Seasonable Observations Humbly offered to his Highness the Lord PROTECTOR. By Samuel Lamb of London, Merchant. IT hath been often asserted, that if all people under one Government did seek the general good, every single person would then receive a particular benefit thereby. And it is observed in Societies, than are in a joint Trade, and have By-Laws and Orders among themselves, that if an Interloper privately trade among them in the same way, not submitting himself to the By-Laws and Orders of that Company, that he will receive to himself a greater profit for the present, than any particular person of the same incorporated Society, though if the undiscovered practice thereof should be continued, and not prevented, it would tend to the utter ruin and destruction of the said Society and Trade for the future. Even so it is in a populous Commonwealth, where part of the people, by unlawful and destructive ways, seek their sinister ends, to the general hurt and prejudice of the well governed people therein. To avoid which evils in all good Governments, necessary and wholesome Laws are contrived and established to preserve and protect the Property and Peace of each particular person, and every one living under such protection is bound in duty to further the prosperity of his Country with all his utmost endeavours; for no one is born to himself alone, but also to do good to others, and some way or other may be a profitable member to his Country, according to the measure God hath given him, to which end I have for the general good observed these two chief ways that make a Nation rich and flourishing (viz.) By Arms and Conquest. By Foreign Traffic and Merchandise. To both which no people are more apt and prone than the English Nation. In the former, their actions both by Sea and Land have sufficiently manifested it to all the World both at home and abroad in former and latter ages to this very day, in the latter our former Prosperity and Strength in Shipping have sufficiently showed our aptitude therein, though then much hindered, & discouraged from our growing greatness, by the avarice of some, who minded their particular profits before the general good; which hath caused the strength of our Warlike Shipping in Trade, to be much impaired and diminished, though small notice is publicly taken of it, which hath put me upon the Considerations following. 1. The usefulness and Necessity of increasing the Trading-Shipping of England. 2. The State and condition our Trading-Shipping were in before the late Wars in England; and the condition they are in at present. 3. The State and condition of the Hollanders Shipping and Trade at present. 4. The Reason of the Hollanders so great thriving in Trade in so short a time (among others) is showed their use of Banks. 5. The benefit they have received by Banks. 6. The prejudice and hindrance we receive by their Banks. 7. The good we may do ourselves by the use of Banks in England. 8. The manner of a Bank described. 9 Lastly the usefulness of a Court of Merchants. All which I shall treat of in their Order. First, It hath always been the general received opinion (grounded upon uncontradicted reason) that the people of England need not fear any Foreign Invasion, so long as they do maintain and increase the Walls of their Land (Viz.) their Shipping and Mariners; which is the chiefest Power and Strength of the Nation against a Foreign Enemy; whose increase will not only much strengthen and enrich the Maritime and Frontier Towns and countries' bordering on the Sea Coast, but also the whole Nation; and will make us always capable to balance the affairs of another State in reference, To War. To Trade. By the former, we are now seasonably seeking reparations from the Spaniard, for the many and cruel injuries and murders committed by them upon the Person and Goods of the people of England, in the West Indies and other places; For which, since no reasonable satisfaction could be tendered in a peaceable way, do hope by God's blessing will be obtained by a just War: And therefore it's necessary upon this occasion, as against all others, for the English Nation to strengthen themselves what they can, and to use all good endeavours thereunto. For the latter, in reference to Trade, we may well suspect the studious industry of our Neighbours the Hollanders, will soon overbalance us, if not timely prevented, they at present making a great advantage to themselves to our great prejudice by the War between us and Spain, whose King hath lately prohibited wearing the Manufacture of England, of which kind the Hollanders will furnish them with of their own making, and if they want work-folkes, will easily entice over English, wanting employment, to work for them, and teach their people, by which means much increasing their Trade, and when they know themselves, thereby to grow rich by increase of Trade, and consequently strong by increase of Shipping and Mariners, and another Nation poor by decrease of Trade, and also weak by decay of Shipping and Mariners; how forward will they then be to prescribe Laws to such a decayed Nation: For it hath been long observed, that as the Spaniard aims to get the universal Monarchy of Christendom, so the Hollander the universal Trade, not only of Christendom, but of all the known World, from which they have been termed the Carrier's of the World through their multitude of Shipping, sending them out to all Nations that have any Trade by Sea, and sometimes for Men of War, and until the late encouraging Act for increasing the Navigation of this Land; The English Merchants themselves, since the beginning of the late Wars in England, usually freighted Holland Ships to fetch home their own Goods, because they would go for less freight than the English Ships could, having less charge by carrying fewer men than an English Ship of the same burden, and less Provision, which Ships were usually insured in London; and it is the Hollanders custom to this day, that when they send any single Ship to the Southward for their own Accounts, oftentimes ensure them in England, and if they miscarry, than the English make good their losses, as too often it so