§ 7. The merchants and sea-captains of the Elizabethan age in the New World
This reign witnessed also the rise of the great commercial Companies. The company of Merchant Adventurers had indeed existed since Henry VII.’s time, having been formed in imitation of the Hanseatic League. The Russian Company of 1554 was formed upon the model of this earlier company; and then came the foundation of the great East India Company. It was due to the results of Drake’s far-famed voyage round the world, which took three years, 1577–80. Shortly after {99} his return it was proposed to found “a company for such as trade beyond the equinoctial line,” but a long delay took place, and finally a company was incorporated for the more definite object of trading with the East Indies. The date of this famous incorporation was 1600, and in 1601 Captain Lancaster made the first regular trading voyage on its behalf. To this modest beginning we owe our present Indian Empire.
§ 8. Remarks on the signs and causes of the expansion of trade
[32] They had always been important (cf. p. [64]).
CHAPTER III ELIZABETHAN ENGLAND
§ 1. Prosperity and pauperism
§ 2. The growth of manufactures
§ 3. Monopolies of manufacturing towns
In the same reign (1534), the inhabitants of Worcester, Evesham, Droitwich, Kidderminster, and Bromsgrove, then the only towns in Worcestershire, complained that “divers persons dwelling in the hamlets, thorps, and villages of the county made all manner of cloths, and exercised shearing, fulling, and weaving within their own houses, to the great depopulation of the city and towns.” A monopoly was granted to the towns, the only result of which was that they became worse off than before, a great portion of the local industry being transferred to Leeds. A little later (1544) the citizens of York complain of the competition of “sundry evil-disposed persons and apprentices,” who had “withdrawn themselves out of the city into the country,” and competed with York in the manufacture of coverlets and blanketings. York got a monopoly, but her manufactures gained nothing thereby. Again, in 1552 Edward VI. enacted that the manufacture of hats, coverlets, and diapers should be confined to Norwich and the market towns of Norfolk. Elizabeth granted numerous trading monopolies[33] for the sale of special articles, but the monopoly system was opposed to the new competitive spirit of the age. In 1601 a great many of the most obnoxious were withdrawn, and by that time few remained imposed upon the manufacture of goods. The above illustrations, however, are interesting as showing the growth of manufactures in all parts of the kingdom, and in rural districts (cf. p. [65]). {103} They are useful also as glaring instances of the folly of protective enactments.