In 1612, the trade began to be carried on upon a broader basis by a joint stock, when £429,000 was subscribed, which was apportioned to the _tenth, eleventh, twelfth_, and _thirteenth_ voyages. In 1618, a new _joint stock_ was formed by subscription, amounting to £1,600,000.[83] [Footnote 83: Ann. of the H.E.I. Co. Vol. I. passim.] In the year 1617, King James I. of England and VI. of Scotland, granted letters patent under the great seal of Scotland, dated at Kinnard, 24th May, 1617, to Sir James Cunningham of Glengarnock, appointing him, his heirs and assigns, to be governors, rulers, and directors of a _Scottish East India Company_, and authorizing him "to trade to and from the East Indies, and the countries or parts of Asia, Africa, and America, beyond the Cape of _Bona Sperantia_, to the straits of Magellan, and to the Levant Sea and territories under the government of the Great Turk, and to and from the countries of Greenland, and all other countries and islands in the north, north-west, and north-east seas, and other parts of America and Muscovy." Which patent, and all the rights and privileges annexed to it, was subsequently, for a valuable consideration, assigned by Sir James Cunningham to the London East India Company.[84] [Footnote 84: Ann. &c. I. 192.--_Note_.] It is quite unnecessary to extend this introductory view of the rise of the India Company any farther, as our limits could not possibly admit any satisfactory deduction of its history, any farther than is contained in the following series of the _Early Voyages_, for which we are almost entirely indebted to the Collection of Purchas. By this _first_ English East India Company, with a capital or joint stock of about 70,000l. at least for the _first_ voyage, were laid the stable foundations of that immense superstructure of trade and dominion now held by the present company. Their first joint stock did not exceed the average of 325l. or 330l. for each individual of 216 members, whose names are recorded in the copy of the charter in _Purchas his Pilgrims_, already referred to. Yet _one_ of these was disfranchised on the 6th July, 1661, not six months after the establishment of the company, probably for not paying up his subscription, as the charter grants power to disfranchise any one who does not bring in his promised adventure.