ica to undo the conquest made by Captain Holmes. In
the last part of December, 1664, these rumors were confirmed. In a
petition to the king of January 2, 1665[43], the company declared that
its trade had already increased to such an extent that over one
hundred ships were employed, and that a yearly return of from two to
three hundred thousand pounds might reasonably be expected[44].

On account of the injuries inflicted by DeRuyter on the African coast
much of the anticipated loss of goods and vessels was realized. In
all, the company lost the cargoes of eight ships; of the forts only
Cape Corse remained. Under these ruinous circumstances it was not
thought advisable to dispatch at once the goods which had been
accumulated at Portsmouth[45]. Accordingly the company's vessels were
unloaded and several of them were taken into the King's service.[46]
The duke of York used what little money was on hand to apply on the
company's debt in order that the company's expenses from interest
might be reduced.[47] Because of the Anglo-Dutch war and the fact that
the company had no money, it could do nothing but send an occasional
ship to Africa loaded with some of the goods left at Portsmouth. From
this time on the company's trading activity was confined to such
scattered voyages.[48]

On January 11, 1666,[49] the court of assistants discussed the
proposition of granting trading licenses to private individuals. While
no action seems to have been taken at that time, it ultimately became
the practise of the company to grant such a freedom of trade. On April
9, 1667, a resolution was adopted empowering the committee of seven to
issue trading licenses in return for a payment of three pounds per
ton.[50] These licenses were obtained by those who desired to carry on
trade in their own ships, and also by officers of the company's ships
who wished to engage in private adventures. During the course of the
war one hears of many such grants to various individuals, among whom
was Prince Rupert.[51]

The practise of issuing licenses was interrupted for a short time at
the conclusion of the Anglo-Dutch war by a feeble attempt to revive
the company's activities. An effort was made to collect arrears on the
subscriptions,[52] and on August 21, 1667, the general court ordered
that an additional subscription should be opened, and that no more
trading licenses should be granted.[53] The only result of this effort
was that the duke of York and sever