Dissolving Companies.—This Act, by enlarging the Companies, and giving free access to all men, doth in effect dissolve them; for hardly are they able to govern those that are in already; and where government faileth, there will be certain confusion.
Answer.—This Act dissolveth no Company, taketh away no good government. Those orders in Companies, which tend to monopoly, it abrogateth: orders for necessary contribution to public charges it establisheth; the rest it leaves as it found them, neither in worse state, nor better. It is weakness to say, that a greater multitude cannot be governed; for so neither Kings in their Dominions and subjects, nor cities in their amplitude should increase. If for matter of merchandize there were no such government at all, nor more than there is for our merchants in France, or hath been at Stade, for divers years past, or than there is in the Low Countries, where are the best merchants in the world; yet provident men would consult and join together in that which were for their common benefit, ease, and safety. Such Companies there are in other countries, but no such monopolies as ours are.
Joint Stock Necessary.—This Act is against trading in a joint stock together, which in long and dangerous voyages (as to Musco, and especially the East Indies) is necessary; for in that voyage one alone will not adventure; besides the merchants must keep some port there amongst the infidels.
Answer.—It is true that it is fit to trade to the East Indies with a joint stock, and so do the Hollanders; this Act therefore doth not forbid men to trade in a joint stock, if they list, and see it fit; only forbiddeth to constrain men to trade so against their wills; which heretofore in other trades, and at this day in the Muscovie trade, doth turn to the great damage both of the Commonwealth and of the particular persons so constrained to trade. The Muscovie Company, consisting of eight score, or thereabouts, have fifteen directors, who manage the whole trade; these limit to every man the proportion of stock which he shall trade for, make one purse and stock of all, and consign it into the hands of one agent at Musco, and so again, at their return, to one agent at London, who sell all, and give such account as they please. This is a strong and a shameful monopoly—a monopoly in a monopoly—both abroad and at home. A whole Company, by this means, is become as one man, who alone hath the uttering of all the commodities of so great a country. The inconveniences, which have ensued thereof, are three apparent.
First, by this means they vent less of our commodities; for, by reason of the one agent, they vent all through his hands; by which means the Hollanders have come in between us; who, trading thither in several with our own English commodities (which are most proper for that country) utter much more than our own merchants, and make quicker return; which has occasioned many Englishmen to join in trade with the Hollanders, to the detriment of the King's Majesty in his customs. And by this means that trade is like utterly to decay; for the Hollanders have grown in short time from two ships to above twenty; this spring they are gone to Muscovie with near thirty ships, and our men but with seven. The like fell out in the Turkie Company, when they constrained men to a joint stock; since the breaking of which combination, there go four ships for one.
Secondly, in their return with Muscovie commodities, they greatly prejudice the Commonwealth and State. Example in cordage, which they bring home in such scarcity, and sell so dearly, as that they have raised it in short time from twenty to thirty shillings; yea, to sell their ware dear, they have contracted with the buyer not to bring any more of that commodity within three years after.
Thirdly, this is hurtful to all the young merchants of their own Company, who cannot forbear their stock so long as now they do, and desire to employ their own industry in managing it, and having oftentimes been all damnified by the breaking of that general factor.
Public Charges.—In divers places, as namely, in Turkey and Muscovy, the merchants are at charge of sending presents, maintaining ambassadors, consuls, and agents, which are otherwise also necessary for the service of his Majesty, and of the State; these charges are now defrayed by these Companies.
Answer.—This matter is expressly provided for by this Act, that all that trade to those places shall be contributory to those charges.
The New Merchants will give over.—The like attempt for free trade was in Anno 1588, at what time liberty being given to all men to buy cloths at Westminster, the Merchant Adventurers gave over to trade at all; whereby the cloth of the land lying on the clothier's hands, they were forced, by petition, to get the former restraint restored.