[Sidenote: Wealth and Poverty]

The general prosperity however was not due to any notable advance in official Economics. What it owed to the Government was the immense improvement in public credit brought about by the restored coinage, and the punctual repayment of loans and settlement of debts, coupled with confidence in a steady rule and freedom from costly wars. Trade did indeed greatly benefit by the enlightened action of the State in encouraging the settlement in England of craftsmen from the Netherlands, with the consequent development of the industries they practised and taught. But the vital fact of the enormously increased wealth of the country must be attributed to the energy and initiative of the merchants and the adventurers in taking advantage of the new fields opened to them, of the displacement of trade by the wars on the Continent, and of the exposure of foreign, especially but not exclusively Spanish, shipping to depredation.

How far this increased wealth benefited the labouring classes is a moot question. It would seem on the whole that the process of converting arable land into pasture which had been going on all through the century was already becoming less active even in the first years of the reign, and had reached its limit some while before the Armada. As the displacement of labour diminished, fixity and regularity of employment increased, while the labour already displaced was gradually absorbed by the rapid growth of manufactures. This may perhaps in some degree explain the almost unaccountably sudden cessation of laments over agricultural depression. Still, the effective wage earned tended to drop: that is, although wages rose when measured in terms of the currency, that rise did not keep pace with the advance in prices, the influx of silver into Europe diminishing its purchasing power. Hence the old problem of dealing with poverty in its two forms—honest inability to work and dishonest avoidance of work— remained acute. There was always a humane desire that the deserving poor should be assisted, and an equally strong sentiment in favour of punishing rogues and vagabonds—persons who declined to dig but were not ashamed to beg; with perhaps an excessive inclination to assume that wherever there was a doubt the delinquent should not have the benefit of it. The savagery however of the earlier Tudor laws against vagabonds was mitigated, and honest efforts were made to find a substitute for the old relief of genuine poverty by the Monasteries. This took in the first place the form of enactments for the local collection of voluntary contributions to relief-funds; and culminated in the Acts of the last five years of the reign, substituting compulsory for voluntary contribution, and establishing that Poor-law system which remained substantially unchanged until its reformation in the nineteenth century.

[Sidenote: Trade Restrictions and Development]

The idea that Governments do well not to interfere with the natural unaided operation of economic laws had not yet come into being; and attempts, mainly futile, to control wages and to force labour into particular channels, continued. In one direction however the artificial encouragement of one industry may have had a beneficial effect. Navigation laws tended, per se, to check general commerce; but they gave a stimulus to the English marine at a time when its rapid development was of the utmost national importance; not directly increasing the interchange of commodities as a whole, but encouraging the English carrying-trade, and advancing the growth of the sea-power which made a more extended commerce possible; and thus indirectly counterbalancing the direct ill effects. It is possible even to find some defence for one aspect of Monopolies. The granting of a monopoly of trade in particular regions—Russia, Guinea, the Levant, the East Indies—to Companies of merchants, had a definite justification. Individual private competitors could not conduct the trade on a large scale; large corporations, secured against rivals, could face the risks and the heavy expenditure requisite to success, and could be granted a liberty of action, being left to their own responsibilities, which was impracticable for the private trader. Amongst these, very much the most notable is the great East India Company which was incorporated on the last day of December 1600. Here, its birth only is to be chronicled; its history belongs to the ensuing centuries. But the bestowal on individuals of the monopoly of trade in particular articles by the Royal privilege was manifestly bad in itself; it became so serious an abuse that a determined parliamentary attack was made on the system in 1597; and even then Elizabeth found it necessary to promise enquiry. Nothing practical however was done, and the parliament of 1601 returned to the charge with such obvious justification that the Queen very promptly and graciously promised to abolish the grievance, and thanked the Commons for directing her attention to the matter.

[Sidenote: Tavellers]

We have already in a previous chapter followed in the wake of adventurous voyagers and explorers prior to the Armada, and recorded the first disastrous experimental efforts towards colonisation; but, in dealing specifically with the seamen, we passed by overland explorations such as those of Jenkinson, who during the first decade of Elizabeth's reign journeyed through Russia, and into Asia over the Caspian sea. More momentous still in its results was the Eastern expedition of Newbery and Fitch; who starting in 1583 went through Syria to Ormuz, and were thence conveyed to Goa, the Portuguese head-quarters on the West coast of India. Fitch remained longer than his chief, visiting Golconda, Agra (the seat of the Great Mogul Akbar), Bengal, Pegu, Malacca, and Ceylon, and bringing home in 1591 stories of India and its wealth, which were in no small degree responsible for the formation, in 1599, of the Association which was next year incorporated as the East India Company.

[Sidenote: Maritime expansion]

After the Armada, the sea-faring spirit was naturally even intensified. To a great extent however it was absorbed in privateering—which combined with its attractions in the way of mere adventure the advantages of being profitable, patriotic, and pious. In connexion with the direct scheme of colonial settlements, we have only Raleigh's two unsuccessful relief expeditions to Virginia conducted by White and Mace, and the attempt, also unsuccessful, to start a colony in what afterwards became New England, under Bartholomew Gosnold in 1602. More striking, but belonging to a somewhat different category, was Raleigh's own voyage to the Orinoco, in search of Eldorado and the golden city of Manoa; disappointing in its results, but ably conducted and from the point of view of explorers, as such, by no means unfruitful. Equally noteworthy are the two great voyages of James Lancaster, who was the first English captain to reach the Indian seas by the Cape route (1592), and in 1601 sailed thither again in command of the first fleet of the new Association of East India Merchants, and opened up for his countrymen the trade with the Spice Islands. But except for this second voyage of Lancaster's, a very real and definite achievement in the history of commercial expansion, the voyages of the day, full of brilliant exploits in the annals of seamanship and of adventure, and collectively marking an epoch in England's oceanic development, were not individually notable for specific results.

[Sidenote: The Constitution]