times the Trade to the Eastern parts as we have; and for Italy, Spain and Portugal, where we have no Companies, we have yet left full as much, if not more Trade, then the Dutch. [If, in this situation, English trade was equal to that of Holland in the countries just named, it is evident that either this trade was increased by the liberty of Northern shipping, or that England resold to Holland a part of its return cargo, and thereby deprived itself of a substantial portion of its benefit. It is an effect of all restricted shipping, because large stocks alone procure large sales.] And for Russia and Greenland where we have Companies (and I think Establisht by Act or Acts of Parliament) our Trade is in effect wholly lost, while the Dutch have, without Companies, encreased theirs to above forty times the Bulk of what the residue of ours now is.
From whence may be inferred:
1. That restrained limitted Companies are not alone sufficient to preserve and encrease a Trade.
2. That limitted Companies, though Established by Act of Parliament, may lose a Trade.
3. That Trade may be carried on to any part of Christendom, and encreased without Companies.
4. That we have declined more, at least have encreased less, in those Trades limitted to Companies, then in others where all his Majesties Subjects have had equal freedom to Trade.
The common Objections against this easie admission of all his Majesties Subjects into Companies of Merchants, are:
Object. 1. If all persons may come into any Company of Merchants on such easie terms, then young Gentlemen, Shop-keepers and divers others
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will turn Merchants, who through their own unskillfulness will pay dear for our native Commodities here, and sell them cheap abroad; and also buy Foreign Commodities dear abroad, and sell them here for less then their cost, to the Ruin of themselves, and Destruction of Trade.
I answer, first, caveat emptor, let particular Men look to themselves,7 and so doubtless they will in those Trades for which there are now Companies, as well as they do in others for which there are no Companies.
It is the care of Law-makers first and principally, to provide for the People in gross, not particulars, and if the consequence of so easie an admission, should be to make our Manufactures cheap abroad, and Foreign Commodities cheap here (as is alledged), our Nation in general would have the advantage both ways.
Object. 2. If all should be admitted &c. Shop-keepers, being the Retailors, of the same Commodities the Company Imports, would have so much the advantage of the Merchant, that he would beat the Merchant wholly out of the Trade.
I answer, first, We see no such thing in Holland, nor in the open Trades, viz. France, Spain, Portugal, Italy, and all our own Plantations, neither can that well be, for to drive a retail Trade to any purpose, requires a Mans full Stock, as well as his full attendance, and so doth it to drive the Trade of a Merchant, and therefore few can find Stock and time to attend both; from whence it follows, that of the many Hundreds which in memory have turned Merchants, very few continued long to follow both, but commonly after two or three Years Experience, betake themselves wholly to Merchandizing, or returned to the sole Exercise of their Retail way; but whether they do, or do not, concerns not the Nation in general, whose common Interest is to buy cheap, whatever appellation the Seller hath, whether that of a meer Merchant, Gentleman, or a Shop-keeper.
Object. 3. If Shop-keepers and other unexperienced persons may turn Merchants, &c. they will through Ignorance neglect buying and sending out our Native Manufactures, and will send out our Money, or Bills of Exchange to buy Foreign Commodities, which is an apparent National loss.
I answer, that Shop-keepers are, like all other Men (led by their profit) and if it be for their Advantage to send out Manufactures, they will do it without forcing; and if it be for their Profit to send over Money or
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Bills of Exchange, they will do that, and so will Merchants as soon and as much as they.
Object. 4. If any may be admitted, &c. what do we get by our seven Years Service, and the great Sums of Money our Parents gave to bind us Apprentices to Merchants? &c. And who will hereafter bind his Son to a Merchant?
I answer, The end of Service and giving of Money with Apprentices, I have always understood to be the Learning of the Art or Science of Merchandizing, not the purchasing of an Immunity or Monopoly to the prejudice of our Country; and that it is so, is evident from the practice, there being many general Merchants that are free of no particular Company, who can have as large Sums of Money with Apprentices, as any other that are free of one or more particular Companies of Merchants; and many Merchants that are free of particular Companies, unto whom few will have any considerable sums of Money with Apprentices; the proportion of Money given with Apprentices not following the Company a Merchant is free of, but the condition the Master, as to his more or less reputed skill in his Calling, Thriving or going backward, greater or lesser Trade, well or ill Government of himself and Family, &c.
Obj. 5. If all should be admitted on such easie terms, will not that be manifest Injustice to the Companies of Merchants, who by themselves or Predecessors have been at great Disburstments to purchase Priviledges & Immunities abroad, as the Turkey-Company, and the Hambrough-Company have done.
I answer, That I am yet to learn that any Company of Merchants not trading with a joynt Stock, such as the Turkey, Hambrough, Muscovia and Eastland Companies ever purchased their Priviledges, or built and maintained Forts, Castles or Factories, or made any Wars at their own charge; but I know the Turkey Company do maintain an Embassador and two Consuls, and are sometimes necessitated to make Presents to the Grand Senior,8 or his great Officers; and the Hambrough Company are at some charge to maintain their Deputy, and Minister at Hambrough; and I think it would be great Injustice that any should trade to the places within their Charters, without paying the same Duties or Leviations towards the Companies charge as the present Adventurers do pay, but I know not why any should be barred from trading to those places, or forced to pay a great Fine for admition, that are willing to pay
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the Companies Duties, and submit to the Companies regulation and orders in other respects.
Obj. 6. If all may be admitted as aforesaid, then such numbers of Shop-keepers and others would come into the Society of Merchants, as would by the Majority of Votes so much alter the Governours, Deputy and Assistants of the respective Companies, that Ignorant Persons would come into those ruling places, to the general prejudice of those Trades.
I answer, Those that make this Objection, if they be Merchants, know there is very little in it, for that it is not to be expected that twenty Shop-keepers will come into any one Company in a Year; and therefore can have no considerable influence upon the Elections; but if many more should come in, it would be the better for the Nation, and not the worse for the Company, for that all men are lead by their Interest, and it being the common Interest of all that engage in any Trade, that the Trade should be regulated and governed by wise, honest and able men, there is no doubt but most men will Vote for such as they esteem so to be, which is manifest in the East-India-Company, where neither Gentlemen nor Shopkeepers were at first excluded, neither are they yet kept out; any English-man whatsoever being permitted to come into that Company that will buy an Action, paying only five Pounds to the Company for his admission; and yet undeniable experience hath convinced all Gain-sayers in this matter; that Company, since its having had so large and National a Foundation, having likewise had a succession of much better Governours, Deputies and Assistants then ever it had upon that narrow bottom it stood formerly, when none could be admitted to the freedom of that Company, for less than a Fine of Fifty Pounds; and the success hath been answerable, For the first Company settled upon that narrow limitted Interest, although their Stock was larger, then this, decayed and finally came to ruin and destruction; Whereas on the contrary, this being settled on more rational, and consequently more just, as well as more profitable Principles, hath through Gods Goodness thriven and encreased to the trebling of their first Stock.
What concerns the various companies of Europe is relegated to the commerce of each state. This article is