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EUROPEAN NATIONS. 259 third joint-stock company, at a valuation of no more than ISg per cent. The third joint-stock company in eleven years divided a profit of 35 per cent, in all, and it is but too evident that this was a losing concern. It would be but idleness to prose- cute further the results of a system of delusion by which the Company have equally deceived them- selves and the public, as I think few will be hardy enough now to assert that a real profit was ever af- terwards realized at all. It is singular enough to compare the real cha- racter and extent of the Indian commerce, con- ducted by our ancestors, with the magnificent state- ments of it with which our fancy has been amused. The splendid commerce of the Portuguese, which is described as enriching that people, and the loss of which is said to have ruined the Venetians, amounted to less than seven ships a-year during its whole duration. From its commencement in 1497 to 1640, 143 years, the whole of the ships sent out to India amounted to no more than 980. The results of the trade of the Dutch East In- dia Company, considered by the monopolists to be that which was conducted with most skill, and that which proved most beneficial to the state, is not less mortifying. From 1614 to 1730, the prosperous period of the Company's affairs, the whole number of ships which arrived in Holland was but 1621, giving an average for eaoli year