692

THE NATURE AND CAUSES OF

more than sufficient to enable the state to maintain such mi-nisters.

Regulated companies, it was observed by Sir JosiahChild , though they had frequently supported public minis-ters, had never maintained any forts or garrisons in the coun-tries to which they traded; whereas joint stock companiesfrequently had. And in reality the former seem to be muchmore unlit for this sort of service than the latter. First, thedirectors of a regulated company have no particular interestin the prosperity of the general trade of the company, for thesake of which, such forts and garrisons are maintained. Thedecay of that general trade may even frequently contributeto the advantage of their own private trade ; as by diminish-ing the number of their competitors, it may enable them bothto buy cheaper, and to sell dearer. The directors of a jointstock company, on the contrary, having only their share inthe profits which are made upon the common stock committedto their management, have no private trade of their own, ofwhich the interest can be separated from that of the generaltrade of the company. Their private interest is connectedwith the prosperity of the general trade of the company, andwith the maintenance of the forts and garrisons which arenecessary for its defence. They are more likely, therefore,to have that continual and careful attention which that main-tenance necessarily requires. Secondly, the directors of ajoint stock company have always the management of a largecapital, the joint stock of the company, a part of which theymay frequently employ, with propriety, in building, repair-ing, and maintaining such necessary forts and garrisons.But the directors of a regulated company, having the ma-nagement of no common capital, have no other fund to em-ploy in this way, but the casual revenue arising from the ad-mission fines, and from the corporation duties, imposed uponthe trade of the company. Though they had the same in-terest, therefore, to attend to the maintenance of such fortsand garrisons, they can seldom have the same ability to ren-der that attention effectual. The maintenance of a publicminister requiring scarce any attention, and but a moderateand limited expense, is a business much more suitable bothto the temper and abilities ot a regulated company.

Long after the time of Sir Josiah Child , however, in 1750,a regulated company was established, the present companyof merchants trading to Africa, which was expressly charged