At the end of the reign of Anne the shipping employed in commerce amounted to 448,000 tons, of which only 26,573 tons were foreign; so that the English mercantile shipping had increased, in little more than twelve years, 127,800 tons. At the end of the reign of George I. our mercantile shipping was only 456,000 tons, the foreign being 23,651 tons; so that the increase for the time was but slight. The royal navy had greatly decreased under George I. At the end of the reign of George II., the total amount of our commercial shipping was 573,978 tons, including 112,737 foreign. Thus, whilst the total shipping at the commencement of this period (in 1688) was only 244,788 tons, at the end of it (in 1760) the total was 573,978 tons, or a nett increase, in seventy-two years, of 329,190 tons: the increase being much larger than the total amount of tonnage possessed at the commencement of the period, the amount of foreign shipping remaining very nearly the same—in fact, only 12,000 tons more. The royal navy, which, at the commencement of the period, was reckoned at 101,892 tons, at the end of it was 321,104 tons, showing an increase of 219,212 tons; and, at the rate of men employed at the commencement, the number now employed in both our commercial and our national navy could not be fewer than 160,000 men.

The growth of our commerce during these seventy-two years is shown by the amount of our exports. In 1697—that is, nine years after the Revolution—the amount of exports was only £3,525,907; but in the three next years of peace they rose to £6,709,881. War reduced these again to little more than £5,000,000, and at the end of the reign of Anne, during peace, they rose to £8,000,000. At the end of the reign of George I. the war had so much checked our commerce, that the exports scarcely amounted to that sum, the average of the three years—1726, 1727, and 1728—being only £7,891,739. By the end of the reign of George II., however (1760), they had risen to £14,693,270. Having by this period driven the fleets of France and Spain from the ocean, we rather extended our commerce than injured it. Thus, during these seventy-two years, our exports had increased from about three millions and a half annually to more than fourteen millions and a half annually, or a yearly difference of upwards of eleven millions—a most substantial growth.

One great cause of this progress was the growth of our colonies. They began now to demand a considerable quantity of our manufactures and other articles of domestic comfort and convenience, and to supply us with a number of items of raw material. Towards the end of the reign of George I. our American colonies, besides the number of convicts that we sent thither, especially to Virginia and Maryland, attracted a considerable emigration of free persons, particularly to Pennsylvania, in consequence of the freedom of its constitution as founded by Penn, and the freedom for the exercise of religion.

WILLIAM HOGARTH. (After the Portrait begun by Weltdon and finished by himself.)

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New York, Jersey, and the New England States traded in the same commodities: they also built a considerable number of ships, and manufactured, especially in Massachusetts, coarse linens and woollens, iron, hats, rum, besides drying great quantities of fish for Spain, Portugal, and the Mediterranean markets. Massachusetts already employed 40,000 tons of shipping. New England furnished the finest masts in the world for the navy; Virginia and Maryland furnished 50,000 hogsheads of tobacco, annually valued at £370,000; employing 24,000 tons of shipping. From these colonies we received also large quantities of skins, wool, furs, flax, etc. Carolina had become a great rice-growing country. By the year 1733 it had nearly superseded the supply of that article from Italy in Spain and Portugal; in 1740 it exported nearly 100,000 barrels of rice; and seven years afterwards, besides its rice, it sent to England 200,000 pounds of indigo, rendering us independent of France for that article; and at the end of the present period its export of indigo had doubled that quantity, besides a very considerable exportation of pitch, sassafras, Brazil wood, skins, Indian corn, and other articles.

In 1732 the new colony of Georgia was founded by General Oglethorpe, and became a silk-growing country, exporting, by the end of this period, 10,000 pounds of raw silk annually.

The rapid growth of the commerce of the American colonies excited an intense jealousy in our West Indian Islands, which claimed a monopoly of supply of sugar, rum, molasses, and other articles to all the British possessions. The Americans trading with the French, Dutch, Spaniards, etc., took these articles in return; but the West Indian proprietors prevailed upon the British Government, in 1733, to impose a duty on the import of any produce of foreign plantations into the American colonies, besides granting a drawback on the re-exportation of West Indian sugar from Great Britain. This was one of the first pieces of legislation of which the American colonies had a just right to complain. At this period our West Indies produced about 85,000 hogsheads of sugar, or 1,200,000 cwts. About three hundred sail were employed in the trade with these islands, and some 4,500 sailors; the value of British manufactures exported thither being nearly £240,000 annually, but our imports from Jamaica alone averaged at that time £539,492. Besides rum, sugar, and molasses, we received from the West Indies cotton, indigo, ginger, pimento, cocoa, coffee, etc.

During this period a vast empire was beginning to unfold itself in the East Indies, destined to produce a vast trade, and pour a perfect mine of wealth into Great Britain. The victories of Clive, Eyre Coote, and others, were telling on our commerce. During the early part of this period this effect was slow, and our exports to India and China up to 1741 did not average more than £148,000 per annum in value. Bullion, however, was exported to pay expenses and to purchase tea to an annual amount of upwards of half a million. Towards the end of this period, however, our exports to India and China amounted annually to more than half a million; and the necessity for the export of bullion had sunk to an annual demand for less than £100,000. The amount of tea imported from China during this period rose from about 140,000 pounds annually to nearly 3,000,000 pounds annually—an enormous increase.