His military
reputation suffered, while that of his opponent was enhanced. But
subsequent events showed that Maurice, though perhaps erring on the side
of caution, had acted rightly. The armies which had threatened the
safety of the Provinces had been raised at the charges of a private
individual, but the financial resources, even of a Spinola, were not
capable of a prolonged effort; there was no money in the State treasury;
and the soldiery, as soon as their pay was in arrears, began once more
to be mutinous. The bolt had been shot without effect, and the year 1607
found both sides, through sheer lack of funds, unable to enter upon a
fresh campaign on land with any hope of definite success. But though the
military campaigns had been so inconclusive, it had been far different
with the fortunes of maritime warfare in these opening years of the
seventeenth century. The sea-power of the Dutch republic was already a
formidable factor which had to be reckoned with and which was destined
to be decisive.

The East-India Company was no sooner founded than active steps were
taken to make full use of the privileges granted by the Charter. A fleet
of 17 vessels was despatched in 1602 under Wybrand van Waerwyck.
Waerwyck visited Ceylon and most of the islands of the Malay
Archipelago, established a factory at Bantam with a staff of officials
for developing trade relations with the natives, and even made his way
to Siam and China. He sent back from time to time some of his vessels
richly laden, and finally returned himself with the residue of his fleet
after an absence of five years in June, 1607. Another expedition of
thirteen ships sailed in 1604 under Steven van der Hagen, whose
operations were as widespread and as successful as those of Waerwyck.
Van der Hagen took possession of Molucca and built factories at Amboina,
Tidor and other places in the spice-bearing islands. On his way back in
1606 with his cargo of cloves, spices and other products of the far
Orient, he encountered at Mauritius another westward-bound fleet of
eleven ships under Cornelis Matelief. Matelief's first objective was the
town of Malacca, held by the Portuguese and commanding the straits to
which it gave its name. Alphonso de Castro, the Viceroy of India,
hastened however with a naval force far more powerful than the Dutch
squadron to the relief of this important fortress; and after a
hardly-fought but indecisive action Matelief raised the siege on August