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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　reasonable　not　to　be　granted。　In　1733；　they

again　petitioned　the　Parliament　that　three…fourths　of　their

trading　stock　might　be　turned　into　annuity　stock；　and　only

one…fourth　remain　as　trading　stock；　or　exposed　to　the　hazards

arising　from　the　bad　management　of　their　directors。　Both　their

annuity　and　trading　stocks　had；　by　this　time；　been　reduced　more

than　two　millions　each　by　several　different　payments　from

government；　so　that　this　fourth　amounted　only　to　L3；662；784　8s。

6d。　In　1748；　all　the　demands　of　the　company　upon　the　King　of

Spain；　in　consequence　of　the　Assiento　contract；　were；　by　the

Treaty　of　Aix…la…Chapelle；　given　up　for　what　was　supposed　an

equivalent。　An　end　was　put　to　their　trade　with　the　Spanish　West

Indies；　the　remainder　of　their　trading　stock　was　turned　into　an

annuity　stock；　and　the　company　ceased　in　every　respect　to　be　a

trading　company。

　　　　　It　ought　to　be　observed　that　in　the　trade　which　the　South

Sea　Company　carried　on　by　means　of　their　annual　ship