine Adventurers of England. 1705. [Brit Mus.
622. m. 12.(9).] An Account of the French Usurpation of the Trade of England. 1679. [Brit Mus.
1102. h. 1.(15).] An Account of the late Scots Invasion as it was opened by my Lord Haversham, in
the House of Lords on 25th February, 170f . 1709. [Brit. Mus. 101 . c . 42.] An Account of the National Land Bank. [Brit Mus. 816 . m . 10 . (6).] An Account of the Proceedings of the Directors [of the Mine Adventure] in
relation to the Accounts, their Charter and other affairs. [Brit. Mus.
522 . m . 12 . (33).]
(22
xliv List of Authorities
An Account of the Proceedings of the Directors [of the Mine Adventure] with
Mr D. Peck. [? 1708.] Brit. Mus. 522 . m . 12 . (11). An Advertisement, shewing that all former objections against the Mill'd-Lead
Sheathing have been answered by the Navy- Board themselves. 1696. [Brit.
Mus. 816. m. 7. (122).] An Advertisement to all that are concerned in the use of Sheet Lead, demonstrating
that Cast- Lead for covering of Churches is worse and dearer than Mill'd Lead.
1702. [Brit. Mus. T . 100* . (223*).] An Answer to several objections against the Mine Adventure. 1698. [Brit. Mus.
522. m. 12. (46).] An Answer to the Proposal for the universal use of Irish Manufactures. 1720. An Answer to two Letters concerning the East India Company. 1676. [Brit. Mus.
1029. g. 22. (2).] An Argument proving that it is more to the Interest of the Government and the
Nation of England that the Forfeited Estates in Ireland be purchased by an
Incorporated Company than by a single Purchaser. 1701. [Brit. Mus.
8225. c. 44.] An Argument proving that the South Sea Company are able to make a Dividend of
38 per cent, for twelve years. 1720. A Narrative concerning the Salt Works in the North, in Reprints of Rare Tracts, by
W. A. Richardson. Vol. iii. An Essay on the East India Trade. 1770. [India Office Pamphlets, 53 . A . 11 . (5).] An Essay towards the History of the last Ministry and Parliament, 1710, in Somers*
Tracts (1748), vol. ii. An Essay upon Industry and Trade. 1706. [Advocates Lib.] An Essay upon Loans, 1710, in Somers' Tracts (1748), vol. ii. An Essay upon Public Credit. 1710. [Brit. Mus. E . 1986 . (3).] An Essay upon the Necessity of raising the value of twenty millions of pounds at
least according to Dr Chamberlain's method. [Brit. Mus. 1390 . e . 1.] A New Abstract of the Mine Adventure. [1698.] Brit. Mus. 726 . m . 25 . (2). A New Year's gift for the directors with some account of their plot against the two
insurances. 1721. [Guildhall Lib.] An Exact and Curious Survey of the East Indies even to Canton, 1616, in Somers'
Tracts, vol. ix. An Exact List of all the Bubbles, 1721, in Somers' Tracts (1751), vol. xvi. An Examination and Explanation of the South Sea Company's Scheme for taking in
the Public Debts. 1720. [Brit. Mus. 712 . g . 19 . (7, 8).] An Exhortation, to stir up the Mindes of all her Majesty's faithful Subjects to
defend their Countrey in this dangerous Time, 1588, in Harl. Misc. (1744),
vol. I. Angliae Tutamen. 1695. [Brit. Mus. 1029. e. 14.] An Historical Account of the Rise and Growth of the West India Colonies and of
the Great Advantages they are to England in respect to Trade, 1690, in Harl.
Misc., vol. II. An Inquiry into the Miscarriages of the last Four Years Reign. 1714. Answer of the East India Company to the Allegations of the Turky Company.
[Brit. Mus. 522.1.5.(8).] Anti-Projector or the History of the Fen Project. [Brit. Mus. 725 . d . 35.] A Penny Post. 1659. [Brit. Mus. 1391 . e . 25.] A Penny Well- Bestowed, or a Brief Account of the new Design, contrived for the
great Increase of Trade and Correspondence. 1680. [Guildhall Lib.]
List of Authorities xlv
A Plaine Description of the Bermudas, by W. C, 1613, in Force Tracts, vol. iii.,
No. 3. A Proclamation prohibiting his Majesties subjects to trade within the limits assigned
to the Governor and Company of Adventurers of England trading into Hudson's
Bay, except those of the Company [31 March, 1688]. Bod. Lib. Ash. H . 23 . (362). A Proposal agreed unto for the more Eflfectual Support and carrying on the Trade
to Africa. [Brit. Mus. 816 . m . 11 . (4).] A Proposal for Settling Jointures and granting Annuities after the rate of 40/. per
cent, per annum. 1714. [Brit. Mus. 8235 . a . 49.] A Proposition for Remeding the Debasement of Coyne in Scotland. [St Andrews
Univ. Lib. Pamphlets, c.lO . 20 . (10).] A Publication by the Counsell of Virginia touching the Plantation there. 1610.
[Soc. Antiq. Broadsides, No. 122.] A Record of some Worthie Proceedings in the Honourable, Wise and FaithfuU
House of Commons in 1611, in Somers' Tracts (1752), vol. xui. A Remonstrance of the State of the Kingdom, Dec. 1, 1641, in Rushworth's Historical
Collections, vol. v. A Report from the Commissioners appointed to take the Publick Accounts, 1714, in
Somers' Tracts (1748), vol. ii. A Representation of the Advantages that would arise to this Kingdom by the
erecting and improving of Manufactories. 1683. [Advocates Lib.] A Representation of the Loyal Subjects of Albinia. 1712. [Brit. Mus. 104 . a . 76.] Armour, J. A Premonitor Warning or Advice. 1702.
A Proposal to supply the Defect of Money. 1696.
Articles concluded and agreed upon by the Society of the White Writing and
Printing Paper Manufactory at Edinburgh. 1695. [Brit. Mus. 1391 . c . 21.] Articles of Agreement and Subscription between His Highness Prince Rupert and
Divers Noble and Honourable Persons and others, for the Undertakers for
working of Mines Royal in the Counties of Cardigan and Merioneth. 1670.
[Brit. Mus. C.27.f. 1.] Articles of Agreement between the Governor and Company of the Copper Miners in
England, and Thomas Chambers, Junr. 1725. [Brit. Mus. 522 . m . 12 . (3).] Articles of Agreement between the Royal Free Burrows of Scotland and Nicholas
Dupin. 1694. [Advocates Lib.] Arwaker, E. Fons Perennis, a Poem on the Invention of making Sea Water fresh.
1686. A scheme for advancing the Trading stock [Mine Adventure]. Brit. Mus.
622 . m . 13 . (32). A scheme for making a fund for granting annuities for lives. [Brit. Mus.
712. m. 1.(33).] A Scheme of Scotland's product and manufactures. [Advocates Lib.] A Second Advertisement relating to Lead-Sheathing upon the Rising Eagle. 1700.
[Brit. Mus. 816. m. 7. (127).] A Settlement of the Mine Adventure. [1698.] Brit. Mus. 522 . m . 12 . (38). [Asgill, John.] Several Assertions proved in order to create another species of
Money than Gold and Silver. 1696. Reprint, Econ. Tracts, Baltimore. A Short Accompt of the first Motives and Reasons for the Mill'd-Lead Sheathing,
its Excellency. 1700. [Brit. Mus. T. 100*. (221).] A Short Account of the profit and Security which all persons will enjoy who advance
money by way of loan to increase the stock and dividend of the Mine Adven- turers. [Brit. Mus. 522 . m . 12 . (29).]
xlvi List of Authorities
A Short and True Account of the Importance and Necessity of Settling the African
Trade. [1712 ?] Brit. Mus. 816 . m . 11 . (12). A Short and True Relation concerning the Soap Business. 1641. [Brit. Mus.
E . 156 . (6).] A Short Collection of the Most Remarkable Passages from the Originall to the
Dissolution of the Virginia Company. [Brit. Mus. C . 32 . g . 22.] A short History of the Last Parliament, by James Drake, M.D., 1699, in Somers'
Tracts (1750), vol. viii. A Short State of the Case of the Company of Mine Adventurers. 1710. [Brit.
Mus. 522 . m . 12 . (8).] A Spark of Friendship, 1588, in Harl. Misc. (1745), vol. in. A Speech made the 21st of June, 1715, upon the question about impeaching his
Grace the Duke of Ormond. 1715. A Speech without Doore concerning the Exportation of Wool. [1700 ?] Advocates
Lib. At a General Court of the Adventurers for the General Joint-stock to the East
Indies, holden Nov. 11, 1693. [Brit. Mus. 816 . m . 11 . (80).] A Treatise on Wool and Cattel. 1677. [Brit. Mus. 1102 . h . 1 . (9).] A Treatise touching the East India Trade. [India Office Tracts, vol. 268.] A True Copy of Several Affidavits and other Proofs of the Largeness and Richness
of the Mines of the late Sir Carbeiy Price. 1698. [Brit. Mus. 726 . m . 25 . (1).] A True Declaration of the Estate of the Colonie in Virginia, 1610, in Force Tracts,
vol. III.
A True Declaration of the Horrid Conspiracy against the late King — Copies of the
Informations relating to the Horrid Conspiracy. 1685. [Brit. Mus. f . 18 . (1, 2).] A True Discovery of the Projectors of the Wine Project out of the Vintners' Own
Orders. 1641. [Brit. Mus. E . 165 . (13).] A True Relation of the Illegal Proceedings of the Somers' Islands Company in the
Court at London. 1678. [Brit. Mus. 10470 . e . 12.] A True Relation of the Just and Unjust Proceedings of the Somers' Islands Company.
1676. [Brit. Mus. 601 . i . 21.] A True Relation of what passed between the English Company trading to the East
Indies and the Governor and Company of the Merchants of London trading to
the East Indies. [1698.] Brit. Mus. 816 . m . 11 . (88). A True Remonstrance of the State of the Salt Business by the Societie of Salt- Makers of South and North Shields and of Scotland. [1638.] Soc. Antiq.
Broadsides, No. 310. Awake O England : Or, the People's Invitation to King Charles, in Harl. Misc., vol. i. Bank Credit ; or the Usefulness and Security of the Bank of Credit examined. 1678. Barbon, N. A Discourse of Trade. 1690. Reprint, Econ. Tracts, Baltimore. [Bentley, Richard.] A Proposal for building a Royal Library. 1697. [Brit. Mus.
816. m. 12. (32).] Bethell, Slingsby. A True and Impartial Narrative of the most material Debates
and Passages in the last Parliament, 1659, in Somers' Tracts, vol. iv. Beware of Bubbles. 1729, 1730 't [Brit. Mus. 816 . m . 13 . (14).] [Binning, John.] A Letter to a Member of Parliament. [1704.] Book of Vouchers to prove the Case and Defence of the Deputy Governor and
Directors of the Company of Mine Adventurers, Pts 1 and 2. [Brit. Mus.
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List of Authorities xlvii
Briscoe, John. Advice to the Freeholder. [Brit. Mus. 712 . m . 1 . (46).]
The following proposals and Accounts of a National Land Bank having been
printed at London. [1695.] Brit. Mus. 8223 . e . 7 . (5).
Proposals for Raising money for the National Land Bank, Aug. 7, 1696.
[Brit. Mus. 712. m. 1.(44).]
Britaine, William de. The Dutch Usurpation, 1672, in Harl. Misc., vol. iii.
Britain's Buss, 1616, in Arber's English Garner, vol. iii.
Britannia Jjanguens, 1680, in M<^Culloch's Tracts on Commerce, 1856.
