erial, may have arisen from
Purchas having considered some of the ships belonging to _single_
adventurers or subscriptions, which made separate voyages or parts of
voyages, as _separate_ adventures. We come now to a new era in the mode
of conducting the English exclusive trade to India, of the motives for
which the Annals give the following account.[121]

[Footnote 121: Id. I. 165.]

"The inconveniences which had been experienced from separate classes of
adventurers, partners in the East India Company, fitting out equipments
on their own particular portions of stock, induced the directors, or
committees, to resolve, in 1612, that, in future, the trade should be
carried on by a joint stock only; and, on the basis of this resolution,
the sum of L429,000 was subscribed: and, though portions of this joint
stock were applied to the equipment of four voyages, the general
instructions to the commanders were given in the name, and by the
authority, of the governor, deputy-governor, and committees of the
company of merchants in London trading to the East Indies, who explained
that the whole was a joint concern, and that the commanders were to be
responsible to the company for their conduct, both in the sale and
purchase of commodities in the East Indies, and for their general
conduct, in extending the commerce, within the limits of the company.
The transition, therefore, from trading on _separate adventures_, which
has been described as an imitation of the Dutch, to trading on a _joint
stock_, arose out of the good sense of the English nation, which, from
experience, had discovered the evil consequences of internal opposition,
and had determined to proceed on a system better calculated to promote
the general interest of the East India Company.

"Notwithstanding this resolution, the proportions of this aggregate sum
were applied to what has been termed the _tenth, eleventh, twelfth_, and
_thirteenth_ voyages, in the following manner: In 1613, the _tenth_
voyage was undertaken, the stock of which was estimated at L18,810 in
money, and L12,446 in goods, the fleet consisting of _eight_ vessels. In
1614, the stock for the _eleventh_ voyage was L13,942 in money, and
L23,000 in goods, the fleet being _eight ships_. In 1615, the stock for
the _twelfth_ voyage was L26,660 in money, and L26,065 in goods, with
_six ships_. In 1616, the stock for the _thirteenth_ voyage was L52,087
in money, and L16,506 in goods, the fleet containing _sev