wealbk05-第12章

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rebuild　from　the　foundation　the　walls　which　had　been　repaired

with　them。　The　forts　and　garrisons　which　lie　north　of　Cape　Rouge

are　not　only　maintained　at　the　expense　of　the　state；　but　are

under　the　immediate　government　of　the　executive　power；　and　why

those　which　lie　south　of　that　Cape；　and　which　are；　in　part　at

least；　maintained　at　the　expense　of　the　state；　should　be　under　a

different　government；　it　seems　not　very　easy　even　to　imagine　a

good　reason。　The　protection　of　the　Mediterranean　trade　was　the

original　purpose　of　pretence　of　the　garrisons　of　Gibraltar　and

Minorca；　and　the　maintenance　and　government　of　those　garrisons

has　always　been；　very　properly；　committed；　not　to　the　Turkey

Company；　but　to　the　executive　power。　In　the　extent　of　its

dominion　consists；　in　a　great　measure；　the　pride　and　dignity　of

that　power；　and　it　is　not　very　likely　to　fail　in　attention　to

what　is　necessary　for　the　defence　of　that　dominion。　The　garrisons

at　Gibraltar　and　Minorca；　accordingly；　have　never　been　neglected；

though　Minorca　has　been　twice　taken；　and　is　now　probably　lost　for

ever；　that　disaster　was　never　even　imputed　to　any　neglect　in　the

executive　power。　I　would　not；　however；　be　understood　to　insinuate

that　either　of　those　expensive　garrisons　was　ever；　even　in　the

smallest　degree；　necessary　for　the　purpose　for　which　they　were

originally　dismembered　from　the　Spanish　monarchy。　That

dismemberment；　perhaps；　never　served　any　other　real　purpose　than

to　alienate　from　England　her　natural　ally　the　King　of　Spain；　and

to　unite　the　two　principal　branches　of　the　house　of　Bourbon　in　a

much　stricter　and　more　permanent　alliance　than　the　ties　of　blood

could　ever　have　united　them。

　　　　　Joint　stock　companies；　established　by　Royal　Charter　or　by

Act　of　Parliament；　differ　in　several　respects；　not　only　from

regulated　companies；　but　from　private　copartneries。

　　　　　First；　in　a　private　copartnery；　no　partner；　without　the

consent　of　the　company；　can　transfer　his　share　to　another　person；

or　introduce　a　new　member　into　the　company。　Each　member；　however；

may；　upon　proper　warning；　withdraw　from　the　copartnery；　and

demand　payment　from　them　of　his　share　of　the　common　stock。　In　a

joint　stock　company；　on　the　contrary；　no　member　can　demand

payment　of　his　share　from　the　company；　but　each　member　can；

without　their　consent；　transfer　his　share　to　another　person；　and

thereby　introduce　a　new　member。　The　value　of　a　share　in　a　joint

stock　is　always　the　price　which　it　will　bring　in　the　market；　and

this　may　be　either　greater　or　less；　in　any　proportion；　than　the

sum　which　its　owner　stands　credited　for　in　the　stock　of　the

company。

　　　　　Secondly；　in　a　private　copartnery；　each　partner　is　bound　for

the　debts　contracted　by　the　company　to　the　whole　extent　of　his

fortune。　In　a　joint　stock　company；　on　the　contrary；　each　partner

is　bound　only　to　the　extent　of　his　share。

　　　　　The　trade　of　a　joint　stock　company　is　always　managed　by　a

court　of　directors。　This　court；　indeed；　is　frequently　subject；　in

many　respects；　to　the　control　of　a　general　court　of　proprietors。

But　the　greater　part　of　those　proprietors　seldom　pretend　to

understand　anything　of　the　business　of　the　company；　and　when　the

spirit　of　faction　happens　not　to　prevail　among　them；　give

themselves　no　trouble　about　it；　but　receive　contentedly　such

half…yearly　or　yearly　dividend　as　the　directors　think　proper　to

make　to　them。　This　total　exemption　from　trouble　and　from　risk；

beyond　a　limited　sum；　encourages　many　people　to　become

adventurers　in　joint　stock　companies；　who　would；　upon　no　account；

hazard　their　fortunes　in　any　private　copartnery。　Such　companies；

therefore；　commonly　draw　to　themselves　much　greater　stocks　than

any　private　copartnery　can　boast　of。　The　trading　stock　of　the

South　Sea　Company；　at　one　time；　amounted　to　upwards　of

thirty…three　millions　eight　hundred　thousand　pounds。　The　divided

capital　of　the　Bank　of　England　amounts；　at　present；　to　ten

millions　seven　hundred　and　eighty　thousand　pounds。　The　directors

of　such　companies；　however；　being　the　managers　rather　of　other

people's　money　than　of　their　own；　it　cannot　well　be　expected　that

they　should　watch　over　it　with　the　same　anxious　vigilance　with

which　the　partners　in　a　private　copartnery　frequently　watch　over

their　own。　Like　the　stewards　of　a　rich　man；　they　are　apt　to

consider　attention　to　small　matters　as　not　for　their　master's

honour；　and　very　easily　give　themselves　a　dispensation　from

having　it。　Negligence　and　profusion；　therefore；　must　always

prevail；　more　or　less；　in　the　management　of　the　affairs　of　such　a

company。　It　is　upon　this　account　that　joint　stock　companies　for

foreign　trade　have　seldom　been　able　to　maintain　the　competition

against　private　adventurers。　They　have；　accordingly；　very　seldom

succeeded　without　an　exclusive　privilege；　and　frequently　have　not

succeeded　with　one。　Without　an　exclusive　privilege　they　have

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