Brown, John. A Brief Remonstrance of the grand Grievances suflFered by Sir Paul
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Somers' Tracts (1750), vol. v. Carey, Walter. The Present State of England, 1627, in Harl. Misc. (1745), vol. in. [Carte, Thos. ] A Full Answer to a By-stander. 1742. [Brit. Mus. 1103 . f . 16 . (3).] Cary, J. Some considerations relating to the carrying on of the Linnen Manufacture
in Ireland by a joint-stock. [1704.] Cause of the Decay of Coin and Trade, in Harl. Misc., vol. iv. Certain Considerations relating to the Royal African Company. 1680. [Brit. Mus.
712. f. 19. (1).] Chamberlain, Hugh. A Bank Dialogue. [1696.] Brit. Mus. 8223 . e . 7 . (6).
A Rod for a Fool's Back. [Brit. Mus. 8227 . b . 7.]
Charter of the Corporation of the Amicable Society. 1710. [Brit. Mus. 1027 . i . 19 . (1). ]
Child, Josia. Treatise wherein it is demonstrated that the East India trade is the most national of all foreign trades, 1681, in Somers' Tracts, vol. iv.
Clutterbuck, R. H. A Dismal Depression in 1622.
Collins, John. Salt and Fishery. 1682. [Brit. Mus. 981 . b . 6.]
Considerations on the Present State of the Nation as to Publick Credit, Stocks, the Landed and Trading Interests. 1720. [Brit. Mus. 104 . c . 26.]
Cooke, John. Poor Man's Case. 1648. [Brit. Mus. 1102 . h . 1 . (5).]
Cope, Sir Walter. An Apology for the late Lord Treasurer, in Collectanea Curiosa, vol. I.
Cornwaleys, Sir Charles. A Discourse of the State of Spayne, 1607, in Somers' Tracts (1761), vol. xiv.
Correspondence between Sir Henry Bennet and the Duke of Ormond, in Miscel- lanea Aulica, ed. T. Brown, 1702.
Cotton, Sir Robt. An Abstract out of the Records of the Tower touching the King's Revenue. 1642. [Brit. Mus. E . 107 . (20).]
The Danger wherein the Kingdome now Standeth and the Remedie, 1627, in
Somers' Tracts (1750), vol. v.
[Davenant, C] A Discourse upon Grants and Resumptions. 1700.
Davies, John. An Answer to those Printed Papers published in March last, 1640,
by the late Patentees of Salt. 1641. [Brit. Mus. 1029 . e . 31.] Defoe, D. The Chimera ; or the French way of paying National Debts laid open.
[1720.] â– The Consolidator or Memoirs of-Sundry Transactions from the World in the
Moon. 1705.
An Essay upon Projects. 1697.
The Freeholder's Plea against Stock Jobbing Elections of Parliament Men,
xlviii List of Authorities
1701, in A True Collection of the Writings of the Author of the True Bom Englishman. 1703.
Defoe, D. The Villany of Stock Jobbers Detected, in A True Collection of the Writings of the Author of the True Born Englishman. 1705.
Dud. Dudley's Metallum Martis ; or Iron made with Pit Coale, Sea Coale, &c., 1666, in Supplement to the Series of Letters Patent and Specifications in the Great Seal Patent Office, ed. B. Woodcroft. Vol. i. 1868.
Egleton, John. A Letter written to a Member of Parliament relating to Trade,
1702, in Somers' Tracts (1748), vol. 111. Elking, H. A View of the Greenland Trade. 1726.
England's Almanack, showing how the East India Trade is Prejudicial! to this
Kingdom. [Brit. Mus. 816 . m . 11 . (92).] England's Petition to their King. 1643. [Brit. Mus. E . 100 . (27).] England's Tears for the Present Wars, 1644, in Somers' Tracts, vol. xiii. England's Wants : or Several Proposals probably beneficial to England, 1686, in
Somers' Tracts (1751), vol. xiv. England's Way to win Wealth and to employ Ships and Mariners, by Tobias
Gentleman, 1614, in Harl. Misc., vol. iii. English, Henry. A complete view of Joint-stock companies formed during the
years 1824 and 1825. 1827. Estimate of the Debt of Her Majesty's Navy, 1711^ in Somers' Tracts, vol. 11. Estimate of the Profits from the Meliorating of Oils under a Patent of 7th May,
1720. [Advocates Lib.] Extracts from several Mercators, being considerations on the State of British Trade.
1713. [Brit. Mus. 8246 . b . 9.] Extracts from two Acts of Parliament relating to the Governor and Company of
Undertakers for raising the Thames Water in York Buildings. [1720.] Brit.
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fresh and wholesome intend to conclude with such persons that please to agree
with them for the use of this Invention. [1685 }] Brit. Mus. 712 . g . 17 . (15).
Salt- Water Sweetned or a true Account of the Great Advantages of this New
Invention. 1683. [Brit. Mus. 712 . g . 17 . (7).]
Fletcher, Andrew. Scotland's Interest : Or the great Benefit and Necessity of a
Communication of Trade with England. 1704. Forde, Sir Edward. Experimental Proposals how the King may have money to Pay
and Maintain his Fleets, 1666, in Harl. Misc. (1746), vol. iv. Fortrey, Samuel. England's Interest and Improvement. 1663. [Reprint, ed.
J. H. Hollander, Baltimore, 1907.] Godfrey, Michael. A Short Account of the Bank of England, in Somers' Tracts
(1748), vol. II. Gorges, Sir Fernando. America Painted to the life, in Collections of the Maine
Hist. Soc. 1847, vol. 11.
A Brief Narration of the originall Undertakings of the Advancement of
Plantations into the Parts of America, especially New England. 1658. Coll. Maine Hist. Soc. 11. 1847.
Gosse, Wm. How to advance the Trade of the Nation, in Harl. Misc., vol. iv. Graves, E. A brief Narrative of the Cases of Sir W. Courten and Sir Paul Pyndar.
1679. [Brit. Mus. 515 . k . 21 . (5).] Great Britain's Union, and the Security of the Hanover Succession considered, 1706,
in Somers' Tracts (1751), vol. xv.
List of Authorities xlix
Greene, R. A Quip for an upstart Courtier : or a Quaint Dispute between Velvet- breeches and C'loth-breeches, 1592, in Harl. Misc. (1745), vol. v. Grenvill, Sir Foulk. The Five Years of King James, 1643, in Harl. Misc. (1746),
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[Haldane, Patrick.] The Case of the Forfeited Estates in Scotland, considered.
1718. [St Andrews Univ. Lib.] Harcourt, Herbert. A Relation of a Voyage to Guiana, 1613, in Harl. Misc.,
vol. VI. Hill, Aaron. An Impartial Account of a New Discovery to make a pure, sweet and
wholesome oil from tlie fruit of the Beech Tree. 1714.
An Impartial State of the Case between the Patentee, Annuitants and Shares
in the Beech-Oil Company. 1714.
Proposals for a Beech Oil Company. [1714 }"]
Proposals for raising a Stock of ÂŁ100,000 for laying up great quantities of
Beech-Mast for two years. 1714. [Brit. Mus. T . 1856 (1).]
Historical Account of the Bank of Scotland. 1728.
Holland, John. The Ruine of the Bank of England and of all Publick Credit
inevitable. 1715. Hutcheson, Archibald. A Collection of Calculations and Remarks relating to the
South Sea Scheme. 1720. [Brit. Mus. 522 . 1 . 8 . (2).]
Computations relating to the Public Debts. [1717.] Reprinted 1720.
Index Rerum and Vocabulorum for the use of Free-holders of Counties and Freemen
of Corporations. 1722. [Brit. Mus. 8135 . i . 1 . (2).] James I. His Majesties Speech the last Day of March, 1607, in Somers' Tracts (1750), vol. V.
The Peacemaker. 1618. [Brit. Mus. 501 . a . 20. (3).]
Jus Regium : or the King's Right to grant Forfeitures, 1701, in Coll. of State
Tracts, William III. Vol. ii. 1705-7. Keymor's (John) Observations upon the Dutch Fishing about the Year 1601, in The
Phoenix, vol. i. 1707. Lambe, Samuel. Seasonable Observations humbly offered to his Highness the Lord
Protector. — Certain Proposals for establishing a Bank at London, in Somers'
Tracts (1751), vol. x. Lane Mayor — Commune Concil' tent' in Camera Guildhald' Civitat' London'. An
Act of Common Council for Lighting the Streets. [Brit. Mus. 1881 . b . 3 . (9).] Law, John. Money and Trade Considered, 1705, in Somers' Tracts (1751), vol. xvi. Laws of the Lead Mines of Werksworth in Derbyshire, in Houghton, John, Rara
Avis in Terris, or the Compleat Miner. No. xv. 1680. L' Estrange, R. The Ancient Trades Decayed Repaired again. 1678. [Brit. Mus.
1102. h. 1.(13).] Letter from a merchant at Whitehaven to his Friend in London. [Brit. Mus.
816. m. 3. (11).] Letter from Sir Henry Benuet to the Duke of Ormond, Sept. 11, 1665, in Miscellanea
Aulica, ed. T. Brown, 1702. Lettre a un ami en HoUande au sujet de la Nouvelle Compagnie Imperiale des ludes.
[1726 .?] Brit. Mus. 8245 . b . 90 , (6). Lewis, M. Proposals to the King and Parliament, or, a Large Model of a Bank.
1678. Lilburne, John. The Case of the Tenants of the Manor of Epworth in the Isle of
Axholm... truly stated. [1651.] List of the Adventurers in the Mine Adventure. 1701. [Brit. Mus. 726 . m . 25 . (5).]
1 List of Authorities
List of the Fortunate Adventurers in the Mine Adventure. [Brit Mus.
726 . m . 25 . (3).] List of the Several Reversionary Annuities to which the Million Bank are entitled.
[1695 ?] Brit. Mus. 8223 . e . 7 . (11). London's Lord Have Mercy upon us. A True Relation of the Seven Modern Plagues
or Visitations in London, 1665, in Somers' Tracts (1750), vol. vii. Manley, Thos. Usury at six per Cent. Examined. 1669. Marvel, Andrew. An Account of the Growth of Popery and Arbitrary Government,
1677, in State Tracts printed in the Reign of Charles II. Vol. i. 1693. Memorial and Intimation of the Governor and Company of the Bank of Scotland,
1704, in A Century of Banking in Dundee, by C. W. Boase. 1867. Memorial on Behalf of the Royal African Company. [1710.] Brit. Mus.
816 . m . 11 . (45). Misselden, E. The Circle of Commerce. 1623.
Free Trade ; or the Means to make Trade florish. 1622.
Molard, M. Essai sur I'origine et I'organisation de la Banque de Saint-Georges.
[1878.] Money Encreased and Credit Raised. 1705. [Advocates Lib.] Morris, C. A Letter from a By-stander to a Member of Parliament. 1741. [Brit.
Mus. 1103. f. 15.(1).] Mr Aislabie's Second Speech on his Defence in the House of Lords, on Thursday,
July 20, 1721. [Brit. Mus. 517 . k . 16 . (30).] Mun, T. A discourse of trade from England into the East Indies, 1621, in Purchas,
Pilgrims. Vol. v. 1906. Murray, John. A proposal for a National Land Bank. 1695. [Guildhall Lib.
A. 9. 2.] Murray, R. A Proposal for the Advancement of Trade. 1676. [Brit. Mus.
712 . m . 1 . (9).] Nashe's Lenten Stuff, containing the Description and first Pro-creation of the Town
of Great Yarmouth, 1599, in Harl. Misc., vol. vi. Neale, Thos. Proposals touching the National Land Banks. [Guildhall Lib.
