This reign witnessed also the rise of the great commercial Companies. The company of Merchant Adventurers had indeed existed since Henry VII.’s time, having been formed in imitation of the Hanseatic League. The Russian Company of 1554 was formed upon the model of this earlier company; and then came the foundation of the great East India Company. It was due to the results of Drake’s far-famed voyage round the world, which took three years, 1577–80. Shortly after {99} his return it was proposed to found “a company for such as trade beyond the equinoctial line,” but a long delay took place, and finally a company was incorporated for the more definite object of trading with the East Indies. The date of this famous incorporation was 1600, and in 1601 Captain Lancaster made the first regular trading voyage on its behalf. To this modest beginning we owe our present Indian Empire. § 8. REMARKS ON THE SIGNS AND CAUSES OF THE EXPANSION OF TRADE—Now, if we look at the broad features that mark the growth of sixteenth century trade, we shall see that it was closely connected with England’s decision to abide by the Protestant cause. It was that which won her the friendship of the Flemish merchants; it was the religious disturbances in Flanders that gained for London the commercial supremacy of Europe; it was our quarrel with Roman Catholic Spain that inspired the voyages of Drake and Hawkins, and thus caused others to venture forth into new and perilous seas, over which in course of time the English merchants sailed almost without a rival. And, as we have shown, the signs of the expansion of England are seen in the fall of the Hanse settlement in London, and the stoppage of the visits of the Venetian fleet. On the other hand the rapid growth of the port of Bristol in the west witnessed to fresh trade with the New World; and the rise of Boston and Hull[32] on the east coast is significant as showing the development of our Northern and Baltic trade, even to the extent of rivalling the great Hanse towns. A great stimulus had arisen, and England was now taking a leading position among the nations of the world. It is now our business to survey it as it existed in the time of Elizabeth. [32. They had always been important (cf. p. 64).] {100} CHAPTER III ELIZABETHAN ENGLAND