1640-Dutch West India Company surrenders trade monopoly and New Amsterdam becomes a free trade zone. The company felt it could share the expenses and risks associated with trade by opening up the area to other merchants and collecting fees from them. With the passage of the Articles and Conditions in 1638 and the Freedoms and Exemptions in 1640 the company allowed merchants of all friendly nations to trade in the area, subject to a 10% import duty, a 15% export duty and the restriction that all merchants had to hire West India Company ships to carry their merchandise.