A. 9. 2.] No Punishment, no Government, and no Danger even in the worst Designs. 1712. Nova Britannia, offering most excellent Fruits of Planting in Virginia, 1609, in
Force Tracts, vol. i.. No. 6. 1836. Observations on the Acts made for the Encouragement of the Lustring Company
which relate to the Exportation of French Alamodes and Lustrings ; humbly
offered by Walter Stewart and William Murray, Petitioners. [1708 .''] Observations on the Establishment of New Water Works Companies. [Guildhall
Library.] Office Keepers' Answer to a Scandalous Reflection on them by the Societies of the
Mines Royal, Mineral and Battery Works. [1718.] Brit. Mus. 357 . b . 3 . (73). Of Fishing the Seas and Converting Waste into Wealth. 1612. Omnia Comesta a Bella. 1667. [Brit. Mus. Burney 67. a.] Osmond, George. A Proposal for raising great sums of money all over Great Britain
for the use of the Government, 1711, in The Early Days of the Sun Fire Office,
by Edw. Baumer. 1910. Overture for Establishing a Land Bank Office whereby the Nation may be rendered
rich and happy. 1704. Papers relating to a Bank of Credit on Land Security. 1693. [Brit. Mus.
1139. h. 18.]
List of Authorities JI
Parker, Henry. Of a Free Trade. 1648.
Petition of the Mariners and Sea-men, Inhabitants in and about the Porta of London
and the Thames [1642], in Somers' Tracts, vol. vi. Pierrpoint, W. A Treatise concerning Registers to be made of Estates, in Harl.
Misc. (1746), vol. III. PoUexfen, Sir H. Discourse on Trade. 1696. [India Office Tracts, 63 . A . 11.] Poyntz, Capt. John. The Present Prospect of the Famous and Fertile Island of
Tobago. 1683. [Brit. Mus. 1061 . g. 29.] Reasons humbly offered to the House of Commons relating to the Bill for
making decayed Havens, Ports, &c. more navigable. [Brit. Mus. 816 . m . 8 . (62).] Proceedings at the Council of Trade between the Muscovia Company and other
Adventurers. [Brit. Mus. 618 . 1 . 13 . (13).] [Proceedings] At a Court of Directors [Mine Adventurers] 16 June, 1704. [Brit
Mus. 726. m. 25. (8).] Proceedings at a General Court Meeting of the Royal African Company, Feb. 18,
1714. [Brit. Mus. 8223 . e . 4.] [Proceedings] At a General Court [Mine Adventurers]. Brit. Mus. 622 . m . 12 . (49). Proclamation for the well ordering of the making of white Starch. [Brit. Mus.
816. m. 13.(163).] Proposals about Lights for this City. [Brit. Mus. 816 . m . 13 . (46).] Proposals for a large Model of a Bank. 1678. [Brit. Mus. 1139 . f . 19.] Proposals for the Sale of ÂŁ260,000 of the East India Stock. [Bod. Lib. Pamphlets
e, 658 (26).] Proposals humbly offered for the better lighting of the City of London. [Brit. Mus.
816. m. 9. (9).] Proposals of Dr Hugh Chamberlen and James Armour for a Land Credit. 1705.
[Advocates Library.] Proposals of Dr Hugh Chamberlain for a Bank to secure current credit. 1696.
[Brit. Mus. 8223 . e . 7 . (3).] Proposals of Nicholas Dupin, First Deputy-Governor of the Linen and White
writing-paper Corporations in England, Scotland, and Ireland. 1698. [Brit.
Mus. 8223 . d . 17.] Proposals of the Company of London Insurers. [Brit. Mus. 8226 . e . 31.] Proposals of the Gov'^ and Ass** of the King's and Queen's Corporation for the Linen
Manufacture in England. [Brit. Mus. 816 . m . 13 . (48).] Reasonable Proposals for a Perpetual Fund or Bank in Dublin. [1696.] Lib. Trin.
Coll. Dublin, 33 . q . 22 . (16). Reasons against further additional Duties on Paper. [Brit. Mus. 816 . m . 12 . (43).] Reasons against Grafting or Splicing, and for dissolving this present East India
Company or Joint Stock, and erecting and establishing a new Joint Stock
Company, Jan. 3, 16f §. [Bod. Lib. 6, 658 (69).] Reasons for further additional Duties on Paper. [1 698-9 }] Brit. Mus. 816 . m . 12 . (39). Reasons for passing the Mine Adventurers' Bill ; Reasons against passing the Bill
relating to the Mine Adventurers ; Remarks on a Paper entitled Observations
on a Bill relating to the Mine Adventurers. [Brit. Mus. 816 . m . 13 . (79, 80,
81).] Reasons for the East India Company's sending out Twelve Ships to India about the
15th of January next, Dec. 7, 1692. [Bod. Lib. Pamphlets 6, 658(37).] Reasons humbly offer'd against laying a farther duty upon Paper. [Brit. Mus.
816. m. 12. (42).] Reasons humbly offered against the Bill for the sole use of Convex Lights or Glasses.
[Brit. Mus. 816 . m . 13 . (47).]
Hi List of Authorities
Reasons humbly offered against the Societies of the Mines Royal, Mineral and
Battery Works who have undertaken to insure Ships and Merchandize at Sea
without a Charter. [Brit. Mus. 357 . b , 3 . (76).] Reasons humbly offered by the Company of Glass and Earthenware Sellers, in answer
to the Pot-Makers. [1698 }] Brit. Mus. 816 . m . 12 . (120). Reasons humbly offered by the Societies of the Mines Royal, Mineral and Battery
Works, who insure Ships and Merchandize with the security of a deposited
Joint-Stock. [Brit. Mus. 816 . m . 10 . (117).] Reasons Humbly offered for laying a farther duty on all foreign paper. [Brit. Mus.
816 . m . 12 . (41).] Reasons humbly offered on behalf of the Hudson's Bay Company that they may be
exempted in the clause that will be offered for suppressing the Insurance Offices.
[Bod. Lib. Bromley's Parliamentary Papers, ii. No. 130.] Reasons Humbly offered to the House of Commons for Incorporating the Subscribers
for carrying on a National Fishery. [1720 .?] Brit. Mus. 357 . b . 3 . (78). Reflections on the Answer of the East India Company. [Brit. Mus. 8223 . g . 2.] Reflections on the East Indy and Royal African Companies. 1695. [Brit. Mus.
1029.6.10.(6).] Remonstrance of the Farmers and Adventurers in the Wine Farm of 40/^ per tun to
the House of Commons. [1641.] Soc. of Antiq. Coll. Broadsides, No. 316. Roberts, Lewes. The Treasure of Traffike, 1641, in M<^Culloch's Early English
Tracts on Commerce. Roe's (Sir Thomas) Speech in Parliament, 1641, in Harl. Misc. (1746), vol. iv. Rovenzon, John. A Treatise of Metallica, 1613, in Suppt. to the Series of Letters
Patent and Specifications, ed. B. Woodcroft. 1858. Sam against Shepherd. [Bod. Lib. Pamphlets 6, 658(62).] Scotland's Interest : Or the Benefit and Necessity of a Communication of Trade with
England. 1704. [Advocates Lib.] Sheppard, W. Of Corporations, Fraternities and Guilds, Forms and Presidents of
Charters concerning Corporations. 1659. Shiers, Wm. A familiar Discourse or Dialogue concerning the Mine-Adventure.
1709. [Brit. Mus. 444 . a . 5.] Smerthwicke, Thomas. A Motion to the East India Company, Feb. 19, 1628.
[Coll. Broadsides, Soc. Antiq. No. 294.] Smith, John. Trade and Fishing of Great Britain Displayed. 1661. Some Calculations relating to the Proposals made by the South Sea Company and
the Bank of England [March 1720], in A Collection of Calculations, 1720, by
A. Hutcheson. Some Considerations on the late Act of the Parliament of Scotland for Constituting
an Indian Company. 1695. [Advocates Lib.] Some of the Bye-Laws made by the Governour and Company of the City of London
for the Plantation of the Summer Islands. [Brit Mus. 816 . m . 18 . (35).] Some Paragraphs of Mr Hutcheson's Treatises on the South Sea Subject. [1723.] Some Queries relating to the Present Dispute about the Trade to Africa. [1710.'']
Brit. Mus. 816 . m . 11 . (5). Some Reasons against the clause for Restraining all Corporations but the Bank of
England from keeping Cash or borrowing money payable at demand. [Brit.
Mus. 712. m. 1.(28).] Some Reasons offered by the late Ministry, in Defence of their Administration.
1715. [Brit. Mus. E . 2007 . (3).] Some Short Considerations concerning the State of the Nation, in State Tracts...
William III. Vol. m.
List of Authorities liii
•
St Hilary's Tears, in Harl. Misc., vol. ii.
St Loo, George. England's Safety or a Bridle to the French King, 1693, in Somers'
Tracts, vol. iv. Stringer, Moses. English and Welsh Mines and Minerals. 1699. Swift, J. A Proposal for the Universal Use of Irish Manufacture, in Works, 1762,
vol. IV.
A Letter to the Archbishop of Dublin concerning the weavers, in Works,
vol. XII.
The Advantage of the New Scheme of the Mine Adventure. [Brit. Mus.
522.m.l2.(30).] The Allegations of the Glass-Makers Examined and Answer' d. [Brit. Mus.
816 . m . 12 . (135).] The Allegations of the Turky Company and others against the East India Company,
relating to the management of that Trade. [1681.] Brit. Mus. 522 . 1 . 6 . (8). ITie Anatomy of an Equivalent, in State Tracts, printed in the Reign of Charles II.
Vol. II. 1692. The Anatomy of Exchange Alley, 1719, in Chronicles of the Stock Exchange, by
John Francis. 1849. The Answer of the East India Company to S. White. [1689.] Brit. Mus.
522.1.6.(5). The Art of Good Husbandry, by R. T., 1675, in Harl. Misc., voL i. The British Bellman, 1648, in Harl. Misc. (1746), vol. vii. The Bubbler's Mirror. [Brit. Mus. Print Room.] The Case and Grievance of divers Merchants and others Members of the
Bermuda Company and of the Planters within the said Islands. [Brit. Mus.
816. m. 18.(34).] The Case of John Powell of London. [Brit. Mus. 8223 . d . 43.] The Case of Richard Thompson and Company. 1678. [Brit. Mus. 1417 . h . 42.] The Case of Rock-Salt. [1702.] Brit. Mus. 816 . m . 13 . (108). The Case of Sir Humphrey Mackworth — Answer to the several particulars of the
Complaint upon the Petition of several Creditors and Proprietors of Principal
Money Annuities and Shares of the Company of Mine Adventurers. [1710.] The Case of the Company of Merchant Adventurers for the Discovery of New Trades.
[Brit. Mus. 816 . m . 11 . (118).] Tlie Case of the Creditors of the Mine Adventurers Company. [Brit. Mus.
522 . m . 12 . (4).] Tlie Case of the First Undertakers for Reducing of Letters to half the Former Rates
truly Stated. [Brit. Mus. 816 . m . 10 . (57).] The Case of the Governor and Company for making Hollow Sword-Blades in
England. [Guildhall Lib.] The Case of the Merchants importing Geneva Paper in relation to the Duty on
Cards. [Brit. Mus. 816 . m . 12 . (69).] The Case of the Mine Adventurers on a proposed Restriction of the Issue of Notes
of Credit. [Brit. Mus. 522 . m . 12 . (26).] The Case of the Paper-Traders, Humbly offer'd to the Honourable House of
Commons. [} 1697.] Brit. Mus. 816 . m . 12 . (45). The Case of the Royal African Company. [Brit. Mus. 8223 . e . 18.] The Case of the United Society for the Improvement of Mineral Works. 1716.
[Brit. Mus. 816 . m . 13 . (75).] The Case of the Weavers who are Petitioners to be relieved against the Clause in
the Coale Act. [1695.] Brit. Mus. 816 . m . 13 . (122). The Case of the York Buildings Company. [1726 >] Brit. Mus. 816 . m . 14 . (31).
liv List of Authorities
The Case of Thomas Bushell truly stated. 1649. [Brit. Mus. C . 27 . f . 1 . (3).] The Case of W. W[aller] upon the complaint of E. Vaughan. [1714.] Brit. Mus.
