be employed for the voyage:  Three of the first class, who seem to have been denominated cape merchants, were to have each L100 for equipment, and L200 for an adventure; four factors of the second class at L50 each for equipment, and L100 for an adventure; four of the third class, with L30 each for equipment, and L50 for adventure; and four of the fourth class, with L20 each for equipment, and L40 for adventure.[88] They were to give security for their fidelity, and to abstain from private trade; the first class under penalties of L500 the second of 500 marks, the third at L200 and the fourth of L100 each.[89] These only exhaust fifteen of the thirty-six, and we are unable to account for the remaining twenty-one ordered to be nominated.

[Footnote 85:  Purch.  Pilgr.  I. 147.  Astl.  I. 262.]

[Footnote 86:  Ann. of the H.E.I.  Co.  I. 129.]

[Footnote 87:  Id.  I. 130.]

[Footnote 88:  Ann. of the H.E.I.  Co.  I. 131.]

[Footnote 89:  Id.  I. 133.]

In the Annals of the Company,[90] we are told that the funds provided for this first voyage amounted to L68,373, of which L39,771 were expended in the purchase and equipment of the ships, L28,742 being embarked in bullion, and L6,860 in goods.  But the aggregate of these sums amounts to L77,373; so that the historiographer appears to have fallen into some error, either in the particulars or the sum total.  We are not informed of the particular success of this first voyage; only that the conjunct profits of it and of the second amounted to L95 per cent. upon the capitals employed in both, clear of all charges.[91]

[Footnote 90:  Id.  I.146.]

[Footnote 91:  Ann. of the H.E.I.  Co.  I. 153.]

We may state here from the Annals of the Company, that the profits of the third and fifth voyage combined amounted to L234 per cent.  Of the fourth voyage to a total loss, as one of the vessels was wrecked in India on the outward-bound voyage, and the other on the coast of France in her return.  The profits of the sixth voyage were L121 13:4:  per cent.  Of the seventh L218 per cent.  Of the eighth L211 per cent.  Of the ninth L160 per cent.  The average profits of the tenth, eleventh, twelfth, and thirteenth voyages were reduced to L87-1/2 per cent.

Captain James Lancaster, afterwards Sir James, who was general in this voyage, was a member of the company; and is the same person who went to India in 1591, along with Captain Raymond.  Captain John Davis, who had been in India with the Dutch, was pilot-major and second in command of the Dragon, or admiral ship.  It does not appear who was the author of the following narrative; but, from several passages, he seems to have sailed in the Dragon.[92]—­E.

[Footnote 92:  Astl.  I. 262., a and b.]