The next step was to secure a patent. Already letters-patent had been granted two companies of Englishmen to territory 100 miles in width on the Atlantic coast of North America from the 34th to the 45th degrees north latitude. These were designated as the South and North Virginia companies. Through emissaries sent to England a patent was obtained bearing date of Feb. 12th, 1620. This patent was issued to John Pierce and Associates and covered territory in the vicinity of the Virginia Capes. As it happened the Pilgrims settled outside the limits defined therein and another patent was granted covering the territory around Cape Cod Bay. This patent bears the date of June 1st, 1621, and was issued by the Council of New England which had been created by royal authority to succeed the North Virginia Company after the departure of the Pilgrims from England. It shows the signatures of the Duke of Lenox, the Marquis of Hamilton, the Earl of Warwick, Lord Sheffield and Sir Ferdinand Gorges. Several parts of this ancient document have broken away, including the seal of Hamilton and the seal and signature of John Pierce, the party of the second part thereto. This valuable document, the oldest state document in New England, was brought over in the Fortune in 1621 and now reposes in Pilgrim Hall. Arrangements were concluded with a group of London business men who styled themselves the Merchant Adventurers who were in sympathy with the movement and who had agreed to finance the expedition. Perhaps they are best described by Capt. John Smith who wrote in 1624: “The adventurers which raised the stock to begin and supply this plantation, were about seventy, some gentlemen, some merchants, some handicraftsmen, some adventuring great sums, some small, as their estates and their affection served. These dwelt most about London. They are not a corporation, but knit together by a voluntary combination in a society without constraint or penalty, aiming to do good and to plant religion.” Articles of Agreement The Articles of Agreement entered into with the Merchant Adventurers were as follows:— “1. The adventurers and planters do agree, that every persons that goeth, being aged sixteen years and upward, be rated at ten pounds, and ten pounds to be accounted a single share. 2. That he that goeth in person, and furnisheth himself out with ten pounds, either in money or other provisions, be accounted as having twenty pounds in stock, and in the division shall receive a double share. 3. The persons transported and the adventurers shall continue their joint stock and partnership together the space of seven years, (except some unexpected impediments do cause the whole company to agree otherwise,) during which time all profits and benefits that are got, by trade, traffic, trucking, working, fishing, or any other means, of any person or persons, shall remain in the common stock until the division.