tolls in Antwerp and Holland, and a licence for English merchants to sell cloth retail as well as wholesale--a concession which hit the Netherland small traders and middlemen very hard. Another great commercial advantage secured by Henry VII. for his subjects was an increased share of the trade to the Scandinavian countries. The old treaties of Edward IV. with the Hanseatic League had left the Germans still in control of the northern seas. Nearly all the Baltic goods, and most of those from Denmark and Norway, had been reaching London or Hull in foreign bottoms. Henry allied himself with John of Denmark, who was chafing under the monopoly of the Hansa, and obtained the most ample grants of free trade in his realms. The Germans murmured, but the English shipping in eastern and northern waters continued to multiply. Much the same policy was pursued in the Mediterranean. Southern goods hitherto had come to Southampton or Sandwich invariably in Venetian carracks, which took back in return English wool and metals. Henry concluded a treaty with Florence, by which that republic undertook to receive his ships in its harbours and to allow them to purchase all eastern goods that they might require. From this time forward the Venetian monopoly ceased, and the visits of English merchant vessels to the Mediterranean became frequent and regular. English navigators. Nor was it in dealing with old lines of trade alone that Henry Tudor showed himself the watchful guardian of the interests of his subjects. He must take his share of credit for the encouragement of the exploration of the seas of the Far West. The British traders had already pushed far into the Atlantic before Columbus discovered America; fired by the success of the great navigator they continued their adventures, hoping like him to discover a short "north-west passage" to Cathay and Japan. With a charter from the king giving him leave to set up the English banner on all the lands he might discover, the Bristol Genoese trader John Cabot successfully passed the great sea in 1497, and discovered Newfoundland and its rich fishing stations. Henry rewarded him with a pension of £20 a year, and encouraged him to further exploration, in which he discovered all the American coastline from Labrador to the mouth of the Delaware--a great heritage for England, but one not destined to be taken up for colonization till more than a century had passed. Foreign policy of Henry VII.