Having thus sketched the progress and nature of Dutch commerce, during that period when it was at its greatest height, and brought our account of it down to the commencement of the eighteenth century, we shall next proceed to consider the English commerce from the time of the discovery of the Cape and America, till the beginning of the same century.

From the sketch we have already given of English commerce prior to the end of the fifteenth century, it is evident that it was of very trifling extent and amount, being confined chiefly to a few articles of raw produce, and to some woollen goods.  The improvement of the woollen manufacture, the establishment of corporations, and the settlement of foreign merchants, as well as the gradual advancement of the English in the civilization, skill, and industry of the age,—­in the wants which the first occasions, and in the means to supply those wants afforded by the two latter,—­these are the obvious and natural causes which tended to improve English commerce.  But its progress was slow and gradual, and confined for a long time to countries near at hand; it afterwards ventured to a greater distance.  Companies of merchant adventurers were formed, who could command a greater capital than any individual merchant.  Of the nature and extent of their foreign commerce at the close of the fifteenth century we are informed by an act of parliament, passed in the 12 Hen.  VII. (1497.)

From this act it appears, that England traded at this time with Spain, Portugal, Bretagne, Ireland, Normandy, France, Seville, Venice, Dantzic, Eastland, Friesland, and many other parts.  The woollen cloth of England is particularly specified as one of the greatest articles of commerce.  In a licence granted by Henry VII. to the Venetians, to buy and sell at London, and elsewhere in England, Ireland, and Calais, woollen cloth, lead, tin, and leather, are enumerated as the chief exports.  From this document it also appears, that there resided in or traded to England, the following foreign merchants:  Genoese, Florentines, Luccans, Spaniards, Portuguese, Flemings, Hollanders, Brabanters, Burgundians, German, Hanseatic, Lombards, and Easterlings.

From these two documents, the nature and extent of English commerce at this period may be inferred:  its exports were sent as far north as the southern countries of the Baltic, and to all the rest of Europe, as far south and east as Venice; but this export trade, as well as the import, seems to have been almost entirely carried on by foreign capital and ships; the merchant adventurers having yet ventured very little from home.