The
Restoration, Bringing A Great Fondness For Luxury And Expence, Naturally
Produced Also Exertions To Gratify That Fondness.
If to these and other
causes of a similar nature, we add the introduction of East India
commodities direct
To England, and the import trade to the West Indies and
America, the emigration of the industrious Flemings during the Spanish wars
in the Low Countries, and of the French after the revocation of the edict
of Nantz, we shall have specified most of the efficient circumstances,
which, in conjunction with the progress of mankind in industry and
civilization, were beneficial to our commerce.
The causes and circumstances which were unfavourable to it during the same
period are much fewer in number; and though some of them were powerful,
yet, even these, for the most part, when they ceased to operate, gave birth
to a reaction favourable to commerce. The more general causes may be sought
for in the erroneous notions entertained respecting commerce, in
consequence of which monopolies were granted, especially in the reign of
James I.; and laws were made to regulate what would have gone on best, if
it had been left to itself. The civil wars, and the emigration occasioned
by them, and the religious persecutions in the time of Mary, Elizabeth, and
Charles, may be regarded as the most remarkable particular causes and
circumstances, which were injurious to commerce.
We must again lay down the position, that in what respects the improvement
of a country in industry and wealth, whether agricultural manufacturing, or
commercial, the same circumstances may often be viewed in the light both of
effect and cause. This position will be clearly illustrated by a very
common and plain case. The trade in a certain district improves, and of
course requires more easy and expeditious communication among different
parts of this district: the roads are consequently made better, and the
waggons, &c. are built on a better construction; these are the effects of
an improved trade: but it is plain that as by the communication being thus
rendered quicker, the commodities interchanged can be sold cheaper, a
greater quantity of them will be sold; and thus better roads, which in the
first instance proceeded from an improvement in trade, will, when made,
improve the trade still more.
We have introduced these observations as preparatory to our notice of the
establishment of the Bank of England. This undoubtedly was the effect of
our increased commercial habits, but it was as undoubtedly the cause of
those habits becoming stronger and more general: it supposed the
pre-existence of a certain degree of commercial confidence and credit, but
it increased these in a much greater ratio than they existed before: and if
England owes its very superior wealth to any other causes besides its free
government, its superior industry, and improvements in machinery, those
causes must be sought for in the very extensive diffusion of commercial
confidence and credit. The funding system, which took place about the same,
time that the Bank of England was established, may be regarded as another
powerful cause of the increase of our commerce: we do not mean to contend
that the national debt is a national blessing, but it is certain that the
necessity of paying the interest of that debt produced exertions of
industry, and improvements in manufactures, which would not otherwise, have
been called forth; while, on the other hand, the funds absorbed all the
superfluous capital, which, otherwise, as in Holland, must have had a bad
effect on commerce, either by reducing its profits very low, or by being
transferred to other countries; and the interest, which so many individuals
felt in the stability of the funds, induced them most steadily and strongly
to support government.
The commerce of Scotland and Ireland during the sixteenth and seventeenth
centuries, supplies us with very few materials. In the year 1544, Scotland
must have had no inconsiderable foreign trade, as in the war which took
place at this time between that country and England, twenty-eight of the
principal ships of Scotland, laden with all kinds of rich merchandize, were
captured by the English, on their voyage from France, Flanders, Denmark,
&c.; and in the same year, when the English took Leith, they found more
riches in it than they had reason to expect. While Scotland and England
were at peace, however, the former was principally supplied through the
latter with the commodities which Antwerp, during the sixteenth century,
dispersed over all Europe. The exports of Scotland to Antwerp, &c. were
indeed direct, and consisted principally, as we have already remarked from
Guicciardini, of peltry, leather, wool, indifferent cloth, and pearls.
The earliest account which occurs of the Scotch carrying on commerce to any
port out of Europe, is in the year 1589, when three or four Scotch ships
were found at the Azores by the earl of Cumberland. In the year 1598, it
appears, from a letter of king James to Queen Elizabeth, that some Scotch
merchants traded to the Canaries. There is evidence that the Scotch had
some commerce in the Mediterranean in the beginning of the seventeenth
century; for in the "Cabala," under the year 1624, the confiscation of
three Scotch ships at Malaga is noticed, for importing Dutch commodities.
The principal articles of export from Scotland to foreign countries
consisted of coarse woollen stuffs and stockings, linen goods, peltry,
leather, wool, pearls, &c. The principal imports were wine and fruits from
France, wine from Spain and Portugal, the finer woollen goods from England,
timber, iron, &c. from the Baltic, and sugars, spices, silks, &c. from
Antwerp, Portugal, &c.
The following statement, with which we shall conclude our account of Scotch
commerce, is interesting, as exhibiting a view of the commercial
intercourse by sea between England and Scotland, from the commencement of
the inspector general's accounts in 1697, to the Union in 1707.
England received from Scotland Scotland received from England
Merchandize to the value of merchandize to the value of
1697.
Enter page number
PreviousNext
Page 173 of 268
Words from 175953 to 176954
of 273188
