including all the principal commercial towns 
of Europe, and embracing nearly all the fo- 
reign trade then carried on. 
The invention of the mariner’s compass, 
which enabled trading vessels to make much 
longer voyages, and led to the discovery of 
a passage to the East Indies by the Cape of 
Good ildpe, with the settlements made on 
the coast of Africa, in Arabia, and in India, 
affected very materially the commerce of tire 
Mediterranean and of the Hanse towns, and 
threw the principal part of the foreign trade 
of Europe into the hands of the Portuguese. 
The Venetians, however, still carried on a 
great trade with India by way of Egypt, for 
spices and other eastern commodities : the 
Indian goods were first landed at Aden in 
Arabia, carried across that country on canals 
to the Red Sea, thence over land to the Nile, 
down that river to Cairo and Alexandria, 
and thence transported to Venice, whence 
the Venetians circulated them through every 
part of Europe. 
The Dutch soon began to rival the Portu- 
guese in trade ; and in a little time not only 
dispossessed them of nearly the whole, but 
from their industry and skill in navigation, 
and their attention to the fisheries, acquired 
an extent of foreign trade considerably great- 
er than had been previously possessed by any 
European power. 
The discovery of America opened a new 
and' extensive field for commercial adven- 
ture, while the establishment of manufac- 
tures produced new articles of trade. The 
persecutions of the Spaniards drove great 
numbers of industrious workmen from the 
Netherlands into England and other coun- 
tries, who introduced several manufactures 
into England, and greatly improved others 
which, were already established. While the 
differ, ht branches of its manufactures were 
thus improving, its colonial possessions in the 
East and West Indies were greatly increased, 
and Great Britain was enabled to rival the 
Dutch not only in manufactured goods, but 
also in all the principal articles of colonial 
produce. During the last century, the trade 
of Holland has rapidly declined; and since 
the invasion of that country by the French, 
has been almost annihilated; while the. de- 
cided naval superiority long maintained by 
Great Britain, has extended and secured its 
commerce, and raised it to a magnitude un- 
paralleled in the history of the world. 
The vast extent to which the commerce of 
this country has expanded, appears astonish- 
ing when it is considered how great a pro- 
portion of the materials of its manufactures 
are of foreign produce, and the many duties 
with which the increase of the national ex- 
penditure has loaded most articles of foreign 
trade. The natural advantages arising from 
the situation of this country, its formidable 
navy, and extensive colonial possessions, 
particularly in the East Indies, have favoured 
and protected its commercial intercourse; 
while the accumulated capital of individuals 
has gradually enabled them to give very 
considerable credit to their customers, which 
©f late years, while some of the principal 
European powers have been in a very un- 
settled state, has been of much importance 
in increasing the commerce of Great Britain 
to its present extent. 
In the reign of Edward III. the countries 
with which England had commercial inter- 
VOL. I. 
commerce: 
course wore chiefly France, Spain, Portu- 
gal, Lombardy, Flanders, Brabant, and Ger- 
many. The 'total value of all the commodi- 
ties exported in one year was reckom d at 
29-1,184 ., and of all the imports at only 
38,970/., sums that are considerably less than 
the value of the goods now frequently en- 
tered in one day. The exports consisted of 
, wool of the value of 2 77,(30 6/., leather 96/., 
and cloths 16,260 / . r l he imports were, cloths 
of the value of 11,083/., wax 815/., wine 
3841/., linen cloth, mercery, and grocery, 
22,943/. The policy of the" times was- by no 
means calculated to encourage trade: our 
merchants were very jealous of foreigners 
participating in their commercial profits, 
though it was to such persons they were in- 
debted for the little knowledge of trade they 
possessed; and the government being at 
- times still more jealous in this respect than 
individuals, many injudicious restrictive laws 
were made: among others, an act was passed 
in 1429, prohibiting persons from selling 
: merchandize to aliens, except for ready mo- 
ney. It was, however, soon found necessary 
to repeal this prohibition, and permission was 
then given to Sell to aliens, upon giving not 
more than six months credit. 
Charles If. imposed a duty of 5 per cent, 
on goods exported as well as imported, on 
domestic' manufactures as well as on foreign 
merchandize, and double taxes on all goods 
when exported by aliens. In 1672, how- 
ever, the duties payable by aliens on the ex- 
portation of British manufactures were re- 
pealed. This salutary .principle was still 
more extended in 1700, by removing the 
imposts on every kind of woollen goods ex- 
ported, and on corn, meal, and bread. It was, 
however, by the law “ for the further en- 
couragement of manufactures,” passed in 
1 722, that every one was allowed to export 
duty-free all kinds of merchandize, the pro- 
duce of Great Britain, except a few particu- 
lar articles; whild drugs, and other commo- 
dities used for dying, were also permitted to 
be imported duty dree, This period forms 
a memorable epoch in commercial policy; 
and the subsequent increase of trade is the 
best proof of the wisdom of the regulations 
then adopted. 
