In consequence of these views, a memorial was presented to the lords of council in 1589, requesting a royal licence for three ships and three pinnaces to proceed for India, which gave rise to the expedition of Captain Raymond, in 1591, already related. In 1599, an association of London Adventurers entered into a contract for embarking, what was then considered as a _large joint stock_, for the equipment of a voyage to the East Indies. The fund subscribed amounted to £30,133: 6: 8, divided into 101 shares or adventures, the subscriptions of individuals varying from £100 to £3000.[80] This project, however, seems to have merged into the East India Company, at the close of the next year 1600, as already mentioned. [Footnote 80: Id. III.--From the peculiar amount of this capital sum, the subscriptions were most probably in marks, of 13s 4d. each.--E.] On the 30th September, 1600, a draft of the patent, already said to have been subsequently sealed on the last day of that year, was read before the _seventeen committees_, such being then the denomination of what are now called _directors_; and being approved of, was ordered to be submitted to the consideration of the Queen and Privy Council. "In this early stage of the business, the lord-treasurer applied to the _Court of Committees_ or Directors, recommending Sir Edward Mitchelburne to be employed in the voyage; and thus, before the Society 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 £70,000. The _second_ voyage was fitted out by a new subscription of £60,450. The _third_ was £53,500. The _fourth_ £33,000. The _fifth_ was a branch or extension of the third, by the same subscribers, on an additional call or subscription of £13,700. The subscription for the _sixth_ was £82,000. The _seventh_ £71,581. The _eighth_ £76,375. The _ninth_ only £7,200.