In 1511, English commerce, in English ships, extended into the Levant, chiefly from London, Bristol, and Southampton.  Chios, which was still in the possession of the Genoese, was the port to which they traded.  This branch of trade flourished so much in a few years, that in 1513 a consul, or protector of all the merchants and other English subjects in Chios, was appointed.  The voyages were gradually lengthened, and reached Cyprus, and Tripoli, in Syria.  The exports were woollen goods, calf-skins, &c.; and the imports were silks, camblets, rhubarb, malmsey, muscadel, and other wines:  oils, cotton wool, Turkey carpets, galls, and Indian spices.  The commerce was in a small degree carried on by English ships, but chiefly by those of Candia, Ragusa, Sicily, Genoa, Venice, Spain, and Portugal.  The voyages to and from England occupied a year, and were deemed very difficult and dangerous.  So long as Chios remained in the possession of the Genoese, and Candia in that of the Venetians, England traded with these islands; but ceased to trade when the Turks conquered them.  From 1553, to 1575, the Levant commerce was quite discontinued by England, though during that period, the French, Genoese, Venetians, and Florentines, continued it, and had consuls at Constantinople.

The small and temporary trade with the Genoese and Venetian possessions in the Levant, seems to have been attended with such profit, and to have opened up such further prospects of advantage, as to have given rise to a direct trade with Turkey, and the formation of the Turkey Company.  The enlightened ministers of Elizabeth effected these objects:  they first sent out an English merchant to the Sultan, who obtained for his countrymen all the commercial advantages enjoyed by the Venetians, French, Germans, and Poles.  Two years afterwards, in 1581, the Turkey Company was established.  Sir William Monson, in his Naval Tracts, assigns the following as the causes and reasons why England did not sooner embark in the Turkey trade for Persian and Indian merchandize:  1.  That there was not sufficient shipping; 2. the hostility of the Turks; and, lastly, England was supplied with Levant goods by the Venetian ships, which came annually to Southampton.  He adds, “the last argosser that came thus from Venice was unfortunately lost near the isle of Wight, with a rich cargo, and many passengers, in the year 1587.”  The Turkey Company carried on their concern with so much spirit, that the queen publicly thanked them, with many encouragements to go forward for the kingdom’s sake:  she particularly commended them for the ships they then built of so great burden.  The commodities of Greece, Syria, Egypt, Persia, and India, were now brought into England in greater abundance, and sold much cheaper than formerly, and yet the returns of this trade are said to have been, at its commencement, three to one.