falls out; and if such Ship comes well home, they save the premium in sailing such Shipping with less charges than the English do theirs of the same burden; and being so weakly manned, if they at any time chance to meet a Turks man of War (they seldom fight with them as the English do, and so oftentimes honourably acquit themselves) but deliver up their Shipping without firing a Gun to save the Sea man's Liberty, and what belongs unto them, and so arm the Turks against all Christendom, but when they send unarmed Fleets into any Country at the fit seasons of the year, when Merchandise is to be had in such Country, they are bound for; then if there be danger, they send a squadron of Men of War to convey them at the public charge, and these are seldom insured; But if any English Ship of force go the same voyage such single Dutch Ship went, seldom any insurance is made (except she be missing, or her safety doubted) because they usually go safer, being better provided of men and other necessaries for defence against the danger of Enemies and bad Wether, and also before the said Act, the Hollanders served us with the Commodities of other Nations in their own Ships, both in England and in our Western Plantations, while our English Ships lay in harbour for want of employment, till they were inserviceable, and our Mariners took employment of the Hollanders to sail their Ships to get their lively hoods, to the great loss and dishonour of the English Nation; and since the said late Act, how diligent the Hollanders have been, notwithstanding the same, that to their cost a whole Fleet of them together were surprised, trading at the Barbadoss, and forfeited according to the penalty of the said Act, which shows how well they like Trading with us with foreign Goods in their own Ships; that though they dared not bring any for England, fearing the penalty of the said Act, yet they would run so great an hazard to serve our Plantations, peradventure intending to over-awe the penalty of Confiscation, by continually having a greater power in Shipping there than we had, that if a seizure had been attempted by the English there, they might have overpowered them, and made such an attempt of no effect, not once dreaming that a Fleet of Men of War would stop there to seize them in their way to Sancta Domingo and Jamaica. Now although the said Act hath breathed some refreshing to the decaying Trade of the English Nation, yet it hath not altogether cured her of her disease, as will be shown hereafter; besides the present abuse not looked into, as aught to be, in entering Strangers Ships in English men's names in the Custom house. It hath been also observed how industrious the English Nation are and have been, not only in contriving and building convenient and strong Ships for burden, swift sailing, and of force, but also in managing the same as well in single fights in Trade for defence against Pirates, and in Fleets in public Wars with a foreign Enemy, to their perpetual honour and terror of their Adversaries: Witness the many single fights at Sea against the Turks, to whom it is believed the Dutch lose ten Ships for our one, and the remarkable Sea-fights against the Hollanders themselves in the late Wars, wherein many Merchant's Ships from about 300. Tuns, to about 500 Tuns did engage against the Enemy with the States Ships and Frigates to our great advantage, which at that time would have been much wanted, if they had not been built; The Enemy notwithstanding much overnumbring us every fight in Ships and Tonnage, and yet supplied their loss of Ships daily taken and destroyed by us, assisting their Men of War still with their Merchant Men of equal force and burden, and some bigger, such as they usually send to the East Indies, which foregoing passages show the excellent use of English Shipping, and the necessity of increasing them, which cannot be done no way so well as by Trade, for War is known to be chargeable, hazardous and bloody; therefore how ought Trade to be cherished, maintained and increased with all power, diligence and invention that can be contrived. Secondly, If we take into consideration the state and condition our Trading-Shipping were in before the late Wars in England, we may find by the East India Companies account, that they alone did employ, in that trade, at once 15000 Tunns of Shipping, which were accounted to be of the best sort of Trading-Shipps belonging to England, of the burden of about 300 Tunns, to about 600 Tunns: But the old Company were at last so decayed in their shipping, through the discouragement of Trade, and undermining of the Dutch, and other casualties, that they had hardly one good Shipp remaining at their giving over; So the last new Company thought it better to fraught ships for their employment, which they always did, rather than build any: But now if the new established Company will fraught Ships also, & not build, they will find very few of force and burden fitting for that employment; For I cannot hear, for about these ten years past, that a Trading-ship of about 400 Tunns hath been built in England, & those few that have been built within that time, seldom were so big as 200 Tuns, but I believe ten for one of less burden, which with other slight Ships, that are usually insured, do supply that little Trade the Dutch have left the English Nation in the Straits, which in former times used to employ, by estimation, not less than about 80. or 100 sale of good Ships of about 3. and 400. Tunns' burden each Ship and upwards; but now the English Trade will not maintain and employ Ships of such burden and defence, which is the reason so many small ones have been taken by the Spaniards of St. Sebastian's, Majorca and other places: And I have formerly known many Ships of the like burden built, and equipped in England, purposely to send to Venice to let out to that State for Men of War to serve them against the Turks, but the Hollanders soon eat us out of that employment also, by serving them with Ships of equal burden with ours for less freight than we could with our Ships, which they might afford to do for the reasons hereafter declared. And whereas the