commonly　mismanaged　the　trade。　With　an　exclusive　privilege　they
  have　both　mismanaged　and　confined　it。
  The　Royal　African　Company；　the　predecessors　of　the　present
  African　Company；　had　an　exclusive　privilege　by　charter；　but　as
  that　charter　had　not　been　confirmed　by　Act　of　Parliament；　the
  trade；　in　consequence　of　the　Declaration　of　Rights；　was；　soon
  after　the　revolution；　laid　open　to　all　his　Majesty's　subjects。
  The　Hudson's　Bay　Company　are；　as　to　their　legal　rights；　in　the
  same　situation　as　the　Royal　African　Company。　Their　exclusive
  charter　has　not　been　confirmed　by　Act　of　Parliament。　The　South
  Sea　Company；　as　long　as　they　continued　to　be　a　trading　company；
  had　an　exclusive　privilege　confirmed　by　Act　of　Parliament；　as
  have　likewise　the　present　United　Company　of　Merchants　trading　to
  the　East　Indies。
  The　Royal　African　Company　soon　found　that　they　could　not
  maintain　the　competition　against　private　adventurers；　whom；
  notwithstanding　the　Declaration　of　Rights；　they　continued　for
  some　time　to　call　interlopers；　and　to　persecute　as　such。　In　1698；
  however；　the　private　adventurers　were　subjected　to　a　duty　of　ten
  per　cent　upon　almost　all　the　different　branches　of　their　trade；
  to　be　employed　by　the　company　in　the　maintenance　of　their　forts
  and　garrisons　But；　notwithstanding　this　heavy　tax；　the　company
  were　still　unable　to　maintain　the　competition。　Their　stock　and
  credit　gradually　declined。　In　1712；　their　debts　had　become　so
  great　that　a　particular　Act　of　Parliament　was　thought　necessary；
  both　for　their　security　and　for　that　of　their　creditors。　It　was
  enacted　that　the　resolution　of　two…thirds　of　these　creditors　in
  number　and　value　should　bind　the　rest；　both　with　regard　to　the
  time　which　should　be　allowed　to　the　company　for　the　payment　of
  their　debts；　and　with　regard　to　any　other　agreement　which　it
  might　be　thought　proper　to　make　with　them　concerning　those　debts。
  In　1730；　their　affairs　were　in　so　great　disorder　that　they　were
  altogether　incapable　of　maintaining　their　forts　and　garrisons；
  the　sole　purpose　and　pretext　of　their　institution。　From　that
  year；　till　their　final　dissolution；　the　Parliament　judged　it
  necessary　to　allow　the　annual　sum　of　ten　thousand　pounds　for　that
  purpose。　In　1732；　after　having　been　for　many　years　losers　by　the
  trade　of　carrying　negroes　to　the　West　Indies；　they　at　last
  resolved　to　give　it　up　altogether；　to　sell　to　the　private　traders
  to　America　the　negroes　which　they　purchased　upon　the　coast；　and
  to　employ　their　servants　in　a　trade　to　the　inland　parts　of　Africa
  for　gold　dust；　elephants'　teeth；　dyeing　drugs；　etc。　But　their
  success　in　this　more　confined　trade　was　not　greater　than　in　their
  former　extensive　one。　Their　affairs　continued　to　go　gradually　to
  decline；　till　at　last；　being　in　every　respect　a　bankrupt　company；
  they　were　dissolved　by　Act　of　Parliament；　and　their　forts　and
  garrisons　vested　in　the　present　regulated　company　of　merchants
  trading　to　Africa。　Before　the　erection　of　the　Royal　African
  Company；　there　had　been　three　other　joint　stock　companies
  successively　established；　one　after　another；　for　the　African
  trade。　They　were　all　equally　unsuccessful。　They　all；　however；　had
  exclusive　charters；　which；　though　not　confirmed　by　Act　of
  Parliament；　were　in　those　days　supposed　to　convey　a　real
  exclusive　privilege。
  The　Hudson's　Bay　Company；　before　their　misfortunes　in　the
  late　war；　had　been　much　more　fortunate　than　the　Royal　African
  Company。　Their　necessary　expense　is　much　smaller。　The　whole
  number　of　people　whom　they　maintain　in　their　different
  settlements　and　habitations；　which　they　have　honoured　with　the
  name　of　forts；　is　said　not　to　exceed　a　hundred　and　twenty
  persons。　This　number；　however；　is　sufficient　to　prepare
  beforehand　the　cargo　of　furs　and　other　goods　necessary　for
  loading　their　ships；　which；　on　account　of　the　ice；　can　seldom
  remain　above　six　or　eight　weeks　in　those　seas。　This　advantage　of
  having　a　cargo　ready　prepared　could　not　for　several　years　be
  acquired　by　private　adventurers；　and　without　it　there　seems　to　be
  no　possibility　of　trading　to　Hudson's　Bay。　The　moderate　capital
  of　the　company；　which；　it　is　said；　does　not　exceed　one　hundred
  and　ten　thousand　pounds；　may　besides　be　sufficient　to　enable　them
  to　engross　the　whole；　or　almost　the　whole；　trade　and　surplus
  produce　of　the　miserable；　though　extensive　country；　comprehended
  within　their　charter。　No　private　adventurers；　accordingly；　have
  ever　attempted　to　trade　to　that　country　in　competition　with　them。
