It was too late in the world’s history to carry out such a scheme upon European soil. Every acre of territory there was appropriated. The only favourable outlook was upon the Atlantic coast of America, where English cruisers had now successfully disputed the pretensions of Spain, and where after forty years of disappointment and disaster a flourishing colony had at length been founded in Virginia. The colonization of the North American coast had now become part of the avowed policy of the British government. In 1606 a great joint-stock company was formed for the establishment of two colonies in America. The branch which was to take charge of the proposed southern colony had its headquarters in London; the management of the northern branch was at Plymouth in Devonshire. Hence the two branches are commonly spoken of as the London and Plymouth companies. The former was also called the Virginia Company, and the latter the North Virginia Company, as the name of Virginia was then loosely applied to the entire Atlantic coast north of Florida. The London Company had jurisdiction from 34 degrees to 38 degrees north latitude; the Plymouth Company had jurisdiction from 45 degrees down to 41 degrees; the intervening territory, between 38 degrees and 41 degrees was to go to whichever company should first plant a self-supporting colony. The local government of each colony was to be entrusted to a council resident in America and nominated by the king; while general supervision over both colonies was to be exercised by a council resident in England. [Sidenote: The London and Plymouth companies]