The profits of this Society were, as might have been expected, very great. "The capital of the salt trade," says Clive, writing to Colonel Call[80], "is 32 lacs of sicca rupees, upon which the most moderate expect to make 50 per cent., clear of all charges; others, 75 per cent.; and the most sanguine, 100 per cent. Take the lowest, and a councillor's and a colonel's profit will be 7000_l._ sterling per annum; a lieutenant-colonel's and junior merchant's, 3000_l._; majors' and factors', 2000_l._ These advantages, and a free open trade, are in lieu of all presents from the natives, and all perquisites disadvantageous to the Company, and dishonourable to the servants." And in a letter[81] to Mr. Palk, the Governor of Madras, after mentioning the large allowance that the trade would give to the different sharers, he adds, "This extraordinary indulgence is in lieu of perquisites; for I intend the Governor and Council shall take a most solemn oath at the Mayor's Court, in presence of all the inhabitants, that they shall receive no perquisites whatever, or other advantages, excepting what arises from their trade; and to this shall be added a penalty-bond of a very very large sum of money. These articles, upon my arrival, were altogether in the hands of the Company's servants and free merchants, and only yielded to the Company 60,000_l._ per annum, and to the Nabob nothing, for they did not even pay the 2-1/2 per cent. duties. Neither will the method we are pursuing be attended with the least disadvantage to the inhabitants: the same hands who made and worked the salt are still employed at the same rates; and the salt in general will be sold at a much lower price than formerly. Formerly the salt was sold dear or cheap, according to the demand for that article; we shall endeavour to fix upon a price for every market, and always sell it for the same." The result of the first year's sales was very prosperous, and even exceeded expectation: insomuch that, in forming the plan for the following year, it was resolved to diminish the profits of the proprietors, and to raise those of the East India Company, the duty to whom was now fixed at 50 per cent., which, at a low valuation of the salt, was to produce about 160,000_l._ Clive had, however, in the course of his progress through the country, observed the inconvenience of employing European agents in the trade; and a very material improvement was introduced, by dispensing with their agency altogether, and selling the article at Calcutta, or where it was made, to the natives only, with permission to convey it wherever they pleased. In this way Europeans were totally removed from any direct interference with the natives in the interior, and the trade was as free as any monopoly can be. This second year's Society commenced in September, 1766.