163

sion of the Danish war, an ordinance for the regulation of trade was issued at Örebro in 1614; the most important of its provisions respecting foreign trade was that forbidding foreign merchants to trade in Sweden, except in certain designated seaports, in which they were not to remain more than six weeks-a Chinese policy against which the English merchants loudly protested. In 1615, by an ordinance issued at Wässby, the king declared his purpose to strengthen Swedish commerce by founding a general company. The provisions of its charter may prove of interest when we come to consider that prepared by Usselinx and issued in 1626. It was to continue in existence ten years and have general privileges of foreign trade, as well as certain privileges of preference as creditors. No subscription was to be of less than 800 dalers (say $600). Twelve per cent. of interest was guaranteed the first year; after that, profits were to be divided according to shares. The management of the company was to be by a governor and directors, who were to be paid by a percentage on all goods bought, sold, imported, or exported. They were allowed to buy, sell, or hire ships, and to have a warehouse in every city, though Stockholm was to be their principal seat. The king promised to recommend the company to all princes, and to help it with ships and money; it was to be free of all taxes in 1615, during the next three years to pay no import duties and only one fourth of the usual export duties, and after that to pay one half the usual rate of each. Abraham Kabbeljouw was, the same year, appointed governor of the company."

164

The constitution thus framed contained several provisions resembling those against which Usselinx remonstrated in the charter proposed by the maritime cities of Holland for the

163 Joh. Widekindi, Gustaff Adolphs den anders och stores historia och lefwernes beskrifning. i., pp. 214-219, 243; C. D. Arfwedson, De Colonia Nova Suecia, pp. 2, 3; Stiernman, i., p. 655; Loccenius, Historiae Suecanae libri ix., p. 524; Gfrörer, p. 72; Arnberg, pp. 11, 12.

164 Widekindi, i., pp. 274-277; Stiernman, i., pp. 660-668; Gfrörer, p. 72; Cronholm, Trettioåriga Kriget och underhandlingarna Sveriges i Tyskland, (of this I have had the use of the German translation only, the title of which I have not with me), p. 34 of trans. ; Arnberg, p. 27.

Dutch West India Company. But it was no doubt rather the general indifference and inexperience, than any defects in the charter, which impeded the progress of the company. In one of the diets of 1617, the king spoke sharply to the representatives of the four estates about the general disobedience to the ordinance of 1614, and the neglect to support adequately the new company. But the burgher estate expressed so strong objections to the scheme that it was postponed. A long ordinance regulating trade was framed in that year, and privileges were issued to trading companies in 1619 and 1620. The Riksdag of this same year (1624) had established a copper company, an iron company, and a Persian company.'

165

We know now that the year was one of intense preoccupation to the king, for he had already resolved on, was preparing, and but for the successful underbidding of the king of Denmark would have carried out, that intervention in the affairs of the empire and the European conflict, the execution of which, six years later, brought to him and the Swedish nation their greatest glories. Yet the truce now intervening in the Polish war, and covering the whole of the year 1624, probably did give him greater leisure to listen to projects beneficial to the industries of his country, even when proposed by a man to whom a memorial covering forty-three pages of foolscap seemed short, and a conference of six hours not too long.

It is interesting to observe, in the manuscript draft-charter of November 4th and in the printed prospectus of November 10th, how Usselinx, when he had full scope, arranged the provisional constitution of the company which the king, with a promptitude so gratifying to the proposer, had consented to establish. The printed prospectus contains only the outlines of those provisions which the intending subscriber would most need to know, omitting for the most part those which concerned only the relations of the company to the

165 Widekindi, i., pp. 377-379, 388; Stiernman, i., pp. 690, 708, 718, 761; Hallenberg, Svea Rikes Historia under Gustaf Adolf II. den Store, v., pp. 191, 207, 211; Arnberg, pp. 16, 17.

crown. But in the manuscript draft, which was not altered when the charter was actually issued, we see the arrangements of the projector at length. His ideas were fixed. In every point, virtually, he adheres to the provisions which, three or four years earlier, he had advocated in his discussions with their High Mightinesses about the charter of the Dutch West India Company.

The General Commercial Company of the kingdom of Sweden, called also the Southern Company (Australische or Söder Compagnie), was to exist for twelve years (April 1, 1625, to April 1, 1637). For subscribers living in Sweden the term for subscriptions was to be April 1st, for the king's other subjects and for foreigners June 1st (afterward changed to May and July), each subscriber paying.by four annual instalments. The directors were to be chosen by shareholders who had subscribed a thousand dalers (say $700) from among those whose investments were of two thousand dalers or more. There was to be one for each hundred thousand dalers subscribed, and any district, town, corporation, guild, or person subscribing that amount, whether native or foreign, was entitled to be represented by one director. Three hundred thousand dalers should entitle a city to have a "chamber." The directors were to serve six years, and then, and every two years thereafter, a new board should be chosen, two thirds from the old board, one third from the committee of principal stockholders chosen to assist the directors and audit their accounts daily, a general audit occurring at the end of six years. The directors were to be paid by a salary of a thousand dalers per annum.

