INTRODUCTION. \[\[ 
thing except to the royal factors, nor to them at a 
price above what was stated in a printed list that 
was circulated all over the island. A monopoly 
of this nature at first produced great revenues to 
the royal treasury, but the people soon became 
impoverished by it, and, following the natural 
course of things, the factors began to oppress 
the natives and to cheat their master, so that at 
last the profits were not equal to the expence 
of such a commerce. The Danish government 
therefore issued proclamations declaring the trade 
of Iceland to be free. But, if the island had 
suffered formerly by the factors, it suffered much 
more by the measures that were now adopted; 
for the freedom of trade consisted in the king’s 
privileges being sold to a body of merchants, 
who enjoyed, under certain stipulations, the ex¬ 
clusive right to trade with the island. The 
natives were under the same restrictions as be¬ 
fore, nor could any ships but those of this com¬ 
pany come into the Icelandic ports to traffic. 
The principal purchaser from the king did an 
essential injury to the inhabitants by suffering 
the manufactory of cloth to go into decay, 
whereby numbers were exposed to poverty and 
want. He was, by so doing, able to export the 
raw wool to a greater profit, and also to have a 
farther advantage by importing cloth and other 
manufactured goods. 
