258 COMMERCE WITH profits of stock ill the country ; and It must there- fore be admitted, that the trade was a losing one, or that the national capital was diverted from its le- gitimate employment to the detriment of the society. From the year 17^3, a regular account has been pre- served of the prices of the Dutch East India Com- pany's stock, which affords a better test of the state of the trade than the arbitrary dividends made by the directors. In the first period of ten years, the stocks were at 656 ; in the second they fell to 570 ; in the third to 470 ; in the fourth to 443 ; in the fifth to 437 ; in the sixth to 338 ; in the next thirteen years they fell to 300 and to 170 ; and for the last two years to 50, although 12^ per cent, preposterously continued still to be the dividend. The results of the English joint-stock trade were still more disastrous, although, as their accounts were kept with less accuracy, and their concerns more mixed up with political matters, their errors are more difficult of detection. The profits of the first four voyages, on joint-stock account, averaged no more than 87 i per cent, in four years, although one ship's cargo sold at an advance of 700 per cent., so that it is evident there was a national loss incurred in the very outset. The second joint' stock company appears to have conducted a losing trade, for, after fourteen years, they were able on- ly, with difficulty, to reimburse the original pro- prietors, and their balances were made over to the
