A. D. 1568. 149 



had it be<?n for Spain, to have gradually gained them over bygtntlenefs 

 and kindnefs to their religion and interefts, than by blood and violence, 

 which not only increafe their obftinacy and abhorrence of their oppreff- 

 ors, but impoverifli and depopulate their country ! 



1569. — The firft Englilh book on the Italian art of keeping mer- 

 chants' accounts, or book-keeping by double entry, was publifhed by 

 James Peele (London, 1569, folio). Though his ftile be now obfolete *, 

 he evidently underftood the principles of book-keeping as well as fome 

 who have written much later. In his preface, he takes notice that 

 ' many merchants themfelves were fond of learning of him, and of 

 ' getting their apprentices to be taught by him ; and although the art 

 ' be in a fort new in Eriglaiid, yet it had long been ufed by merchants in 

 ' foreign parts f .' 



It appears from A difcrarje upon iifury, by Dr. "thomas IVilfon, that the 

 fund of the orphans of the city of London now paid a regular annual 

 interefl for their ufe. 



Some differeiice having arifen between the czar of Mufcovy and the 

 Englilli RulTia merchants, or their fodors, the queen diipatched thither 

 Sir Thomas Randolph, who concluded a new treaty for them with the czar, 

 who again granted them an exemption from all cuftoms, and (as former- 

 ly) leave to tranfport their merchandize to Perlia, &c. though other fo- 

 reign merchants were not allowed (lays Camden) to trade beyond the 

 city of Molcow|. The pradice of the Englifn in thofe times was to 

 tranfport their goods in canoes up the Dwina to Vologda, thence over 

 land in fevcn days to Jeroflaw ; and thence down the great river Volga 

 ia thirty days to Aflracan, near its mouth ; whence they crofled the 

 Cafpian fea ; and thence through the vaft deferts to Teverin and Cafbin 

 (cities of Perfia), hoping at length to diibover Cathay (China). But by 

 reafon of the war between the Turks and Perfians, and the robberies of 

 the barbarians, the Londoners were dilcouraged trom puriuing this 

 laudable enterprife, fays Camden. 



As England produced no military flores, Queen Elizabeth was obliged 

 to buy 'all her gunpowder and naval ftores from the German Steelyard 

 merchants at their own prices, there being as yet but few Engliih mer- 

 chants dealing in that way ; and this was one of her greateft induce- 

 ments to encourage commercial companies, whereby her own mer- 

 chants of P.uliia, and of the two elder companies of the Staple, and the 

 merchants-adventurers, were confiderably increafing in trade ; the 



* Inftead of writing Dr. and €r. on the oppo- up tliroiigli nil the daiknefs of the middle ages hi 



fite ps^es of liis leger, he has A oivclh, and A is Italy ; and thence it has got t!ie name of ItnHaii 



(hi; to hatie. book-keeping. M. 



f If I amright in my opin-'in (which feems fup- f Camden alfo fays that the czar gnve tlicm 



ported by good authority), that book-keeping by houfcs for making ropes in, and a track of land. 



double entry was known to the Romans, it may five miles in compafs, with the woods upon it, foe 



be prefumed that fome knowlege of it was kept making iron. M. 



