In the course of time the persecuted Netherlanders took heart of grace, encouraged by the gallant conduct of the Prince of Orange, their leader, no less than by the active assistance and sympathy of their brethren in England, who were continually passing to and fro with munitions of war, in spite of proclamations to the contrary.[1554] "Whilst Elizabeth dribbled out her secret aid to the Prince of Orange the London traders sent him half-a-million from their own purses, a sum equal to a year's revenue of the Crown."[1555]
The decline of Antwerp London's opportunity.
The queen applies to the merchant adventurers for a loan.
The decline of Antwerp which followed Alva's administration marks the foundation of London's supremacy in the world of commerce. Hitherto the queen had been accustomed through Gresham, her[pg 506] factor, to raise what money she required by loans from merchants abroad. Merchant strangers were well content to lend her money at ten or twelve per cent., seeing that the City of London was as often as not called upon to give bonds for repayment by way of collateral security.[1556] When that door was closed to her she turned to her own subjects, the Company of Merchant Adventurers, to whom she had shown considerable favour. Her first application to this company for a loan was, to her great surprise, refused. The matter was afterwards accommodated through the intervention of Sir Thomas Gresham; and as the confidence of the city merchants increased, loans were afterwards frequently negotiated between them and the Crown, much to the convenience of one party and to the advantage of the other.[1557]
The first public lottery, 1567-1569.
As another means of raising money Elizabeth had resort to a lottery—the first public lottery ever held in London, although the game called "The Lott" was not unknown in the city in the reign of Henry VIII.[1558] The lottery was advertised in 1567 as being a very rich lottery general, without any blanks, containing a number of good prizes of ready-money, plate and divers sorts of merchandise, the same having been valued by expert and skilful men. The lottery was, as we should say at the present day, "under the immediate patronage" of the queen herself, and the proceeds, after deducting expenses, were to be devoted to the repair of harbours and other public works conducive to strengthening the realm. Besides the prizes, of[pg 507] which a long list is set out in the city's records, there were to be three "welcomes" or bonuses given to the first three winners of lots. The first person to whom a lot should happen to fall was to have for "welcome" a piece of silver-gilt plate of the value of £50, and the second and third fortunate drawers were to have respectively, in addition to their prizes, a piece of gilt plate of the value of £20. The prizes, the chief of which amounted to £5,000 sterling, although the winner was to receive only £3,000 in cash, the rest being taken out in plate and tapestry,[1559] were exhibited in Cheapside at the sign of the Queen's Arms, the house of Antony Derick, goldsmith to Elizabeth and engraver to the Mint in this and the preceding reign.[1560] The mayor and aldermen agreed to put into the lottery thirty "billes or lottes" at the least under one posy, viz.:—God preserve the Cytye of London quod M and A. Any profit that might arise from the lots was to be equally divided between them.[1561]
The livery companies of the city were also invited to subscribe to the lottery as well as the Company of Merchant Adventurers.[1562] On the 4th August the livery of the Merchant Taylors' Company were summoned to their hall to declare the amount each individual was ready to venture—"all under our posy in the name of this Common Hall," the posy subsequently determined upon being the following:—
"One byrde in hande is worthe two in the woode,
Yff wee have the greate lott it will do us good."[1563]
The "reading" of the lottery was postponed till the 10th January, 1569.[1564] It took place at the west door of St. Paul's, commencing on the 11th day of that month, and continued day and night until the 6th May following.[1565] It was reported at the time that Elizabeth withdrew a large sum of the prize-money for her own use previous to the drawing of the lots, and this report, whether well founded or not, created no little disgust among the subscribers.[1566]