Company of Merchant Adventurers trading for Hamburgh, used yearly to send about twenty good Ships thither, chief laden with the Manufactures of England, the Vent whereof gave great employment to many Tradesmen, besides the poor; but this year they have sent only one Ship from London, the last shipping, and the Goods of that Ship will not go off neither, and the Wool that makes these Manufactures, that usually sold for about 10 d. per pound, is sold now, as I hear, for 6 d. or 7 d. which shows a great alteration and deadness of Trade, which at this time is the general and daily compliant of all Tradesmen of what profession soever; the like might be instanced in our shipping-Trading for the East Country and other places, where we send one now, formerly we sent ten at least, the continuance whereof will much decrease the strength of the English shipping, and is an apparent sign of the general decay of the foreign Trade of England, which ought to be so well managed and encouraged without delay, as that we should equal, if not exceed all other our Neighbour Nations: so if any one Nation grow greater in power than another, so as the weaker become subject to the conditions of that one greater Nation, either in State-affairs or government of Trade, how ready then will other Nations be to endeavour to make their own terms? or to be ready to make a prey of such a declined people, and if the case were ours, would it not be so with us? other Nations bearing a kind of envy to our former happiness in good Successes and noble. Achievements, both at home and abroad, for what corner of the World hath not been searched by us to find out Trade? the profit whereof, (the reward of industry,) gave first boldness to venture to pass the main Ocean, and make new discoveries in foreign parts round about the World, and hath enlarged our Nation with many new and large Plantations, to the enriching, cherishing and employing of many thousands of our people, by which may be discerned the flourishing and prosperous condition the English-shipping were in, which without doubt will soon increase again with the increase of Trade. But it may be objected there is no such need of great Ships now, as hath been for the defence of the Seas, seeing we have so great and gallant a Fleet of men of War, which are more serviceable upon occasion than Merchantmen, taken into warlike employment. It is answered, That admit a very strong Fleet of men of war were always maintained, such a one as, in any man's judgement did equal any Fleet of men of War of any neighbour-Nations, and that we should have War with any such Nation, and in fight part of the Fleet should be lost, or so battered that they could not be so suddenly recruited, or made serviceable as there might be occasion for them to supply the place and service of those Ships that might be so lost, or defective, but by Merchant's Ships; As in the late War with Holland, it was observed what gallant service every Merchant's ship performed, when each Captain was shifted out of his own ship into another, when at the first, every Captain continuing in his own Ship was not so adventurous, not out of cowardice, as dreading what might happen to his person, but out of desire to prevent the damage that might happen to his own Ship, which might turn to the loss of his Owners, the Captain well knowing the charge in repairing them again, or building others, and peradventure, if their old ones had been lost, it might have been a hard thing for him that lost his ship to get friends to join together to build him another; For now shipping is esteemed the worst commodity this day in England, every one that hath any, being willing to sell, because they lose by them, through want of Trade and employment for them, whereas if trade were quick, and any profit came by them, every one would be desirous to be interessed in them. Moreover, if a standing Fleet of men of War, as aforesaid, should be maintained, and having a War with another Nation, that Fleet should hold always good, so as there were no need of Merchant's Ships to join with them, yet it must be considered that infallibly the want of Trade will much impoverish the people of England, which otherwise know not how to subsiist, they increasing so much notwithstanding the late Wars, and the Land (though full of plenty) not increasing with them being an Island, witness the many entertained for Soldiers, either for want of Trades, or by decay of their Trades, and the many daily going for Ireland and the Plantations, and yet there is no miss of them, for in any Town or Parish where any House or Farm is to be let, (notwithstanding the improvement of the late Kings and Bishops Lands &c.) how many strive for it till the Rent thereby is so raised upon the Landlord by out-bidding each other, till at last he that taketh it, is either undone or weakened in his estate, with overrenting it; and so the people's estates are too often impaired in defraying their respective charge for want of Trade; And considering that such a standing Fleet of men of War will be a great charge and burden to the people to maintain it, which will help to impoverish them more and more; But on the contrary the preservation & increase of Trade, will not only maintain a gallant Fleet of warlike Ships and Mariners, such as all thè known World will not only admire, but stand in fear of, and will also enrich and strengthen the whole Nation. Thirdly, the condition and number of the Hollanders remaining shipping in Trade is such, that they are beholding to the English for them, in that not only their shipping, but their people too were not destroyed in the late Wars with them, which in probability might have come to pass, had the War continued till this time, with the like success, that it pleased God then daily to give to the English Nation; but if the same success had happened to them, their former crueltyes to the English in Amboyna, and present practices in East-India, would make it questionable, whether they would have granted such good conditions to the English, as they did to them at the concluding of the Peace between both parties; For who knows but that their besiedging