"The inconveniences which had been experienced from separate classes of adventurers, partners in the East India Company, fitting out equipments on their own particular portions of stock, induced the directors, or committees, to resolve, in 1612, that, in future, the trade should be carried on by a joint stock only; and, on the basis of this resolution, the sum of £429,000 was subscribed: and, though portions of this joint stock were applied to the equipment of four voyages, the general instructions to the commanders were given in the name, and by the authority, of the governor, deputy-governor, and committees of the company of merchants in London trading to the East Indies, who explained that the whole was a joint concern, and that the commanders were to be responsible to the company for their conduct, both in the sale and purchase of commodities in the East Indies, and for their general conduct, in extending the commerce, within the limits of the company. The transition, therefore, from trading on _separate adventures_, which has been described as an imitation of the Dutch, to trading on a _joint stock_, arose out of the good sense of the English nation, which, from experience, had discovered the evil consequences of internal opposition, and had determined to proceed on a system better calculated to promote the general interest of the East India Company. "Notwithstanding this resolution, the proportions of this aggregate sum were applied to what has been termed the _tenth, eleventh, twelfth_, and _thirteenth_ voyages, in the following manner: In 1613, the _tenth_ voyage was undertaken, the stock of which was estimated at £18,810 in money, and £12,446 in goods, the fleet consisting of _eight_ vessels. In 1614, the stock for the _eleventh_ voyage was £13,942 in money, and £23,000 in goods, the fleet being _eight ships_. In 1615, the stock for the _twelfth_ voyage was £26,660 in money, and £26,065 in goods, with _six ships_. In 1616, the stock for the _thirteenth_ voyage was £52,087 in money, and £16,506 in goods, the fleet containing _seven ships_. The purchase, repair, and equipment of vessels during these four voyages amounted to £272,544, which, with the specified stock and cargoes, accounts for the disbursement of the £429,000, the sum subscribed on the joint stock in 1613.[122] [Footnote 122: The enumerated particulars amount to £462,060, and exceed the subscribed joint stock by £33,060.--E.]