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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