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288 W. R. Scott
The success of the Dutch in fishing off the British coasts inspired the
foundation of the *
of Great Britain and Ireland '
Society of the Fishery
(1632-40). But the Scots were not at all anxious to co-operate, the capital
raised was insufficient, and was almost lost.
entirely
Nearly all the companies, for whatever purpose they were formed, were
incorporated by charter from the crown, seldom in Tudor and Stewart
periods confirmed by Parliament, although the Russia Company had its
privileges confirmed by Act of Parliament in 1566. The East India Company
for long endeavoured to get authorization from Parliament, and
pointed to the Scots act constituting the Darien company as evidence in
favour of its demand.
The charter of the Russia Company, 1555, is one of the earliest examples.
It incorporates certain persons named as * one bodie and perpetuall fellow-
ship and communaltie' endued with perpetual
succession and a common
seal, capable of holding bonds and of sueing and being sued ; with a
governor and provision for the fellowship electing some of the * most sad,
discreete and honest persons '
of the fellowship as assistants, who had con-
siderable power. Most of the later charters were much on these lines,
sometimes providing for an annual meeting of shareholders, or specifying
the number of shares, twenty-four in the Society of the Mines Royal ; or
the voting qualification, which in the 1661 charter of the East India Com-
pany was fixed at ^500.
A very important feature in the charters of the trading companies was
the extent and character of the monopoly granted to them. The East
India Company was granted in 1600 the * whole entire and only trade and
in all places from the Cape of Good Hope to the Straits of Magellan;
the Royal African Company in 1672 was to have the whole trade from
traffic '
Sallee to the Cape. They were also often authorized to punish interlopers,
who forfeited their ships and cargoes.
The difficulties of the Russia Company with interlopers are interesting,
illustrating the complications which arose in commercial matters before
the complete union of England and Scotland. James I., by letters patent
under the great seal of Scotland, incorporated Sir James Cunningham and
other adventurers as a Scottish East India and Greenland Company.
Cunningham, to the alarm of the Russia Company, began to fit out a
whaling expedition, but an arrangement was come to by which the charter
was to be recalled and Cunningham compensated. In 1626 Charles L, as
king of Scotland, gave a license for whaling to Edwards, or Uduard as the
Scottish records call him, and his partners. After some controversy
the
Company was ordered to admit them as members, but in 1634 the Greenland
Adventurers were again in difficulties with interlopers, one of whom
had got hold of Edwards' license.
The financial
history of the companies is given with great
fulness
and clearness by Dr. Scott. In the trading companies there was not
always a permanent joint-stock at the early stages, but members could
subscribe for one voyage only or for a group of voyages. In the early
years of the East India Company the voyages were organized on the
system of terminable stocks. By 1613 they had sent out twelve voyages,