of Adventurers had
been constituted an East India Company, that influence had its
commencement, which will be found, in the sequel, to have been equally
adverse to the prosperity of their trade and to the probity of the
directors."[81] Yet, though still petitioners for their charter, the
directors had the firmness to resist this influence, and resolved _Not
to employ any gentleman in any place of charge_, requesting to be
permitted to _sort_ their business with men of _their own quality_, lest
the suspicion of employing _gentlemen_ might drive a great number of the
adventurers to withdraw their contributions.[82]

[Footnote 81: Ann. of the H.E.I. Co. I.128.]

[Footnote 82: Id. ib.]

In the commencement of its operations, the East India Company proceeded
upon rather an anomalous plan for a great commercial company. Instead of
an extensive joint stock for a consecutive series of operations, a new
voluntary subscription was entered into among its members for each
successive adventure. That of the _first_ voyage was about L70,000. The
_second_ voyage was fitted out by a new subscription of L60,450. The
_third_ was L53,500. The _fourth_ L33,000. The _fifth_ was a branch or
extension of the third, by the same subscribers, on an additional call
or subscription of L13,700. The subscription for the _sixth_ was
L82,000. The _seventh_ L71,581. The _eighth_ L76,375. The _ninth_ only
L7,200.

In 1612, the trade began to be carried on upon a broader basis by a
joint stock, when L429,000 was subscribed, which was apportioned to the
_tenth, eleventh, twelfth_, and _thirteenth_ voyages. In 1618, a new
_joint stock_ was formed by subscription, amounting to L1,600,000.[83]

[Footnote 83: Ann. of the H.E.I. Co. Vol. I. passim.]

In the year 1617, King James I. of England and VI. of Scotland, granted
letters patent under the great seal of Scotland, dated at Kinnard, 24th
May, 1617, to Sir James Cunningham of Glengarnock, appointing him, his
heirs and assigns, to be governors, rulers, and directors of a _Scottish
East India Company_, and authorizing him "to trade to and from the East
Indies, and the countries or parts of Asia, Africa, and America, beyond
the Cape of _Bona Sperantia_, to the straits of Magellan, and to the
Levant Sea and territories under the government of the Great Turk, and
to and from the countries of Greenland, and all other countries and
islands in the north, north-west, and north-east seas, and other parts
of Am