It is not our object, nor would it be compatible with our limits, to trace the progress of commerce minutely, in any of its branches, but rather to point out, as it were, its shootings in various directions; and any special causes which may have given vigour to its growth, or have retarded it.  In conformity with this plan, we shall only notice some of the more marked and important eras of our Levant trade, prior to the commencement of the eighteenth century.  The trade to the Levant, in its infancy, like all other trades, at a time when there was little capital and commercial knowledge, required the formation of a company which should possess exclusive privileges.  Charters were granted to such a company for a term of years, and renewed by Elizabeth.  In 1605 king James gave a perpetual charter to the Levant Company:  the trade was carried on with encreasing vigour and success:  our woollen manufactures found a more extensive market:  the Venetians, who had for many years supplied Constantinople and other ports of the Levant, were driven from their markets by the English, who could afford to sell them cloths cheaper; and English ships began to be preferred to those of Venice and other nations, for the carrying trade in the Mediterranean.  According to Sir W. Monson, England exported broad cloth, tin, &c. enough to purchase all the wares we wanted in Turkey; and, in particular, 300 great bales of Persian raw silk yearly:  “whereas a balance of money is paid by the other nations trading thither.  Marseilles sends yearly to Aleppo and Alexandria at least 500,000_l_. sterling, and little or no wares.  Venice sends about 400,000_l_. in money, and a great value in wares besides:  the Low Countries send about 50,000_l_., and but little wares; and Messina 25,000_l_. in ready money:  besides great quantities of gold and dollars from Germany, Poland, Hungary, &c.; and all these nations take of the Turks in return great quantities of camblets, grograms, raw silk, cotton wool and yarn, galls, flax, hemp, rice, hides, sheep’s wool, wax, corn, &c.”

The first check which the Levant trade received was given by the East India Company:  about the year 1670 the Levant Company complained that their trade in raw silk was much diminished; they had formerly imported it solely from Turkey, whereas then it was imported in great quantities direct from India.  In 1681, the complaints of the one company, and the defence of the other, were heard before the Privy Council.  The Levant Company alleged, that for upwards of one hundred years they had exported to Turkey and other parts of the Levant, great qualities of woollen manufactures, and other English wares, and did then, more especially, carry out thither to the value of 500,000_l_; in return for which they imported raw silks, galls, grograms, drugs, cotton, &c.; whereas the East India Company exported principally gold and silver bullion, with an inconsiderable quantity of cloth; and imported calicoes, pepper, wrought silks, and a deceitful sort of raw silk; if the latter supplants Turkey raw silk, the Turkey demand for English cloth must fail, as Turkey does not yield a sufficient quantity of other merchandize to return for one fourth part of our manufactures carried thither.