^18 DISCOVERIES OF THE FRENCH. 
They were interesting in a double view ; as aftbrd- 
ing a supply of slaves for the cultivation of the 
West India colonies, and, still more, as being, 
with the single exception of Spanish America, the 
only country which had the reputation of pro- 
ducing gold, an object of trade to which, at that 
period, every other was considered as secondary. 
When governments at that era had determined 
to encourage any branch of commerce, the only 
mode which occurred to them was to erect a com- 
pany, with the exclusive privilege of carrying it 
on. A private company at Rouen had establish- 
ed a factory at Dieppe, where they traded on a 
small scale, but with profit. They were obliged, 
however, by royal authority, to sell the whole of 
their concern to the new association, which was 
established under the title of the West India 
Company. They began their operations in 1664, 
were supported by the whole weight of ministe- 
rial protection, and received every aid from the 
fleets and armies of France ; yet, in the course of 
nine years, they went entirely to wreck. Their 
privilege and chattels were purchased by a second 
company, which confined its operations to Africa 
' alone. In eight years this also was in a state of 
such total bankruptcy, that its creditors thought 
themselves happy in recovering one-fourth of the 
sums due to them. On their ruins was erected a 
third, which speedily shared the same fate. It 
