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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