516 . m . 18 . (43). The Charter of the Bank of England^ in Lawson, W. J., History of Banking. 1850. The Charter of the Royal Lustring Company. [Brit. Mus. 8223 . e . 69.] The Charters of the Corporation of the London Assurance. [N. D.] The Charters of the Royal Exchange Assurance and of the Royal Exchange As- surance of Houses and Goods from Fire. [N. D.] The Circumstances of Scotland considered. 1705. [Signet Lib. Edinburgh.] The Compleat Collier, by J. C, 1708, in Richardson's Reprint of Rare Tracts,
Miscellaneous. The Constitution of the Office of Land Credit. [Brit. Mus. 8223 . e . 7 . (12).] The East India Trade a Most Profitable Trade to the Kingdom, and best secured and
improved in a Company and a Joint-Stock. 1677. [Brit. Mus. 1029 . g . 24.] The Examinations and Informations upon Oath of Sir Thomas Cooke. [India Office
Tracts, vol. 268.] The Exorbitant Grants of William III. Examined and Questioned. 1703. [Brit.
Mus. 8122. cc. 2.] The Fears and Sentiments of all True Britons with respect to National Credit. 1710.
[Spectator, No. 3.] The Grand Concern of England explained, 1673, in Harl. Misc. (1746), vol. viii. The Grand Question Resolved whether a King of England can make Wars and Alliances without Notifying it to Parliament [1673], in Miscellanea Aulica, ed. T. Brown, 1702. The Grievances of Scotland in Relation to their Trade with England, 166|, in
Miscellanea Aulica, ed. T. Brown, 1702. The Humble Remonstrance of the Benefits of Draining Fenne Lands. [Brit. Mus.
816.m.8.(25).] The Importance of the Ostend-Company consider'd. 1726. [Brit. Mus. 1391 . c. 23.] The Just and Amicable Society kept by the Widow Pratt. [Brit. Mus.
1890. b. 6. (34).] The King's Majesties Speech as it was delivered the 19th day of March, 1603, in
Somers' Tracts, vol. v. The Linen and Woolen Manufactory Discoursed, with the Nature of Companies and
Trade in general. 1691. [Advocates Lib.] The Lord Treasurer Burleigh's Advice to Queen Elizabeth in matters of Religion
and State, in Somers' Tracts (1752), vol. xiii. The Management of the Last Four Years Vindicated. 1714. [Brit. Mus.
1103 . a . 2 . (6).] The Mine Adventure; or an Expedient for composing all differences between the partners of the Mines, late of Sir C. Pryse. 1698. [Brit. Mus. 522 . m . 12 . (6).] The Mine Adventure ; or an Undertaking advantageous to the Publick good. [Brit.
Mus. 622. m. 12. (37).] The Monthly Account of the Land Bank. [Brit. Mus. 712 . m . 1 . (6, 46).] The Mournfull Cryes of many Thousand Poore Tradesmen who are ready to famish
through decay of Trade. 1647. [Brit. Mus. 669 . f . 11 . (116).] The Mystery of the New fashioned Goldsmiths or Bankers, 1676, in The Grasshopper
in Lombard Street, by J. B. Martin. 1892. The Naked Truth in an Essay upon Trade. 1696. [Brit. Mus. 1102 . h . 1 . (17).] The New Invention of Mill'd Lead for Sheathing of Ships, in An Account of Several
New Inventions. 1691. [Brit. Mus. 534. a. 27.] The New.Life of Virginia, 1612, in Force Tracts, vol. i.
List of Authorities Iv
The Occasion of Scotland's Decay in Trade. [1705.] Advocates Lib.
The Particular Grievances of those... which lye under the oppressions of George
Wood's Patent for the sole printing of linnen cloth. [1624.] Society of
Antiquaries, Coll. Broadsides, No. 222. The Petition and Remonstrance of the Governor and Company of Merchants of
London trading to the East Indies. 1628. [Brit. Mus. 1029 . c . 30.] The Petition and Remonstrance of the Governour and Company of the Merchants of
London trading to the East Indies. 1641. [Brit. Mus. 1029 . c . 31.] The Petition of Dorothy Petty, a director of the Union Society, in Walford's
Insurance Cyclopaedia. Vol. i. 1871-80. Tlie Petition of Thomas Bushell. 1660. [Brit. Mus. 516 . m . 18 . (95).] The Practical Method of the Penny Post. 1681. [Brit. Mus. 8245 . g . 6.] The Present State of Christendom and the Interest of England with regard to
France, 1677, in Harl. Misc., vol. i. The Present State of Mr Wood's [Mine] Partnership. [1720.] Brit. Mus.
8223 . e . 95. The Projector's Downfall or Times Changeling, wherein the Monopolists and
Patentees are unmasked to the View of the World. 1642. [Brit. Mus.
E . 140 . (22).] The Proposals of the Friendly Society for Widows. [Brit. Mus. 712 . m . 1 . (47).] The Report of a Committee appointed at a General Court (Mine Adventure), May 6,
1708. [Brit. Mus. 622 . m . 12 . (13).] The Report of the Committee of the House of Commons to whom the Petition of the
Royal Lustring Company of England was referred. 1698. [Brit. Mus.
816 . m . 8 . (62).] The Report of the Committee to consider the petitions of several Creditors and
Proprietors in the Mine Adventure. 1710. [Brit. Mus. 522 . m . 9 . (3).] The Royal African Company and the Separate Traders agreed. [Brit. Mus.
8223.0.11.] The Royal Fishing Revived, in Harl. Misc., vol. iii. The Sea's Magazine Opened. 1653. The Secret History of the Trust : with some Reflections upon the Letter from a
Soldier. 1702. [Brit. Mus. 601 . f . 22 . (6).] The Settlement of the Land Bank established, anno Domini, 1695, in Somers' Tracts,
vol. XI.
The Several Articles or parts of the Proposals upon Land Credit. [Brit. Mus.
8223.0.7.(4).] The Summarie of Certaine Reasons which have moved Quene Elizabeth to precede
in Reformations of her base and course monies, in Harl. Misc. (1746), vol. viii. The Trade of Britain stated. [1708. By Defoe.] Brit. Mus. 1103 . f . 69. The Trade's Increase. By J. R., 1615, in Harl. Misc., voL iv. The Trade to India critically and calmly considered. 1720. [India Office Tracts,
63. A. 11.(1).] The Trade with France, Italy and Portugal considered, in Somers' Tracts,
vol. IV.
The Weavers' Answer to the Objections made by the Lustrings' Company. [1696.]
Brit. Mus. 816 . m . 13 . (123). The World's Mistake in Oliver Cromwell : Or a short political Discourse shewing
that Cromwell's Male- Administration laid the foundation of our present condition
in the Decay of Trade, 1668, in Harl. Misc., vol. i. Thomas, Dalby. Propositions for general Laud Banks. [Guildhall Lib. A . 9 . 2.]
Ivi List of Authorities
To all Ingenious People — A Second Intimation from the New Undertakers for
conveyance of Letters at half the rates to Severall Parts of England and
Scotland. [1653.] Brit. Mus. 669 . f . 16 . (95). Tom Tell-Troath : Or a free Discourse touching the Manners of the Time [1622 ?],
in Harl. Misc. (1746), vol. ii. To the Hon. the Knights Citizens and Burgesses assembled, &c. [Brit. Mus.
712. m. 1.(35).] Truth if you can find it : Or, a Character of the present M y. 1712. [Brit.
Mus. T. 1990. (18).] Truth, Truth, Truth. 1715. [Brit. Mus. 101 . e . 50.]
Two Letters concerning the East India Company. 1676. [Brit. Mus. 1029 . g . 22 . (1). ] Two Overtures — The First for supplying the present scarcity of coyn, and improving
Trade, in The Writings of Wm Paterson, ed. S. Bannister. Vol. ii. Two Seasonable Discourses concerning the present Parliament, 1675, in State Tracts
of... Charles II. VoL i. 1693. Violet, Thos. An Appeal to Caesar. 1660.
A True Discoverie to the Commons of England how they have been cheated
of almost all the Gold and Silver Coin of the Realm. 1651.
Mysteries and Secrets of Trade. 1653.
— — Proposals for the calling to a True and Just Accompt all Committee-Men,
1656. Walcott, Wm. Answer to Mr Fitzgerald's State of the Case concerning the Patent
for making salt water fresh. 1693. [Brit. Mus. 712 . m . 1 . (24).] Walker, Clement. Relations and Observations... upon the Parliament begun in
1640, 1648, in Maseres, Civil War Tracts. Vol. i. Waller, W. The Mine Adventure laid open, being an Answer to a Pamphlet by
W. Shiers. 1710. [Brit. Mus. 444 . a . 28 . (3).]
Value of the Mines of the late Sir C. Price. 1698. [Brit. Mus. 990 . c . 14.]
Ward, Patience, Papillon, Thos., and others. A Scheme of Trade as it is at present
carried on between England and France, 1674, in Somers' Tracts (1748), vol. iv. Whiston, James. England's Calamities Discovered, 1696, in Harl. Misc., vol. vi. Yalden, Thos. A Poem on the Mines of Sir Carbery Price. 1701.
V. NEWSPAPERS TO 1720
Applebee's Journal ; Caledonian Mercury ; Daily Courant ; Daily Post ; Domestic Intelligence ; Edinburgh Courant ; Edinburgh Evening Courant ; Edinburgh Gazette ; Evening Post ; Flying Post ; Glasgow Mercury ; Heraclitus Ridens ; Historical Register ; London Gazette ; London Journal ; London Mercury ; London Post ; Mercurius Civicus ; Mercurius Politicus ; Mist's Journal ; TTie New State of Europe ; Post Boy ; Postman ; Postman and Historical Account ; Protestant Domestic Intelligence ; Scots Courant ; Scots Postman ; Smith's Currant Intelligence ; Smith's Protestant Intelligence ; Spectator ; Tatler ; True Domestic Intelligence; True News, or. Mercurius Anglicus ; Weekly Journal, or British Gazetteer. Also the following: —
Gentleman's Magazine, vol. i. ; Notes and Queries, 6 Ser., vol. x. ; Royal Exchange Assurance Magazine, vol. i. ; Journal of the Royal Historical and Archaeological Association of Ireland, 3rd series, vol. i., 4th series, vol. iv.; Virginia Magazine, vol. IV.; Stamp Lover, No. 1 et seg.; Times, Oct. 2, 1909.
PART I.
CHAPTER I.
The various Lines of Economic Development which
CONVERGE in THE FiRST ENGLISH JoINT-StOCK COMPANIES.
Though it is not possible to discover instances of the joint-stock company in England before the middle of the sixteenth century, it must, at the same time, be recognized that before that date there were tendencies which would make its ultimate establishment inevitable. In the Italian states, organizations of a similar character had been in existence early in the fifteenth century, if not before that time\ Prominent amongst these was the Bank of St George at Genoa, which had been constituted by 1407 ^ When the importance of Italian finance in England at an early period is remembered, allowance must be made for the possibility that, when the time was ripe, the method of constituting a company might have been copied, and that, when an organization of this type was at length founded, it would be, in its main essentials, an importation from abroad and not an indigenous product.
Further, should the whole mechanism not be transported bodily from outside, there were two main lines of development, which by their union, or again by the gradual extension of either, might result in the formation of a joint-stock body. These were the mediaeval partnership and the growth of the idea of a corporation. With reference to the first of these, the canonist doctrine on the use of capital discouraged loans, while it encouraged partnership^ There were the Commenda and
^ Universalgeschichte des Handelsrechts, von L. Goldsclimidt, Stuttgart, 1891, pp. 293-7 ; Studien in der Romanisch-Kanonistischen Wirthschajls- mid Rechtslehre, von W. Endemann, Berlin, 1874, i. pp. 432, 433. In Germany mining partnerships, with transferable shares, were common in the fifteenth and early sixteenth centuries.
