After 1620, with growing demand for tobacco on the continent, the Company arranged to sell Virginia tobacco in the Netherlands, but the next year and despite company pleas to maintain the privilege of freedom of trade, the Privy Council forbade the export of any product of Virginia to a foreign country until the commodities had been landed in England, and English duties had been paid. By 1621, the Company was in trouble; unpaid dividends and increased use of lotteries had made future investors wary. The Company debt was now over £9,000. Worried Virginians were hardly reassured by the advice of pragmatic Treasurer Sandys, who warned that the Company "cannot wish you to rely on anything but yourselves." In March 1622, the Company's and the colony's situation went from dire to disastrous when, during the Indian massacre of 1622, the Powhatan confederacy killed one-quarter of the European population of the Virginia colony.