no less high had to be expended by it, in maintaining the factories at Lynn and Boston. The memorandum went on to explain that, if the English establishments were not kept in good repair, they would become forfeit to the English Crown. Then, again, the Hansa taxes had grown so heavy that no one could bear them. If the Diet wished, the Steelyard would be quite ready annually to send its accounts to Lübeck for revision, in accordance with the ancient usage, which however did not seem very firmly established; but, on the other hand, they would prefer not to act thus, since they feared lest their account-books should fall into the hands of their enemies, who by inspecting them, would gain an undesirable insight into Hanseatic commerce, and might thus perchance despoil them of their last privileges. The memorandum winds up by saying, that the Steelyard would feel greatly obliged if the League would refrain in future from making demands for pecuniary help in times of public difficulty. If this was not the language of insubordination, it is difficult to say what else would be. Whither had vanished the blind obedience which the League had ever exacted, and till now obtained from all its members, and which was the source of its greatness and strength? Whether all that was stated by the Steelyard in this memorandum was true, it is difficult to decide. Substantially no doubt it was so, but in the reports of the Hansa Diets during these years, we come across frequent complaints of the prevarication practised by the aldermen of the London factory. Perhaps we must not blame either the towns, or the factories too much for yielding to the all-powerful instinct of self-preservation. When the Hanseatic towns as a whole recognized that they were impotent to demolish the rising commerce of England, or to break the firm will of its lady sovereign, they were almost forced to desert a cause which was a losing one, and to work each for their own separate advantage. Hamburg was the first among the confederate cities to recognize whither matters were tending, and to adjust its policy with a due regard to the new spirit of the age. It concluded a convention on its own account with England. Matters came about in this wise. The chief foreign trade of England was gradually passing into the hands of the Merchant Adventurers. Now to this company the Netherlands were closed, owing to the conflict raging between Elizabeth and King Philip of Spain. Hence these merchants had to seek elsewhere the depôt which they had found in the Low Countries for their English merchandise. Owing to its situation and its excellent harbour the town of Embden, which did not belong to the Hanseatic League, seemed to unite in itself all requisite conditions, and it was indeed towards this place that English commerce was directed. In consequence Embden, within a brief space, grew most prosperous.