Certainty of war with Spain—Secret preparations for the invasion of England, and restoration of the Catholic faith—Philip intrigues with Hawkins, and is grossly deceived—The Spanish Armada, and England’s preparations for defence—Destruction of the Armada, July 19, 1588—Voyages of discovery by Johnson—Finner and Martin Frobisher—Drake’s voyage round the world, 1577—His piratical acts and return home, 1580—First emigration of the English to America—Discovery of Davis’s Straits—Davis directs his attention to India—Fresh freebooting expeditions—Voyage of Cavendish to India, 1591, which leads to the formation of the first English India Company, in 1600—First ships despatched by the Company—The Dutch also form an East India Company—Extent of their maritime commerce—They take the lead in the trade with India—Expedition of Sir Henry Middleton—Its failure and his death—Renewed efforts of the English East India Company—They gain favour with the Moghul Emperor of India, and materially extend their commercial operations—Treaty between English and Dutch East India Companies—Soon broken—Losses of East India Company—Sir Walter Raleigh’s views on maritime commerce, 1603—His views confirmed by other writers opposed to his opinions—The views of Tobias, 1614—His estimate of the profits of busses—The effect of these publications—Colonising expeditions to North America—Charles I. assumes power over the colonies—English shipowners resist the demand for Ship-Money—Its payment enforced by law—Dutch rivalry—Increase of English shipping—Struggles of the East India Company—Decline of Portuguese power in India—The trade of the English in India—Increase of other branches of English trade—Ships of the Turkey and Muscovy Company—The Dutch pre-eminent—The reasons for this pre-eminence CHAPTER V. Pages 182-214