The first point to be settled is: Did Shakespeare reveal himself very ingenuously and completely in Antonio, or was the “royal merchant” a mere pose of his, a mood or a convention? Let us take Antonio's first words, the words, too, which begin the play:

“In sooth, I know not why I am so sad:
It wearies me; you say it wearies you;
But how I caught it, found it, or came by it,
What stuff 'tis made of, whereof it is born,
I am to learn;
And such a want-wit sadness makes of me,
That I have much ado to know myself.”

It is this very sadness that makes it easy for us to know Shakespeare, even when he disguises himself as a Venetian merchant. A little later and Jaques will describe and define the disease as “humorous melancholy”; but here it is already a settled habit of mind.

Antonio then explains that his sadness has no cause, and incidentally attributes his wealth to fortune and not to his own brains or endeavour. The modern idea of the Captain of Industry who enriches others as well as himself, had evidently never entered into Shakespeare's head. Salarino says Antonio is “sad to think upon his merchandise”; but Antonio answers:

“Believe me, no: I thank my fortune for it.
My ventures are not in one bottom trusted,
Nor to one place: nor is my whole estate
Upon the fortune of this present year:
Therefore my merchandise makes me not sad.”

This tone of modest gentle sincerity is Shakespeare's habitual tone from about his thirtieth year to the end of his life: it has the accent of unaffected nature. In bidding farewell to Salarino Antonio shows us the exquisite courtesy which Shakespeare used in life. Salarino, seeing Bassanio approaching, says:

“I would have stayed till I had made you merry,
If worthier friends had not prevented me.”

Antonio answers:

“Your worth is very dear in my regard.
I take it, your own business calls on you,
And you embrace the occasion to depart.”

More characteristic still is the dialogue between Gratiano and Antonio in the same scene. Gratiano, the twin-brother surely of Mercutio, tells Antonio that he thinks too much of the things of this world, and warns him: