TRADE AND MARKETS. 149 



Great Britain, and that they brought at least three millions of 

 money with them. They were alleged to have greatly im- 

 proved the silk, paper, and glass trades. And though the war 

 with France which followed the Revolution was very injurious 

 to the shipping of this country, the progress of domestic 

 manufactures was great and rapid. 



In 1695 occurred the unfortunate Darien expedition, mis- 

 chievous not only as a failure which the Scotch ascribed to 

 the jealousy of the English merchants, but because it alienated 

 Spain at a critical period in English politics. It led in the end 

 however to the political union of the two countries, and the 

 admission of the Scots to all the privileges of English 

 commerce. 



From the Peace of Ryswick to the outbreak of the War of 

 the Spanish Succession great progress was made in English 

 commerce. The customs, the shipping, and the profits of 

 trade rapidly increased, and the moneyed men became a 

 considerable power. 



The only other event of considerable commercial im- 

 portance within this period is the foundation of the English 

 East India Company in 1698. The creation of this new 

 Company by Act of Parliament in the next year was partly 

 due to financial necessities, the new Company having ad- 

 vanced two millions to Montague, with which some of the 

 outstanding liabilities of the Exchequer were cleared off, 

 partly because Parliament was determined to constitute itself 

 the sole grantor of commercial monopolies, partly for political 

 reasons, for the old Company was a Tory corporation, while 

 the new one, the creation of Montague and the last of his 

 great financial measures, was a stronghold of the Whigs. 



