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protection。 An ordinary store or counting…house could give little
security to the goods of the merchants who trade to the western
coast of Africa。 To defend them from the barbarous natives； it is
necessary that the place where they are deposited should be； in
some measure； fortified。 The disorders in the government of
Indostan have been supposed to render a like precaution necessary
even among that mild and gentle people； and it was under pretence
of securing their persons and property from violence that both
the English and French East India Companies were allowed to erect
the first forts which they possessed in that country。 Among other
nations； whose vigorous government will suffer no strangers to
possess any fortified place within their territory； it may be
necessary to maintain some ambassador； minister； or counsel； who
may both decide； according to their own customs； the differences
arising among his own countrymen； and； in their disputes with the
natives； may； by means of his public character； interfere with
more authority； and afford them a more powerful protection； than
they could expect from any private man。 The interests of commerce
have frequently made it necessary to maintain ministers in
foreign countries where the purposes； either of war or alliance；
would not have required any。 The commerce of the Turkey Company
first occasioned the establishment of an ordinary ambassador at
Constantinople。 The first English embassies to Russia arose
altogether from commercial interests。 The constant interference
which those interests necessarily occasioned between the subjects
of the different states of Europe； has probably introduced the
custom of keeping； in all neighbouring countries； ambassadors or
ministers constantly resident even in the time of peace。 This
custom； unknown to ancient times； seems not to be older than the
end of the fifteenth or beginning of the sixteenth century； that
is； than the time when commerce first began to extend itself to
the greater part of the nations of Europe； and when they first
began to attend to its interests。
It seems not unreasonable that the extraordinary expense
which the protection of any particular branch of commerce may
occasion should be defrayed by a moderate tax upon that
particular branch； by a moderate fine； for example； to be paid by
the traders when they first enter into it； or； what is more
equal； by a particular duty of so much per cent upon the goods
which they either import into； or export out of； the particular
countries with which it is carried on。 The protection of trade in
general； from pirates and freebooters； is said to have given
occasion to the first institution of the duties of customs。 But；
if it was thought reasonable to lay a general tax upon trade； in
order to defray the expense of protecting trade in general； it
should seem equally reasonable to lay a particular tax upon a
particular branch of trade； in order to defray the extraordinary
expense of protecting that branch。
The protection of trade in general has always been
considered as essential to the defence of the commonwealth； and；
upon that account； a necessary part of the duty of the executive
power。 The collection and application of the general duties of
customs； therefore； have always been left to that power。 But the
protection of any particular branch of trade is a part of the
general protection of trade； a part； therefore； of the duty of
that power； and if nations always acted consistently； the
particular duties levied for the purposes of such particular
protection should always have been left equally to its disposal。
But in this respect； as well as in many others； nations have not
always acted consistently； and in the greater part of the
commercial states of Europe； particular companies of merchants
have had the address to persuade the legislature to entrust to
them the performance of this part of the duty of the sovereign；
together with all the powers which are necessarily connected with
it。
These companies； though they may； perhaps； have been useful
for the first introduction of some branches of commerce； by
making； at their own expense； an experiment which the state might
not think it prudent to make； have in the long run proved；
universally； either burdensome or useless； and have either
mismanaged or confined the trade。
When those companies do not trade upon a joint stock； but
are obliged to admit any person； properly qualified； upon paying
a certain fine； and agreeing to submit to the regulations of the
company； each member trading upon his own stock； and at his own
risk； they are called regulated companies。 When they trade upon a
joint stock； each member sharing in the common profit or loss in
proportion to his share in this stock； they are called joint
stock companies。 Such companies； whether regulated or joint
stock； sometimes have； and sometimes have not； exclusive
privileges。
Regulated companies resemble； in every respect； the
corporations of trades so common in the cities and towns of all
the different countries of Europe； and are a sort of enlarged
monopolies of the same kind。 As no inhabitant of a town can
exercise an incorporated trade without first obtaining his
freedom in the corporation； so in most cases no subject of the
state can lawfully carry on any branch of foreign trade； for
which a regulated company is established； without first becoming
a member of that company。 The monopoly is more or less strict
according as the terms of admission are more or less difficult；
and according as the directors of the company have more or less
authority； or have it more or less in their power to manage in
such a manner as to confine the greater part of the trade to
themselves and their particular friends。 In the most ancient
regulated companies the privileges of apprenticeship were the
same as in other corporations； and entitled the person who had
served his time to a member of the company to become himself a
member； either without paying any fine； or upon paying a much
smaller one than what was exacted of other people。 The usual
corporation spirit； wherever the law does not restrain it；
prevails in all regulated companies。 When they have been allowed
to act according to their natural genius； they have always； in
order to confine the competition to as small a number of persons
as possible； endeavoured to subject the trade to many burden some
regulations。 When the law has restrained them from doing this；
they have become altogether useless and insignificant。
The regulated companies for foreign commerce which at
present subsist in Great Britain are the ancient merchant
adventurers' company； now commonly called the Hamburg Company；
the Russia Company； the Eastland Company； the Turkey Company； and
the African Company。
The terms of admission into the Hamburg Company are now said
to be quite easy； and the directors either have it not their
power to subject the trade to any burdensome restraint or
regulations； or； at least； have not of late exercised that power。
It has not always been so。 About the middle of the last century；
the fine for admission was fifty； and at one time one hundred
pounds； and the conduct of the company was said to be extremely
oppressive。 In 1643； in 1645； and in 1661； the clothiers and free
traders of the West of England complained of them to Parliament
as of monopolists who confined the trade and oppressed the
manufactures of the country。 Though those complaints produced an
Act of Parliament； they had probably intimidated the company so
far as to oblige them to reform their conduct。 Since that time；
at least； there has been no complaints against them。 By the 10th
and 11th of William III； c。 6； the fine for admission into the
Russia Company was reduced to five pounds； and by the 25th of
Charles II； c。 7； that for admission into the Eastland Company to
forty shillings； while； at the same time； Sweden； Denmark； and
Norway； all the countries on the north side of the Baltic； were
exempted from their exclusive charter。 The conduct of those
companies had probably given occasion to those two Acts of
Parliament。 Before that time； Sir Josiah Child had represented
both these and the Hamburg Company as extremely oppressive； and
imputed to their bad management the low state of the trade which
we at that time carried on to the countries comprehended within
their respective charters。 But though such companies may not； in
the present times； be very oppressive； they are certainly
altogether useless。 To be merely useless； indeed； is perhaps the
highest eulogy which can ever justly be bestowed upon a regulated
company； and all the three companies above mentioned seem； in
their present state； to deserve this eulogy。
The fine for admission into the Turkey Company was formerly
twenty…five pounds for all persons under twenty…six years of age；