The many sincere efforts on the part of Sir Walter Raleigh plus the vast sums of money which he spent for these colonization attempts convinced the English people that colonization was too complicated an activity for individuals to pursue alone. Since the English government did not desire to undertake these settlement projects, charters were issued by King James I to stock and joint-stock companies. Under this system, each stockholder bought a certain number of shares. If the company succeeded, each stockholder earned a profit based upon the number of shares he owned. On April 10, 1606, the Virginia Charter was granted under which two companies were incorporated: the London Company consisting mainly of men from London and the Plymouth Company consisting mainly of men from Plymouth and neighboring towns. The charter granted them the right to settle in the area in that part of the American coast known as "Virginia" between 30 and 45 degrees north latitude and as far inland as 100 miles. The London Company was granted for settlement the coast between 34 and 41 degrees north latitude and fifty miles north and south of the point of settlement; the Plymouth Company was granted the coast between 38 and 45 degrees north. The overlapping area between 38 and 41 degrees could be settled by either company as long as the company did not colonize within 100 miles of a settlement established by the other. The charter also guaranteed the colonists and their descendants all rights, privileges and franchises enjoyed by Englishmen living in England at this time. The government of the colony established by the Virginia Charter was to consist of a Superior Council of thirteen members in England and a Resident or Inferior Council in the colony itself, with complete administrative powers and political control reserved for the King. Each landholder was required to pay an annual quitrent to the Crown and was forbidden to carry on trade with any foreign country without a license. Before the charter was signed, in order to encourage a large number of stockholders, the London Company agreed to make each subscriber to its stock who paid twelve pounds and ten shillings the "lord of 200 acres of land" which would be owned by "him and his heirs forever." Consequently, the company raised sufficient money to finance a colonizing expedition, and, shortly after the charter had been signed officially by the King, the company sent its first emigrants on the way.