[55] Raynal devotes book iv of his Établissemens et commerce des Europées (t. i, pp. 400-548) to the "voyages, settlements, wars, and commerce of the French in the East Indies." The first voyage to India undertaken by a French commercial company (1601) was commanded by Pyrard de Laval, whose account of his adventures in the Maldive Islands has already been cited in these volumes; but this enterprise was unsuccessful. After various abortive attempts by Frenchmen to engage in the Oriental trade, an East India Company was formed in France (1664) by the great Colbert, with an exclusive charter and many special privileges. The company made a settlement in Madagascar, which was abandoned in 1670, and the French ships then went to India, where they established a post at Surat, and afterward one at Pondicherry. At first the trade prospered, especially at the latter post; but after a time the affairs of the company were mismanaged, its funds diminished so that ruinous expedients, only temporarily successful, were resorted to; its markets at home were spoiled by the sale of India goods, taken by French privateers from English and Dutch prizes, at very low prices; for lack of money, the company could not keep up its purchases in India; heavy duties were laid on all India goods; the conduct of the home government toward the company was, although vacillating, generally oppressive, and its administration corrupt; and the company long struggled on the brink of ruin. At the end of the fifty years' term of their charter, they secured (1714) an extension for ten years more; and in the period of "frenzied finance" engineered by John Law (1716-21) various other trading companies were merged in this one, which later was substantially aided by the French government. For a time the company acquired great power and extensive territories in India; but war broke out between France and England, and in 1761 Pondicherry was captured and destroyed by the English. Afterward, from 1764 to 1769, the company conducted a prosperous Oriental trade; but its affairs had long been mismanaged, and the government had meddled with these unduly, while there had been much corruption among both its directors and its officials. It was found to be heavily indebted, and its finances fell into almost hopeless confusion; and finally a royal decree dated August 15, 1769, suspended the exclusive privileges granted to the Company of the Indies, and gave all Frenchmen liberty to navigate and trade beyond the Cape of Good Hope. The company thereupon undertook to liquidate their affairs, and made over to the government (April 7, 1770) their property, the latter assuming the debts and obligations of the company.