The　fine　for　admission　into　the　Turkey　Company　was　formerly
  twenty…five　pounds　for　all　persons　under　twenty…six　years　of　age；
  and　fifty　pounds　for　all　persons　above　that　age。　Nobody　but　mere
  merchants　could　be　admitted；　a　restriction　which　excluded　all
  shopkeepers　and　retailers。　By　a　bye…law；　no　British　manufactures
  could　be　exported　to　Turkey　but　in　the　general　ships　of　the
  company；　and　as　those　ships　sailed　always　from　the　port　of
  London；　this　restriction　confined　the　trade　to　that　expensive
  port；　and　the　traders　to　those　who　lived　in　London　and　in　its
  neighbourhood。　By　another　bye…law；　no　person　living　within　twenty
  miles　of　London；　and　not　free　of　the　city；　could　be　admitted　a
  member；　another　restriction　which；　joined　to　the　foregoing；
  necessarily　excluded　all　but　the　freemen　of　London。　As　the　time
  for　the　loading　and　sailing　of　those　general　ships　depended
  altogether　upon　the　directors；　they　could　easily　fill　them　with
  their　own　goods　and　those　of　their　particular　friends；　to　the
  exclusion　of　others；　who；　they　might　pretend；　had　made　their
  proposals　too　late。　In　this　state　of　things；　therefore；　this
  company　was　in　every　respect　a　strict　and　oppressive　monopoly。
  Those　abuses　gave　occasion　to　the　act　of　the　26th　of　George　II；
  c。　18；　reducing　the　fine　for　admission　to　twenty　pounds　for　all
  persons；　without　any　distinction　of　ages；　or　any　restriction；
  either　to　mere　merchants；　or　to　the　freemen　of　London；　and
  granting　to　all　such　persons　the　liberty　of　exporting；　from　all
  the　ports　of　Great　Britain　to　any　port　in　Turkey；　all　British
  goods　of　which　the　exportation　was　not　prohibited；　and　of
  importing　from　thence　all　Turkish　goods　of　which　the　importation
  was　not　prohibited；　upon　paying　both　the　general　duties　of
  customs；　and　the　particular　duties　assessed　for　defraying　the
  necessary　expenses　of　the　company；　and　submitting；　at　the　same
  time；　to　the　lawful　authority　of　the　British　ambassador　and
  consuls　resident　in　Turkey；　and　to　the　bye　laws　of　the　company
  duly　enacted。　To　prevent　any　oppression　by　those　bye…laws；　it　was
  by　the　same　act　ordained；　that　if　any　seven　members　of　the
  company　conceived　themselves　aggrieved　by　any　bye…law　which
  should　be　enacted　after　the　passing　of　this　act；　they　might
  appeal　to　the　Board　of　Trade　and　Plantations　（to　the　authority　of
  which　a　committee　of　the　Privy　Council　has　now　succeeded）；
  provided　such　appeal　was　brought　within　twelve　months　after　the
  bye…law　was　enacted；　and　that　if　any　seven　members　conceived
  themselves　aggrieved　by　any　bye…law　which　had　been　enacted　before
  the　passing　of　this　act；　they　might　bring　a　like　appeal；　provided
  it　was　within　twelve　months　after　the　day　on　which　this　act　was
  to　take　place。　The　experience　of　one　year；　however；　may　not
  always　be　sufficient　to　discover　to　all　the　members　of　a　great
  company；　the　pernicious　tendency　of　a　particular　bye…law；　and　if
  several　of　them　should　afterwards　discover　it；　neither　the　Board
  of　Trade；　nor　the　committee　of　council；　can　afford　them　any
  redress。　The　object；　besides；　of　the　greater　part　of　the　bye…laws
  of　all　regulated　companies；　as　well　as　of　all　other　corporations；
  is　not　so　much　to　oppress　those　who　are　already　members；　as　to
  discourage　others　from　becoming　so；　which　may　be　done；　not　only
  by　a　high　fine；　but　by　many　other　contrivances。　The　constant　view
  of　such　companies　is　always　to　raise　the　rate　of　their　own　profit
  as　high　as　they　can；　to　keep　the　market；　both　for　the　goods　which
  they　export；　and　for　those　which　they　import；　as　much
  understocked　as　they　can：　which　can　be　done　only　by　restraining
  the　competition；　or　by　discouraging　new　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　adventure。　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　avenue　much
  more　than　sufficient　to　enable　the　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　company。
  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　23rd　of
  George　II；　c。　3）　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　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
  monies　which　they　shall　receive　from　the　company；　they　are