ance; though
one be so rich in the best native commodities, and the other drain all the
treasures of the West Indies." (Sir W. Temple's Observations on the
Netherlands, Chapter VI.)

Having thus sketched the progress and nature of Dutch commerce, during that
period when it was at its greatest height, and brought our account of it
down to the commencement of the eighteenth century, we shall next proceed
to consider the English commerce from the time of the discovery of the Cape
and America, till the beginning of the same century.

From the sketch we have already given of English commerce prior to the end
of the fifteenth century, it is evident that it was of very trifling extent
and amount, being confined chiefly to a few articles of raw produce, and to
some woollen goods. The improvement of the woollen manufacture, the
establishment of corporations, and the settlement of foreign merchants, as
well as the gradual advancement of the English in the civilization, skill,
and industry of the age,--in the wants which the first occasions, and in
the means to supply those wants afforded by the two latter,--these are the
obvious and natural causes which tended to improve English commerce. But
its progress was slow and gradual, and confined for a long time to
countries near at hand; it afterwards ventured to a greater distance.
Companies of merchant adventurers were formed, who could command a greater
capital than any individual merchant. Of the nature and extent of their
foreign commerce at the close of the fifteenth century we are informed by
an act of parliament, passed in the 12 Hen. VII. (1497.)

From this act it appears, that England traded at this time with Spain,
Portugal, Bretagne, Ireland, Normandy, France, Seville, Venice, Dantzic,
Eastland, Friesland, and many other parts. The woollen cloth of England is
particularly specified as one of the greatest articles of commerce. In a
licence granted by Henry VII. to the Venetians, to buy and sell at London,
and elsewhere in England, Ireland, and Calais, woollen cloth, lead, tin,
and leather, are enumerated as the chief exports. From this document it
also appears, that there resided in or traded to England, the following
foreign merchants: Genoese, Florentines, Luccans, Spaniards, Portuguese,
Flemings, Hollanders, Brabanters, Burgundians, German, Hanseatic, Lombards,
and Easterlings.

From these two documents, the nature and extent of English commerce at this
period may be i