Page:The English Historical Review Volume 36.djvu/214

 From the year 1700 the system of paying commission became less common, and the Company made its supercargoes partners in the venture in which they were engaged in common. A certain amount of private trade was still allowed, but the principal part of their reward was to come from a specified portion of the ship's stock, which was assigned to them. In 1699 the English East India Company chartered the Macclesfield frigate, 250 tons; and, as she was a chartered ship, some provision was made also for her owners and officers. She took in London a stock of £5,475 in goods and £26,611 in silver, total £32,086; of this sum £25,036 was 'for account of the Hon'ble English Company', and £7,050 (22 per cent.) for its agents on board, distributed as follows:

In addition to their private ventures, which were strictly limited, this amount of capital was provided by the Company, and its agents were to have the profit realized on the return of the ship to London.

In 1715 the Company made a change in its practice. Each separate ship was no longer to form a separate venture, with her account and the transactions connected with her cargo kept independently. On the arrival of the ships at Canton, the supercargoes on board were in future to form one council, one of them being designated as chief, the others having a prearranged order of precedence; but all orders, accounts, and decisions were to be signed by all the members of the council, and only the cargo accounts were kept separate for each ship. For the season of 1722, by which time the system had taken definite shape, four ships were dispatched to Canton, having on board seven supercargoes in all, who on arrival joined together to form the council. The reward for their efforts was granted by the court in three forms: (a) 'Allowance' of a portion of the Company's stock on the ships, from which the profits were to be given to the supercargoes in certain proportions, as had been done with the Macclesfield frigate cited above. (b) 'Permission' to each to carry out a certain sum in foreign silver,