The strategic location of Cape Coast having a sheltered beach in proximity to Elmina Castle made it a great attraction to the European nations. Hence, for nearly a century, there was a ding-dong competition among the Portuguese, Dutch, Danes, Swedes and English to gain control of Cape Coast. The Portuguese built the first trade lodge in 1555 and called the local settlement "Cabo Corso", meaning short cape, later corrupted to Cape Coast. The Swedes, led by Krusenstjerna, built a permanent fort in 1653 and called it Carolus burg after King Charles X of Sweden. During the next 11 years, the Danes, the local Fetu chief and the Dutch each in turn captured and held Carolusburg for a time. Finally, the English fleet led by Captain Holmes took Carolusburg. The fort remained in English hands till the late 19th century serving as the West African headquarters seat of the president of the Committee of Merchants and later as the seat of the British governor.