The principal management of the trading enterprises of the company was to be in the hands of a committee of twelve, chosen from among the directors of the various chambers in proportion to the amounts subscribed in the various cities. The government granted a reduction of imposts to four per cent., promised to protect the company, to build and equip any fortifications it might need, and not to take any of its vessels for the use of the state save by consent. The company was to have the right to make treaties

ers.

and alliances, foster colonies, defend itself against attacks, and appropriate any prizes its ships might take; but it was not to attack the possessions of Spain or other foreign powFour hundred thousand dalers were promised as a subsidy by the king, in return for which he was to receive one fifth of all the gold, silver, quicksilver, and other minerals obtained, and one tenth the produce of the lands occupied. A council, chosen by the king from among the principal shareholders, was to have charge of the political concerns of the company, matters of war, administration, justice, and legislation. Liberal concessions of supervision were made to foreign princes and republics subscribing largely.10

The reader who recalls the arrangements urged by Usselinx in the Netherlands, will see that he was faithful to the ideas then professed, abandoning, in fact, scarcely a single detail. The limit of duration to twelve years, the extension of the territorial limits, so as to include Terra Australis and the east coast of Africa (and now also Asia, for Sweden had no East India Company), the apportionment of directors to amounts of capital subscribed, their payment by salary rather than by commissions, the strict supervision of their accounts, and their election by the stockholders, all these features of the former project are repeated in this. Even the pecuniary qualifications for electors and for the directors themselves are much the same. The provisions for represen

166 The details of these two paragraphs are to be found in the manuscript draft referred to, dated Elffsborg, Nov. 4, 1624, but not bearing the king's signature (Bibliog., II, No. 19); being in Dutch, it is no doubt by Usselinx. The details of the first of these two paragraphs are to be found in the Manifest und Vertragbrieff, of Gothenburg, Nov. 10, 1624. For full title, see Bibliographical Appendix, I., No. 12. A Dutch draft of it (Stockholm MSS.) undated and unsigned, Bibliog., II, No. 18, by Usselinx, indicates that it is to be attributed to his hand. It differs considerably in text, except at the end, where these provisions are given. It not only is the source of this Manifest, but, slightly worked over, formed the basis of Der Reiche Schweden General Compagnies Handlungs Contract, and Sweriges Rijkes, etc.; Bibliography, Nos. 13, 14. Of the German Manifest und Vertrag brieff, Warmholtz, Bibliotheca Historica Sueo-Gothica, No. 7627, says: “och finnes jämväl trykt på Svenska." I have never heard of a copy of the Swedish edition, however; the German is

rare.

tation of foreign subscribers reappear, as well as those for partial control by stockholders, and especially the favorite design of a Council of the Indies. The promise of the gov ernment not to appropriate the company's ships was a new provision, and, as afterward appeared, a significant one. Also, the aversion of Usselinx to government subsidies and exemptions from duties had disappeared; but the case was different with these in Sweden, where there was so much less individual wealth. Aside from this, the draft does not bear traces of special adaptation to the conditions of industrial life in Sweden. The earlier writings of Usselinx do not show him to have had much previous acquaintance with Swedish trade, and he had not yet had time to make himself familiar with it. Nor indeed was the course of his efforts henceforth such as to require him to make profound study of the national economic circumstances, so long as his designs satisfied the government.

The project which the well-informed and enthusiastic foreigner had urged upon the attention of Gustavus so convincingly was followed up by the king with characteristic promptness. On the 21st of December he issued at Stockholm a "Commission to Wellam Ussling, to establish a General Company for Trade to Asia, Africa, America and Magellanica."" In this, power and permission are given to Usselinx to travel about gathering subscriptions in Sweden and its dependent provinces (it should be remembered that Sweden now possessed Finland, Carelia, Esthonia, Ingermania, and part of Livonia, to which subsequent campaigns added parts of Courland and Prussia); and the administrators of provinces and districts, the burgomasters and councillors of towns, and all other officers, are charged to assist his

167 There is a draft of this in Dutch, doubtless by Usselinx (Stockholm MSS.), Biblog., II., No. 20. A printed copy of the Swedish commission itself is to be found in the royal library at Stockholm, as I am informed by Madame Sjöberg. A MS. copy is among the Mickley papers in the library of the Historical Society of Pennsylvania; Professor Gregory B. Keen, the corresponding secretary of that society, kindly sent me a copy of it. A bad translation of it is printed in N. Y. Col. Docs., xii., pp. 1, 2. See also Stiernman, i., p. 910; Hallenberg, v., p. 212; Arfwedson, p. 6.