TheHudson’sBayCompany，beforetheirmisfortunesinthelatewar，hadbeenmuchmorefortunatethantheRoyalAfricanCompany。Theirnecessaryexpenseismuchsmaller。Thewholenumberofpeoplewhomtheymaintainintheirdifferentsettlementsandhabitations，whichtheyhavehonouredwiththenameofforts，issaidnottoexceedahundredandtwentypersons。Thisnumber，however，issufficienttopreparebeforehandthecargooffursandothergoodsnecessaryforloadingtheirships，which，onaccountoftheice，canseldomremainabovesixoreightweeksinthoseseas。Thisadvantageofhavingacargoreadypreparedcouldnotforseveralyearsbeacquiredbyprivateadventurers，andwithoutitthereseemstobenopossibilityoftradingtoHudson’sBay。Themoderatecapitalofthecompany，which，itissaid，doesnotexceedonehundredandtenthousandpounds，maybesidesbesufficienttoenablethemtoengrossthewhole，oralmostthewhole，tradeandsurplusproduceofthemiserable，thoughextensivecountry，comprehendedwithintheircharter。Noprivateadventurers，accordingly，haveeverattemptedtotradetothatcountryincompetitionwiththem。
Thiscompany，therefore，havealwaysenjoyedanexclusivetradeinfact，thoughtheymayhavenorighttoitinlaw。Overandaboveallthis，themoderatecapitalofthiscompanyissaidtobedividedamongaverysmallnumberofproprietors。Butajointstockcompany，consistingofasmallnumberofproprietors，withamoderatecapital，approachesverynearlytothenatureofaprivatecopartnery，andmaybecapableofnearlythesamedegreeofvigilanceandattention。Itisnottobewonderedat，therefore，if，inconsequenceofthesedifferentadvantages，theHudson’sBayCompanyhad，beforethelatewar，beenabletocarryontheirtradewithaconsiderabledegreeofsuccess。Itdoesnotseemprobable，however，thattheirprofitseverapproachedtowhatthelateMr。Dobbsimaginedthem。Amuchmoresoberandjudiciouswriter，Mr。Anderson，authorofTheHistoricalandChronologicalDeductionofCommerce，veryjustlyobservesthat，uponexaminingtheaccountsofwhichMr。Dobbshimselfwasgivenforseveralyearstogetheroftheirexportsandimports，anduponmakingproperallowancesfortheirextraordinaryriskandexpense，itdoesnotappearthattheirprofitsdeservetobeenvied，orthattheycanmuch，ifatall，exceedtheordinaryprofitsoftrade。
TheSouthSeaCompanyneverhadanyfortsorgarrisonstomaintain，andthereforewereentirelyexemptedfromonegreatexpensetowhichotherjointstockcompaniesforforeigntradearesubject。Buttheyhadanimmensecapitaldividedamonganimmensenumberofproprietors。Itwasnaturallytobeexpected，therefore，thatfolly，negligence，andprofusionshouldprevailinthewholemanagementoftheiraffairs。Theknaveryandextravaganceoftheirstock—jobbingprojectsaresufficientlyknown，andtheexplicationofthemwouldbeforeigntothepresentsubject。Theirmercantileprojectswerenotmuchbetterconducted。ThefirsttradewhichtheyengagedinwasthatofsupplyingtheSpanishWestIndieswithnegroes，ofwhich（inconsequenceofwhatwascalledtheAssientocontractgrantedthembytheTreatyofUtrecht）theyhadtheexclusiveprivilege。Butasitwasnotexpectedthatmuchprofitcouldbemadebythistrade，boththePortugueseandFrenchcompanies，whohadenjoyedituponthesametermsbeforethem，havingbeenruinedbyit，theywereallowed，ascompensation，tosendannuallyashipofacertainburdentotradedirectlytotheSpanishWestIndies。Ofthetenvoyageswhichthisannualshipwasallowedtomake，theyaresaidtohavegainedconsiderablybyone，thatoftheRoyalCarolinein1731，andtohavebeenlosers，moreorless，byalmostalltherest。Theirillsuccesswasimputed，bytheirfactorsandagents，totheextortionandoppressionoftheSpanishgovernment;butwas，perhaps，principallyowingtotheprofusionanddepredationsofthoseveryfactorsandagents，someofwhomaresaidtohaveacquiredgreatfortuneseveninoneyear。In1734，thecompanypetitionedthekingthattheymightbeallowedtodisposeofthetradeandtonnageoftheirannualship，onaccountofthelittleprofitwhichtheymadebyit，andtoacceptsuchequivalentastheycouldobtainfromtheofSpain。
In1724，thiscompanyhadundertakenthewhale—fishery。Ofthis，indeed，theyhadnomonopoly;butaslongastheycarriediton，nootherBritishsubjectsappeartohaveengagedinit。OftheeightvoyageswhichtheirshipsmadetoGreenland，theyweregainersbyone，andlosersbyalltherest。Aftertheireighthandlastvoyage，whentheyhadsoldtheirships，stores，andutensils，theyfoundthattheirwholeloss，uponthisbranch，capitalandinterestincluded，amountedtoupwardsoftwohundredandthirty—seventhousandpounds。
In1722，thiscompanypetitionedtheParliamenttobeallowedtodividetheirimmensecapitalofmorethanthirty—threemillionseighthundredthousandpounds，thewholeofwhichhadbeenlenttogovernment，intotwoequalparts:Theonehalf，orupwardsofsixteenmillionsninehundredthousandpounds，tobeputuponthesamefootingwithothergovernmentannuities，andnottobesubjecttothedebtscontracted，orlossesincurred，bythedirectorsofthecompanyintheprosecutionoftheirmercantileprojects;theotherhalftoremain，asbefore，atradingstock，andtobesubjecttothosedebtsandlosses。Thepetitionwastooreasonablenottobegranted。In1733，theyagainpetitionedtheParliamentthatthree—fourthsoftheirtradingstockmightbeturnedintoannuitystock，andonlyone—fourthremainastradingstock，orexposedtothehazardsarisingfromthebadmanagementoftheirdirectors。Boththeirannuityandtradingstockshad，bythistime，beenreducedmorethantwomillionseachbyseveraldifferentpaymentsfromgovernment;sothatthisfourthamountedonlytoL3，662，7848s。