[3C][gameplay] merchants not creating money

Playing as paraden.  I have two towns with merchant in each.  I have an army of three peasants and that's all.  Total income per turn is -0.6 gilders..

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Don't forget about admin costs - at least 1 of your merchants must be fuctioning, because it costs 1 just to maintain the second city.  What does the kingdom report say are your expenses/income?