As yet no actual development of resources had been seriously attempted, but the glowing account of the vast riches of Louisiana given by D’Iberville had the effect of inducing a wealthy merchant, by name Antoine Crozat, to acquire the monopoly of its trade and of exploiting its natural wealth. Louis XIV. granted him this privilege for a period of sixteen years from 1712. Whether by bad management, by bad fortune, by reason of the vastness of the undertaking, or by a combination of all three circumstances, Crozat, soon found he had entered upon a task, the magnitude of which was altogether beyond his capacity. In 1717, accordingly, he endeavoured to get rid of the burden he had so easily assumed, but could not so easily throw off. He naturally turned to Law, the man who loomed so large in the world of speculation, the one man who seemed able to evolve success from failure. Law regarded with favour the advances made by him, and created no little astonishment by announcing his decision to take over the monopoly and privileges which hung like a mill-stone round Crozat’s neck. He intimated his decision to the Regent, and explained the course he intended to pursue in the development of his new proposal. The Regent, who was of course controlled in all financial matters by Law, was readily willing to comply with his wishes and countenanced the vigorous prosecution of the scheme. In August, 1717, by letters patent, a trading corporation under the name of the West India Company was established. To it was given a grant of the whole of Louisiana, and for a period of twenty-four years from 1st January, 1718, it was to possess the sole rights of trading with the colony, and the company was generally to regard the undertaking as a huge commercial enterprise, in the management of which they would not be trammelled by State interference. For these privileges no payment was made to the State, but no act was to be allowed which might prejudice the sovereignty of France in Louisiana, and the company was under an obligation to furnish at its own expense all necessary military and naval protection. The capital of the company was fixed at 100 million livres, divided into 200,000 shares of 500 livres each.