2 Histoire de la Banque de Saint-Georges de Genes, par le Prince A. Wiszniewski, Paris, 1865, p. 22.
3 The Growth of English Industry and Commerce during th^ Early and Middle Ages, by W. Cunningham, Cambridge, 1905, p. 367.
S. C. I. 1
2 The Commenda and Societas [chap. i.
the Societas^, both of which were in frequent use on the Continent. In England the latter, at least, must have been understood, since there are numerous references which point to associations of this type having been introduced by foreigners in their financial transactions. Thus in 1284 there appeared in London Simon Gherardi della compagnia di Messer Thomaso Ispigliati e di Lapo Ughi Spene, in 1296 Boniface recommended to Edward I. certain merchants de societate Riezardorum. In the fourteenth century mention of the societas Bardorum and of the societas Peruzzarum becomes frequent, while the context shows that this term was not used in a vague general sense, but as implying distinctly that these societates were partnerships. For instance, in 1312 Stephanus Peruzzi undertook certain obligations, nomi7ie suo et ceterorum sociorum de societate Peruzzorum^. It might be supposed that, when there came a time at which English capital began to be used in enterprizes of magnitude, the model of the societas would be adopted ; but, before that stage had been reached, the influence of Italian bankers in I^ondon had greatly declined, through the failure of the Bardi and some other firms in 1345^. It follows that, when a considerable capital began to be needed to develope English industries about the middle of the fifteenth century, it was unlikely the methods, adopted in the management of it, would be copied from the Italian societas. By that time the corporate idea had developed in such a manner as, temporarily, to check the extension of partnership, with the result that the union of the two principles was postponed.
To understand the reaction of the corporate idea on that of partner- ship, it is necessary to trace with some detail the growth of the former. The beginnings of this development are to be found in the Anglo-Saxon and Anglo-Norman gilds. From these bodies a number of institutions have been derived by a gradual process of differentiation ; and, in many cases, the stages of the evolution have been carefully traced. Accord- ingly, it will be necessary to bring to light only those characteristics of the gilds, which reappear in the early joint-stock companies. First
^ Both were forms of the mediaeval partnership. In the commenda, in its earlier form which is traceable in foreign trade, the commendator provided the capital and the commendatarius managed the investment. In the societas^ the commendatarius contributed a portion of the capital. The development of the system is explained in An Introduction to English Economic History and Theory, by W. J. Ashley, Loudon, 1893,1. (Pt. ii.)pp. 411-21.
2 Fcedera, edited T. Rymer, London, 1705-8, ii. p. 706, iv. p. 387 ; Historical and Chronological Deduction of the Origin of Commerce, by A. Anderson, Dublin, 1790, 1, p. 411 ; Goldschmidt, Handelsrechts , p. 275 ; H. Sieveking, Die kapUalistische Entwicklung in den italienischen Stddten des Mittelalters , in Vierteljahrschrijl fur Social- und Wirthschaftsgeschichte, vii. p. 78.
3 Alien Immigrants to England, by W. Cunningham, London, 1897, p. 76.
CHAP. I.] The Germ of Perpetual Succession 8
amongst these is that of the germ of the conception of " perpetual succession." In a gild, established before the Norman Conquest at Abbotsbury by Orcy, property was granted for the gildship '* to possess now and hence-forth,'"* thereby implying that the body was to continue indefinitely as the owner of the premises devised^ Subsequently, the ideal of continuity becomes more explicit, some fellowships were founded " evermore to lasten "*' and others " to abyde, endure and be maynteyned withoute ende'^.'' Visible expression was given to the corporate character by the use of a common seal. It seems probable that this usage grew gradually. Some method was required by which the act of the whole body could be identified. At first the seal of some well-known per- sonage was appended to documents — as for instance, in the case of the P'ullers' Gild of Lincoln, which is said to have been founded in 1297, the ordinances, approved in 1337, were, " at the special request of the bretheren and sisteren,'"* sealed with the official seal of the Deanery of Lincoln, in order " to have the greater proof thereof in time to come'."" In another early gild — that of the Blessed Virgin Mary at Chesterfield — the charters were kept in a box, under the private seals of the officials, to which later the common seal of the gild was added ^ At the end of the thirteenth century and in the fourteenth, several fellowships had common seals — as for instance the gild of the Trinity at Worcester, that of the Holy Cross at Birmingham, that of Corpus Christi at York and that of the Palmers at Ludlow ^
From one point of view early gilds or "fellowships" were marked by the analogy to the family. The members were usually described as "bretheren" and "sisteren." Whether there was any conscious reference to an artificial family is not clear; but, on the other hand, there is ample evidence that there was a decided tendency to strengthen the solidarity of the members in every way that was possible. This tendency again was not only positive — it acted also negatively, in fostering a spirit of exclusiveness towards all outsiders. Even in those gilds that were purely social, in many cases, candidates for admission had to swear not to betray their affairs ^ Thus the conception of the separateness of the fellowship grew up, and thence emerged the monopolies exercised by certain of the trading gilds.
} Diplomatarium Anglicum Aevi Saxonici, edited by B. Thorpe, Tx)ndon, 1865, p. 605.
2 Shipmanes Gild, Lynn ; Gild of the Purification and Gild of St Lawrence, Bishop's Lynn ; Gild of St Katharine, Stamford ; Ordinances of Early English Gilds, edited by Toulmin Smith, London, 1870, pp. 53, 89, 91, 188.
3 Ibid., p. 181. * Ibid., p. 168. fi Ibid., pp. 193, 207, 250.
« Cf. Gild of the Holy Trinity, Cambridge: Ibid., p. 267.
1—2
4 Government of early Gilds [chap. i.
One element in the organization of the social gilds, was the series of regulations as to the management of their business and the control of members at the convivial and other meetings. As a rule, the government of these gilds was committed to an alderman, who was the chief official, one or more wardens or stewards, who had charge of the property, a dean or clerk, who summoned the brethren to the meetings and kept the register of members ^ This was the general type of organization, but there were a few exceptions. The gild of the Holy Cross at Stratford-on-Avon elected, not one alderman, but two aldermen^ — a case of special interest, as it will appear that some of the early joint-stock companies had two chief officials ^ In this gild, instead of the subordinate officers, there were selected six other brethren, to manage the affairs of the gild with the aldermen. Again, in the gilds of the Young Scholars and of Corpus Christi at York, the head in each case was described as the Master^. In two fraternities at Lincoln, the leading officer was named "the Graceman^," while it appears that, in the gild of the Holy Trinity at Lancaster, the govern- ing body consisted of "twelve good and discrete men,"" elected annually ^ This mode of controlling the affairs of the body suggests the beginnings of some species of committee or council, in addition to the officials, and further evidence is afforded by references to the choice of " two of the most discrete men of the gild to help"" the alderman and stewards ^ There is another form in which a group of this kind is common amongst the social gilds, namely as elective. While, in some cases, the alderman and stewards were chosen by the fraternity as a whole, in many others the procedure was more complex. The outgoing alderman nominated four or eight of the members, and these appointed the new officials^
Two of the main activities of the gilds have some bearing on the early joint-stock system. They organized feasts and convivial meetings, and it will be found that this characteristic persisted. Thus — at times of rejoicing — the East India company was noted for its festive gatherings; and, on these and other occasions, there was a system of penalties for absence or for disorderly behaviour^ Then, in some instances, the gilds
1 Toulmin Smith, English Gilds, pp. 3, 7, 9, 14, 15, 17, 19, 45, 47, 49, 54, 58, 60, 62, 64, Q5, 67, 69, 71, 74, 78, 80, 83, 86, 89, 91, 95, 97, 100, 103, 106, 108, 114, 116, 119, 121, 122, 148, 149, 156, 160, 161, 165, 174, 176, 187, 263.
2 Ibid., p. 217. 3 Vide infra, ii. pp. 38, 78, 386, 415. * Toulmin Smith, English Gilds, pp. 52, 141.
6 IMd., pp. 174, 176. 6 Ibid., p. 164. ? Ibid., p. 156.
» Ibid., pp. 64, 74, 83, 89, 91, 97, 100, 119.
® Vide infra, ii. p. 96. The same custom was followed by the Sun Fire Office {vide infra, in. pp. 381-8). The sum allocated for the dinner in 1712 was 305., which amount had been increased to £6 in 1715 ; in addition to this it was ordered that " what is drunk in the court room be payd for out of the public stock." In
CHAP. I.] General Meetings of early Gilds 6
arranged processions with no little pomp and ceremony, and the same feature reappears at the beginning of the history of the Russia com- pany— there, just as in the social fraternities, at the funeral of a member*. It is to be noted also that, in another aspect of gild-life, there is some- thing that was a remote preparation for the joint-stock body. This arose out of the benefit-side of these fraternities. Such activities involved the collective ownership of property by the gild, vested in, and managed by its elected representatives^. That property was not necessarily used as capital, but in certain cases the gilds had a fund designed for loan, in the form of stock, to the brethren who were in need of such assistance, and much of the business at the Morgespreche (the prototype of general meetings) consisted of reports on the progress of these loans, over the employment of which the officials of the gild exercised a general supervision. As a consequence of this, the audit of accounts was a prominent characteristic of the proceedings ^
Very soon after the Norman Conquest there appears a new develop- ment of the gild-idea, in the institution known as the gilda mercatm^ia. This type of fellowship is distinguished from the social gilds in so far as it was directly related to trade, whereas in the latter such reference was accidental, rather than essential. In the gild merchant the conception of the corporate character becomes somewhat more explicit, though it must be recognized that, while social gilds, as far as is known, existed before the gilda niercatoria in England, later the two types of fellowship flourished side by side.
In view of the exceedingly narrow views on freedom of exchange of goods in the eleventh, twelfth and thirteenth centuries'*, it was natural that the idea of exclusiveness, which has already been shown to have been inherent in the gild°, should result in the gilda mercatoria in the formation of bodies, which confined trade within the circle of their own members. Thus, in the gild merchant there was involved a monopoly, which came to be implied in the grant of the privilege of gilda
1714 it was necessary to make a rule, ^* to prevent feuds and quarrels," that no healtlis should be drunk at the dinner, with the exception of one for the prosperity of the office. The last official dinner of the company was held in 1873 — The Early Days of the Sun Fire Office, by E. Baumer, London, 1910, pp. 22-4, 44.
1 The Diary of Henry Machyn, edited by John Gough Nichols (Camden Soc, 1848), pp. 166, 170, 173, 236, 237.
"^ Industrial Organization in the Sixteenth and Seventeenth Centuries, by George y/ Unwin, Oxford, 1904, p. 153.
3 Toulmin Smith, English Gilds, pp. 69, 60, 63, m, 70, 76, 79, 81, 83, 87, 92, 95, 98, 106, 109, 161, 174, 206.
* An Introduction to English Economic History and Theory, by W. J. Ashley, 1893, I. (Part I.) p. 102.
^ Vide supra, p. 3.
6 Corporate Purchases hy Gilds [chap. i.
merccdoria, and which was jealously guarded by the officials of these fellowships. Moreover the gildsmen were forbidden to "colour" the goods of unfreemen, or to enter into partnership with them^ It thus becomes obvious that the development of the gild system acted as a check on the extension of partnership, which would otherwise have followed from the canonist teaching on usury. Indeed, at this period, there were immense obstacles to the association of capitals owned by different persons. The inhabitants of distant places were cut off from each other by artificial restraints. Even though these were mitigated subsequently by the system of the affiliation of the gilds merchant of certain groups of boroughs, the disabilities remained considerable ^ In the same town a member of the gild merchant might not join with a non-member for the prosecution of any enterprize. Thus there was a tendency, during the period the gild merchant was most flourishing, to separate capital into what might be called water-tight compartments, each of which could not communicate with any other. This was the situation as between the members of any gild merchant and all outsiders. Within the fellowship strong efforts were made to encourage joint- action. As traders, the members were possessed of some capital, and they were now associated by their membership of the gild. The prin- ciple of collective working extended a little further than this. A gilds- man was required to share any purchase, he had made, with other members who might wish to participate at the same priced In the fifteenth century this principle had been widened, and the gild appointed certain officials to make the purchase on behalf of the gild and they subdivided it amongst the members*. Transactions of the latter type are scarcely to be distinguished from a certain species of dealing that was obviously of a joint-stock character. Some of the early companies, instead of paying what would now be called a dividend, made a division of commodities to the members. This was proposed in the case of the society of the Mines Royal (1571), it was a common practice of the East India company in the first half of theAwijfceenth century, and it was the rule of the Ayr and Newmills cloth manufactories from 1670 to 1713^ If it be supposed that the officials of the gild collected the funds from the members before the goods were delivered to them, the transaction resolves itself in its essentials into a joint-stock followed by a commodity-division.