Bantam (which is supposed to be taken by them) is only a Design upon the Natives, contrived purposely to enable them by the gaining of it wholly to remove the English from that Factory, to prevent them of Trade in India, now the English Company trading thither had so much discontinued it: and if they could do as much by Surratt also; then how easy will it be for them to command the Coast? they being so powerful in Shipping there, may deny any Nation trading thither, without danger, but whom they please, and then if we will have any Commodities from thence, it must be with their good liking and consent: But it is not often known that they easily yield to any thing that hinders their advantage, or the increase of their Traffic and Navigation. And if they should gain that trade to themselves, as is doubted is their desires and design, & is feared they will effect without a Bank in England, & then it is believed it will be more profitable to them by Trade than all the West-Indies is any way to the King of Spain, and if the English should lose that trade, as it hath been in great danger, than what need have we of Merchant's ships of burden & force? & who would build any, having no employment for them? & if no employment for such shipping of force through decay of Trade, then in a short time what will become of the Maritime Power and Strength of the English Nation? For besides the many advantages the Dutch will accrue to themselves by having the sole trade of East India, enriching their people many sundry ways, This great prejudice they will do us, We shall be weaker by so much Shipping, and so many mariners as we might employ thither. It will hinder those Tradesmen, in their several profession, that furnish those ships that go to Sea, as Shipwrights, Smiths, Mast-makers, Saylmakers, Rope-makers, etc. and diminish the trade of those Materials. It will hinder the vent of our Native Comodityes, which those Shipping would carry thither, which will impoverish our people that made those Commodities. It will hinder us of those commodities which that Country doth afford, that we may have great need of, as in time of War; of Salt-Peter to make Gunpowder; so as we shall have no commodity from thence but what the Dutch will spare us at their own prizes: which makes me remember a notable passage I have heard of the Durch in India, where a Ship of theirs arriving at a trading-Port in that Country, laden with one only commodity, which they knew the place wanted, therefore set what price on it they pleased, which the Townsemen refused to give them, and on the contrary held off buying the same, presuming they would take their offer for the Commodity, rather than go to another Market, or lie in Port with a great charge of Men, Victuals, and Wages, to expect more, which the Dutch perceiving, resolved to prevent the Townsemen of their delaying them, and yet also have their price, therefore immediately caused the one half of the commodity to be carried ashore, and there burnt in the sight of the Townsemen, and then demanded as much for the remaining half as the whole would have come to at the price they made, which the Inhabitants were forced to give for the said half part, rather than want the said Commodity, fearing least half the remaining part should be burnt also, and then must give as much for one quarter of it, as they might have had the whole parcel for before any of it was burnt; Such is the force and power of trade where a useful commodity is wanting, and when engrossed into one hand. But besides the Trade of India, it is too much felt how the English Trade in Turkey is at this present; also, in the East Country, and at Hamburgh, to serve all Germany, and in all the straits over, where the not only under-sell us in their own, but in our Native Commodities, as Cloth, Tyn, Led, etc. they buying these Commodities of the English at the best hand, and cheapest season of the year; as, Cloth carried over to them rough and white, they die and dress, and sell it before we can ours dressed and shipped from hence; besides that, they sell made in Suffolk, and of their own making of English and Spanish Wool mixed together; also, they may buy our Lead here, when the English Merchants ship out least, at that time it is cheapest, and commonly riseth at the going out of Turkey Ships, or at any Herring season, which I have often known to my cost, to rise from 11 or 12 l. per Fodder, to 14 or 15 l. per Fodder, and upwards, as at this day, which is about 20 l. per cent. difference; which with the cheapness of Freight in their own ships, to what is paid in English ships, and saving insurance by sending Convoys with their Fleets, enables them to undersell us abroad, and o have the preemption of Foreign Goods for Returns, and raise the price of tthem upon us, so have they advantage of us every way, to the great discouragement of the English Trade, and insensible weakening of the English power, which courses the English cannot take for want of stock, much of it lying dead, sometimes two or three years, and in danger oftentimes in a remote Country, in unsold Commodities, as at this day: And should they take up moneys at interest, to prosecute such a Trade, as the case now stands, it would suddenly and insensibly eat them out of their Estates, which oftentimes is gained with long and toilsome labour, and great hazard. On the contrary, the Dutch are herein enabled to raise good profit by the quickness of their Returns, the largeness of their Stock, which is increased by Banks, and the continuance of their Trades, from one generation to another, and partly by lowness of money at interest, which is occasioned as I shall show hereafter. The like may be said of the Trade in Russia, the East Country, and other places, where the Dutch and we have trading together, they find ways to undermine us, to our great loss and discouragement, though few old Traders consider the cause in all their lives. But I instance only in the two former Trades, because they chief give employment to our Warlike shipping Trade. Fourthly, touching the reason of the Hollanders so great thriving in Trade before us, may be these: Their