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• Preface.
• A Select Collection of Early English Tracts On Commerce
• Thomas Mun, a Discoverse of Trade From England Vnto the East-indies: Answering to Diuerse Obiections Which Are Vsually Made Against the Same.
• Lewes Roberts, the Treasure of Traffike, Or a Discoourse of Forraigne Trade.
• Thomas Mun, England’s Treasure By Forraign Trade. Or. the Ballance of Our Forraign Trade Is the Rule of Our Treasure.
• Chap. I.: The Qualities Which Are Required In a Perfect Merchant of Forraign Trade.
• Chap. II.: The Means to Enrich This Kingdom, and to Encrease Our Treasure.
• Chap. III.: The Particular Ways and Means to Encrease the Exportation of Our Commodities, and to Decrease Our Consumption of Forraign Wares.
• Chap. IV.: The Exportation of Our Moneys In Trade of Merchandize Is a Means to Encrease Our Treasure.
• Chap. V.: Forraign Trade Is the Only Means to Improve the Price of Our Lands.
• Chap. VI.: The Spanish Treasure Cannot Be Kept From Other Kingdoms By Any Prohibition Made In Spain.
• Chap. VII.: The Diversity of Gain By Forraign Trade.
• Chap. VIII.: The Enhansing Or Debasing Our Moneys Cannot Enrich the Kingdom With Treasure, Nor Hinder the Exportation Thereof.
• Chap. IX.: A Toleration For Forraign Coins to Pass Currant Here At Higher Rates Then Their Value With Our Standard, Will Not Encrease Our Treasure.
• Chap. X.: The Observation of the Statute of Imployments to Be Made By Strangers, Cannot Encrease, Nor Yet Preserve Our Treasure.
• Chap. XI.: It Will Not Increase Our Treasure to Enjoyn the Merchant That Exporteth Fish, Corn Or Munition, to Return All Or Part of the Value In Money.
• Chap. XII.: The Undervaluing of Our Money Which Is Delivered Or Received By Bills of Exchange Here Or Beyond the Seas, Cannot Decrease Our Treasure.
• Chap. XIII.: The Merchant Who Is a Mere Exchanger of Money By Bills Cannot Increase Or Decrease Our Treasure.
• Chap. XIV.: The Admirable Feats Supposed to Be Done By Bankers and the Merchants Exchange.
• Chap. XV.: Of Some Excesses and Evils In the Commonwealth, Which Notwithstanding Decay Not Our Trade Nor Treasure.
• Chap. XVI.: How the Revenues and Incomes of Princes May Justly Be Raised.
• Chap. XVII.: Whether It Be Necessary For Great Princes to Lay Up Store of Treasure.
• Chap. XVIII.: How Much Treasure a Prince May Conveniently Lay Up Yearly.
• Chap. XIX.: Of Some Different Effects, Which Proceed From Naturall and Artificiall Wealth.
• Chap. XX.: The Order and Means Whereby We May Draw Up the Ballance of Our Forraign Trade.
• Chap. XXI.: The Conclusion Upon All That Hath Been Said, Concerning the Exportation Or Importation of Treasure.
• Samuel Fortrey, Englands Interest and Improvement.
• England’s Great Happiness; Or, a Dialogue Between Content and Complaint.
• Britannia Languens, Or a Discourse of Trade
• The Preface.
• The Introduction.
• Section I.: Trade National Or Private, Home Or Forreign Treasures Imported By Trade, Thence Land-rents, Populacy Increased, the Revenues of All Ranks of Men Depend Upon Trade, People and Treasure Make National Strength, Particular Advantages In Treasure,
• Sect. II.: The Several Kinds of Forreign Trade, of Trading With Home Or Forreign Navigation, Some General Application.
• Sect. III.: Of Forreign Trade Consisting In Exportation, of the Advantages of Home Manufactures, and Manufactures, Incidently Other Home Trades, and Imployments Are Considered; and Which of Them Enrich a Nation; of the Fishing-trade, and the Annual Export
• Sect. IV.: Of Forreign Trade From Port to Port, the Nature and Advantage of It, Differs From Meer Carriage, and Meer Importation; the Necessity of a Home Storehouse: the Ordinary Exporting of Money Or Bullion, of Dangerous Consequence; How to Be Avoided:
• Sect. V.: That Our Home and Forreign Market Is Incumbered, and Prejudiced By Extraordinary and Unequal Charges, and Cloggs In Our Merchandize Above What Are In Our Neighbour-nations, Viz. In the Building and Furniture of Our Ships, Victuals, Sea-mens Wa
• Sect. VI.: Other Cloggs On Our Trade, Viz. the Late Acts of Navigation, Which, With the Other Difficulties, Have Begot Monopolies; Made Our Navigation Yet Dearer, So Forreign Materials of Manufacture Cause Meer Importations, Hinder Our Forreign Vent of
• Sect. VII.: Forreigners Eased In Trade; Other Clogs and Difficulties Upon Ours; Want of Populacy, Incidently of Extream Prizes of Victuals, and How the Duration of Land-rents May Be Secured, Our People Restrained From Manufactures; the Abuse of the Act
• Sect. VIII.: That a Nation May Grow Poor By Forreign Trade, Viz. By an Excess of Meer Importations, Illustrated By Some Observations: This Facilitated By Exporting Money Or Bullion; the Fatal Consequences and Symptoms of a Consumptive Trade, Decay of Ma
