S. A. Reilly, Our Legal Heritage, King AEthelbert… (2012)
“ That is they obtained complete control of a particular foreign market, but any merchant who cared to join the company, pay its dues, and obey its regulations, might share in the benefits of its monopoly. The companies generally confined trade to men who were primarily merchants and not shopkeepers. In 1553 explorer Sebastian Cabot formed the Muscovy Company, which was granted a monopoly in its charter for trade with north Russia. It was oriented primarily to export English woolen cloth. It was the first company trading on a joint stock, which was arranged as a matter of convenience and safety. ”