Statesmen sitting at the Helm, steering the affairs of their Government, are many of them Merchants in present trade, or have been bred so in their minorities, or by travel in other countries', or well grounded experience at home, have well understood the course of Trade, whereby they are enabled the better (making the increase, Protection, and encouragement of Trade their chiefest care) to further it in their interest of State with other Nations in all Treaties, and therein make such provision for the furtherance thereof in their own behalves, as may make most for their benefit and advantage, and prejudice and inconvenience of the other State, whom they can most prevail with and overrule; so that their good management in foreseeing the benefits and inconveniences that may happen, is one main cause of their so admired flourishing condition, from so small beginnings: For who can give better advice in any Trade, than he that studies it, or is bred up in the same. They have a custom, that when any of their Tradesmen die, they divide their estates equally among their children, whereby the youngest having equal education with the eldest, is with his stock capable of driving as good a trade as the eldest; by which means, their estates in trade descend to their posterities, and also the rules, instructions, and many years' experience and observations, that gained their Parents their estates, and oftentimes the very same trades also, they having no lands to purchase, as other Nations have. But on the contrary, it is the usual custom in England, when a Tradesman dies that hath children, having raised his estate, to give mean portions to his younger sons, and make the eldest possessor of the greatest part of his estate, who addicts himself oftentimes to the pleasures of Hunting, Hawking, and such like pastimes, betaking himself wholly to a Country life, were either by increase of his charge, ill husbandry, or want of skill to manage his estate, which peradventure is thereby much impaired, therefore is usually desirous, if he have so much money left, to put his son's apprentice to learn trades to get their livelihoods: And when they are made Freemen (if they did not miscarry before) are oftentimes as far to seek for a way to get their live by, for want of stock to set up their Trades, as their Grandfather was, before he gained their father's estate. But if the Grandfather, who knew how to get that estate he left his eldest son, had also bred him up in his own trade, or in some other, he had been capable to instruct and enrich his children by it also; so as instead of weakening the estate, it would have mightily increased on him, and have augmented the stock of the Nation. Their true and faithful making their Manufactures without deceit, as Cloth, Says, Serges, Perpetuanaes', &c. and giving them their due contents, makes them the more serviceable, and their several goodness (by experience) being known abroad, causeth them to sell before those of the Manufacture of England, that are mode slight and unservicable, wanting their due contents and goodness; which is not so well looked into as aught to be, according to the good Laws provided in that behalf, which not only brings the English Commodities into disgrace at market abroad, but is a great prejudice to the Nation in general by wanting Vent for them, the makers striving daily to exceed each other in slight making, as Cloth made of flocks mingled with Wool, etc. that they may the sooner sell and afford them at the English Merchants low price, to which he is tied to buy, being guided by the Dutch man's low rate he sells of the same kind at market, contenting themselves, and thriving with the less profit by selling much greater quantities abroad of several sorts of Goods, and having quicker returns and greater Stocks than the English, and so the Dutch have the pre-eminence in the sale of their Manufactures before us, by their true making to their very files and needles. Their care and vigilancy over their traffic in taking off and laying on Impositions on sundry Commodities to quicken or dull them in their sale and price, as they see occasion to encourage their own Manufactures, or hinder those of a foreign Nation, for the better employment of their shipping and people, besides each Merchant's particular correspondence with their respective Factors or Servants in the Countries where they Trade, in which they are also very dextrous in communicating certain and early advice, as well of the public, as of their own private occurrences. Their giving countenance and encouragement to new desighes propounded to them for public good, which whets the invention, and ocasions new discoveries, and the bringing in of many profitable and delightful Arts and Mysteries among them, the Author never wanting his due reward, which is made good to him out of the Public Stock, none feeling the charge thereof, & is also preferred to such employment as his genius and capacity leads him unto, wherein he may be more profitable to himself and them, preferring such for their merit and encouragement, rather than others less deserving, for favour or sinister ends. But their chief and most considerable way, by which they have brought themselves, to what they are, is their profitable use of Banks. Fifthly, the benefit they have received by Banks, are these: By the help thereof they have raised themselves from Poor, Distressed, to High and mighty States. They have increased the General Stock of their Country so much, that they can, when they please, engross the particular Commodity of one Country, and sell it again at their own price, in the same, or another that wants it. They maintained Wars many years with the King of Spain, and hired foreign Soldiers, to save their own people in that War, and received in ready money (with which they paid their Armies) the proceed of their Utens●is of War, and other Commodities they fold their Enemies, which they bought with imaginary money in Banks, and so furnished the Spaniard with those things he wanted, for their own profit, which otherwise they knew another Nation would else have done. They have increased their Trade, and