1 The Gild Merchant, by Charles Gross, Oxford, 1890, i. p. 48.
2 Ibid., I. pp. 242-67.
3 Ibid., II. pp. 46, 150, 161, 185, 218, 219, 226, 290, 362.
4 Ibid., II. p. 67.
5 Vide infra, n. pp. 110, 127 (note 11), 128 (notes 2 and 5), 139, 178, 390, 391, III. pp. 126, 14], 142.
CHAP. I.] Germ of Governor and Assistants 7
As compared with the social fraternities, the gild merchant had a greater variety of affairs to control, and therefore it is to be expected that the organization of the government in it would be more complete. At first, the model of the social gilds was followed, and there are many cases of gilds merchant with an alderman, stewards and a dean or clerk to which other subordinate officials were added. But as administration became more complex, there are signs of the beginnings of a change. At Ipswich, besides the alderman (who was elected to govern the gild faithfully and well), there were also chosen four members, who should be associated with him {associentur eiy. By 1325 there were two alder- men, and the gild house was to be in gubernacione of these officials ^ while by the reign of Henry VII. the heads of the body are spoken of as aldermanni aid gubernato7'es\ As early as 1446, the men, who were associated with the alderman, were named assodantes*; and, in the time of James I., they were known as "the twenty-four^." Similarly at Great Yarmouth there is mention of " the four and twenty and the eight and forty V' at Andover in 1485 there were twenty -four fforward- mwmi, which had been referred to as early as 1262^. From this type of organization, there was subsequently evolved the governor and his ! assistants of the regulated company — the aldernmnmis, rnagister or gubernator^ becoming the governor, and the men, selected to help him or to be associated with him, the assistants. This type of constitution, while it occurs frequently, was not by any means the only one. In many gilds merchant there is no trace of the select group appointed to ( help the alderman. Sometimes, too, the head of the fraternity was - known as the master, the mayor or the rector^. The alderman and those ) associated with him were responsible for what might be termed the business-management of the gild in general. In addition there were other officers, called stewards, skevins, ferthingmen, levelookei-s, heyners^**, most of whom discharged specific functions ; and it would appear that, as the corporate organization became developed and was applied to more specialized types of industry and commerce, such duties, or the new ones that emerged, were performed by the servants of the later com- panies— these being appointed by the governor.
The increase in the commercial affairs of the gilds merchant gave increasing importance to the framing of by-laws, many of which related
1 Gross, Gild Merchant, ii. p. 119. This gild was m existence in 1200.
2 Ibid., II. p. 126. 3 ii,ici^^ II. p, 128. * Ihid., ii. p. 127.
5 Ibid., II. p. 131. 6 Ibid., II. p. 277. ^ Ibid., ii. pp. 5, 10.
8 In the case of Cirencester (temp. Henry IV.) the phrase magister sive gubernator occurs. Ibid., ii. p. 364.
» lUd., II. pp. 25, 45, 49, 167, 207, 245. 10 Ibid., 1. pp. 27, 28.
8 The Staple and Merchant Adventurers [chap. i.
to the exercise of the monopoly. These records were of greater value to the members, in that the privileges of these fellowships were to a large degree customary ; so that written evidence could only be provided in this way, since the privileges of a gild merchant were not specified in the early charters. It follows that the process of framing and recording by-laws was another step in the development of the corporate idea, in so far as it provided a mechanism for expressing the will of the members as a community. Like the social gilds, the gilda mercatoria often used a seal, and audits of the accounts were held^
With the progress of industry it began to appear that circumstances had rendered the gild merchant rather a hindrance than a help to trade. In the fourteenth century this institution was beginning to be replaced by specialized associations of traders, such as the craft gilds and companies of merchants. When the latter became further specialized in relation to foreign trade, the evolution towards the joint-stock company will be found continued. But, in the order of time there is a gap, occasioned by the early dominance of foreigners in the external trade of England. This interval is bridged to some extent by the appearance of the organization, partly commercial, partly fiscal, which later was incorporated as the Mayor, Constables and Fellowship of the Merchants of the Staple of England. This body is said to have been in existence in 1248, and there are clearer traces of its activity in 1266-7^. The claim of the staplers, as the first organized body for over-sea trade, was disputed by the fellowship of Merchant Adventurers, which asserted, in the most circumstantial manner, that it had received concessions from John, Duke of Brabant, as early as 1216^. It was not till nearly two hundred years later that recognition from the Crown of England was obtained. In the last years of the fourteenth century and during the first years of that following, several grants were sealed which may be taken as the official recognition of the beginnings of the regulated company for foreign trade. These grants relate to the countries bordering on the North Sea and the Baltic. The earliest is that to the merchants trading to Prussia (mercatores in terra PrtcciaÂŁ et in partibus de Liscone, Sounde et in dominiis de Hansa commorantes). By 1391, these traders had already elected a governor; and, in that year, the King granted them the privilege of assembling together each year, on the feEist of St John, to make choice of a suitable person to serve in this office. The governor was given powers of executing justice amongst English merchants in the territories described and of protecting the
1 Gross, (Mid Merchant, ir. pp. 14, 34, 61, 804.
2 Englische Handelspolitik gegen Ende des Mittelalters , von Georg Schanz, Leipzig, 1881, I. p. 329.
3 Ibid., II. pp. 682, 583; Stowe MS. (Brit Mus.) 303, f. 99.
CHAP. I.] Government of the Merchant Adventurers 9
concessions they had already obtained ^ In 1404 a further charter was signed on behalf of the same body. The privilege of assembly was extended — the merchants now being authorized to meet, not on some fixed day, but as often as they pleased. They might also elect a governor or governors, and provision was made for the functions of these being discharged by deputies. Further, a new clause was added, granting powers of making statutes and ordinances for the better government of the body, while the governor was permitted to punish, " rationally,'*'' any English subjects, who disobeyed these rules ^ From this it followed that a way was opened for the establishment of a monopoly. The merchants could meet, and, by passing an ordinance, determine that participation in the franchises, they had procured, was limited to certain persons, who had complied with specified conditions as to their occupation or by making a money-payment. Thus the question of the freedom of an association of this type soon became important.
In 1407 a similar grant was made to the merchants of Holland, Zealand, Brabant and Flanders, the only variation (and that of minor importance) being the inclusion of the term " dmnini,'" as an alternative to '•' giihematores^^'' in the title of the chief officials^ In the following year a charter in the same terms, save for the names of the privileged merchants, was sealed on behalf of the merchants trading to Norway, Sweden and Denmark*. The latter patent was the foundation of the Eastland company, that of 1407 recognized another regulated body, which became celebrated as the Fellowship of the Merchants Adventurers of England^ which title was sanctioned by the charter of 1505. Between 1407 and 1505 the corporate character, which was implicit in the grant of the former year, becomes more explicit, and by 1498 the fellowship had received a grant of arms^. This progress is marked in the charter of 1505, which records the development of the constitution of the fellow- ship. Besides the governor, or governors, there were also to be elected four and twenty of "the most sadd, discreet and honest persons... to be called and named assistants to the governor.'"* Of this court, com- posed of the governor and assistants, thirteen members constituted a quorum. Vacancies, through illness, were to be filled by co-option ; while assistants, who refused to serve, were subject to a fine of £9,0. The fellowship received the most ample powers of making ordinances, on condition that these were not contrary to the laws of England, and
1 Fasdera, vii. p. 694. 2 n^^^^ ym, p, 360.
3 Ibid., VIII. pp. 464-5. * Ibid., viii. p. 511.
^ Schaiiz, Englische Handelspolitik , 11. p. 575. An engraving of these arms forms the frontispiece of The Early Chartered Companies, by G. Cawston and A. H. Keene, London, 1896.
10 Organization of regulated Companies [chap. i.
that applicants should be admitted to the freedom on payment of a fine of 10 marks ^
In the charter granted in 1505 to the Merchant Adventurers, the idea of a trading corporation had reached a form closely resembling that in which it appears in the first joint-stock company, established by an instrument of this kind fifty years later. An association of those, who made their living "by grete aventour^,"" acted as a body in the forming of by-laws governing their commerce with the country where they had obtained privileges. These ordinances were put in force by the governor and assistants, which titles will be found to repeat themselves in many of the early joint-stock undertakings. Moreover, the elected repre- sentatives of the members were empowered to direct the conduct of each individual, who acquired the freedom, in very many ways. Not only were minute rules framed, as to the times and the manner of trading, but also as to the details of social and family life. How far-reaching some of the ordinances of the latter class were may be realized by the citation of one of them, which forbad any member to marry an alien under penalty of the forfeiture of his freedom^. On the other hand, there are traces of the survival of the benefit side of the early gilds in the provision that help was to be given to those of the fellowship who required it"*.
The organization of the regulated company in many directions approached that of the early joint-stock enterprize. It formulated and defined the principle of corporate action in relation to foreign trade, and provided a type of government, by which control could be exercised. Though each freeman remained relatively isolated, as a capitalist, he was compelled to employ his resources according to the ordinances of the fellowship. Not only so, but the regulated company, as a whole, became possessed of a certain amount of corporate property, arising from the fines for admissions and from special levies. In some cases, these funds were used in providing loans to British or foreign sovereigns; and, as a result of such assistance, the privileges of the companies were increased from time to time. There are traces also of the formation of groups within the main body. This process was governed, in some instances, by considerations that were altogether local. Thus the Mer- chant Adventurers and the Eastland company had " residences " at the
^ Schanz, Englische Handelspolitik, ii. pp. 549-53; Cawston and Keene^ Early Chartered Companies, pp. 249-54.
2 The Merchant-Gild of Kingston-upon-Hull (1499)— Ttt-o Thousand Years of Gild Life, by J. M. Lambert, Hull, 1891, p. 158.
3 Stowe MS. (Brit. Mus.) 303, f. 101.
* The Lawes, Customes and Ordinances of the Fellowshippe of Merchautes Adventurers of the Realm of England, Add. MS. (Brit. Mus.) 18,913, f. 5.
CHAP. I.] Joint-Stocks in regulated Companies 11
chief English towns, which participated in trade with the respective countries in which they were interested ; and many of these residences were constitutionally quasi-independent, in so far as they had charters*. In addition, there was a further subdivision, where the freemen in small bodies entered into partnership ^ Some such development was rendered necessary by the universal rule, that members might not join with non- members and also to the antagonism between the ideas of the regulated company and the commenda. It is recorded that amongst the Merchant Adventurers of Newcastle-upon-Tyne (an affiliated body of the fellowship of Merchant Adventurers), by the middle of the sixteenth century, it had become common for a freeman, who owned a ship, to take a mariner into partnership, the latter receiving a share in the profit of the voyage. It was natural that the sailor or supercargo (who was in fact the tractator, portator or commendatarius of the commenda thus established) should "not only practys the fetys of merchaundrese, in as large and ample maner as many and sondrye marchaunts of the saide feloshipe do, but also for thar mor singuler prophet doo occopye the forsaid shipe and take frawght from divors partes beyonde the see of merchauntes strangers ^" both these practices being contrary to the whole spirit of the regulated company ; and so it follows that, once these bodies had been organized and were able to enforce their rules, the commenda could not flourish in the trades they controlled. In another direction, also, the Merchant Adventurers of Newcastle-upon-Tyne tended to limit partnership. The regulated companies laid great stress upon apprenticeship, and it was by this device that membership was confined to what were called later " legitimate merchants,"" namely those who had been apprentices. About the middle of the sixteenth century, a practice had come into existence in this company for freemen to permit apprentices to employ capital " under clocke and cover of theyr mayster's trade " ; and it was ordained, in 1554, that no apprentice might enter into any venture during the first five years of his indentures and, for the remainder of his term, to the extent of d^lO only. By a further statute these rules were made more precise. When an apprentice had been bound for five years, he was permitted to employ ÂŁ20 " in jointe-stocke with his maister," after three years more (and to the end of his term) his investment might be increased to =ÂŁ^40, subject to the proviso that the use of it should be also in joint-stock with the freeman to whom he was indentured^. A further
1 Acts and Ordinances of the Eastland Company, edited by Maud Sellers^ London (Royal Hist. Soc), 1906, pp. xiv, xix, xxvii, Ixi, Ixiii, Ixvii.
