§ 8. SUMMARY OF THE CHANGES OF THE SIXTEENTH CENTURY—Such were the events which caused so great an economic transition in this period. They resulted in the pauperization of a large portion of the working classes, and the impoverishment of the small farmers. On the other hand, the nobles and land-owners gained considerable wealth. The merchants also were exceedingly flourishing, and foreign trade was growing. In summing up, then, we may say that the suppression of the monasteries, and the creation of a new nobility from the adventurers of Henry VIII.’s court, who obtained most of the monastic wealth; the debasement of the coinage and the exaltation in prices, aided largely (1540–1600) by the discovery of new silver mines in South America; the rise in the price of wool both for export and home manufacture, coupled {91} with the consequent increase in sheep farming and the practice of enclosure of land—all produced most important economic changes in the history of English labour and industry. To these we must add, towards the end of the sixteenth century, the great immigration of Flemings, chiefly after 1567, owing to the continual persecutions of Alva and other Spanish rulers. This gave a great impetus to English manufactures, its effects, however, being chiefly felt in the seventeenth century, when another immigration took place. Finally, in the sixteenth century were laid the foundations of our present commercial enterprise and maritime trade, by the voyages of Drake and other great sea-captains of Elizabeth’s reign. Their expeditions, it is true, were mainly buccaneering exploits, but they created a spirit of maritime enterprise that bore good fruit in the following reigns. Nor indeed was trade even in the previous centuries entirely insignificant, but had considerably developed, as the following chapter will show. CHAPTER II THE GROWTH OF FOREIGN TRADE