thereby grown so rich and strong in Shipping and Mariners, that they forced the King of Spain to a Peace with them. To make their own terms with the King of Denmark. To hold the King of France to such conditions as have not always pleased him. To make War with the English at Sea. to whom they there always yielded & acknowledged obedience and submission. To rule over many petty Kings and Principalities in the East Indies, and other places, where they have power to overcome them. These are some of the benefits the Hollanders have received by increase of Trade; occasioned by Banks. Sixthly, the prejudice we receive by their Banks are these: It brings down their Interest of money to 3 or 4 l. per cent. (at which rate. I know at present many thousand pounds there let out, in a parcel, in ready money, which the Dutch do often deliver by Exchange for London, and there the same Takers at Interest out of the Banks, may let it out again in England at 6 per cent. formerly at 8 l. per cent. and when the money is come into them again, it may be more than suspected, that it is privately sent into Holland, both in Silver and Gold, some profit arising thereby, the latter being grown so dear, and both far more scarce in England than formerly (little being of late imported to Coin, for sundry reasons, and so plentiful in Holland, that great payments have been made there in Sterling money only, besides that concealed in their Bank, which is a great hindrance to Trade in England, by wanting so much stock as is so transported, and doth also impoverish this Land. Also, by their Banks, they may be furnished in England by Exchange, with ready money to buy the Native Commodities of the Maker, at the first hand, and at the cheapest seasons of the year, as Led, Tyn, Cloth, Bays, Says, Serges, Perpetuanaes', Stockings, etc. having, as is suspected, their English Packers at London, to buy such Goods there for their Accounts, and their Agents residing in the countries' and Towns in England, where such Manufactures are made, and there buy them cheaper of the Maker himself for ready money, by about 10 per cent. than the English Merchants can do at London, of such Maker's Factors to whom else he sends them, to sell for his Account, the Maker thereby saving Factorage, and other charges and Adventures, and making bad debts in sending such Goods to sell at London, besides uncertainty in selling them for time, or ready money, and other troubles and casualties in returning the money into the Country; for which reasons, the Maker had rather sell a better bargain by himself at home, receiving his ready money there, to serve his occasions, than run the former uncertainties, by which help of Banks, having money there at a low rate, the Dutch are enabled, and do undersell the English Merchants at Market in their own Native Commodities, to their great loss and discredit; and it is doubted, that many English Merchants also do colour such Goods for them at the Custom House, having also, understood that at this time English Wool and Fuller's Earth, is too often carried from hence into Holland, in the English Men of War, such ships being never visited by the Officers of the Custom house, which ought suddenly to be prevented, the Dutch being too well stored with those Commodities, most of the Wool of this years growth in Kent, being doubted already to be transported from, or near Dover, Rochester, etc. which are the back doors out of which such Commodities are suspected to be too often conveyed, through connivance. But if it be objected, That the English may also buy of the Maker on the same terms: It may be answered, They want stock, through deadness and decay of Trade. But if it be replied, That they may then take up money at Interest to do it: To which is answered, That if they have so much credit to do so, they must then give 6 l. per cent. for it, besides procuring and continuance, and the Dutch hath it for about 3 l. per cent. or under, which with the cheapness of freight in their own ships, etc. doth enable them notwithstanding, to sell our Native Comedies for us abroad, cheaper than we can afford to sell them ourselves, and so secretly eat the bread out of our own mouths, and undermine, and work us out of Trade, and employment of our own ships all the world over, being in the East Indies accounted much inferior to them. By the help of Banks, they so much augment their Stocks, that they set out so many hundred of Busses, and other Fisher boats yearly, to catch Herring and Cod fish in our Seas, with which they serve all Christendom, to their incredible gains, and formerly our own Nation, to our great loss, decay of our Fishery, and many Fishing Towns on the Sea Coast. These inconveniences we receive by their Banks, and many other, there being none in England to countermine them, by which it may appear, it is not altogether the raising of Excise, or laying on Impositions upon the Commodities retailed and spent within ourselves, as is often suggested to be the cause of the present deadness of Trade, but the mere advantage and undermining of the Dutch, with their great Stocks, who always have also had a great Excise charged upon the most part of the Commodities spent within themselves, which causeth the spender of such Goods to pay dearer for them, they being enabled so to do, by cherishing their Foreign Trade for the general Good, in laying on small duties on the commodities transported, with other privileges and good orders to punish misdemeanours in Trade, wherein they are as unmercifully just, in the executing them without respect of persons, for the Public good, as the English are too often unjustly merciful, in sparing each other for private ends, to the general hurt. Seventhly, the good we may do ourselves by Banks, if settled in England, are many; for no Nation yet ever made use of them, but they flourished and thrived enceedingly. First, they will by well ordering them, bring back the Gold and Silver, which hath been drained out of this Land by the Hollanders Banks, and by other Princes raising the value thereof in their Dominions. They will much increase the Stock of this Land, which will wonderfully increase