^ Extracts from the Records of the Merchant Adventurers of Newcastle-upon-Tyne (Surtees Soc, 1895), i. p. 2.
3 Ibid., I. p. 41. This ordinance is dated 1553, and it may be taken as typical of what happened elsewhere at an earlier date. * Ibid., i. pp. 6, 7.
12 Joint-Stocks in regulated Companies [chap. i.
extension of a similar principle, which may have happened in the gild merchant, is explicitly recorded. In 1599 an oiFer was made to the Newcastle company of 80 fother of lead at ÂŁ1 per fother. This was purchased by the fellowship as a whole, and provision was made that a committee should determine the quantity to be assigned to each member, collecting the price of it from him at this rate and discharging the debt of the company to the original seller^. This was in fact a joint-stock purchase, followed by a commodity-division. When such bargains became the rule, instead of the exception, the regulated com- pany would be transformed into a joint-stock body, as the latter will be found to have existed during the sixteenth century ; and, when this stage in the evolution was reached, all that was necessary to effect the change was an occasion which, in some new enterprize, would make it seem to be desirable.
Such then is one line of development, which would inevitably lead to the formation of the joint-stock company in its primitive form — a tendency which might be expected to manifest itself in the prosecution of distant foreign trades. There remains another to be considered, namely the extension of the societas. In an industry, which was long continued or which was growing rapidly, there would be a tendency for additional partners to be assumed ; so that, in time, the undertaking would grow from a societas to a type, which might be more correctly described as a company. In several cases of this character, which will be noticed below, the transition is marked by the grant of a charter to the enlarged partnership. But growth, of the kind indicated, could only arise when there was a need for considerable employment of capital in industry. Prior to the beginning of the fourteenth century, there was
1 Extracts from the Records of the Merchant Adventurers of Newcastle-upoiv- Tyne, i, pp. 104, 105. In view of the long disputes in the Virginia, Somers Islands, and East India companies as to whether votes should be taken by show of hands or by ballot {vide infra, ii. pp. 106, 269 — 85), the following ordinance of the Merchant Adventurers of Newcastle, dating from 1563, is of interest. " Wharas dyvers and sondrie oflFencis haythe ben corny ttyd and don by dyvers of the Fellyshype, and ther falts beinge provyd before the governor and the Felyshype, yett nevertheles, for so moche as yt haytlie ben allwayes accustomyd that all suche deffalts haithe ben refferred to the Felyshype and to be tryed by holdinge up their handes, by reassinge wherof eyther by effection, or for fer of the parents of the partye, yt haithe ben juged and thowgth by some of the Felowshypp that the falts and fyns don to the Fellyshype haithe nott ben well handlytt for the profeatt of the Howse and Fellyshipe, for reforemacion wharof be it enactyd... That all dowtts, falts, treaspas or fynnes. . .shal be tryed by the boxe accordinge to the most dyscreatt and indifFerende means, so thatt no man, doinge accordinge to his conscience, shal be juged of no partye nether to do ytt of bearings no of dysepleasur." Ibid., i. p. 69.
CHAP. I.] Extension of the Societas t%
little room for the investment of capital in England by Englishmen*. From this time onwards, there are traces of a capitalistic organization of mining in Cornwall^, and in the last quarter of the fifteenth century there are references to large partnerships for the working of the Mines RoyaP. These were the forerunners of the first joint-stock company, incorporated for a home industry. Then, in the time of Edward VI., there is an account of a partnership for the smelting of iron^ At that time, the increasing importance of capital in industry was marked by the development of the textile industries by its aid". It may have been that in this movement there were partnerships comprising a large number of members; but, if so, particulars of them have not been discovered. It is significant too that, during the first century of the joint-stock system, it did not affect the cloth trade.
In addition to these two streams of tendency towards the formation of joint-stock bodies, there is the possibility that the method of constituting them might have been copied from similar institutions on the Continent and, more especially, in Italy or Germany. There are two main reasons which explain the absence of any direct influence of this character on the earliest English joint-stock undertakings. Just at the period when they came into existence, Italian commercial and financial relations with England* had declined, and therefore there would not be the same disposition to borrow a constitution from Genoa or Venice. Besides, the development of the idea of a trading corporation from the gild- merchant to the regulated company was so complete that there was no need to go beyond it; while the prevalence of the gild-system, in its various later developments (such as the livery company and the regulated company), showed that these were suitable to the temperament of the merchants of the period. Indeed the change from a regulated company . or a societas of the middle of the sixteenth century to a joint-stock, as-_ ^• the latter existed in the second half of that century, was so small that it was one that would come almost insensibly by the normal course of commercial and industrial development. At the same time, while there
* An Introduction to English Economic History and Theory, by W. J. Ashley, London, 1892, i. (Part i.) p. 155. .
2 Victoria County Histories— Cornwall, i. p. 559; The Stannaries: a Study of the English Tin Mines, by George Randall Lewis, Boston, 1908, pp. 189-91.
3 Vide infra, ii. p. 384 (note 2). * Vide infra, ii. p. 46(3.
^ The Growth of English Industry and Commerce, during the Middle Ages, by W. Cunningham, pp. 524, 525.
8 The connection of the Italian societas with Scotland continued till the Reforma- tion. For instance from 1518 to 1521 there are references to transactions with the Bardi, the Gualterotti and other bankers — "The Formulare" (MSS. Univ. Lib. St Andrews), if. 36, 44 ; The Archbishops of St Andrews, by J. Herkless and R. K. Hauuay, ii. p. 40.
X
14 Foreign Influences [chap. i.
was no direct adoption of foreign types of joint-stock bodies, allowance must be made for the occasional presence of influences, derived from abroad, in determining some points of detail. If, as suggested else- where^, certain peculiarities appear in particular joint-stock companies, and it is found that foreigners were prominent in the promotion of these, while again those peculiarities were usual in the bodies of this type in the native countries of these men, it may be concluded that such special variations from the normal English type of constitution are to be assigned to a definite influence from the Continent.
1 Vide infra, p. 20, ii. pp. 38, 78.
CHAPTER II.
From the Beginning op the Russia Company in 1553 TO THE Crisis of 1569.
The appearance of the fully constituted joint-stock company was the product of two different lines of development. As already shown ^, on the one side, there were the diverse forms of mediaeval partnership ; and, on the other, the organization of corporate activity, which originated in the gild. The former practice effected a synthesis of the capital, owned by a few persons, but the undertaking, started in this manner, was tem- porary in its nature, and no lasting plans could be made for its con- tinuance. Moreover, should events require the utilization of considerable resources, it would be necessary to introduce a large number of partners, and the mediaeval societas had not a sufficiently elaborate organization for the government of an extended membership. Yet the necessary j system had been developed in the gild-merchant and the early regulated companies, and it only required the stimulus of a suitable occasion to graft the company organization on to the partnership.
The precise date, at which this union was effected in England, was conditioned by a number of circumstances connected with the religious, social and industrial condition of the country. The progress of maritime discovery was extending foreign trade at the commencement of the sixteenth century, and it was in this branch of commerce that capital was of most importance. But the attitude of the Church to capital was on the whole not a progressive one. How far the canonist doctrine of usury was justified by the circumstances of the time, how far, in countries where there was no Reformation, the Civil Law, derived from Roman jurisprudence, enabled companies to be formed with a joint-stock, are questions beyond the scope of the present work. In England, in many respects, the Reformation, in liberating capital from the position it had occupied under the Church, forced this country to work out the corporate organization of capital independently.
1 Vide supra, pp. 2-10.
16 The Crown Debt 1552-5 [chap. n.
If the Reformation be regarded, not alone in its religious and political aspects, but also from the social and economic point of view, it had a marked effect upon the distribution of capital in England. The Church was the pivot of mediaeval activities, and not the least of its functions was its economic agency. At the Reformation, in the general upheaval, some of these economic functions disappeared, while the form of the remainder was changed. The transference of ecclesiastical pro- perty on an enormous scale ^ meant, for a time, an economic loss. A considerable amount of dislocation in national production was inevitable, and the release of hoarded and unproductive wealth caused great extravagance.
To turn the economic loss of the Reformation into national gain required a period of reconstruction, but this was not reached till the reign of Elizabeth. Henry VIII. wasted the wealth that reached him from the monasteries, and his extravagance resulted in the debasement of the coinage and the contraction of a debt, which involved an annual charge on the revenue of the Crown of ^40,000 a year. Partly through an adverse balance of indebtedness, partly by the debasement of the coinage the exchange at Antwerp was so low that c^^l sterling only realized IQs. Flemish 2. In 1552 the debt abroad was J'l 08,000, and three years later it had grown to d^l 48,526. 5*. 8c?., while the interest was about 14 per cent.^ How onerous this rate was may be judged from the fact that in 1407 the bank of St George was able to convert existing obligations, borrowed from 10 per cent, to 8 per cent., into a new security at 7 per cent.** Therefore, from 1550 to 1570, there was a continual drain on England, through the interest payable on the loans contracted abroad. Moreover, not only was the interest high, but the form of loan was especially onerous. All these debts were contracted for short periods, and if, through any cause, the principal as well as the interest was not forthcoming, a renew^al could only be effected on still more disadvantageous terms. It may be urged that, after all, the pay- ment of interest might be off-set against the pre-Reformation remittances to the Pope and to foreign ecclesiastics, who drew revenues from English benefices. But to take this view is to consider the economic disadvan-
^ Stevens, in The Royal Treasury of England or an Historical Account of all Taxes, London, 1725, pp. 213^ 214, gives the gross annual value of the religious houses in England and Wales, suppressed by Henry VIIL, as ÂŁ152,517- 18s. \0\d. and the nett annual value as ÂŁ131,607. Qs. 4t^d.
2 The Lives of the Professors of Gresham College, by John Ward, London, 1740, p. 9; The Life and Times of Sir Thomas Gresham, by John William Burgon, London, 1839, I. p. 68.
3 Burgon, Life of Gresham, i. pp. 93, 182.
* Histoire de la Banque de Saint-Georges de Genes, par le Prince Adam Wiszniewski, Paris, 1865, p. 7.
