12 THE EARLY FRENCH IN INDIA. chat, a charter granting it the exclusive right of commerce ^^^^^ with India for fifty years ; it was to be exempted from 10(31. all taxation; and the Government agreed to engage to reimburse it for all losses it might suffer during the first ten years after its formation. On these conditions, in the year 1664, the French " Compagnie des Indes " was formed. Its capital was 15,000.000 " livres tournois,' , equivalent to about 600,000^. ; but as, even under the conditions mentioned, the entire sum was not subscribed for, a fifth of the amount, 3,000,000 livres, was advanced by the Treasury. This example had a great effect upon the nobility and rich courtiers ; and these at once became eager to join an undertaking which the Government seemed to cherish as one of its most favoured projects.* The prospects of the Company on its formation were thus brilliant. Starting under the auspices of a monarchy which had not attained the height of its power, but was then fast rising to it, which, in its capabilities for offensive operations and for the display of real strength, contrasted favourably with the other European states, this Company seemed to require but firm and steady direction to become a great success. Nevertheless, its first movements were neither well con- sidered nor fortunate. Full of the recollection of the attempt made in 1642 upon Madagascar, a settlement in which was still regarded as an indispensable pre- liminary to a voyage to the unknown Indies, the Directors of the new Company conceived the idea that, by transporting simple colonists to that island, they might yet realise some of the results of the labours of their predecessors. Their first expedition was accordingly directed to Madagascar. On March
- Louis XIV. himself, under the that trade to India was not deroga-
intluence of Colbert, endeavoured to tory to a man of noble birth.— Edit reconcile his nobility to a participa- du Hoi, Aout, 16H4. tion in the enterprise, by declaring
