The more precise definition of the European impact upon South-East Asian trade and society prior to the nineteenth century has become an important pre-occupation of historians of that region in recent years. The hypothesis of J.C. van Leur that “modern capitalism” took shape only after 1820 impelled him to suggest an equality or near-equality between Asian and European commercial organization in the sixteenth and seventeenth centuries. A corollary of this view was his negative assessment of the Portuguese achievement in South-East Asia, his refusal to accord them technical or organizational superiority except in a limited military sense, his insistence upon the small and unimportant Portuguese share of inter-Asian trade, and his denunciation of the Portuguese as little better than a band of condottieri who lacked an effective central administration.