To illustrate this increase in English trade, we have these facts: In the reign of Edward VI., a time of great decay, there were few Merchant Adventurers and hardly any English ships. When Elizabeth began to reign there were no more than 317 merchants in all, of whom the Company of Mercers formed ninety-nine. Before her reign it was next to impossible for the city to raise a loan of £10,000. Before she died the city was advancing to the Queen loans of £60,000. Before her reign the only foreign trade was a venture or two into Russia; everything came across from Antwerp and Sluys. During her reign the foreign trade was developed in an amazing manner. New commodities were exported, as beer and sea coal, a great many new things were introduced—new trades, new luxuries. For instance, apricots, turkeys, hops, tobacco were brought over and planted and naturalized. Fans, ladies' wigs, fine knives, pins, needles, earthen fire-pots, silk and crystal buttons, shoe-buckles, glass-making, nails, paper were made in this country for the first time. The Merchant Adventurers, who had been incorporated under Edward I., obtained fresh rights and larger powers; they obtained the abolition of the privileges enjoyed for three hundred years by the Hanseatic merchant; they established courts at Antwerp, Dordrecht, and Hamburg; they had houses at York, Hull, and Newcastle. Further, when we read that they exported wine, oil, silks, and fruits, in addition to the products of the country, it is clear that they had already obtained some of the carrying trade of the world. Of the trading companies founded under Elizabeth and her successors, only one now survives. Yet the whole trade of this country was created by these companies.
Who, for instance, now remembers the Eastland Company, or Merchants of Elbing? Yet they had a long existence as a company; and long after their commercial life was gone they used to elect their officers every year, and hold a feast. Perhaps they do still. Their trade was with the Baltic. Or the Russian Company? That sprang out of a company called the "Merchant Adventurers for the Discovery of Lands not before known to or frequented by the English."
This company sent out Sir Hugh Willoughby, with three ships, to find a north-east passage to China. But Sir Hugh was forced to put in at a port in Russian Lapland, where he and all his men were frozen to death. The Russian Company became whalers, and quarrelled with the Dutch over the fishing. It had a checkered career, and finally died, but, like the Eastland Company, it continued to elect officers and to dine together long after its work was over. Or the Turkey Company, which lasted from 1586 to 1825, when it dissolved? Or the Royal African Company, which lived from 1530 to 1821? There were, also, the Merchants of Spain; the French Merchants; the Merchants of Virginia; the East India Company, the greatest and most powerful of any trading company ever formed; the Hudson Bay Company, which still exists; the South Sea Company; the Guinea Company; the Canary Company. Some of these belong to a later period, but they speak of the spirit of the enterprise and adventure first awakened under Elizabeth.
In the Church of St. Martin Outwich, now pulled down, was a monument to the chief actor in the promotion of these trading companies. "Here," said the tombstone, "resteth the body of the worshipful Mr. Richard Staple, elected Alderman of this city 1584. He was the greatest Merchant in his time; the chiefest Actor in the Discovery of the Trade of Turkey and East India; a man humble in prosperity, painful and ever ready in affairs public, and discreetly careful of his private. A liberal house-keeper, bountiful to the Poor, an upright dealer in the world, and a devout inquirer after the world to come.... Intravit ut exiret."
The increase of trade had another side. It was accompanied by protection, with the usual results. "In the old days," says Harrison, "when strange bottoms were suffered to come in, we had sugar for fourpence the pound that now is worth half a crown; raisins and currants for a pennie that now are holden at sixpence, and sometimes at eightpence and tenpence, the pound; nutmegs at twopence halfpenny the ounce; ginger at a pennie the ounce; prunes at a halfpenny farthing; great raisins, three pound for a pennie; cinnamon at fourpence the ounce; cloves at twopence; and pepper at twelve or sixteen pence the pound." He does not state the increase in price of the latter articles; but if we are to judge by that of sugar, the increase of trade was not an unmixed blessing to those whose incomes had not advanced with equal step.
The city associated the new prosperity with their Maiden Queen, for whom their love and loyalty never abated in the least. When she asked them for a certain number of ships they sent double the number, fully manned and provided; when the Queen's enemy, Mary of Scotland, was beheaded, they rang their bells and made bonfires; while the Queen was living they thanked God solemnly for her long reign; when she died, their lamentations were loud and sincere; her monument, until the fire, adorned many of the city churches. One of the Elizabeth statues yet remains outside the Church of St. Dunstan's, Fleet Street. It is the statue which formerly stood on the west side of Lud Gate.
THE STEEL YARD, ETC., THAMES STREET, AFTER THE GREAT FIRE OF 1666
To return to Gresham. He not only gave the city a Bourse, but he also endowed it with a college, which should have been a rival of Trinity or Christ Church but for the mismanagement which reduced it for a long time to the level of a lecture institute. The idea of the founder will, no doubt, be revived some time or other, and Gresham College will become a place of learning worthy of the city.