The absence of competition
among voyages made the Company stronger in the face of a common
enemy, such as a rival trading county or Indian groups. The
charter also authorized the company to fortify and colonize any of
its establishments and to transport to them settlers, stores, and
ammunition.
Later in 1657, the Company threw open the freedom of the Company
to the public for a nominal sum of five pounds. Now the Merchant
Adventurers and private traders could participate. It provided
that dividends were to be paid only in cash and not in kind
(goods). It also provided for appraisals of the Company's property
to be made every three years, so any shareholders could redeem
their shares proportionately. His shares would then be resold.
People began to buy and sell their shares among each other. The
Company made the minimum subscription 100 pounds. Each person
holding 500 pounds worth of shares had one vote. Holding 1,000
pounds worth of shares qualified one for election to the committee
of twenty-four. The seats of the members of this committee and of
the Governor and Deputy Governor could no longer be permanent, but
had limited and staggered terms. The continuity of capital took
the place of the permanence of the governing body in providing
stability. There was a regular scale of salaries for employees,
and rules of conduct such as the one disallowing any clerk of the
India House from going to play houses, dancing schools, or
taverns.
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