then went preying on the Spanish galleons, and at one
time swindled Philip out of $200,000 by pretending to be a traitor and
a renegade; thus he rose from slaver to pirate and from pirate to
admiral.

[Sidenote: English commerce]

So pious, patriotic and profitable a business as buccaneering absorbed
a greater portion of England's energies than did ordinary maritime
commerce. A list of all ships engaged in foreign trade in 1572 shows
that they amounted to an aggregate of only 51,000 tons burden, less
than that of a single steamer of the largest size today. The largest
ship that could reach London was of 240 tons, but some twice as large
anchored at other harbors. Throughout the century trade multiplied,
that of London, which profited the most, ten-fold. If the customs'
dues furnish an accurate barometer for the volume of trade, while
London was increasing the other ports were falling behind not only
{534} relatively but positively. In the years 1506-9 London yielded to
the treasury $60,000 and other ports $75,000; in 1581-2 London paid
$175,000 and other ports only $25,000.

As she grew in size and wealth London, like Antwerp, felt the need of
permanent fairs. From the continental city Sir Thomas Gresham, the
English financial agent in the Netherlands, brought architect and
materials [Sidenote: 1568] and erected the Royal Exchange on the north
side of Cornhill in London, where the same institution stands today.
Built by Gresham at his own expense, it was lined by a hundred small
shops rented by him. As the new was rung in, the old passed away. The
ancient restrictions on the fluidity of capital were almost broken down
[Sidenote: 1542 and 1571] by the end of Elizabeth's reign. The
statutes of bankruptcy, giving new and strong securities to creditors,
marked the advent to power of the commercial class. Capitalism took
form in the chartering of large companies. The first of these, "the
mistery and company of the Merchant Adventurers for the discovery of
regions, dominions, islands and places unknown," [Sidenote: 1553]
commonly called the Russia Company, was a joint-stock corporation with
240 members, each with a share valued at $125. It traded principally
with Russia, but, before the century was out, was followed by the
Levant Company, the East India Company, and others, for the
exploitation of other regions.

To northern Spain England sent coarse cloth, cottons, sheepskins,
wheat, butter and cheese, and b