XXII

In a body politic, for the well ordering of foreign traffic, the most commodious representative is an assembly of all the members; that is to say, such a one, as everyone that adventureth his money, may be present at all the deliberations and resolutions of the body, if they will themselves. For proof whereof, we are to consider the end, for which men that are merchants, and may buy and sell, export and import their merchandize, according to their own discretions, do nevertheless bind themselves up in one corporation. It is true, there be few merchants, that with the merchandize they buy at home, can freight a ship, to export it; or with that they buy abroad, to bring it home; and have therefore need to join together in one society; where every man may either participate of the gain, according to the proportion of his adventure; or take his own, and sell what he transports, or imports, at such prices as he thinks fit. But this is no body politic, there being no common representative to oblige them to any other law than that which is common to all other subjects. The end of their incorporating, is to make their gain the greater; which is done two ways; by sole buying and sole selling, both at home and abroad. So that to grant to a company of merchants to be a corporation, or body politic, is to grant them a double monopoly, whereof one is to be sole buyers; another to be sole sellers. For when there is a company incorporate for any particular foreign country, they only export the commodities vendible in that country; which is sole buying at home and sole selling abroad. For at home there is but one buyer and abroad but one that selleth: both which is gainful to the merchant, because thereby they buy at home at lower and sell abroad at higher rates: and abroad there is but one buyer of foreign merchandize and but one that sells them at home; both which again are gainful to the adventurers.