The Magazine Ships
As has been previously indicated, all supplies, sent to the Colony during the first ten years, were paid for through the Company's treasury, but so great was the financial burden, particularly since the Colony was not yielding the profit anticipated, that a different arrangement was sought, in 1617. There was organized within the Company a "Society of Particular Adventurers for Traffic with the People of Virginia in Joint Stock." This was known as the Magazine, to which members of the Virginia Company contributed such sums as they were willing to venture. In practice, it was an association of private investors who, upon return of the ship that had been sent stocked to Virginia, divided the profits from the sale of goods and the tobacco returned on the ships, according to their investment in the enterprise.
The first of these ships to arrive in the Colony was the Susan, a vessel of small tonnage, with a cargo restricted to clothing of which the colonists ever stood in great need. Abraham Peirsey was in charge as Cape-Merchant and it was his responsibility also to dispose of the cargo at a price that would bring a profit to the promoters. The exchange, of course, was in tobacco or sassafras, the only two commodities at the time, which could be disposed of in England at a profit. Evidently, Peirsey was successful in his bargaining, for upon his return to England in the Susan, he came back the following year with the second magazine ship, the George, which was delayed five months and in consequence unloaded a damaged cargo. Although during the remainder of the Company's tenure in Virginia, until June 1624, transportation of supplies, supposedly was restricted to the magazine ships, the vessels of private adventurers often reached the Colony with articles which were in the luxury class such as sweetmeats, sack (wine from southern Europe) and strong waters (liquor). The Dutch probably were the chief promoters of this trade, which England sought unsuccessfully to prohibit, as diverting the tobacco trade from the realm and diminishing the royal customs.