  This　company；　therefore；　have　always　enjoyed　an　exclusive　trade
  in　fact；　though　they　may　have　no　right　to　it　in　law。　Over　and
  above　all　this；　the　moderate　capital　of　this　company　is　said　to
  be　divided　among　a　very　small　number　of　proprietors。　But　a　joint
  stock　company；　consisting　of　a　small　number　of　proprietors；　with
  a　moderate　capital；　approaches　very　nearly　to　the　nature　of　a
  private　copartnery；　and　may　be　capable　of　nearly　the　same　degree
  of　vigilance　and　attention。　It　is　not　to　be　wondered　at；
  therefore；　if；　in　consequence　of　these　different　advantages；　the
  Hudson's　Bay　Company　had；　before　the　late　war；　been　able　to　carry
  on　their　trade　with　a　considerable　degree　of　success。　It　does　not
  seem　probable；　however；　that　their　profits　ever　approached　to
  what　the　late　Mr。　Dobbs　imagined　them。　A　much　more　sober　and
  judicious　writer；　Mr。　Anderson；　author　of　The　Historical　and
  Chronological　Deduction　of　Commerce；　very　justly　observes　that；
  upon　examining　the　accounts　of　which　Mr。　Dobbs　himself　was　given
  for　several　years　together　of　their　exports　and　imports；　and　upon
  making　proper　allowances　for　their　extraordinary　risk　and
  expense；　it　does　not　appear　that　their　profits　deserve　to　be
  envied；　or　that　they　can　much；　if　at　all；　exceed　the　ordinary
  profits　of　trade。
  The　South　Sea　Company　never　had　any　forts　or　garrisons　to
  maintain；　and　therefore　were　entirely　exempted　from　one　great
  expense　to　which　other　joint　stock　companies　for　foreign　trade
  are　subject。　But　they　had　an　immense　capital　divided　among　an
  immense　number　of　proprietors。　It　was　naturally　to　be　expected；
  therefore；　that　folly；　negligence；　and　profusion　should　prevail
  in　the　whole　management　of　their　affairs。　The　knavery　and
  extravagance　of　their　stock…jobbing　projects　are　sufficiently
  known；　and　the　explication　of　them　would　be　foreign　to　the
  present　subject。　Their　mercantile　projects　were　not　much　better
  conducted。　The　first　trade　which　they　engaged　in　was　that　of
  supplying　the　Spanish　West　Indies　with　negroes；　of　which　（in
  consequence　of　what　was　called　the　Assiento　contract　granted　them
  by　the　Treaty　of　Utrecht）　they　had　the　exclusive　privilege。　But
  as　it　was　not　expected　that　much　profit　could　be　made　by　this
  trade；　both　the　Portuguese　and　French　companies；　who　had　enjoyed
  it　upon　the　same　terms　before　them；　having　been　ruined　by　it；
  they　were　allowed；　as　compensation；　to　send　annually　a　ship　of　a
  certain　burden　to　trade　directly　to　the　Spanish　West　Indies。　Of
  the　ten　voyages　which　this　annual　ship　was　allowed　to　make；　they
  are　said　to　have　gained　considerably　by　one；　that　of　the　Royal
  Caroline　in　1731；　and　to　have　been　losers；　more　or　less；　by
  almost　all　the　rest。　Their　ill　success　was　imputed；　by　their
  factors　and　agents；　to　the　extortion　and　oppression　of　the
  Spanish　government；　but　was；　perhaps；　principally　owing　to　the
  profusion　and　depredations　of　those　very　factors　and　agents；　some
  of　whom　are　said　to　have　acquired　great　fortunes　even　in　one
  year。　In　1734；　the　company　petitioned　the　king　that　they　might　be
  allowed　to　dispose　of　the　trade　and　tonnage　of　their　annual　ship；
  on　account　of　the　little　profit　which　they　made　by　it；　and　to
  accept　such　equivalent　as　they　could　obtain　from　the　of　Spain。
  In　1724；　this　company　had　undertaken　the　whale…fishery。　Of
  this；　indeed；　they　had　no　monopoly；　but　as　long　as　they　carried
  it　on；　no　other　British　subjects　appear　to　have　engaged　in　it。　Of
  the　eight　voyages　which　their　ships　made　to　Greenland；　they　were
  gainers　by　one；　and　losers　by　all　the　rest。　After　their　eighth
  and　last　voyage；　when　they　had　sold　their　ships；　stores；　and
  utensils；　they　found　that　their　whole　loss；　upon　this　branch；
  capital　and　interest　included；　amounted　to　upwards　of　two　hundred
  and　thirty…seven　thousand　pounds。
  In　1722；　this　company　petitioned　the　Parliament　to　be
  allowed　to　divide　their　immense　capital　of　more　than　thirty…three
  millions　eight　hundred　thousand　pounds；　the　whole　of　which　had
  been　lent　to　government；　into　two　equal　parts：　The　one　half；　or
  upwards　of　sixteen　millions　nine　hundred　thousand　pounds；　to　be
  put　upon　the　same　footing　with　other　government　annuities；　and
  not　to　be　subject　to　the　debts　contracted；　or　losses　incurred；　by
  the　directors　of　the　company　in　the　prosecution　of　their
  mercantile　projects；　the　other　half　to　remain；　as　before；　a
  trading　stock；　and　to　be　subject　to　those　debts　and　losses。　The
  petition　was　too　reas