CHAP. II.] Joint-Stocks in new foreign trades 1553 17
tages of the mediseval Church as stereotyped, through regarding the Crown debt as a kind of charge on the benefits to accrue from the Reformation. Just at the time that the interest pressed most heavily, it is probable that the national production was less than it had been in the first thirty years of the sixteenth century; so that, on the whole, there appears every reason to believe that, about 1550, the capital of the country was being depleted. Under these circumstances, attempts would be made to secure a higher return on that capital which was free to seek for it. Thus the more enterprizing merchants would be forced to give gi-eater attention to foreign trade. Already, however, the exist- ing regulated companies — the Merchant Adventurers, the Staplers and the Eastland company^ — were in possession of the chief known trade routes, and those, who wished to extend English foreign commerce, would be forced to go further afield. To provide funds for voyages to distant places would require considerable capital, and therefore, once such enterprizes were undertaken, some kind of joint-stock company would naturally be formed. It may indeed be asked why, at this juncture, supposing foreign trade were about to be prosecuted in a new direction, such trade might not have been organized by a regulated company? The regulated company had a complete constitution — it had perpetual succession and a permanent body of officials, but, subject to the rules of the governor and assistants, each member might use his own capital as he thought best. But to do this, it was necessary that the trade should be carried on with a country, not too distant, which was civilized. Moreover, the trade, suitable for a regulated company, must be one of some magnitude following well-defined lines, in order to facilitate the provision of shipping. In trading to a distant country larger vessels would be needed ; and, if such an expedition were managed by a regulated company, the loading of the goods of a number of adven- turers in one ship, accompanied by the factors in charge of them, would produce almost inextricable confusion. Therefore, when a trade was opened to Russia or to Africa, it was almost inevitable that it should be founded on a joint-stock basis.
If then the joint-stock company be distinguished from the mere partnership by some corporate character and fixed methods of procedure in the conduct of business, the first English joint-stock company of importance was that founded in 1553, and which may be described, for the sake of convenience by the name it was commonly known by later, as the Russia company. It is significant also that, in the same year, another joint-stock enterprize was established to trade to Africa. Prior to the Russian and African companies, there were several ventures which
J Vide aupra, pp. 8, 9. 8. C. I. 2
J
18 The Russia Company founded 1553 [chap. it.
stand on the border-line between the company proper and large partner- ships. As early as 1485 a number of noblemen and gentlemen of England were granted rights of mining the precious metals in certain districts and were constituted "governors of the Mines RoyaP."" A somewhat similar grant was made for Scotland to a group of foreigners in 1526". Then in 1540 it is recorded that several merchants of Southampton joined in sending a trading expedition to Africa^ So little is known of the internal affairs of these undertakings that it is difficult to determine how far they might be characterized as companies, how far as partnerships.
Failing sufficient data relating to earlier ventures, the two trading ^ expeditions of 1553 may be taken as the beginnings of important English joint-stock enterprizes. Each is the complement of the other, in so far as the Russia company represents the evolution of the joint-stock, from the regulated company ; while, in the case of the African Adventurers, the same goal is reached from the partnership. It is significant that, in both cases, the enterprize is characterized as one for the discovery of places unknown, or not previously frequented by Englishmen ^ This note is very clearly sounded in the title by which the voyage (which resulted in the opening of the maritime route to Russia) was described. This was the Mysterie and Companie of the Marchants Adventurers for the discoverie of regions, dominions, islands and places unknown. Sebastian Cabot was one of the founders of the venture ; and it may have been through his knowledge of the joint-stock system in Italy that it was decided there should be " one common stocke of the company,"" and that y no member or servant might trade on his own account. The adventurers subscribed ^£^6,000 by calls of £^5 on each share, and this sum was devoted to the purchase of three ships and some goods, suitable for trade. The expedition started with the idea of discovering new countries to trade with, along the north-eastern passage to China and the East. Two of the three ships were lost in the ice, but the third succeeded in reaching Archangel ; and Chancellor, who was in command, set out overland to make a commercial treaty with the ruler of the country. He obtained the promise of extensive privileges and concessions for the agents of the company, since it was to the advantage of Russia to open a maritime trade — that country at this time having no port on the Baltic. Thus in 1554 the position was that the adventurers had pro- cured important franchises in Russia at an expenditure which was con- siderable for the time. In order to secure the benefits of the "new trade " to the discoverers of it, a charter was signed on February 6th, 1555, which reserved to the company the sole right of trading with
1 Vide infra, ii. p. 383. 2 /ft^^,^ ^^ p, g84.
3 Ibid., II. p. 3. * Ibid., 11. pp. 4, 37, 41.
CHAP. II.] Its Objects and Cofistitutimi 1553-5 19
Russia, or with any other countries that might be opened up by the adventurers in the future and which had not been commonly fre(juented by Englishmen. This grant clearly bases the monopoly of trade on the ground of the right of discovery ; and the promptitude, with which such privileges were granted, is to be ascribed in part to the national import- ance of the branch of commerce now made available. Not only would a new market be found for English connnodities, but, what was more important, England obtained direct access to materials of the greatest possible importance for the shipping trade, such as cordage and timber for masts.
The charter also prescribed with considerable detail the constitution of the undertaking, which is described as "one bodie and perpetuall fellowship and communaltie.'' This characterization gathers up the various lines of development leading to the establishment of corporate life — suggesting the description of the contemporary regulated and livery companies; while, as already shown ^ the term " fellowship" was common in the early gilds. The explicit reference to "the one bodie" shows that greater emphasis was being laid on the idea of a corporation. The charter is not explicit on the specifically joint-stock character of the concern,^ which shows itself rather in the ideas of the founders and in the actual working out of the enterprize, and hence, in the written con- stitution, the development of the idea of partnership is less prominent, though it was precisely this side of its activities which differentiates this company from others already incorporated.
There could be no clearer example of the tentative nature of the incorporation of a company than the lengthy title given to this one. Probably in the middle of the sixteenth century, the practice that was later enforced — namely that no corporation could act legally, except under the full title by which it was established ^ — had not been accepted. Evidently, just as in the case of treatises in the following century, it was supposed that the name of a company or of a book should be at the same time a concise epitome of the whole objects of either, and therefore the Russia company began its career as the MarchmiU Adventurers of England for the discovery of lands, territories, isles, dominions and seignories unknown, and not before that late adventure or enterprize commanli/ frequented. The inconvenience of this extended title was so marked that in 1566 it was shortened, under the authority of an act of Parliament, and thenceforth the undertaking was known officially as the Fellowship of' English Merchants for discovery of New Trades^,
1 Vide supra, p. 3.
2 Reports of Cases adjudged in the Court of King's Bench from 1 Will, and Mary to 10 Anne by William Salkeld, London, 1795, in. p. 102.
3 Vide infra, ii. pp. 37, 42.
2—2
20 Government of the Russia Company 1555 [chap. ii.
The charter prescribed with some minuteness the internal constitution of the body. The members had the right of assembling and making elections of officials. At first there was to be one governor, and this position was to be held by Sebastian Cabot for life. After his death, two governors might be elected. In addition to the governor, or governors, the fellowship was empowered to choose annually twenty - eight persons, of whom four were described as "consuls'" and the remaining twenty-four as " assistants ^'^ Several points of interest arise in the constitution of this court. In the gild-merchant, originally, the chief power lay in the hands of the governor with whom, as time went on, other subordinate officials became associated to assist him^ The same order of evolution prevailed in the livery and the regulated company, and gradually the court became constituted as consisting of a governor and assistants ^ Possibly through religious influences, the number of assistants was almost invariably either twelve or a multiple of twelve. In fact, in almost all cases where details are recoverable of early com- panies, the assistants and the shares were counted by dozens, not by tens.
It will be noted that in the court of the Russia company, besides the governor and assistants, there is an intermediate order, namely the four consuls. This office was the prototype of that of deputy-governor, but the name given to it is rare in English companies. The only other case \ is that of the Company e of Katha% incorporated in 1577, which was formed by members of the Russia company. There can be little doubt that this temporary introduction of the term " consul,'" as applied to a deputy -governor, was of Italian origin. From the beginning of the debt of Genoa, consuls had been appointed to superintend the administra- tion of the finances. In the complex organization of the Bank of St George, four consuls were nominated by the chief officials or Pro- tectors*. That English merchants, trading in Italy, were influenced by the local nomenclature is shown by the fact that, when in 1486 a grant was made for the internal government of these traders, instead of the person nominated being named governor {guhernator) as in other cases, he is called consul or president^.
The idea of three orders in the management of the affairs of the Russia company was developed in the constitution of the quorum at court meetings. Out of the twenty-nine or thirty officials as the case might be, the normal quorum was formed by the governor, two consuls and twelve assistants. If, however, during the lifetime of Cabot (when
1 Vide infra, ii. p. 38. 2 yidg gupra, p. 7.
3 Ibid.f p. 9 ; Some Account of the Worshipful Company of Grocers by J. B. Heath, London, 1829, p. 58.
^ Essai sur torigine et l' organisation de La Banque de Saint-Georges, par M. Moland, pp. 33, 43. * Fcedera, xiii. p. 314.
CHAP. II.] The Adventurers for Ghiinie 1553 21
there was only one governor), he should be absent through illness, it was provided that a court might be constituted by three consuls and twelve assistants.
It will thus be seen that the Russia company came into existence with a complete internal organization, which in the main was transferred from the previously existing type of incorporation. No provision was made in the charter for any of the functions that would arise out of this company being formed on a joint-stock beisis. Thus there were no regulations, relating to the votes of members or to their other rights or obligations. If any attention was given to such problems, it may have been considered that any powers necessary were conveyed by the clause, connnon to this charter and those of the regulated companies, that orders might be made for the governing of the trade ; and it will be found one of the points of interest, in the growth of the joint-stock form of organization, how, when such difficulties had arisen, attempts to deal with them are introduced into the charters of later companies.
It would be erroneous to conclude from the existence of the charter of the Russia company that this was the sole type of joint-stock organization for foreign trade. In the same year (1553) the African trade was re-opened, and was conducted for a number of years, without a charter or a monopoly. The African expeditions were promoted by five "chief adventurers," who had each of them partners under him. This undertaking, although not incorporated, was frequently described as a "company,'' and, in 1564, the calls on the shares were sanctioned at a meeting, of which a formal minute was kept\ Several reasons may be discovered for the diff*erent form in which the African trade was organized. First of all, the Portuguese were established on the coast of Guinea, and they endeavoured to prevent the ships of other nations from trading. Thus there was something furtive in the first English expeditions, and it was advisable to advertize them as little as possible. In the second place, although the agents of the Adventurers had established friendly relations with the native chiefs, they did not obtain privileges from them that could be compared with those granted the Russia company in that country. It is true that, on the grounds of re- discovery, the Adventurers to Gumie were entitled, on existing precedents, to a monopoly of the trade to some part, or even the whole of the known African coast line ; but, in the confusion existing during Mary's reign, it may have been that it was not considered desirable to ask for a charter. This conjecture is confirmed by the fact that some of the " chief adventurers " were prominent during the time of Elizabeth, and therefore it is unlikely that they would have obtained favoui*s from her predecessor.
^ Vide infra, ii. p. 7.
22 Capitalization of Companies 1553-60 [chap. ii.
In the mode of capitalization, adopted by these two companies, there were certain important differences. The Russia company owned its ships, while the African Adventurers hired those which carried their goods. Thus the latter undertaking was in complete continuity with the mediaeval commenda, and indeed it might be described either as an intricate form of societas, or as a joint-stock company. There is no in- formation as to the arrangements, made with the owners of the ships in the first voyages ; but, later, the price of the charter was discharged by a share of the profits. Therefore, the capital required for the African company was less, in comparison with the volume of the trade, than that needed by the other undertaking, which had to provide ships, trader goods, besides building residences for its factors and making costly presents to influential pei-sons in Russia. These different practices account for another variation in the financial history of the two \ organizations. As far as can be determined, each African expedition > \ was financed by a separate capital ; and, on the completion of the I accounts, the venture was finally wound up, and a fresh series of calls I made for the next voyage. This method was the simplest, where there I were no assets of doubtful value to realize, and where the subscribed capital was represented, at the end of a given voyage, by a few com- modities readily saleable. In the case of the Russia company, a similar plan would not have been equally equitable; since, in a few years, expenditure had been made on property in Russia and in acquiring the good-will of persons there, and so the capital of this undertaking con- tinued as a permanent one for a considerable period.
Possibly what strikes the modem reader most is the meagre amount of the capital employed. In either case, it is doubtful if, at any given date, the floating capital employed in trade, would materially exceed =3^5,000 for each company as invested