CURRENCY. 129 



Now it is plain that England did scarcely anything in the 

 way of foreign trade during the latter part of Elizabeth's reign. 

 The voyages of the Queen's captains were not mercantile ven- 

 tures, but buccaneering expeditions, and the exploits of Drake 

 and Hawkins, on account of which they are deemed the earliest 

 naval heroes of England, were no better and no worse than the 

 acts for which Kidd and his comrades, little more than a century 

 later, were hanged at Execution Dock. The Russian trade, 

 never much, was stifled in the revolution which occurred in that 

 country at the latter end of the century, and the Levant trade, 

 which Elizabeth strove to foster, was a failure. That there 

 was a trade between England and the United Provinces, 

 now fairly safe of their independence, is true, but the English 

 merchants were so jealous of Dutch commerce, that the 

 assistance Elizabeth gave was almost neutralised by the pira- 

 tical acts of English captains. That some of Philip's ducats, 

 lavished so prodigally in this war, reached the English Mint, 

 is likely enough. But they chiefly flowed to Genoa and 

 Amsterdam, the bankers of the former city discounting 

 Philip's bills, and the traders of the latter trafficking with 

 Philip's subjects. 



That the trade of England made a considerable start in the 

 reign of James is certain. If nothing else would prove it, the 

 publication of the new Book of Rates would be conclusive. 

 Thus the Levant Company in 1605 took a new departure, and 

 made great gains 1 . The East India began that career of 

 successful trade which enabled it to make enormous profits 

 during the latter part of the seventeenth century. London 

 was increasing so rapidly that the Court became alarmed at 

 its growth, and the machinery by which the distribution of 

 the precious metals could be effected was developed. The 

 ineffectual attempt of James towards the end of his reign 

 to prevent the exportation of English silver is a proof that 

 trade was growing. 



Soon after the Restoration, when the success of these trading 



1 Macpherson, quoting a contemporary writer, says the gain was three to one. 

 VOL. V. K 