• Sect. IX.: That a Consumptive Trade Must Render a Nation Still Weaker and Weaker: How Far the Meer Establishment of Absolute Power, Or Meer Liberty and Property, May Alter the Case.
• Sect. X.: Further Presumptions of Our Late National Overballance In Trade; an Account From the Mint In November 75. and Thence Our Former Ballance of Trade Estimated.
• Sect. XI.: Particular Decays In Our Exportations, and the Beneficial Parts of Our Trade; Instances In the Decay of Our Foreign-trade For Woollen Clothing, In the Several Countries and Ports We Traded To, In the Sinking of the Foreign Price of This Manufac
• Sect. XII.: Instances In Late Increases and Excesses of Our Forreign Importations, and Therein of the Decay of Some Other of Our Own Manufactures Which Supplyed Our Home Uses, Viz. In Linnens of All Sorts, More Dear Fine Linnens Used; Incidently of the
• Sect. XIII.: That a Considerable Part of Our Late Treasure Is Exhausted: Application to Our Publick and Private Revenues: Objections Answered, Viz. the Plenty of Money to Be Let On Securities, Stores of Money In London, Stocks In Merchandize, the Over
• Sect. XIV.: People and Treasure the True Pillars of the National Strength: the Odds In the Different Vse and Imployment of People. the Absoluteness of the French Monarchy No Cause of the Present French Grandure: the Late Application of the French Co
• Dudley North, Discourses Upon Trade
• The Preface.
• A Discourse Concerning the Abatement of Interest.
• A Discourse of Coyned Money.
• Postscript. Upon Farther Consideration of the Foregoing Matters, I Think Fit to Add the Following Notes.
• Considerations On the East-india Trade
• To the Reader.
• Chap. I.: The Objections Against the East-india Trade; Viz. the Exportation of Bullion For Manufactures to Be Consum’d In England; the Loss of the Labourer’s Employment; the Abatement of Rents Are Enforc’d.
• Chap. II.: The Exportation of Bullion For Indian Manufactures, Is an Exchange of Less For Greater Value.
• Chap. III.: A More Open East-india- Trade, Is More Profitable to the Kingdom.
• Chap. IV.: The East-india Trade Does Not So Much Diminish the Riches of Some Private Persons, As It Increases the Riches of the Kingdom.
• Chap. V.: The East-india Trade Is the Way to Increase Our Bullion.
• Chap. VI.: The East-india Trade Must Increase Our Exportations.
• Chap. VII.: Notwithstanding the Idleness of the Mint, the Money and the Bullion Are Increas’d.
• Chap. VIII.: The Increase of Paper Money Is to Be Ascrib’d to the Increase of Real Money, Rather Than the Apparent Plenty of Money to the Increase of Current Paper.
• Chap. IX.: The Kingdom Is Not More Impoverish’d By the Consumption of Indian Than of English Manufactures.
• Chap. X.: The East-india Trade Destroys No Imployment of the People Which Is Profitable to the Kingdom.
• Chap. XI.: The East-india Trade Is the Most Likely Way to Inlarge the Business In the Present Manufactures.
• Chap. XII.: By Being the Cause of the Invention of Arts and Engines, of Order and Regularity In Our Manufactures, the East-india Trade, Without Abating the Wages of Labourers, Abates the Price of Manufactures.
• Chap. XIII.: The East-india Trade Is the Most Likely Way to Set On Foot New Manufactures For Imployment of the People.
• Chap. XIV.: The East-india Trade Does Not Abate the Rents, By the Exportation of Bullion, By the Diminution of Consumers, By the Abatement of Wages; the Importation of Indian Manufactures Is Less Likely to Abate Rents Than the Importation of the Unwro
• Chap. XV.: The Importation of Indian Manufactures Abates Only the Price of Labour, But Raises the Price of the Produce of the Estate.
• Chap. XVI.: And This Is Confirm’d By Examples.
• Chap. XVII.: The East-india Trade Does Not Abate the Rents of the Landholder By Destroying His Monopoly.
• Chap. XVIII.: The Fishing-trade Is Not So Profitable As the Importation of Irish Cattel, Or of Indian Manufactures; and Is More Likely Than Either to Abate the Rents of England.
• Chap. XIX.: The Herring-fishery Not Practicable In the Present Circumstances of England; the Dutch Can Sell Cheaper.
• Chap. XX.: The Way to Bring England to Be Contented With As Little Profit In the Fishing-trade As Holland.
• Chap. XXI.: That the Way to Enable England to Catch and Cure Their Herrings As Cheap As Holland, Is, First to Have Materials For That Trade As Cheap: and That This Is Most Likely to Be Done, By Discharging the Customs Upon Such Things, By Making the T
• Chap. XXII.: The Way to Make English Labour In the Fishing-trade As Cheap As That of Holland; That the People Here Must Cohabit As Close Together; and the Most Probable Methods For Effecting This, Are to Erect a Free-port, to Impower Parishes to Send

