The rise in the price of food was no doubt an important factor in the distress of this time, but as a fundamental cause it had no more relation to the distress than the manipulations of traders had to the rise. The fundamental cause was to be found in the conditions created by the Seven Years’ War and the succeeding trouble with the American colonies and the consequent dislocation of trade. The conclusion of the Seven Years’ War was followed by a crisis in which a large number of commercial houses in Amsterdam, Hamburg, and other German towns, came to the ground.[284] “The failures were by some ascribed to the large sums owing by the British and French armies, and by others to the vast quantity of base money issued by the German princes during the war, for which the merchants expected to receive the value, or at least a considerable part of the value it was issued for. It is reasonable to believe that both these causes operated, and that even the peace, by suddenly drawing off the trade enjoyed by those neutral places during the war might be instrumental in producing a derangement in the affairs of those concerned in it.”[285] Owing to the action of the authorities in issuing something of the nature of a “moratorium” in favour of the merchants, and to the assistance of the “Lombard houses,” in Amsterdam and Hamburg, the acute period of the crisis does not appear to have been of long duration. To assist the recovery, British merchants were obliged to extend their credits to their correspondents, and to send them remittances, and in turn they were supported by the Bank of England.[286] In these circumstances it is not surprising that on account of the failures trade on the Continent was said to be at a stand.[287] The conditions in England are sufficiently indicated by what has been said, and by the petitions presented to the House of Commons complaining of high food prices and of the decay of trade.[288] [Footnote 284: _Manchester Mercury_, 6th September 1763.] [Footnote 285: Macpherson, _ibid._, pp. 372-373.] [Footnote 286: _Ibid._] [Footnote 287: _Manchester Mercury_, 13th September 1763.] [Footnote 288: Macpherson, _ibid._, iii., pp. 406-407.]