Neale was required by the terms of his patent to render an account at the end of three years of the receipts and expenditures of the American post. His first account was not, however, rendered until 1698. It showed that the expenses up to May 1697 were £3,817, and the receipts £1,457, there being thus a loss of £2,360. The account was accompanied by a statement prepared by Hamilton, explaining the great advantages to the trade and commerce of the colonies, as well as to their security, which the Post Office provided; showing how necessary in consequence was the continuance of the office, and recommending that definite rates of postage for the whole territory be fixed by statute. Other regulations for the conduct of the system were also suggested, as the existing arrangement, involving such serious loss to the patentee, could not be continued indefinitely. Neale contented himself with a brief remark to the effect that whenever his Majesty should see fit to take the conduct of the posts into his own hands, he (Neale) would be glad to surrender his patent--of course, for a consideration.[141] The Postmasters-General opposed the suggested increase of rates on general grounds, their experience having taught them that "the easy and cheap corresponding doth encourage people to write letters, and that this revenue was but little in proportion to what it is now, till the postage of letters was reduced from sixpence to threepence." Neale died shortly afterwards, and his rights in the patent were transferred to his creditors, who were Hamilton himself and an Englishman named West. Hamilton died in 1703, and his widow carried on the posts for some two or three years. In 1706 she and West endeavoured to obtain an extension of the term of the patent; so that, although the posts had been conducted for some years at heavy loss, both by Hamilton and by his widow, the conditions had improved, and there was now reasonable anticipation of a profit from the office. The view of the Postmasters-General, however, ultimately prevailed, and in 1707 the patent was bought back for the Crown for the sum of £1,664. When, a few years later, a general Act of Parliament was found necessary, the opportunity was taken to place the American posts on a definite statutory footing.[142]