In spite of their enormous natural resources, the colonies, like all new countries, lacked capital in the form of money. They borrowed heavily from England and imported from her still more heavily in food, clothes, and manufactured goods, without as yet having developed sufficient export trade to enable them to meet their foreign bills.[540] The inherent unsoundness of the position had been concealed, temporarily, by the effects of the continued influx of new settlers on a large scale, which had created a demand for all the colonists' surplus in the shape of everything required by a planter during his first years. Prices of both goods and lands advanced steadily, as a fire is blown into flame by a forced draught. Suddenly the tide of immigration stopped entirely; the exceptional demand, which had come to be regarded as normal, ceased; English merchants naturally required payment on overdue accounts; and all the familiar phenomena of an economic crisis became evident. Footnote 540: A very complete list of imports could be made up from the bills of lading of the ships arriving in 1640, given in _Acts Privy Council_, Colonial, vol. I, p. 268. It is usually stated that emigration from England stopped because the prospect there had become so much brighter for the Puritans that there was no longer reason for leaving home.[541] This, however, by no means meets all the requirements of the case. We have already seen that the great majority of the people who had been coming to New England had not joined the churches there, although in the main of Puritan stock. Nor, at the time in question, did the Puritan leaders in England, in spite of altered conditions, by any means relax their efforts to plant Puritan colonies. In fact, such men as Say and Pym were more enthusiastic than ever in their plans. These efforts, however, were no longer directed toward New England, but in quite other directions.[542] By her religious persecutions and peculiar church-membership requirement for the franchise, Massachusetts had, little by little, antagonized all her old friends at home, from the Earl of Warwick down, who had been constantly calling the attention of her leaders to the fact that no more people, not even Puritans, would go to her if she did not discontinue her career of persecution. By that course she had already virtually excluded from her portion of the English Empire all Englishmen not acceptable to her clergy and a dozen of her leading laymen. This closed her ports to almost the entire stream of English emigration, which continued large, although somewhat changed in character, while the labor of her former friends was now expended in diverting what remained of the Puritan element itself in that stream away from, instead of toward, Massachusetts. Footnote 541: This was Winthrop's version: _History_, vol. II, p. 37. Footnote 542: Newton, _Puritan Colonisation_, pp. 287 _ff._