32 Industrial Experiments in Colonial America. 



This proposal was laid before the Board of Trade in Novem- 

 ber, 1703. In February of the following year, the company 

 submitted in detail the reasons why they could not undertake 

 to import naval stores without a charter.^ In the first place, 

 it was a great risk for a particular person or persons to 

 make contracts with the government. Under their pres- 

 ent constitution they had suffered for want of a charter, 

 in having been forced to sell their goods in the name of 

 private persons ; and they had sometimes found it difficult 

 to get the money, they not being able to sue as a company for 

 the same. Moreover, some were of the opinion that they were 

 liable for the debts of one another, and that any member might 

 be sued for what the company owed. They had managed with 

 difficulty so far, but thought it would be dangerous to under- 

 take greater matters without a charter; otherwise, they could 

 not oblige the stock of the company to make good the con- 

 tracts that might be made with the government. Further, a 

 charter would give them the countenance and favour of officials 

 abroad, and a better command over their factors. And finally, 

 they expected to have to credit the government with large sums 

 of money, which they could not pretend to do without a charter. 



In March, 1704, the members of the company presented the 

 draft of a charter such as they desired to the Board of Trade.- 

 In general, the instrument resembles the usual form of trading 

 charter, although, in some particulars, the Pennsylvania Com- 

 pany demanded rather less than Dudley's Company. Since 

 they were already trading on a stock of £20,000, they asked for 

 only £20,000 more to complete their stock. Tliey did, how- 

 ever, desire authority to "assign and transfer the shares and in- 

 terests of members in present and future stock, as well as to 

 raise, call and pay money for an additional joint stock." They 

 did not demand exclusive privileges, but they were willing to 

 be obliged to import to the kingdom of England only; and they 



'Memorial of Thos. Byfield, B. T. Proprieties, M: 16. 

 ^Draft of proposed charter for the Penn. Co., B. T. Proprieties, 

 M: 26. 



