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EUROPEAN NATIONS. 255 to the demands of the merchant but the capacity or inclmation of the consumer to purchase ; and, in the course of the trade, every experiment was certainly tried upon his docility. In the first period of the trade of Europeans to India, their profits were necessarily very large, and may generally be described as amounting to the whole difference between the expence of bringing goods to Europe by land and sea, since, as will af- terwards be shewn, the principal commodities fell veiy little in price. In the first two voyages of the English, notwithstanding the inexperience, errors, and unskilfulness of the undertakers, they divided a profit of 95 per cent. In the third voy- age they divided a profit of 234 per cent. ; in the fifth voyage 21 1 per cent. ; in the sixth voyage up- wards of 121 per cent. ; in the seventh voyage 218 per cent. ; in the eighth voyage 211 per cent. ; in the ninth voyage l60 per cent. ; in the tenth voy- age 148 per cent. ; in the eleventh voyage 320 per cent. ; and in the twelfth 133-18 per cent. The Dutch, as they started earlier, and naviga- ted their ships more skilfully, made probably still more profitable voyages. Even after they took the fatal step of trading on a joint stock, they are de- scribed for a moment as making a profit of 130 per cent. Although the profits now described were enormous, even for these rude times, they bore no proportion to the difference between the prices