![]() |
![]() |
Free Books / Finance / Commerce and Finance / | ![]() |
|
![]() |
||||
![]() |
![]() |
|||
![]() |
![]() |
|||
![]() |
||||
|
|
||||
![]() |
![]() |
|||
![]() |
Commerce Of England. Part 2 |
![]() |
||
![]() |
||||
![]() |
![]() |
![]() |
||
![]() |
||||
This section is from the "Commerce and Finance" book, by O. M. Powers. Amazon: Commerce and Finance.
Edward III offered special privileges to the weavers and dyers of Flanders who would settle in his realms, yet fettered the grant with absurd regulations in order to prevent his invited guests from becoming too rich. During his reign a citizen of London is said to have been executed for using coal as fuel contrary to law. The opposition to coal was based chiefly on the fact that at that time chimneys were luxuries not commonly enjoyed, and the smoke from the fires had to escape by the cracks and crevices of the houses. Glass windows were about as rare as chimneys at that period.
Up to the fifteenth century England had depended almost wholly upon foreign ships to carry away her exports and bring her the products of the outside world. This carrying trade was mostly in the hands of the merchants of the Italian cities (Genoa and Venice) and the Hansa towns, whose fleets, consisting of many vessels, laden with wool, cotton, silks, velvets and spices, were eagerly looked for along the English coast. But as the English learned the advantages of manufacturing from Flanders, so they learned the art of navigation from these foreign merchantmen, and gradually began to embark in the business of foreign commerce. This was vigorously opposed by the Hansa towns, who wished to have no participators in the profits of a lucrative mo-noply, and conflicts at sea were frequent and exceedingly har♦This banishment occurred Nov. 1, 1290. Edward's excuse for the decree was that the Jews were clippers of the coin of the realm, but his real reason was to confiscate their property. Their banishment was a severe blow to the industrial welfare of the Kingdom. Jews were not permitted to return or re-enter England again until the time of Cromwell.
Development of the Carrying Trade
Edward III 1326-1377 assing. But in the course of time English ships became more numerous and went farther abroad, until the Hansa found that English commerce could not be stifled, and the visits of Italian ships became less frequent and profitable, until they finally ceased in 1587. Thus about the time the New World was discovered England was expanding in its commerce and manufactures, and preparing to take its place along with Spain, Portugal and the Netherlands, as one of the leading nations. It was far behind these, however, in point of discoveries in the Western Hemisphere, but was destined at a later period to far surpass them in colonial possessions. Under Henry VII English commerce was placed upon a firm and permanent footing. Recognizing the necessity for a naval power to protect his merchant shipping, he built a fleet of war ships, called the Great Harry, which was the beginning of that navy which defeated the Invincible Armada in the reign of Queen Elizabeth, and has given England its supremacy on the ocean even to the present time. As soon as England was able to protect her merchant ships, piracy declined, her flag became respected and her commerce increased. Henry VII, after the discovery of the New World, empowered the Cabots to undertake voyages of discovery, and it is under the right of discoveries made by these men that England claims, at the present time, a large part of British North America.
Henry VIII abolished the monasteries and set up the Church of England. Up to that time the church owned and controlled about one-fifth of all the valuable land in the realm, and upon the dissolution of the monasteries these lands were divided and distributed, thereby greatly improving and encouraging agriculture, and this in turn tended to improve manufactures. Sheep were bred in large numbers and more wool was produced. As the natural resources of the country were developed and utilized, the means of exchange were improved and commerce extended. Indian spices, Turkish carpets, gums, drugs and ivory were sought in the Mediterranean and Eastern ports. English ships went on voyages requiring a year or more for their completion, and London, Southampton and Bristol carried on trade with distant parts of the world in English ships.
But it was Elizabeth, the daughter and successor of Henry VIII, who promoted British commerce most effectually. This remarkable woman was ambitious that England should rival Spain as the leading power of the world, and to this end she legislated often arbitrarily, and frequently for the moment and not for time, but yet with the single purpose always in view of building up England's power and resources. During her reign agriculture and the mechanic arts underwent great improvements, and crops were at times so abundant that wheat was exported. Hemp and flax were successfully cul-. tivated. Manufactures greatly improved, and the weaving of woolen cloth received a fresh impetus by the arrival of a large colony of weavers from the Netherlands who had been driven out by the religious persecutions of Philip II of Spain. When the Invincible Armada attacked the English navy about three hundred and fifty merchant ships were pressed into service for the defense of England, and after the contest was over many of the Spanish prizes served to swell the growing English navy. Ship-building greatly developed, and the number, size and quality of the vessels built underwent a remarkable change.
Elizabeth deprived foreign merchants of their privileges, closed the London agency of the Hansa, and finally went to the extreme length of forbidding foreign vessels to enter English harbors. She granted numerous monopolies to encourage home enterprise, and thus between the restrictions against foreign ships, and monopolies at home, the people were debarred the enjoyment of many useful commodities made abroad and compelled to pay dearly for worse articles made at home. Monopolies became so oppressive, and prices of iron, lead, coal, saltpeter, oil, vinegar, starch, yarn, skins, leather and glass were so exorbitant, that her subjects finally protested against the system and openly denounced the laws. The queen wisely yielded to the popular demand, thanked the House of Commons for calling her attention to the wrong, and changed her policy.
 
Continue to:
history, economics, commerce, banking, stock market, manufacturing, exchange, insurance
![]() |
|
|