It appears, from the books of the Company, that, in the space of thirteen years, from 1623 to 1636, the Company had fitted out 800 ships, either for war or trade, and that the expence of building, equipping, and seamen’s wages had cost forty-five millions of florins, or upwards of four millions sterling:  And, in the same space of time, the Company had taken from the enemy 545 vessels, valued at sixty millions of florins, or nearly five and a half millions sterling; besides to the value of thirty millions at the least, or nearly two millions and a quarter sterling, in spoils of various denominations.  The greatest of their exploits was the capture of the Spanish flota at the Havannah, by their admiral Peter Heyne; by which they gained seven millions of dollars in money, or L. 2,625,000 sterling; besides ships, brass cannon, and other military stores, to the value of above ten millions.[4] Such were the flourishing times of the Company.

[Footnote 4:  Harris does not say whether dollars or florins:  If the former, equal to L. 2,250,000 sterling at 4s. 6d. the dollar; if the latter, a little above L. 900,000 sterling at 11 florins to the pound sterling; both of these the old par of exchange.—­E.]

The causes of their decay seem to have been principally the following. First, their emulation of the East India Company, which induced them to make the conquest of Brazil from Portugal, the crown of which country had been usurped by their arch enemy the king of Spain.  This was achieved at a vast expence, and Count Maurice of Nassau was appointed governor-general, who conducted their affairs with great skill and prudence. Secondly, owing to the desire of the Company to conduct all things, and repining at the expence incurred by that prince in the government of Brazil, was another cause of their misfortunes:  For the merchants, who had conducted their affairs with great wisdom and capacity, while they confined themselves to commerce and maritime war, shewed themselves only indifferent statesmen, and soon lost all that Prince Maurice had gained, and loaded the Company with so heavy a debt, as compelled them in the end to consent to its dissolution.

The new West India Company, warned by the example of its predecessors, has kept more within bounds, and has certainly managed its affairs with great prudence and economy.  Having formed a project in 1714, for uniting the East and West India Companies into one,[5] and the proposition, being rejected, the directors of the West India Company very wisely turned their thoughts another way; and it is not improbable, that the rejection of their proposal on this occasion may have induced them to give encouragement to the proposition of Roggewein:  For, being disappointed in their aim of coming in for a share in the commodities of the East Indies, they were desirous of acquiring the same articles of trade by some other means, expecting