Page:The wealth of nations, volume 3.djvu/122

 were in so great disorder, that they were altogether incapable of maintaining their forts and garrisons, the sole purpose and pretext of their institution. From that year, till their final dissolution, the Parliament judged it necessary to allow the annual sum of ten thousand pounds for that purpose. In 1732, after having been for many years losers by the trade of carrying negroes to the West Indies, they at last resolved to give it up altogether; to sell to the private traders to America the negroes which they purchased upon the coast; and to employ their servants in a trade to the inland parts of Africa for gold dust, elephants' teeth, dyeing drugs, etc. But their success in this more confined trade was not greater than in their former extensive one. Their affairs continued to go gradually to decline, till at last, being in every respect a bankrupt company, they were dissolved by act of Parliament, and their forts and garrisons vested in the present regulated company of merchants trading to Africa. Before the erection of the Royal African Company, there had been three other joint stock companies successively established, one after another, for the African trade. They were all equally unsuccessful. They all, however, had exclusive charters, which, though not confirmed by act of Parliament, were in those days supposed to convey a real exclusive privilege.

The Hudson's Bay Company, before their misfortunes in the late war, had been much more fortunate than the Royal African Company. Their necessary expense is much smaller. The whole number of people whom they maintain in their different settlements and habitations, which they have honored with the name of forts, is said not to exceed a hundred and twenty persons. This number, however, is, sufficient to prepare beforehand the cargo of furs and other