The negotiations dragged however their slow length along, the chief point of controversy being the old dispute about freedom to trade in the Indies.

On this point agreement was impossible.

Spain would yield nothing of her pretensions; and the Hollanders would hear of no concessions that threatened the prosperity of the East and West India Companies in which so many merchants and investors were deeply interested.

Any admission of a Spanish monopoly or right of exclusion would have spelt ruin to thousands.

The diplomatic discussions, however, went on for many months in a desultory and somewhat futile manner; and meanwhile though hostilities did not actually cease, the campaign of 1633 was conducted in a half-hearted fashion.