Problem with xlsx package

I am trying to read an xlsx spreadsheet (1506 rows, 501columns) all
populated but getting the following error:
Please advise as to how to get around this issue.

res <- read.xlsx("c:\\BSE_v2.xlsx",1)

Error in .jcall("RJavaTools", "Ljava/lang/Object;", "invokeMethod", cl,  :
  java.lang.OutOfMemoryError: Java heap space

Here is the session info:

sessionInfo()

R version 2.12.1 (2010-12-16)
Platform: i386-pc-mingw32/i386 (32-bit)

locale:
[1] LC_COLLATE=English_United States.1252  LC_CTYPE=English_United
States.1252
[3] LC_MONETARY=English_United States.1252 LC_NUMERIC=C

[5] LC_TIME=English_United States.1252

attached base packages:
[1] grid      stats     graphics  grDevices utils     datasets  methods
base

other attached packages:
 [1] xlsx_0.2.4                   xlsxjars_0.2.0               rJava_0.8-8

 [4] quantmod_0.3-15              TTR_0.20-2
Defaults_1.1-1
 [7] urca_1.2-4                   RBGL_1.26.0                 
graph_1.28.0

[10] colorspace_1.0-1             spatstat_1.21-4             
deldir_0.0-13

[13] mgcv_1.7-2                   reshape_0.8.4                plyr_1.4

[16] fExtremes_2100.77            fTrading_2100.76
fGarch_2110.80
[19] fBasics_2110.79              timeSeries_2130.90
timeDate_2130.91
[22] mc2d_0.1-9                   mvtnorm_0.9-96
mixtools_0.4.4
[25] boot_1.2-43                  MASS_7.3-9
SuppDists_1.1-8
[28] ghyp_1.5.4                   gplots_2.8.0                
caTools_1.11

[31] bitops_1.0-4.1               gdata_2.8.1                 
gtools_2.6.2

[34] numDeriv_2010.11-1           xtable_1.5-6
PerformanceAnalytics_1.0.3.2
[37] sn_0.4-16                    mnormt_1.4-0                 xts_0.7-5

[40] zoo_1.6-4                    RODBC_1.3-2

loaded via a namespace (and not attached):
[1] lattice_0.19-13    Matrix_0.999375-46 nlme_3.1-97        tools_2.12.1

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