EUROPEAN NATIONS. 257 keep them up, — the advance of prices in India, — first, from the competition of the different nations engaged in the trade, and, lastly, from difficulties thrown in the way of growing them by the mono- poly bodies themselves, — from the hostilities com- mitted by the different companies on each other,— and, finally, by their expensive wars with the na- tive powers. It is remarkable enough, that the early and only successful trade, both of the Dutch and English, was virtually a free trade. The Dutch trade, during the first six years of it, was completely free, and it was then the greatest profits were made. The English trade, although under the name of a Company, was really so too, each voyage having, for the first twelve years, been conducted and managed as a separate concern. It was then only that the India Company divided the large profits I have already stated. During the first 20 years that the Dutch traded on a joint stock, their average profits were reduced to 22^ per cent, per annum ; in the next 20 it fell to 12^ ; in the third it was 19 ; in the fourth 19^ ; in the fifth 18 ; in the sixth 22 ; in the seventh 28 ; in the eighth 19 ; in the ninth 18 ; and for the last 25 years, or from 1771 to 1796, but 12] per cent. The average profits, during the whole period of the trade, give but 1 9 per cent. It is evident, therefore, that the rates of profit, all aldng, must have been far below the regular and natural VOL. III. K
