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Are there any cheats available for EIC? Couldn't find a list at the usual on-line sources. If so, how do you open the console? Thanks in advance.

There is one cheat - play on the easiest difficulty ;-)
 
Why do you need cheats. The game is pretty simple. Most people run into trouble by spending too much in the early game. You need to keep a fair amount of cash available to be able to fill your ships so they do not travel empty. The game has no real concept of short term borrowing, except for paying salaries and upkeep costs. If you don't have the cash you can't purchase goods. The other trick is setting up attack squadrons at the various choke points (i.e. Cape Hope).

Also learn to fight the battles. The auto battle keys sinks rather than capture enemy ships. From a strategic sense you have shrunk your enemy's fleet and increased yours with a minimal cash layout. It is a very quick way to build your fleet and lot cheaper to repair a ship then building new. But you have to be careful having too many ships is just as bad as not having enough. I typically transfer the cargo, then save the best and sink the rest.
 
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why no cheats ???