ago constituted an important part of the nation's sea defence. The fleet which met the mighty Spanish Armada in the Channel and inflicted upon it so decisive a defeat, was made up in large part of volunteer ships from every English port. And the Britisher knew full well that the merchant marine constituted the "wooden walls" of his country, knew that its decay would leave England almost defenseless. At the moment when one able writer was pointing out that "the Realme of England is an Island impossible to be otherwise fortified than by stronge shippes," another was complaining that there were scarce two vessels of 100 tons belonging to the whole city of Bristol, and few or none along the Severn from Gloucester to Land's End on one side, and to Milford Haven on the other.[1-6]

For this intolerable situation there could be but one remedy—England must secure colonial possessions to supply her with the products for which her forests were no longer sufficient. Her bold navigators had already crossed the Atlantic, returning with alluring stories of the limitless resources of the New World, of mighty forests spreading in unbroken array for hundreds of miles along the coast and back into the interior as far as the eye could see.[1-7] Why, it was asked, should Englishmen be forced to make the hazardous journey to the Baltic in order to procure from other nations what they might easily have for themselves by taking possession of some of the limitless unoccupied areas of America? It was folly to remain in economic bondage while the road to independence stretched so invitingly before them.

Long before the Goodspeed, the Discovery and the Sarah Constant turned their prows into the waters of the James, able English writers were urging upon the nation the absolute necessity for colonial expansion. In 1584 the farseeing Hakluyt pointed out that the recent voyage of Sir Humphrey Gilbert had proved that "pitche, tarr, rosen, sope ashes" could be produced in America in great plenty, "yea, as it is thought, ynoughe to serve the whole realme."[1-8] Captain Christopher Carleill had the previous year made an effort to persuade the Muscovy Company to divert its energies toward America. Why remain under the power of the King of Denmark, he asked, or other princes who "command our shippes at their pleasure," when all the products of the Baltic regions were to be had from unoccupied territories which so easily could be placed under the English flag?

It has often been taken for granted that the statesmen and merchants of three centuries ago pursued always a mistaken and shortsighted economic policy. John Fiske assures us that even at the close of the Eighteenth century the barbarous superstitions of the Middle Ages concerning trade between nations still flourished with scarcely diminished vitality. Yet it requires but a cursory study of the theories and arguments of the Elizabethan economists to realize that they were men of ability and vision, that they knew what was needed and how to procure it, that they were nearer right than many have supposed. In fact, they acted upon sound economic principles a century and a half before Adam Smith formulated and expounded them.

These men realized keenly that England's safety demanded a larger measure of economic independence and they pointed out what seemed to be the only available means of securing it. Since her forests upon which her prosperity in the past had been so largely based, were nearing the point of exhaustion, she must expand to embrace new lands where the virgin growth of trees stood untouched. If this is barbarous, then the recent efforts of Italy to gain an independent coal supply, of Great Britain to get control of various oil fields, of the United States to build up a dye industry, are all likewise barbarous. In fact the world today in matters of economic policy has by no means gotten away from the conceptions of the men whose able writings cleared the way for the beginning of the British colonial empire.

But it must not be supposed that England in this matter was concerned only for her supply of naval stores, potash and pig iron. There were other products, not so vital it is true, but still important, which she was forced to seek abroad. From the south of Europe came salt, sugar, wine, silk, fruits; from the Far East saltpetre and dyes, together with spices for making palatable the winter's stock of food; from Holland came fish, from France wine and silk. And as in the Baltic, so elsewhere the merchants of London and Bristol and Plymouth found their activities resented and their efforts blocked and thwarted.

All commerce with the dominions of the King of Spain was carried on with the greatest difficulty. "Our necessitie of oiles and colours for our clothinge trade being so greate," pointed out Hakluyt, "he may arreste almoste the one halfe of our navye, our traficque and recourse beinge so greate in his dominions." The rich trade with the Far East was seriously hampered by the Turks, through whose territories it had to pass, and often a heavy tribute was laid upon it by the Sultan and his minions. Even after the merchants had succeeded in lading their vessels in the eastern Mediterranean with goods from the Orient, they still had to run the gauntlet of the hostile Powers who infested that sea. If they escaped the Knights of Malta, they might be captured by the corsairs of Algeria or Tripoli.

The trade with France had also declined greatly during the closing years of the Sixteenth century. Not only had the religious wars proved a tremendous obstacle, but the government at Paris discriminated against the woolens from England by means of custom duties, while the French workmen were themselves manufacturing cloth of excellent quality in larger amounts than had hitherto been thought possible. In the Low Countries the long and bitter struggle of the people against the bloody bands of Alva had wrought such destruction and had so ruined industry that all foreign commerce had greatly declined.[1-9]

There can be no surprise, then, that many English economists felt that a crisis had been reached, that nothing save the immediate establishment of colonies would prevent disaster. With the woolen industry declining, with the shipbuilding centres almost idle, with able mariners deserting the service, with the foreign market gradually closing to English wares, with the country overrun with idle and starving laborers, with some of her chief natural resources nearly exhausted and the trade by which her needs were replenished in constant danger, England turned to America as her hope for salvation. Upon securing a foothold in the New World, hitherto monopolized by Spain and Portugal, depended Albion's future greatness and prosperity.

It is this which gave to the London Company its national character, and made its efforts to establish a colony across the Atlantic a crusade, a movement in which every Englishman was vitally concerned. The great lords and wealthy merchants who comprised the Company knew well enough that there was little hope of immediate returns upon the money they subscribed so liberally. They expected to receive their reward in