all manner of Trade, and will bring in that excellent transporting Trade, and make England the Staple of all Foreign Commodities, as Holland is at this time, and hath been since they had the use of Banks, who have nothing considerable of their own growth and Manufactures, yet have the Staple of all Commerce as a rich Treasure, in Money and Jewels, all Materials for Shipping and War, all manner of Clothing, and the Granary and Vineyard of Europe, with which Commodities they furnish most Countries, which England may also do, with much ease and profit, and make this Land the Staple for Trade, for by experience our people are known to be as tractable in Trade as any other Nation, had they but Stock, which is thought to be the only thing wanting, besides a few privileges in Ports, to carry on that so much desired and profitable Trade, and our Land lies more convenient for it than any other, having the Sea open on every side, and so many safe Harbours to shelter Shipping in foul weather, and so many convenient Ports for landing of Goods, from whence they may be transported with all winds, at all seasons of the year, and the English Mariners are as good as any be in the known world, and may have as good shipping to carry goods for as little freight, and may victual them as cheap as any other Nation. They will increase, and much encourage the Fishery of this Nation, and breed up in that employment many thousand of Seamen, which will find employment in the East-Indies, Streights, and other Voyages into other parts of the world, and will also increase and strengthen the decayed Fisher Towns, and all other Ports and Havens along the Sea Coast. They will increase the Warlike Trading Shipping, and Mariners of this Nation, which will much strengthen us against all our Enemies. They will also increase the Revenues and Customs of this Land by increase of Trade. They will wonderfully employ the poor of this Land, and increase the natural Mannfactures thereof, and make us capable to buy or sell at home or abroad, with as much advantage as any other Nation; whereas now, if any English Merchant buy any Foreigh Goods abroad, with the proceed of English goods there, and transport them for any place but England, he is in danger to lose by the Voyage. They will make the English capable to engross the Commodity of any Country, and withhold it from another that may be at enmity with us, to whom the said Commodity may be useful to our prejudice, and also make our own price of it. They will increase Trade in our Plantations; and cause ships to be built in New England, as good, or better than any be built in Holland, to carry goods for as little freight, and will also encourage the m●king materials for shipping there, and will save our own timber here until a time of need, which should be preserved and increased as much as could be, having of late been much decayed and sold into Holland, as is much suspected. They will furnish Factors in England with credit to pay Custom, and charges of a great Cargo of goods, which may on a sudden be consigned to them: for many times such English Factors may be of a good estate and credit, yet have not always a great Cash lying by them for such uses (though the Dutch are seldom without it) therefore may oftentimes be forced to strain their credit, to take up money at interest, or fell all, or part of such goods at under rate for want thereof, which may be a great prejudice to themselves, and loss to their principles; and is believed, causeth many such great Commissions to be carried from the English, and Consigners to the Dutch residing in England, to their great benefit and advantage, and loss and prejudice of the English Nation. They will increase trade in Ireland, which will people that Island, and increase the revenues thereof. They will furnish many young men with Stock, that have by their industry and well spent time and travels in their Apprenticeships, gained good experience in Foreign Traffic, but when they are come to be for themselves, wanting stock, friends, or credit to begin to trade with (being commonly younger brothers) are thereby much discouraged, and thinking to drive away such discontent, do oftentimes fall into bad Company, and take ill courses, to the utter ruin of their hopes and fortunes, which otherwise might have made good Commonwealths men, which is the greatest reason, why so few young men, among so many entertained, do come to good. They will preserve many good men from failing and losing their credit; for instead of losing by trade, they will by the well regulating of it, be more certain of profit, and the quick and sure satisfaction of a debt by Assignment in Bank, will preserve many a good man's credit, which many times is impaired, though he may have a good estate out in Trade beyond the Seas, and cannot command it, meant where it is due. It being seldom seen, that any of the Dutch Nation fail, and if any of them by losses do miscarry, being known to be industrious, are soon credited again with stock out of Bank, or otherwise to recover themselves again by trade. And many others, which trial and experience will daily discover, as quick and easy, paying Bills of Exchange, Foreign or Domestic, and all other payments, preventing fraudulent payments in counterfeit and clipped Coin, or mil-telling money, rectifying errors in Accounts, which occasion Lawsuits, preventing theft, and breaking open houses, where money is suspected to lie, and robbing on the highways Graziers, Carriers, or others that use to carry money from Fairs, or other places, which may be returned by Assignment in Bank, whereas now the several Hundreds in many places are forced to guard such as carry money, for fear of their being robbed, and such Hundred paying them the money the lost, as it hath often fallen out of late times, etc. Eighthly, a Bank is a certain number of sufficient men of estates and credit joined together in a joint stock, being, as it were, the general Cash-keepers or Treasurers of that place where they are settled, letting out imaginary money at Interest at 2 and ½ or 3 l. per cent. to Tradesmen, or others, that agree with them for the same, and