704 A. D. 1698. 



* the Royal exchange into the place called Exchange-alley, where It is 

 ' Hill carried on *.' 



This year the houfe of peers addre fled King William to difcourage 

 the woollen manufa6lures of Ireland, the increafe of which had given 

 umbi-age to the people of England : and to encourage the linen manu- 

 fadure of that kingdom, purfuant to an ad of parliament in 1696, al- 

 ready mentioned ; which has fince been brought to great perfection in 

 that kingdom. The houfe of commons likewife addreffed the king to 

 induce the people of Ireland to cultivate the joint intereft of both king- 

 doms ; and that, as Ireland is dependent on, and proteded by, England, 

 the Irifli would be content to apply themfelves to the linen manufadure; 

 whereby they would enrich themfelves and be beneficial to England at 

 the fame time ; both which points have fince been effeded in a great 

 meafure. 



The French now began a fettlement at the mouth of the river Milli- 

 fippi in the Spanifh province of Florida ; fince grown up to be a confi- 

 derable French colony. Their main intention herein, as has fince 

 plainly appeared, being to open a communication from thence to their 

 colony of Canada, thereby to hem in the Englifli colonies, fo as to en- 

 grofs the whole Indian trade to themfelves. 



Before we leave this year, it may not be amifs to take notice of what 

 D'Avenant has remarked concerning the increafe of the people of Eng- 

 land, in the fecond part of his Difcourfes on the public revenues and 

 trade of England, (publifhed in this year,/). 196, odavo) vi^. 'that there 

 ' are almoft undeniable reafons to be drawn from political arithmetic, 

 ' that, fince the year 1600, we are increafed in number of inhabitants 

 ' about 900,000, which could not be, if the plantations were fuch a 

 ■' drain of the people, as is injurious to the commonwealth.' 



We cannot forget two good flatutes of this feflion for the benefit of in- 

 land commerce. The firfi; was for determining differences by arbitration, 

 whereby merchants, traders, and others, defiringto end any controverfy 

 (for which there is no other remedy but by perfonal adion or fuit in 

 equity) by arbitration, might agree the fubmiffion of their fuit to the 

 award of any perfon or perlons, which fhould be made a rule of any 

 court of record ; by which agreement, fo made and inferted in their 

 fubmiffion, the parties fhould be finally concluded by fuch arbitration. 

 [9, 10 Gul. Ill, c. 15. 



The otlier, for the better payment of inland bills of exchange, enads, 

 that all bills of exchange, drawn in England, for L5, or upward, to any 

 other place in England, and payable at a certain number of days, weeks, 

 or months, after date, fl:iall, after prefentation and acceptance, which ac- 



* From Change-alley tlie trade in government funds lias again removed to a buildinp;, erefled by a 

 fubfcription among the (lock-brokers, called the (lock-exchange: and a great part of it is alfo traiifac";- 

 ed in the bank. M. 



