Spain had taken possession of the Canary Islands, and Portugal had made conquests on the coast of Africa, and seized the island of
---
{44} In 1411 they were compelled, by Henry IV. of England, to give him satisfaction for some of the injuries done.
-=-
[end of page #48]
Madeira in the early part of the fifteenth century, and by an attention to naval affairs, and setting a value on possessions beyond seas, laid a foundation for those new discoveries which have totally changed the face of the world.
In Europe then, at the end of the fifteenth century, the nations were nearly in the following state. The Italians, possessed of the whole trade to India, were wealthy but feeble. They had more art, policy, and money, than other nations; but they had of themselves scarcely any effective power, except a little exercised by the Venetians and Genoese at sea.
The Hanse Towns, extending over the northern part of Europe and Flanders, which had become wealthy and powerful by their own industry, and a participation of the trade to India with the Italians, (though at second hand,) were on the decline, through pride and luxury.
Holland alone was advancing fast towards wealth, by industry, and an attention to commerce and economy. Spain and Portugal had turned their attention to new discoveries; and France and England were endeavouring to follow, though at a great distance, those who, in this career, had gone before them.
Of the places that enjoyed wealth, all were declining in power from the abuse of it; and Spain, which alone had possessed much power without wealth, was abusing it, by banishing industry from Flanders, and the Moors from their own country. In one case, there was wealth without power; in the other, there was power without wealth; and, in both, mistaken views and unwise conduct had laid the foundation for decline.