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the Dutch flag instead, and continued their depredations; but the calling no longer offered its former opportunities, either for restless spirits or for the employment of capital. The more legitimate commerce with the Spanish possessions, such as the import of salt from Venezuela, which had grown to large proportions during the war, was also ended by the terms of the treaty, which completely surrendered English rights of trade with the Indies.⁷

Meanwhile, the amount of capital seeking investment had become large, and owing to the enormous increase of bullion, the changed feeling in regard to the taking of interest, and other causes, it was rapidly growing larger.⁸ It was also becoming more fluid, as was labor, likewise. Contemporary, as well as many modern, authorities, have considered England as suffering from over-population at this time; but it is doubtful if this were so; and it is probable that the material for colonization came rather from “the displacement and disturbance of population” than from its growth.⁹ Not only the substitution, to a considerable extent, of sheep-grazing for farming, and the inclosure of the common lands, but the gradual breaking up of the whole mediæval system of trade and conditions of labor, had resulted in an extraordinary amount of idleness and vagabondage for several generations.¹⁰ During the same period had occurred also the enormous rise in prices, and in the cost of living, with results very similar to those which we are now experiencing.¹¹ As to-day, they were severely felt by people with approximately fixed incomes; and the country gentry in particular, with their lands let on long leases, suffered greatly. During the war, younger sons, and the more enterprising of all classes, had had an opportunity to gain a living by embarking on a career in privateering or other warlike pursuits; but with the coming of peace, those openings were for the most part closed to them. On the other hand, the scale of living had risen rapidly, and extravagance required a much greater outlay than informer days. “In a time wherein all things are grown to most excessive prices,” wrote Harrison as early as 1577, “we do yet find the means to obtain and achieve such furniture as heretofore hath been unpossible.”¹²

During the war, moreover, the older channels of legitimate trade had, for the most part, been closed to the English merchant, who found himself cut off “from Spain, Portugal, Barbary, the Levant, and, to a considerable extent, from Poland, Denmark, and Germany.”¹³ The seventeen years prior to the death of Elizabeth had been years of depressed business, now, in turn, to be followed by a like period of prosperity, while trade continued fairly good until 1636.¹⁴ Although other elements entered into the problem, it may be noted that the efforts to colonize, whether near home in Ireland, or far off in the new world, had been failures when general business was poor, and successful when it became good.¹⁵ Neither in Ulster nor in Munster, in Newfoundland, Virginia, nor Guiana, had the individuals or their associates, who had obtained grants, been able, as yet, to plant any permanent settlements.

The time, nevertheless, was evidently growing ripe for accomplishment. Apart from any political or religious motives, America was as certain to be colonized in the early part of the seventeenth century as it was to be discovered by Columbus, or someone else, in the latter part of the fifteenth. After the fall of Calais in 1557, England, though fearful of the future, had turned her back definitely and forever upon continental conquest and entanglements, and had embarked boldly upon those waves which it was to become her pride to rule.¹⁶ With the seas safe for traffic, with a host of younger sons and other men suffering from the economic conditions of the time, with the growing need in England of many commodities found in the new world, with the great growth of capital seeking investment, and with the trade of practically every other portion of the earth already in the hands of corporate companies, English merchants and adventurers could not fail to turn again, with ampler resources and better methods, to the land where they had already tried and failed. The Muscovy Company controlled all trade with Russia, the Eastland that with the Baltic, the Levant that with Venice and the East, while another controlled the African west coast, and the East India Company held from the Straits of Magellan around to Africa again.¹⁷ Although these companies, which were almost wholly owned in London, aroused the jealousy of Plymouth, Southampton, and the other provincial ports, which found themselves limited to a little nearby continental and coasting trade, they pointed the way to the corporate form and joint-stock undertakings as the successful method of handling large business enterprises, such as colonizing was now realized to be.

This was clearly brought out by an unknown author, who, probably toward the end of 1605, wrote the paper known as “Reasons for raising a fund.”¹⁸ The writer strongly advocated the raising of a “publique stocke” for “the peopling and discovering of such contries as maye be fownde most convenient for the supplie of those defects which the Realme of England most requireth.” It is likely that this paper, which was intended for Parliament, had considerable influence in the granting of the Virginia charter, and it is, therefore, interesting to note that, at the very beginning of successful colonization, one of the leading points in future English colonial policy was thus touched upon. It is often lost to sight that practically the sole value of her colonies to England all through the sixteenth, seventeenth, and eighteenth centuries was the value of their trade, and the most important part of that trade, during nearly all of the period, was in supplying her with such materials as she lacked at home. In this respect, her West Indian colonies became more important than her continental ones, though an exaggerated emphasis has been laid upon the contemporary importance of the latter, in part because they chanced to revolt, whereas the island colonies did not.

As one of the reasons for raising a public fund to assist in colonizing, our unknown author went on to say that “private purees are cowld compfortes to adventurers,” and pointed to the “marvelous matters in traficque and navigacon” which the Hollanders had accomplished, in few years, by a “maine backe or stocke.” Whether the paper was written in order to obtain the Virginia charter, it is impossible to say; but apparently it was, and, in any case, that charter was issued on the 10th of April, 1606. The great revolution in foreign trade, which had been going on for the past two centuries, was now complete, and the period of chartered companies, foreshadowed by the formation, in the latter part of the sixteenth century, of the few already noted, was well under way.¹⁹ With the addition of the East India Company, chartered in 1600, the existing English companies covered practically all known parts of the world except America; and during the next generation about the only companies organized were for the new world—North and South Virginia in 1606, Guiana, 1609, Newfoundland, 1610, Northwest Passage, 1612, Bermuda, 1615, New England, 1620, and Massachusetts, 1629.

There was a very close connection between many of these great companies. The East India, for example, was practically an outgrowth of the Levant;²⁰ while of the two hundred and three members of the Virginia Company, one hundred and sixteen were members of the East India, and thirteen of the Muscovy, ten were to become interested in the Newfoundland, one hundred in the Northwest Passage, forty-six in the Bermuda, and thirty-eight in the New England companies. Members of the Virginia Company were also represented in the African, Levant, Guiana, Guinea, Eastland, Providence, Irish Plantation, and other stock enterprises.²¹ To the noblemen and merchants thus brought into close working relations, America was but one of the many irons which they had in the fire, and by no means the most important. Their interest, as that of their successors, was naturally in British trade as a whole, and not in the success of any particular colony, much less in its religious bickerings or political aspirations. From the very beginning, the trade of the Empire was considered paramount to that of any unit, even in England itself. At this very time, King James, in pressing for the union with Scotland, expressed what was later to become the established policy. “It may be,” he said, “that a merchant or two of Bristow or Yarmouth may have a hundred pounds lesse in his packe; but if the Empire gaine and become the greater, it is no matter.”²²

These two points thus early made, namely, that the value of colonies lay in their contributing to the empire products otherwise obtainable only from foreigners, and that the interests of the empire as a whole were paramount to those of any section, were well understood by those at the head of colonizing enterprises, and must have been understood also by the more intelligent of the early planters themselves. These views naturally would continue to be held by those who remained at the centre

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