SECT. X.

Further presumptions of our late National Overballance in Trade; an Account from the Mint in November 75. and thence our former Ballance of Trade estimated.

AS a further Evidence that our National Trade hath been Consumptive, and that I may silence the prevarications of some whose private Interest or Passions (which are but the fermentations of their Interests) teach them to affirm the contrary, I shall take notice of the following Accompt taken and Printed in November 1675. for the clearing a Debate then before a Committee of Parliament, intituled as followeth.

An Account of all the Gold and Silver Coined in his Majesties Mint within the Tower of London, from thefirst of October 1599. being the forty first year of the Reign of Queen Eliz. to November 1675. being 76 years, divided into four parts; shewing how the Coin of this Kingdom did increase in the three first parts, proportionable to the increase of Trade and Navigation, and how much it hath decreased in the fourth part.

This prodigious decrease of Coin in the last eighteen years, does undeniably evidence a vast decay in our Trade: but since, even in these latter years, there hath been somewhat above 120000l. per An’ Coined, as appears by the Account, it doth seem to administer an Objection, that still there hath been some National gain by Trade, though much less than before.

But this does not follow, for if more Money hath been exported yearly during these last eighteen years than hath been Coined, the National Treasure must be diminished: Now if we have been over-ballanced, more Money must be exported; so that it will resolve into the former Question.

It is a vain thing to say, that the exportation of Money in Specie stands still prohibited; so is the exporting of Treasure prohibited in Spain under the highest Penalties; and yet because Spain is over-ballanced by consumptive Importations, Forreigners continually carry it away; so that were it not for their Mines, there would not have been the value of a Peny left in Spain many years since; nor can their Mines so answer this mighty drain by a consumptive Trade, but that the Treasures of Spain are drawn lower than in any Nation in Europe.

And therefore though the ordinary trading with exported Money is condemnable, as that which tends to the subversion of Manufacture and People, and facilitates meer Importation; yet I cannot recommend prohibitory Laws as a means to stop the exportation of Money, unless at the same time the Methods of Trade be regulated.

