As the Merchant Adventurers grew richer it became necessary, according
to the bad practice of the time, to bribe statesmen for a continuance
of their privileges; they also increased the fees for admission. The
troubles between Holland and England in the seventeenth century drove
the Adventurers to Hamburg, where they remained, and were called the
Hamburg Company.
The vast enlargement of trade and enterprise under Elizabeth was well
begun under her father. In 1511 ships began to sail from the ports of
London, Southampton, and Bristol to Sicily, Candia, Chio, Cyprus, and
Tripoli; they took out woollen cloths and hides, and they brought back
rhubarb, silk, corselets, malmsey, oil, cotton, carpets, and spices.
An English merchant was appointed Consul at Candia; another merchant,
a foreigner, was made Consul at Chio; in the year 1535 a ship took out
from London a hundred persons who were settled by the English merchants
as factors at the various centres of trade. Trade openings were made on
the Coast of Guinea and with Morocco; ships sailed to Newfoundland and
to Brazil. In the year 1583 was formed the first of the new Companies
for trading purposes. This Company had an interesting but a disastrous
beginning. It was started with a capital of £6000 in 240 shares of £25
each; its original idea was to find a north-east passage to China and
to open trade with the Chinese. Three vessels were fitted out under the
command of Sir Hugh Willoughby. Would you know how the fleet started?
Hakluyt tells the story:—
Public-domain text, read in full here on John Shaqi.
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