On the twelve separate voyages prior to 1613 profits had often been sensational; an average figure of 155 per cent has been suggested. And on the First Joint Stock a respectable 87 per cent was recorded. But on the Second Joint Stock the figure was down to 12 per cent and the period of investment was the longest yet; on an annual basis it appreciated less than 1 per cent. Not surprisingly a Third Joint Stock, launched in 1631, raised only a comparatively modest £420,000 much of which proved difficult to call in. And four successive stocks between 1636 and 1656 raised just £600,000 in
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