Page:The wealth of nations, volume 3.djvu/115

 pense, 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 afterward with that of those only which lie between Cape Rouge and the Cape of Good Hope. The act which establishes this company (the 23d of George II., chap. 31), 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, toward 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 committeeman can be continued in office for more than three years together. Any committeeman might be removed by the Board of Trade and Plantations; now by a committee of council, after being heard in his own defence. The committee are forbidden to export negroes from Africa, or to im-