directors. One-half the capital was to be contributed by the chamber of
Amsterdam, one-quarter by that of Zeeland, one-eighth respectively by the
chambers of the Meuse and of North Holland. The chambers of Amsterdam,
of Zeeland, of the Meuse, and of North Holland were to have respectively
thirty, eighteen, fifteen, and fifteen directors. Of these seventy-
eight, one-third were to be replaced every sixth year by others, while
from the whole number seventeen persons were to be elected as a permanent
board of managers. Dividends were to be made as soon as the earnings
amounted to ten per cent. on the capital. Maritime judges were to decide
upon prizes, the proceeds of which were not to be divided for six years,
in order that war might be self-sustaining. Afterwards, the treasury of
the United Provinces should receive one-tenth, Prince Maurice one-
thirtieth, and the merchant stockholders the remainder. Governors and
generals were to take the oath of fidelity to the States-General. The
merchandize of the company was to be perpetually free of taxation, so far
as regarded old duties, and exempt from war-taxes for the first twenty
years.

Very violent and conflicting were the opinions expressed throughout the
republic in regard to this project. It was urged by those most in favour
of it that the chief sources of the greatness of Spain would be thus
transferred to the States-General; for there could be no doubt that the
Hollanders, unconquerable at sea, familiar with every ocean-path, and
whose hardy constitutions defied danger and privation and the extremes of
heat and cold, would easily supplant the more delicately organized
adventurers from Southern Europe, already enervated by the exhausting
climate of America. Moreover, it was idle for Spain to attempt the
defence of so vast a portion of the world. Every tribe over which she
had exercised sway would furnish as many allies for the Dutch company as
it numbered men; for to obey and to hate the tyrannical Spaniard were