ide a difference
between our English great chartered companies and those [formerly]
in Holland, that it may not be amiss to give a concise account of the
flourishing state of that Company, as it may shew what great things
may be managed by a board of merchants, for such the Directors
generally were.

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