The various articles of. foreign commerce 
being subject to great fluctuations in their 
value, a book of rates was adopted at the 
custom-house in 1696, for the purpose of 
valuing uniformly the several articles im- 
ported and exported ; and consonant to 
these estimates, the following statement 
shews the total amount of the imports and 
exports of Great Britain on an average of 
four years from the above period, and of 
each five years subsequent. 
Y ears. 
Imports. 
Exports. 
1700 
£ 4,956,975 
£ 6,034,724 
1705 
4,794,07 l 
6,310,945 
1710 
4,321,717 
6,713,246 
1715 
. 5,304,343 
7,401,946 
1720 
6,054,300 
8,132,669 
1725 
6,628,280 
9,663,528 
1730 
7,273,342 . 
10,808,213 
1735 
7,470,454 
1 1,855,227 
1740 
• 7,270,743 
10,822,696 
1745 
, 7,363,079 
11,920,982 
1750 
7,429,739 
12,877,129 
1755 
8,264,834 
13,406,530 
1760 
8,877,145 
3E 
14,253,377 
401 
Years. 
Imports. 
Experts. 
1764 
10,266,644 
1 5,544,627 
1770 
1 1,910,778 
14,138,469 
J 775 
• 13,8 ’3,842 
17,420,309 
1780 
11,663,211 
13,337,562. 
The American war produced a memo- 
rable effect on the foreign trade of this coun- 
try. Previous to that event, our manufac- 
turers were not much in the habit of export- 
ing on their own accounts. The prohibition 
in America of importation from this country 
compelled them to seek new markets, and 
to improve those already known ; and from 
this date commenced that rapid increase of 
export to the continent of Europe, which 
has chiefly enabled us to sustain the burthens 
of that war, and of those in which we have 
been since engaged. From the peace of 
1783, our manufacturers have almost uni- 
versally acted as merchants, and shipped 
their goods on their own account. They 
have gained possession of the foreign mar- 
kets in part from the superiority of their 
skill, but far more from the superiority of 
their capital, which has enabled them to give 
a credit considerably greater than the ex- 
porters of other countries can allow. Tlie 
rapid increase of our commerce since that 
time will appear by the following account. 
Y ears. 
Imports. 
Exports. 
1784 
£ 15,272,877 
£ 15,734,062 
1785 
16,279,399 
15,117,649 ' 
1786 
15,786,072 
16,300,730 
1787 
17,804,014 
16,870,114 
1788 
18,027,188 
17,472,408 * 
1789 
17,821,102 
19,340,548 
1790 
19,130.886 
20,120,121 
1791 
19,669,782 
22,731,995 
1792 
19,659,358 
24,905,200 
1 793 
19,256,717 
20,390,180 
1794 
22,288,894 
26,748,967 
1795 
22,736,889 
27,312,338 
1796 
23,187,319 
30,424,184 
1797 
21,013,956 
28,917,010 
1 798 
27,857,889 
33,591,777 
1799 
26,837,43 1 
35,991,329 
1800 
30,570,605 
43,152,019 
1801 
32,795,557 
42,301,701 
1802 
31,442,318 
46,120,962 
1803 
27,992,464 
33,792,386 
1804 
- 
37,471,388. 
These accounts, formed from rates of va- 
lue established above* a hundred years ago, 
must of course give a very inadequate idea 
of the actual total value of the commerce of 
this country: the accounts are, however, 
from the very circumstance of being uniform- 
ly made up at the same rates, the more cor- 
rect in a comparative view, and shew a pro- 
gressive increase, which has arrived to an 
amount never before known in the com- 
merce of any nation. During the last twen- 
ty years it appears that the amount of the 
imports has more than doubled, and the 
amount of the exports has increased in a still 
greater proportion. The declared value of 
British produce and manufactures exported 
during the year ending 5th January 1804, 
was 40,100,642/. ; the amount of foreign 
merchandize exported in the latter year was 
(after correcting the value of coffee, w hich 
is rated too high) 10,515,574/.; tlie actual 
total value of the exports of Great Britain, 
in the year ending 5th January 1805, was 
therefore at least 50,865,216/. 
