E. P. Cheyney, “Some English Conditions surrounding the Settlement of Virginia,” in _American Historical Review_, April, 1907, p. 526. Footnote 87: F. Aydelotte, _Elizabethan Rogues and Vagabonds_ (Oxford, 1913), pp. 3-20. Footnote 88: _A Discourse of the Commonweal of this realm of England_, 1581; reprinted, Cambridge, England, 1893. Footnote 89: Harrison's Introduction to Holinshed's _Chronicle_, reprinted as _Elizabethan England_ (London, n. d.), p. 118. During the war, moreover, the older channels of legitimate trade had, for the most part, been closed to the English merchant, who found himself cut off “from Spain, Portugal, Barbary, the Levant, and, to a considerable extent, from Poland, Denmark, and Germany.”[90] The seventeen years prior to the death of Elizabeth had been years of depressed business, now, in turn, to be followed by a like period of prosperity, while trade continued fairly good until 1636.[91] Although other elements entered into the problem, it may be noted that the efforts to colonize, whether near home in Ireland, or far off in the new world, had been failures when general business was poor, and successful when it became good.[92] Neither in Ulster nor in Munster, in Newfoundland, Virginia, nor Guiana, had the individuals or their associates, who had obtained grants, been able, as yet, to plant any permanent settlements. Footnote 90: Scott, _Joint-Stock Companies_, vol. I, p. 98. Footnote 91: _Ibid._, pp. 465 _ff._ Footnote 92: _Cf._, however, Leroy-Beaulieu, who thinks that “la colonisation anglaise eut donc pour origine une nécessité réelle, une crise économique intense.” _Colonisation_, vol. I, p. 91.