40 
A VOYAGE TO SPITZBERGEN 
that hereditary telonarius , the King of Denmark, came 
to the fishing-grounds to demand a toll of the English; 
which was boldly refused by Fotherby, although they 
threatened to shoot down his flag. 9 During the next 
two years, the company made little profit, on account of 
the competition ; but added to their discoveries Edge’s 
Island and Wyche’s Land, on the easterly side of Spitz- 
bergen. In 1618, a division of the coasts and harbors, 
for fishery, was made among the English, Dutch, Danes, 
Hamburgers, Spanish, and French. 
The inducements for a continuance of the trade by 
the Muscovy Company were thus greatly diminished, 
particularly as they had on hand sundry other branches 
of traffic which had become very lucrative. The larger 
mercantile enterprises of this period appear to have 
been managed by nearly the same individuals. In 1581, 
a number of eminent merchants were incorporated for 
trade with Turkey; and, in 1605, received a perpetual 
charter from King James as the merchants of England 
trading to the Levant seas. This corporation still ex¬ 
ists, under the name of the Levant or Turkey Company. 
Their ordinary returns are said to have been three to 
one upon the investments. In 1599, the Lord Mayor, 
aldermen, and principal merchants of London, to the 
number of about one hundred, formed an association 
for trade with the East Indies. This was incorporated 
in 1600 as the East-India Company, since so famous; 
and Sir Thomas Smith, who had been one of the lead- 
9 Letter of Fotherby to Capt. Edge (Purchas, vol. iii. p. 731). Edge himself claimed 
the credit of this denial; and says these were the first Danish vessels that ever came 
to that country, and they were piloted by an Englishman. — Jbid., p. 467. 
