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always deeply learned in the science of fortification。 Removal
from an office which can be enjoyed only for the term of three
years； and of which the lawful emoluments； even during that term；
are so very small； seems to be the utmost punishment to which any
committee…man is liable for any fault； except direct
malversation； or embezzlement； either of the public money； or of
that of the company； and the fear of that punishment can never be
a motive of sufficient weight to force a continual and careful
attention to a business to which he has no other interest to
attend。 The committee are accused of having sent out bricks and
stones from England for the reparation of Cape Coast Castle on
the coast of Guinea； a business for which Parliament had several
times granted an extraordinary sum of money。 These bricks and
stones too； which had thus been sent upon so long a voyage； were
said to have been of so bad a quality that it was necessary to
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 diss