’Tis now become more practicable by the Liberty given for the Exportation of Bullion; for upon any great emergency, for Bullion, (as for instance) upon the going out of an East-India Fleet, Standard-Silver hath risen from 5s. the Ounce to 5s. 4d. the Ounce; which being about 10 per Cent. must not only hinder the Coining of Bullion, but must cause our weighty Coin to be melted into Bullion, and so exported as it hath been noted before.

And upon the like occasions ’tis observable, that Guinnies rise to 22s. apiece, & broad Gold to 24s. apiece, which does evince, that those who use that Trade do not confine themselves to Bullion.

So ’tis notorious to those who understand our Northern and Eastern Trades, and our Trade to France, the Canaries, Turkey, &c. that we yearly export great quantities of Treasure to those and other Countries, and that we do not stick at Coined Money, being closely put up in Packs of Goods or Barrels, or however may be made lawful and laudable Merchandize by melting; whence it is come to be so commonly asserted a Commodity; and then if we look back and observe how little hath been Coined in the 18 years since (57) being but 121026l. per An’, it must be highly credible, that we have exported much more Money yearly than we have Coined.

But to make the over-ballance yet more evident, it will be necessary to find out, if possible, what was the yearly Treasure the Nation gained by Forreign Trade, at any time in this last Age; and in the next place, how much our Exportations and beneficial part of our Trade have since failed, and our Importations increased in quantity and value.

The increase of Home-Treasure must either be in Coined Money, or in Plate, made up for Home-uses; for all Bullion imported must either be converted into one of these at home, or else be re-exported, and then ’tis not superadded to the National Home-Treasure.

Now if we look back to the Accompt from the Mint, we may conclude, that during those 76 years, our Trade did never add more to our Coin yearly than 407027l. 9s. 1½d. for any number of 20 years together; this being the utmost Medium comprized in the Accompt.

Plate Coined by the King at Oxon, and Parliament at London.And this being in the 18 years before (57,) was not all the meer product of the Trade of these very years, for ’tis well known that during those years we had good quantities of our own Plate Coined into Money, ’tis not possible for me to ascertain how much; but if it were a Million, it ought to be deducted out of the Medium of those years.

So during those 18 years, our Trade might yet add less to our Coined Money, viz. in case our Forreign Trade did then export any of our Coined Money, the like may be said of any other of the said 18 years or Mediums in the Accompt; and then must all the Money so exported be also deducted out of the Annual Gain of those years.

I believe none will expect that I should adjust the yearly quantity of Money exported by stealth in our Forreign Trade before (57,) I shall leave it to the consideration of the indifferent Reader upon what I shall add; but ’tis evident, that our Merchants did formerly use to export Money, by the prohibitory Statutes made on that occasion.

It may be also further evident, that the yearly quantity of Money so exported before 57 was considerable; for before the 76 years mentioned in the Accompt, we must have had some stock of Money in the Nation, which supposing to be but six Millions, then adding what more was Coined during the said 76 years, we must have had near 30 Millions of Coin in the Nation before 57, had none been exported; whereas no intelligent Man will say we had then half that Sum; which if doubted I shall have occasion to enforce further; and if this be admitted, the Consequence must be, that our Forreign Trade and occasions did even before 57 carry off near half as much Money as was yearly Coined; and then our National yearly Gain in Coined Treasure would not be near to the aforesaid full Mediums Coined, nor to above half the Mediums, (taking any number of years together.)

Nor can we reckon or allow of above 50000l. per Annum for increase of Home-Plate, during any of the said 18 years, considering that much Plate is always brought back to the Mint, or turned into Bullion, as other new Plate is made; and that at this allowance for Plate, in any twenty years time there would be a Million increase of Home-Plate in the Nation.

Upon the whole the Reader may observe what our utmost National Gain in increase of Treasure possibly might be, and upon the aforesaid grounds may deduct from any of the Mediums as he shall think reasonable, wherein I shall not pretend to confine him, though in my private Judgment I cannot estimate our utmost National increase of Treasure by Trade during any of the said 76 years to be above 250000l. per Annum, or thereabouts, for any twenty years together.

