They had sought and found compensation elsewhere.
The small companies formed to carry out these ventures in the far-Eastern seas continued to grow in number, and by the very keenness of their competition threatened each other's enterprises with ruin.

In these circumstances the States-General and the Estates of Holland determined, under the leadership of Oldenbarneveldt, to take a step which was to be fraught with very important consequences.

The rival companies were urged to form themselves into a single corporation to which exclusive rights would be given for trading in the East-Indies.
Such a proposal was in direct contradiction to that principle of free trade which had hitherto been dear to the Netherlanders, and there was much opposition, and many obstacles had to be overcome owing to the jealousies of the various provinces, towns and bodies of merchants who were interested.

But at length the patience and statesmanship of Oldenbarneveldt overcame all difficulties, and on March 20,1601, a charter was issued creating the United East-India Company and giving it a monopoly of the East-India trade (for 21 years) with all lands east of the Cape of Good Hope and west of the Straits of Magellan.

The executive control was vested in a College known as the Seventeen.