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PROFITS AND CAPITAL OF THE COMPANY 17 each expedition could be rendered. A non-official esti- mate gives the net profit at under twenty per cent, per annum on the capital invested: which " would perhaps be reduced to a level with the common interest of the time, if the expense of insurance were deducted.' ' Without accepting this calculation, it is certain that under the Charter of Elizabeth (1600 - 1609) the Com- pany found great difficulty in raising capital for each successive voyage. They made frequent appeals to patriotic sentiment, declaring their adventure to be a " public action " M for the honour of our native country and for the advancement of trade," and " rather for the good of the Commonwealth of their country than for their private benefit.' ' The earlier voyages had been directed toward the Indian Archipelago, where the English trade had to be done either at islands in possession of the Portu- guese, or at native ports in competition with the Dutch. King James's peace with Spain in 1604 technically shut out the Company from the Portuguese islands except with the consent of Portugal. For Elizabeth's Charter of 1600 had expressly precluded resort to any place or kingdom " in the lawful and actual possession " of any Christian prince who already or " hereafter shall be in league or amity with us, our heirs or successors, and who doth not or will not accept of such trade." This proviso was again inserted in King James's Charter of 1609, and although European treaties had little effect beyond the Cape of Good Hope, the king's project of the Spanish marriage made him anxious to avoid