adventurers from entering into the trade. A 
fine, even of twenty pounds, besides, though 
it may not, perhaps, be sufficient to discourage 
any man from entering into the Turkey 
trade, with an intention to continue in it, may 
be enough to discourage a speculative merchant 
from hazarding a single adventure in it. 
In all trades, the regular established traders
even though not incorporated, naturally combine 
to raise profits, which are noway so likely 
to be kept, at all times, down to their proper 
level, as by the occasional competition of 
speculative adventurers. The Turkey trade
though in some measure laid open by this act 
of parliament, is still considered by many people 
as very far from being altogether free
The Turkey company contribute to maintain 
an ambassador and two or three consuls, who, 
like other public ministers, ought to be maintained 
altogether by the state, and the trade 
laid open to all his majesty's subjects. The 
different taxes levied by the company, for this 
and other corporation purposes, might afford 
a revenue much more than sufficient to enable 
a state to maintain such ministers
Regulated companies, it was observed by 
Sir Josiah Child, though they had frequently 
supported public ministers, had never maintained 
any forts or garrisons in the countries 
to which they traded; whereas joint-stock 
companies frequently had. And, in reality
the former seem to be much more unfit for 
this sort of service than the latter. First, the 
directors of a regulated company have no particular 
interest in the prosperity of the general 
trade of the company, for the sake of which 
such forts and garrisons are maintained. The 
decay of that general trade may even frequently 
contribute to the advantage of their own 
private trade; as, by diminishing the number 
of their competitors, it may enable them both 
to buy cheaper, and to sell dearer. The directors 
of a joint-stock company, on the contrary
having only their share in the profits 
which are made upon the common stock committed 
to their management, have no private 
trade of their own, of which the interest can 
be separated from that of the general trade of 
the company. Their private interest is connected 
with the prosperity of the general trade 
of the company, and with the maintenance of 
the forts and garrisons which are necessary for 
its defence. They are more likely, therefore, 
to have that continual and careful attention 
which that maintenance necessarily requires
Secondly, The directors of a joint-stock company 
have always the management of a large 
capital, the joint stock of the company, a 
part of which they may frequently employ
with propriety, in building, repairing, and 
maintaining such necessary forts and garrisons
But the directors of a regulated company
having the management of no common 
capital, have no other fund to employ in this 
way, but the casual revenue arising from the 
admission fines, and from the corporation duties 
imposed upon the trade of the company
Though they had the same interest, therefore, 
to attend to the maintenance of such forts and 
garrisons, they can seldom have the same ability 
to render that attention effectual. The 
maintenance of a public minister, requiring 
scarce any attention, and but a moderate and 
limited expense, is a business much more suitable 
both to the temper and abilities of a regulated 
Long after the time of Sir Josiah Child
however, in 1750, a regulated company was 
established, the present company of merchants 
trading to Africa; which was expressly charged 
at first with the maintenance of all the British 
forts and garrisons that lie between Cape 
Blanc and the Cape of Good Hope, and afterwards 
with that of those only which lie between 
Cape Rouge and the Cape of Good 
Hope. The act which establishes this company 
(the 23d of George II. c. 31), seems to 
have had two distinct objects in view; first, 
to restrain effectually the oppressive and monopolizing 
spirit which is natural to the directors 
of a regulated company; and, secondly, 
to force them, as much as possible, to give 
an attention, which is not natural to them, 
towards the maintenance of forts and garrisons
For the first of these purposes, the fine for 
admission is limited to forty shillings. The 
company is prohibited from trading in their 
corporate capacity, or upon a joint stock; from 
borrowing money upon common seal, or from 
laying any restraints upon the trade, which 
may be carried on freely from all places, and 
by all persons being British subjects, and paying 
the fine. The government is in a committee 
of nine persons, who meet at London, but 
who are chosen annually by the freemen of 
the company at London, Bristol, and Liverpool
three from each place. No committee-man 
can be continued in office for more than 
three years together. Any committee-man 
might be removed by the board of trade and 
plantations, now by a committee of council, after 
being heard in his own defence. The 
committee are forbid to export negroes from 
Africa, or to import any African goods into 
Great Britain. But as they are charged with 
the maintenance of forts and garrisons, they 
may, for that purpose export from Great Britain 
to Africa goods and stores of different 
kinds. Out of the moneys which they shall 
receive from the company, they are allowed
sum, not exceeding eight hundred pounds, for 
the salaries of their clerks and agents at London
Bristol, and Liverpool, the house-rent of 
their offices at London, and all other expenses 
of management, commission, and agency, in 
England. What remains of this sum, after 
defraying these different expenses, they may 
divide among themselves, as compensation for 
their trouble, in what manner they think proper