A. D.I 675. sil 



So, fays this author, our coinage yearly increafed from the firrt; to the 

 fecond period, and from the fecond to the third, but annually decreafed 

 from the third to the fourth, period ; and from thence he inferred, that 

 we were decayed and overbalanced in our foreign trade, and that our 

 coin was exported to make good that balance. This pofition is doubt- 

 lefs overflretched ; for although it may be, and certainly was true, that 

 in the three firfl periods England poflefled, almofl alone, all the trade 

 of the woollen drapery with the north and weft parts of Europe, until 

 between the third and fourth periods, that the Dutch gained much of it 

 from us, and that towards the clofe of the fourth period, France alfo 

 pufhed into it, yet it furely by no means follows, that, becaufe we did 

 not coin fo much between the third and fourth periods as formerly, we 

 therefor were lofers by the general balance of our annual commerce 

 within that time : it has, however, been already noted, under the year 

 1664, by Dr. D'Avenant's account, that we were greatly lofers in the 

 general balance tor the year 1662, too much, if not wholely, owing to 

 our iramenfe importations from France : yet upon this famoVis topic 

 we muft, after all, agree with Sir Jofiah Child, as we have obierved un- 

 der the year 1 670, that it is extremely difficult to fix with precifion the 

 general balance of a nation's commerce, any other way than by his ju- 

 dicious third pofition. This indeed is, in good part, confirmed even by 

 this author, who, however, (in/>. 157 etfeq.) obferves, * that the Dutch, 

 long after they became independent ftates, were ignorant of our new 

 drapery, viz. of bayes, fayes, &c. which we had learned from the 

 Flemings, driven out by Alva's perfecution, and we fupplied the 

 Dutch with vafl quantities of cloth alfo, though moftly white, which 

 they dyed and drelTed, and exported to Germany and many other 

 parts. We had alfo formerly the fole trade to Denmark, Norway, 

 Sweden, Livonia, Poland, and Pruflia, by our Eaftland company, 

 formerly very flourifhing, and called the royal company * : our exports 

 to all which northern countries are greatly lefTened by the Dutch hav- 

 ing fet up mighty woollen manufadtures, and the Flemings renewing 

 theirs. We had formerly the fole trade of woollen clothing to France, 

 to the value of L6oo,ooo yearly, but now none at all ; alfo the fole 

 trade to Turkey, though of late the Dutch are become our competi- 

 tors therein, and the French have been long nibbling at this trade f ; 

 and in the Spanifh trade both the French and Dutch fhare largely with 

 us. What is yet more grievous, we import much fine cloth from the 

 ^ Dutch yearly :|:, and till of late we imported to the value of .Li 50,000 

 * yearly in fi:ufFs and druggets. Formerly,' continues our author, ' we 



* I have not met with tliis appellation anywhere elfe. ^. 

 •f- In our days they are far fiom being nibblers at it. A, 



j This was owing then to the fiiperiority of the Dutch in finifhing their cloths. Tiie cffefl has 

 long a.;o ctafed with the caufe. /!.. 



Vol. II. 4 D 



