286 APPENDIX I India at a valuation; and resolved to unite the Guinea traffic in gold and elephant tusks with the India trade. While thus amalgamating the various conflicting interests into one permanent Joint Stock, the new Com- pany provided ample safeguards for its own monopoly. Outside traders continued subject to the same penalties as those laid down by King James's charter— the con- fiscation of their ship and cargo. Members inside the Company, who might still hanker after the Eegulated system and be tempted to trade on their own account, were to forfeit their whole stock or holding to the rest of the shareholders. Fair consideration was extended to all actually engaged, under whatever show of title, in Indian ventures in the past; but there was to be no mercy for private traders, whether inside the Company or outside it, in the future. Although resolved on a firm control of its individual members, the Company made provision for a steady flow of new men from the generality to its governing body. That body consisted, as I have said, of a gov- ernor, deputy-governor, and committee of twenty-four. But eight members of the committee were to retire in rotation each July, and no governor or deputy-governor was to serve for more than two successive years. The freemen were also to be relieved of the old inconve- nience of having to receive their individual shares of the profits in pepper, calicoes, or other Indian commodi- ties, and all dividends were henceforth to be paid in cash. In the East the New Company received in return
