The London Company was permitted by its charter to establish a 100-square-mile settlement within this area. That portion of the company's territory north of the 38th parallel was shared with the Plymouth Company. The London Company landed on April 26, 1607, at the southern edge of the mouth of the Chesapeake Bay which they named Cape Henry, near Virginia Beach. On May 4, 1607, they established the Jamestown Settlement on the James River.
The raising of capital by the London Company for the Virginia Colony was difficult. The London Company in 1616 reported that during the period of seven years in which it had attempted to raise stock for the company in order to provide supplies to the Virginia Colony and that its returns had been small. The profits therefrom which were allowed to grow, were never realized. Those who had adventured their money in supporting it, found their recompense only in the distribution of lands. When the period of seven years ended in 1616, the Company was compelled to adopt a new method of furnishing the colonists with different articles they were forced to import to meet their necessities. Thus, instead of the supplies being forwarded in the name of the Company, they were now sent in the name of the Magazine, to which the members could contribute. Actually, the Magazine was an association of private persons who divided the returns in proportion to the amounts which they risked. No outside trader could send supplies to the Colony at this time. The first Magazine ship was a small vessel called the "Susan" which was placed under the care of Abraham Piersey as Cape Merchant, both during the voyage and after Virginia was reached. The Cape Merchant who came over in the magazine ship was not simply a supercargo; he was also the factor of the subscribers to the joint stock. Piersey returned to England in the "Susan", but the following year returned in the "George" (the second magazine ship). This second ship was delayed five months in the outward voyage, which caused the articles brought over in it to arrive in bad condition.
Sources: Briefe Declaration of the Plantation of Virginia, Colonial Records of Virginia, State Senate Doct., Extra, 1874, p. 77; Virginia Land Patents, vol. 1623-1643, p. 19; Works of Capt. John Smith, p. 536.
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