A. D. 1704. 731 



advantages, as did alfo an infurreftion in Hungary. All thefe appear- 

 ances were very melancholy conflderations in England, and theretur oc- 

 cafioned a great fall in the prices of the parliamentary funds and public 

 flocks. The bank of England therefor found themfclves obliged agam 

 to iflue their fealed bills for a large fum, bearing intereft, in order to 

 keep up their credit: and the Eaft-India company were obliged to create 

 a confiderable fum in their bonds, to enable them to fit out their fhips. 

 Yet, fuch is the fluduating ftate of things in time of war, two very 

 great pieces of good fortune happened to the allies before this year end- 

 ed, viz. the famous and mofl: complete vidory of the confederate army, 

 on the 13th of Auguft, at Blenheim or Hockftadt, over the French and 

 Bavarian army, on which, it may be truely faid, the fate and liberty of 

 Europe, as well as more particularly of Germany, in a great mealure 

 depended : and the taking of the mofl important fortrefs and port of 

 Gibraltar ; both which gave a mofl marvellous turn to public affairs 

 all over Europe, and particularly to England's hopes and public credit. 

 Gibraltar, having been confirmed to Great Britain by the peace of 

 Utrecht, has proved of very fignal advantage to us ; as it is not only a 

 bridle on mofl of the chriftian flates we may be at war with, a fure fta- 

 tion for our fhips of war, a fafe retreat in war for our merchant fhips, 

 a refrefhmg place for both, and a curb on the piratical flates of the op- 

 polite Barbary fhorcs ; in every view, therefor, highly meriting all the 

 expenfe we can beflow for preserving it in our pofTefnon. It was alfo 

 thought fo dangerous a thorn in the fide of Spain, that the French and 

 Spaniards formally befieged it in Oclober this fame year ; but it was 

 twice feafonably relieved: and the like happened again in the year 1727, 

 fince which its fortifications have been much improved *. 



The flatute [15 Car. II] for the encouragement of trade, filled by 

 way of eminence the ad: of navigation, having enaded, that no mer- 

 chandize of any part of Europe fhall be imported into any part of Afia, 

 Africa, or America, belonging to his majefly, but what fliall be carried 

 from England, except as is therein excepted ; an ad of this year^ [3, 4 

 yJun. c. 8] lb far repeals the fame, as to permit the exportation of Irifh 

 linen cloth to the Englifh plantations. Its preamble fets forth, that for 

 as much as the proteftant interefl: in Ireland ought to be fupported by 

 giving the utmofl encouragement to the linen manufadures of that 



* To Mr. Anderfon's opinion of the immenfe ' houfe of Bourbon in a much (Irldler and more 



bencjit of Gibraltar, it may not be amifr. to contrail; ' permanent alliance than the ties of blood could 



that of Dr. Adam Smith, who, fpeaking of it and ' ever liave united them.' llr.quiry into the -weallb 



Minorca, fays, • I would not, however, be under- of nations, V. iii, p. 122, ed. 1793. J Whatever 



' ftood to infmuate, that either of tliofe t-xpenfive may be the value ol Gibraltar in a political view, 



' garrifons was ever, even in the fmalleil degree, which I do not pretend to appretiate, there cannot 



« neceffary for the purpofc for wiiich tliey were be a (liadow of a doubt, that the retention of it 



' originally difmembcred from the Spani(h mo- muft be hurtful to the fading intereft of Great 



' narchy. That difmembermcnt, perhaps, never Britain (notwilhftanding the pretended fecret ad- 



' fcrved any other real purpofc than to alienate vantages) e.xa<ftly in the fame manner, that a quar- 



' from England her natural ally the king of Spain, rel with a very good cuftomer is hurtful to a fliop- 



' and to unite the two principal branches of the k<:e-geT, fi licsat nw^n'u componcre parva. M. 



4 4^2 



