A. D. 1587. 



carrack from Eaft-India at the Azores, out of the papers whereof (fays 

 •Camden, in Queen Elizabeth's hiflory) the EngUfti fo fully underftood 

 the rich value of the Eaft-Indian merchandize, and the manner of trading 

 into the eaftern world, that they afterward fet up a gainful trade, by 

 eftablifliing a company of Eaft-India merchants at London. He alfo 

 took an argofie full of rich merchandize. 



The damages, which the Spaniards fuffered from Drake, obliged 

 them to poftpone the intended invafion of England. But another 

 ■greater, and feemingly more effedual, caufe of deferring it, does equal 

 honour to commerce, and to Sir Francis Walfingham, the fecretary of 

 flate, who, by the aid of Thomas Sutton, Efq. (who was afterward 

 founder of the charter-houfe hofpital in London), and alfo of the 

 queen's merchant Sir Thomas Grefham, and of fome others, found 

 means to get all the Spanilh bills of exchange protefted, which were 

 drawn on the merchants of Genoa, and which were to fupply Philip 

 for carrying on his preparations. A merchant of London, fays Bifhop 

 Burnet, [Hijiory of his own times, V. i, p. 313] being very well ac- 

 quainted with the revenue and expenfe of Spain, and of all that they 

 could raife, and knowing alfo that their funds were fo fwallowed up, 

 that it was impoflible for them to vidual and fit out their fleet, but by 

 their credit on the bank of Genoa, he undertook to write to all the 

 places of trade, and to get fuch remittances made on that bank, that 

 he might have fo much of the money in his own hands, as there fhould 

 be none current there equal to the great occafion of vidhialling the 

 Spanifh fleet. He reckoned that the keeping of fuch a treafure dead 

 in his hands, until the feafon of vidualling was over, would be a lofs of 

 L40,ooo : and he managed the matter with fuch fecrecy and fuccefs, 

 that the fleet could not be fet out that year. At fo fmall a price (fays 

 the bifliop), with fo fkilful a management, was the nation faved at that 

 time. Wheeler, the fecretary and hifloriographer of the Englifli mer- 

 chant-adventurers company, alfo afl^erts, that the fellowfliip of mer- 

 chant-adventurers were likewife, on this fame occafion, a flirting to the 

 queen in like fort, at the mart of Kiel in Holftein. All which demon- 

 ilrates the great importance of mercantile credit, and its influence, 

 when well condudcd, in matters of even the highefi: ftate concern to a 

 nation. 



In the lame year John Davis, with three fliips from Dartmouth, un- 

 dertook a third voyage for a north-wefl pafl^age to China, &c. In this 

 voyage, he met with a Bifcay fhip, which he judged to be upon the 

 fiflnng for whales. Nothing materially difterent happening in this at- 

 tempt from the two former, he returned home without finding any 

 paflage, having gone up his former-named ftrait to no effed. All thefe 

 three voyages were much encouraged by the lord treafurer Burleigh, 

 Sir Francis Walfingham fecretary of ftate, and other noblemen, and 