Considering which, if the indifferent Reader shall reflect on what hath been said in the 5th, 6th, 7th and 8th Sections, if he there find that our Trade hath been under such difficulties, as must necessarily work us out of all the parts of it, whilst our Neighbours are enabled to snatch it from us: If he there find undeniable Instances of it in some Particulars, he may for the same Reasons conclude the like in all others; and by Consequence that our National Trade long before this, became less beneficial than it was by 250000l. per Annum; it hath been always found most safe to be governed by the Causes and Reasons of things, but the concurrent impoverishment of our People, and other the Symptoms, Plague-sores, and Spots of a consumptive Trade do further evidence it.

It is confessed it would be of great use, if the odds in our past and present National Forreign Trade might be certainly stated; a difficult, if not impossible task: Since it requires an antient, as well as modern experience in Forreign Trade, and not of any one Trader only, but of so many as have traded into all Parts; of those that are curious, intelligent, and impartial, and have minded the publick Interest as well as their own; perhaps if a sufficient number of such as these did assemble, they might, upon debate, and with reference to their Books, bring the Compute very near the truth; but nothing of this hath been done of late; and whosoever shall promiscously consult our Traders apart, will find them various: Then for our Custom-Books old or new, though they might be useful for some things, yet they cannot ascertain us in the odds of the Forreign values of any Exported or Imported Goods, nor of the quantity of Imported prohibited or smuggled Goods, nor (as I conceive) of our former or present Fishing-Trade, (Fish paying no Custom) nor of the gain of Carriage, nor of the Trade from Port to Port; without which the certain odds in the Ballance cannot be calculated; and therefore for my own part I rest chiefly on what hath been said; believing myself secure whilst I keep my self to the rational part, which cannot be refuted but by Reason: Whereas I am apprehensive that should I descend to examine our Ballance of Trade by the particular effects of the foregoing Causes, these being matters of Fact, and very many, and most of them Forreign, and of less Notoriety, may be liable to Exceptions or Cavils of particular Men, as their different Sentiments or Interests may dictate; it being as easie to deny as affirm, and as hard for many Readers to determine the truth in these matters; whereby the sincerity of the Relator may be drawn into question; and at such times, when he shall have no opportunity to defend himself: and I am not insensible, that amongst so many Facts as the nature of this Subject hath forced me to mention, (whereof I must speak much upon the credit I give to others) ’tis impossible there may be some slips, even by the transcribing of Papers: Upon these Considerations, I had thoughts of laying aside part of the three next Sections as needless, and neglected somewhat of that Curiosity I intended, but being perused and approved by some Friends amongst the rest of these Papers, they have perswaded me to publish them as they are, upon apprehension that they will enforce what I have already said, though left so general, and will give the Reader a further useful light into the past and present nature and condition of our Trade and Nation: and since they do not bind up the Reader to precise Quantities and Values, can admit of little altercation; in which I have been the more ready to comply, upon hopes that I may awaken and spur on the virtuous emulation of others to a more compleat disquisition into the several branches of our Trade, and that the Reader will think me the more excusable in this and the rest I have undertaken, when he shall observe the present Subject so Copious, and so little laboured by other Writers, that I have no common Places or beaten Tracks to follow, as in other Studies.

This I assure the Reader, that amongst the following instances, or elsewhere, there are no wilfull or affected errors, and that I have not affirmed any thing which I do not know, but upon such Authority as I have reason to believe highly credible, and am confident that whatsoever mistakes in Fact the Curious may find out in what I have already said, or shall say, there are none such as do in the least impeach the force or reason of this Discourse, and then must be admitted immaterial.

To which I shall add, that by the following Essay, I do not pretend to that difficult work of adjusting the present Ballance of our Trade, but to evince, that the former Ballance of our Trade (as it may be computed from the aforesaid Accompt, from the Mint or otherwise) is grown consumptive in some degree; which I think will appear to the indifferent Readers satisfaction, upon consideration of some late decays and defalcations in our Trade, wherein I shall confine my self to such as have happened long after the beginning of the 76 years mentioned in the Accompt, from the Mint, many of them within 20 years last.