A further consideration has admitted that not only places where things useful to mankind are discovered, but places naturally fitted for their exchange have an economic importance peculiarly their own. Indeed, the more history is studied from the point of view of economics, the more does this kind of natural opportunity emerge, and the less does the political importance of purely productive areas appear. The mountain districts of Spain, the Cornish peninsula, were centres of metallic industry of the first importance to the Romans, but they remained poor throughout the period of Roman civilisation. To-day the farmer in the west of America, the miner and the clerk in Johannesburg, are perhaps more numerous, but as a political force no wealthier for the opportunities of their sites: the economic power which they ultimately produce is first concentrated in the centres of exchange where the wealth they produce is handled.
Now there is a third basis for the economic importance of a district, and as this third basis is indefinitely more important than the other two, it has naturally been overlooked in the analysis of the universities. This basis is the basis of residence. Given that a conqueror, or a seat of Government established by routine, is established in a particular place and chooses there to remain; or given that the pleasure attached to a particular site—its natural pleasures or the inherited grandeur of its buildings or what not—make it an established residence for those who control the expenditure of wealth, then that place will acquire an economic importance which has for its foundation nothing more material than the human will. Thither wealth, wherever produced, will flow, and there will be discovered that ultimate motive force of all production and of all exchange, the effective demand of those possessors who alone can set the industrial machine in motion.
This has been abundantly true in every period of the world's history, whenever commerce existed upon a considerable scale, or whenever a military force sufficiently universal was at the command of wealthy men.
It is particularly true to-day. To-day not the natural centres of exchange, still less the natural centres of production, determine what places in the world shall be wealthy and what shall not. The surplus of the wealth produced by the Egyptian fellaheen is carefully collected by English officials and largely consumed in Paris; the wealth produced by the manufacturers of North England is largely spent in the south of England and upon the Continent; until their recent and successful revolt, the wealth produced by the Irish peasantry was largely spent in London and upon the Riviera.
The economic importance, then, of the Thames Valley has not diminished, but increased since South England ceased to be the main field of production.
The tradition of Government, the habitual residence of the wealthy and directing classes of the community, have centred more and more in London. The old establishment of luxury in the Thames Valley has perpetually increased since the decline of its industrial and agricultural importance, and undoubtedly, if it were possible to draw a map indicating the proportion of economic demand throughout the country, the Valley of the Thames would appear, in proportion to its population, by far the most concentrated district in England, although it contains but one very large town, and although it is innocent of any very important modern industry.
It is interesting, in connection with this economic aspect of the Thames Valley, to note that, alone of the great river valleys of Europe, it has no railway system parallel to its banks. There is no series of productive centres which could give rise to such a railway system. The Great Western Railway follows the river now some distance upon one side, now some distance upon the other, as far as Oxford; but it does not depend in any way upon the stream, and where the course of the stream is irregular it goes on its straight course, throwing out branch lines to the smaller towns upon the banks: for the railway depends, so far as this section is concerned, upon the industries of the Midlands and of the west. Were you to cut off the sources of carriage which it draws upon from beyond the Valley of the Thames it could not exist.
The Scheldt, the Rhine, the Rhone, the Garonne, the Seine, the Elbe, are all different in this from the Thames. The economic power of our main river valley is chiefly a spending power. It produces little and, though it exchanges more of human wealth, it is the artificial machinery of exchange rather than the physical movement of goods that enriches it.
Now this habit of residence, this settlement of the concentrated power of demand upon the banks of the Thames, was the work of the monastic houses. It may be argued that, with the commercial importance of London, and with its attainment of the position of a capital, the residence of such economic power would necessarily have spread up the Thames Valley. It is doubtful whether any such necessity as this existed. In Roman times the Thames certainly did not lead up thus in the line of wealth from London, and though it is true that water carriage greatly increased in importance after the breakdown of Roman civilisation, yet the medium by which that water carriage was utilised was the medium of the Benedictine foundations. They it was who established that continuous line of progressive agricultural development and who prepared the way for the later yet more continuous line of the full monastic effort which succeeded the Conquest.
A list of monastic institutions upon the river, if we exclude the friars, the hospitals, and such foundations as made part of town or university life, is as follows:—a priory at Cricklade, another at Lechlade, the Abbey at Eynsham (sufficiently near the stream to be regarded as riparian), the Nunnery and School of Godstow, the great Abbeys of Osney and Rewley, the Benedictine Nunnery at Littlemore, the great Abbey of Abingdon, the Abbey of Dorchester, Cholsey (but this had been destroyed before the Conquest, and was never revived), the Augustinian Nunnery at Goring, the great Cluniac Abbey at Reading, the Cell of Westminster at Hurley, the Abbey of Medmenham, the Abbey of Bisham just opposite Marlow, and the Nunnery of Little Marlow; the Nunnery of Burnham, which, though nearly a mile and a half from the stream, should count from the position of its property as a riparian foundation, the little Nunnery of Ankerwike, the great Benedictine Abbey of Chertsey, the Carthusians of Sheen, and the Benedictines of Westminster, to which may be added the foundation of Bermondsey.