The company of merchant adventurers, by their patent, possessed the sole commerce of woollen goods, though the staple commodity of the kingdom. An attempt made during the reign of Elizabeth to lay open this important trade, had been attended with bad consequences for a time, by a conspiracy of the merchant adventurers not to make any purchases of cloth; and the queen immediately restored them their patent.
It was the groundless fear of a like accident, that enslaved the nation to those exclusive companies which confined so much every branch of commerce and industry. The parliament, however, annulled, in the third of the king, the patent of the Spanish company; and the trade to Spain, which was at first very insignificant, soon became the most considerable in the kingdom. It is strange that they were not thence encouraged to abolish all the other companies, and that they went no further than obliging them to enlarge their bottom, and to facilitate the admission of new adventurers.
A board of trade was erected by the king in 1622.[*] One of the reasons assigned in the commission is, to remedy the low price of wool, which begat complaints of the decay of the woollen manufactory. It is more probable, however, that this fall of prices proceeded from the increase of wool. The king likewise recommends it to the commissioners to inquire and examine, whether a greater freedom of trade, and an exemption from the restraint of exclusive companies, would not be beneficial. Men were then fettered by their own prejudices; and the king was justly afraid of embracing a bold measure, whose consequences might be uncertain. The digesting of a navigation act, of a like nature with the famous one executed afterwards by the republican parliament, is likewise recommended to the commissioners. The arbitrary powers then commonly assumed by the privy council, appear evidently through the whole tenor of the commission.
The silk manufacture had no footing in England: but, by James’s direction, mulberry-trees were planted, and silk-worms introduced.[**] The climate seems unfavorable to the success of this project. The planting of hops increased much in England during this reign.
* Rymer tom, xvii. p. 410.
** Stowe
Greenland is thought to have been discovered about this period; and the whale fishery was carried on with success: but the industry of the Dutch, in spite of all opposition, soon deprived the English of this source of riches. A company was erected for the discovery of the north-west passage; and many fruitless attempts were made for that purpose. In such noble projects, despair ought never to be admitted, till the absolute impossibility of success be fully ascertained.
The passage to the East Indies had been opened to the English during the reign of Elizabeth; but the trade to those parts was not entirely established till this reign, when the East India company received a new patent, enlarged their stock to one million five hundred thousand pounds,[*] and fitted out several ships on these adventures. In 1609, they built a vessel of twelve hundred tons, the largest merchant ship that England had ever known. She was unfortunate, and perished by shipwreck. In 1611, a large ship of the company, assisted by a pinnace, maintained five several engagements with a squadron of Portuguese, and gained a complete victory over forces much superior. During the following years, the Dutch company was guilty of great injuries towards the English, in expelling many of their factors, and destroying their settlements: but these violences were resented with a proper spirit by the court of England. A naval force was equipped under the earl of Oxford,[**] and lay in wait for the return of the Dutch East India fleet. By reason of cross winds, Oxford tailed of his purpose, and the Dutch escaped. Some time after, one rich ship was taken by Vice-admiral Merwin; and it was stipulated by the Dutch to pay seventy thousand pounds to the English company, in consideration of the losses which that company had sustained.[***]
* Journ. 26th Nov. 1621.
** In 1622.
*** Johnstoni Hist. lib. xix.
But neither this stipulation, nor the fear of reprisals, nor the sense of that friendship which subsisted between England and the states, could restrain the avidity of the Dutch company, or render them equitable in their proceedings towards their allies. Impatient to have the sole possession of the spice trade, which the English then shared with them, they assumed a jurisdiction over a factory of the latter in the Island of Amboyna; and on very improbable, and even absurd pretences, seized all the factors with their families, and put them to death with the most inhuman tortures. This dismal news arrived in England at the time when James, by the prejudices of his subjects and the intrigues of his favorite, was constrained to make a breach with Spain: and he was obliged, after some remonstrances, to acquiesce in this indignity from a state whose alliance was now become necessary to him. It is remarkable, that the nation, almost without a murmur, submitted to this injury from their Protestant confederates; an injury which, besides the horrid enormity of the action, was of much deeper importance to national interest, than all those which they were so impatient to resent from the house of Austria.
The exports of England from Christmas, 1612, to Christmas 1613, are computed at two millions four hundred and eighty-seven thousand four hundred and thirty-five pounds; the imports at two millions one hundred and forty-one thousand one hundred and fifty-one: so that the balance in favor of England was three Hundred and forty-six thousand two hundred and eighty-four.[*] But in 1622, the exports were two millions three hundred and twenty thousand four hundred and thirty-six pounds; the imports two millions six hundred and nineteen thousand three hundred and fifteen; which makes a balance of two hundred and ninety-eight thousand eight hundred and seventy-nine pounds against England.[**] The coinage of England from 1599 to 1619 amounted to four millions seven hundred and seventy-nine thousand three hundred and fourteen pounds thirteen shillings and fourpence:[***] a proof that the balance, in the main, was considerably in favor of the kingdom. As the annual imports and exports together rose to near five millions, and the customs never yielded so much as two Hundred thousand pounds a year, of which tonnage made a part, it appears that the new rates affixed by James did not, on the whole, amount to one shilling in the pound, and consequently were still inferior to the intention of the original grant of parliament. The East India company usually carried out a third of their cargo in commodities.[****] The trade to Turkey was one of the most gainful to the nation. It appears that copper halfpence and farthings began to be coined in this reign.[v] Tradesmen had commonly carried on their retail business chiefly by means of leaden tokens. The small silver penny was soon lost, and at this time was nowhere to be found.