idable in Elizabeth's time, yet
it consisted only of thirty-three ships, besides pinnaces;[***] and the
largest of these would not equal our fourth-rates at present. Raleigh
advises never to build a ship of war above six hundred tons. James was
not negligent of the navy. In five years preceding 1623, he built ten
new ships, and expended fifty thousand pounds a year on the fleet.

* Sir William Petty.

** Sir Edward Walker's Political Discourses, p. 270

*** Coke's Inst. book iv. chap. 1. Consultation in
parliament for the navy.

Of the Invention of Shipping. This number is much superior to that
contained in Murden, and that delivered by Sir Edward Coke to the house
of commons; and is more likely.

By Raleigh's account, in his discourse of the first invention of
shipping, the fleet, in the twenty-fourth of the queen, consisted only
of thirteen ships, and was augmented afterwards eleven. He probably
reckoned some to be pinnaces, which Coke called ships, besides the value
of thirty-six thousand pounds in timber, which he annually gave from the
royal forests.[*] The largest ship that ever had come from the English
docks was built during this reign. She was only one thousand four
hundred tons, and carried sixty-four guns.[**] The merchant ships, in
cases of necessity, were instantly converted into ships of war. The king
affirmed to the parliament, that the navy had never before been in so
good a condition.[***]

Every session of parliament, during this reign, we meet with grievous
lamentations concerning the decay of trade, and the growth of Popery:
such violent propensity have men to complain of the present times, and
to entertain discontent against their fortune and condition. The king
himself was deceived by these popular complaints, and was at a loss
to account for the total want of money, which he heard so much
exaggerated.[****] It may, however, be affirmed, that during no
preceding period of English history, was there a more sensible increase,
than during the reign of this monarch, of all the advantages which
distinguish a flourishing people. Not only the peace which he maintained
was favorable to industry and commerce: his turn of mind inclined him
to promote the peaceful arts: and trade being as yet in its infancy, all
additions to it must have been the more evident to every eye which was
not blinded by melancholy prejudices.[v] [63]

By an account[v*] which seems judicious and accurate,