COMPANY of Ships, a fleet of merchantmen, who make a charter party among themselves; the principal conditions whereof usually are, that certain vessels shall be acknowledged admiral, vice-admiral, and rear-admiral; that such and such signals shall be observed; that those which bear no guns, shall pay so much per cent. of their cargo; and in case they be attacked, that what damages are sustained, shall be reimbursed by the company in general. In the Mediterranean, such companies are called conserves.