In 1606 King James I of England issued a royal charter to the Virginia Company of London to form a joint-stock company to “make habitation, plantation, and deduce a colony of sundry of our people into that part of America commonly called Virginia.” A joint-stock company was one that pooled resources from private investors and shared its profits, if any, with the crown. This allowed a cash-strapped English crown to claim a portion of the North American coast while remaining politically and diplomatically neutral should tensions with other European nations erupt over the new colony. A successful North American colony would bring many positive benefits to the English. It would provide an outlet to resettle a growing excess population, and it could provide shelter for English ships returning from the Caribbean with protection from pirates and privateers. In addition, English Protestants could convert Indians, thereby “saving them” from Catholic proselytizing efforts. Colonists could collect from the abundant natural resources and provide an additional market for English manufactures while slowing the growth of other European nations in the New World.