The remedy proposed by Burleigh was to undo at one stroke the whole effect of the restrictions that had been accumulating since 1564. To have more sales there must be more buyers and more ships. The Hanseatic trade must be restored. Other alien merchants must receive the same liberty and be encouraged to use it by lower export duties.[20] Blackwell Hall must be opened again to German buyers, and if the Londoners refused, a cloth hall must be set up at Westminster. Finally, the exportation of cloth must be free to all English merchants whether members of the Adventurers’ Company or not.[21] But the application of these sound remedies was frustrated by the war with Spain and the reign of Elizabeth closed with a period of intensified monopoly and of commercial depression.[22] [Footnote 20: W. R. Scott, _Joint Stock Companies_, 1720, i., p. 88.] [Footnote 21: Eliz., _State Papers Domestic_, cci.] [Footnote 22: W. R. Scott, _op. cit._, i., chap. v.] The expansion of the textile industries of England, which there is no reason to doubt was taking place at this period, is clearly not to be placed to the credit of Elizabethan statesmanship. It took place almost entirely in the district exempted from the Weavers Acts. Foremost amongst those districts were Lancashire and the West Riding, which thus enjoyed the advantages of comparative _laissez faire_ at a time when restrictions on the creation and the free flow of capital were part of the accepted national policy. IV The importance for the expansion of British industry of the subsequent removal of those restrictions can be best understood if we compare the conditions under which English woollen industry was developing at the close of the sixteenth century with those that prevailed in the cotton industry at the close of the eighteenth century. In the earlier period, of course, there was nothing to correspond to the jenny, the mule, and the steam-engine. But certain conditions quite as essential to the development of the industry are common to both cases--above all, a rapid accumulation of new capital and a simultaneous expansion of organising ability. It was a vital factor in both these developments that the capital and ability accumulating in one field should be free to flow over into and fertilise other fields.