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KECAPITULATION 257 ject, however, to the yearly election of its executive officers by the general body of members. But the sys- tem proved defective, as, owing to the length of the passage to India and the slow process of winding up, the separate voyages overlapped each other. It thus came about that the agents of several voyages were trading in India at the same time, and bidding against A DYER'S SHOP AT LUCKNOW. each other for spices and Indian products. Disputes and acts of ill-will ensued. Thus a ship of one voyage would refuse to carry home goods lying at Bantam for transport because they belonged to another group of adventurers. The second period, from 1612 to 1661, was marked by efforts to remedy this state of things. It is known as the period of Joint Stocks. Each subscription was raised not for a single voyage, but for several, or to carry on the trade during a certain number of years. The central company still managed the business of each