258 THE FIBST ENGLISH EAST INDIA COMPANY successive Joint Stock, as it had managed the business of each Separate Voyage from 1600 to 1612. But as the Joint Stock group lasted over a longer period than the Separate Voyage, it tended to become stronger than the central company, and to take the management of its business into its own hands. The idea was still present, however, that each Joint Stock would be wound up after a time and its profits finally divided, as in the case of the Separate Voyages. But practically the Joint Stock ventures and " General Voyages ' ; were found to overlap each other as the Separate Voyages had done, and a similar confusion resulted. A third stage was reached in 1661, when long adver- sity had taught the central company and the Joint Stock groups alike that conflicting interests must be fatal to their existence in the East. The idea that the Joint Stock was in due time to be wound up gradually disappeared. After the -Restoration the practice of buy- ing and selling shares became common. This indicates that the Joint Stock principle had passed the stage represented by the second period from 1612 to 1661, and that the system was approaching more closely to the Joint Stock companies of our own times.
