Company are, as to their legal rights, in the same situation as the Royal African Company. Their exclusive charter has not been confirmed by Act of Parliament. The South Sea Company, as long as they continued to be a trading company, had an exclusive privilege confirmed by Act of Parliament; as have likewise the present United Company of Merchants trading to the East Indies.

The Royal African Company soon found that they could not maintain the competition against private adventurers, whom, notwithstanding the Declaration of Rights, they continued for some time to call interlopers, and to persecute as such. In 1698, however, the private adventurers were subjected to a duty of ten per cent upon almost all the different branches of their trade, to be employed by the company in the maintenance of their forts and garrisons But,