Considering the then comparatively limited amount of the trade it was a very bold experiment. While directors of undertakings of this nature very properly consider it their duty to meet and even to anticipate the requirements of the public, so as to prevent others occupying their field of operations, and thus avoiding injury from competition, it may well be questioned if this extraordinary increase of steamers could be justified by any reasonable anticipations of the increase of the trade to be developed by these additional facilities, and within so limited a space of time. The result, indeed, soon showed that they were now too far in advance of the requirements of commerce. Though, in 1871, twenty-nine round voyages were performed between Liverpool, Valparaiso, and Callao, the profits, so far from being increased, gave signs of falling off; and, in 1872, thirty-seven round voyages were made with, as the result proved, a further diminished rate of profit, the directors having, in January of that year, recommended at a special meeting of shareholders the addition to their fleet of four more steamers at a cost of 500,000_l._ [Sidenote: Capital increased to 4,000,000_l._ 1872.] In the course of the following July, a further charter had been obtained authorizing an additional 1,000,000_l._ of capital to be raised, and thus, with power to draw on the shareholders to the extent of 4,000,000_l._, the whole capital of the company, the directors did not hesitate to still further increase their already gigantic fleet! [Sidenote: Extent of fleet.] [Sidenote: _Iberia_ and _Liguria_.] The company now owns no less than fifty-four steamers, of an aggregate of 119,870 tons, and 21,395 horse-power.[287] Two of these, the _Iberia_ and _Liguria_, built and supplied with engines by Messrs. John Elder and Co., of Glasgow, in 1873, are each 4671 tons gross register with a capacity for 4000 tons of cargo, besides space for 916 tons of coals, and accommodation for no less than 800 third-class passengers. They are each of 700 horse-power nominal, and attained a speed on their trial trips of 15 knots per hour.[288] [Sidenote: _Chimborazo_, 1871.] [Sidenote: Too rapid increase.]