umatra, and on the coast of Malabar,
which were absolutely necessary to carry on the pepper trade; they had a
strongfort in Bengal, and many factories, settlements, &c. in other places.
The result of the complaints against the Company was, that a new company
was established this year; the two companies, however, united in the
beginning of the eighteenth century.

We shall conclude our account of the state of English commerce during the
sixteenth and seventeenth centuries, with some more general and
miscellaneous topics.

I. Exports. In the year 1534, the total value of our exports did not exceed
900,000_l_. of the present value of our money: the balance of trade was
estimated at 700,000_l_.: this arose principally from the very great
exportation of woollen goods, tin, leather, &c., on which an export duty
was laid, bringing in 246,000_l_.; whereas, the duty on imports did not
produce more than 1700_l_. In the year 1612, according to Missenden, in his
Circle of Commerce, the exports to all the world amounted to 2,090,640_l_.,
and the imports to 2,141,151_l_.; on the latter, however, the custom duties
are charged; the custom duties on the exports were 86,794_l_.; the impost
paid outwards on woollen goods, tin, lead, pewter, &c. 10,000_l_.; and the
merchants' gains, freight, and other charges, to 300,000_l_.:--if these be
added to the value of the exports, the total amount will be 2,487,435_l_,--
from which the imports, including custom duty on them, being deducted,
leaves 346,283_l_.,--which Missenden regards as the balance gained that
year by the nation. The principal articles of export have been enumerated:
the principal articles of import were silks, Venice gold and silver stuffs,
Spanish wines, linen, &c. At this time, London paid nearly three times as
much for custom duties as all the rest of England together. In the year
1662, according to D'Avenant, the inspector general of the customs, our
imports amounted to 4,016,019_l_., and our exports only to 2,022,812_l_.;
the balance against the nation being nearly two millions. In the last year
of the seventeenth century, according to the same official authority, there
was exported to England from all parts, 6,788,166_l_.: of this sum, our
woollen manufactures were to the value of 2,932,292_l_.; so that there was
an increase of our exports since 1662, of 4,765,534_l_. The yearly average
of all the merchandize imported from, and exported to the north of Europe,
from Michael