making payment thereof by Assignation, and passing each man's Account from one to another, with much facility and ease, and saving much trouble in receiving and paying of money, besides many suits in Law, and other losses and inconveniences, which do much hinder trade; for oftentimes a Merchant hath goods come from some place beyond the Sea, which he is not willing to sell at the price currant, knowing either that he shall lose by them, or that he hopes they will yield more in England, or some other Country, when there will be more need of them, therefore is desirous to keep them, and yet drive on his trade, which peradventure he cannot well do, wanting stock, so much of it lying dead in the said Commodity, therefore procures credit in the Bank for so much as he shall have occasion for, at the rates aforesaid, and receives and makes payment thereof where he hath occasion for it, by Assignment in Bank; as for example, the said Merchant buys Cloth of a Cloathier, for 100 l. value more or less, and goes with him to the Bank, where he is Debtor so much money as he takes up, and the Clothier is made Creditor in Account for so much as he sold for to the said Merchant, than such Cloathier having occasion to pay money to a Stapler or Woolmonger for Wool, he doth buy of him, so the said Clothier is made Debtor, and the Woolmonger Creditor in Account: the said Woolmonger hath bought his Wool of a Country Farmer, and must pay him for it, so the Woolmonger is made Debtor, and the Farmer Creditor: the Farmer must pay his Rent to his Landlord, with the proceed of the said Wool; so the Farmer is made Debtor, and such Landlord Creditor: the Landlord for his occasion, buys goods of a Mercer, Grocer, Vintner, or the like, than he is made Debtor, and such Mercer, or other Tradesman Creditor: then peradventure such Mercer, or other Tradesman, buys goods of the same Merchant that took up the first credit in Bank, and stands yet Debtor there, but upon sale of goods to the Mercer, or other Tradesman, both clear their Account in Bank, and such Mercer, or other Tradesman is made Debtor, and the said Merchant Creditor: thus every man's Account is cleared, and so in all trades, as occasion presents, which way, if it be thought fit to be settled for a trial at London, I verily believe will be found so convenient, and such an encouragement to Trade by increase of the Stock of the Land, and be such an ease to the people, that it will be soon desired that others might be also settled at Edinburgh for Scotland, at Dublin for Ireland, and in some other chief Cities and Shire Towns in England, as York, Bristol, and Exeter, etc. for the furtherance of Trade, by holding correspondence with each other, than which I do not apprehend or know any way better to equal the Dutch in Trade both at home and abroad in buying and selling all sorts of Commodities, and making quick returns, and also so much exceed them, as by far this Land lies more convenient for Trade than theirs doth, and will also suddenly enrich the people, and increase and maintain the maritime power and strength thereof. Lastly, To which may be added a Court of Merchants to be chosen every year, to end and determine all controversies arising from one Merchant to another; for although such Suits may be determined in the respective Courts already established in England, yet the guilty Adversary takes such advantage by appeals from one Court to another, having oftentimes a considerable Estate in his hand, the profit whereof in Trade making him unwilling to part with it, therefore with the Interest of it wageth Law with the parties to whom it is truly due to his great charge, wrong and prejudice, if not utter undoing, and then at last it is oftentimes referred to good men that are Merchants and understand such matters and Accounts better than many worthy Lawyers do; but in case such a Court be not approved to be settled, than the Court of Insurance sitting in the Insurance Office, who are yearly chosen, may have power to determine all such matters as they do causes of Insurance, which will much quicken and encourage Trade to the enriching and strengthening the English Nation. And seeing a Court of Merchants is so necessary, what a glorious and honourable profession would it be, if your Highness' Court were all Merchants, and also your domestic Servants every one adventuring so much Stock as he could spare into other parts of the World, as well as to the East-Indies (your Highness having been pleased lately to give so great countenance and encouragement to that Company) which may be easily effected: for those that know not the way of Trade may join in a Stock, or come in a share with the experienced until the ingenuous have learned it themselves, for it is presumed there is but few but may spare something to venture, which may be a means to enrich themselves and their Posterity; for it is well known that many Servants of both Sexes to private men in Holland do improve their Estates by having Adventures in Trade, which all your Highness' Court would be soon in invited unto by the profits they know any one hath received by first adventuring, which will also cause these benefits to ensue. It will be an high example to the Gentry of the Land aswell the Elder as the younger Brothers, and their domestics to do the same, therein employing their minds, which oftentimes are busied in contentious Suits in Law, or unnatural contriving how to overreach and deceive one another. It may make your Highness' Court and domestics the most rich and flourishing of any Potentates in the World, and loath and hate unhandsome and dishonourable ways, to maintain and enrich themselves, whereas in other Prince's Courts their necessities and covetousness doth enforce and induce them to buy and sell Offices and Places of trust, and making use of the time present (doubting their continuance, length of life, or change of affairs) to raise and enrich themselves by bribes, to beg or obtain Suits of their Prince, which may be to the general hurt, dishonourable for him to grant, or loss of the affections or good opinions of his people. It will add to the reputation of the English, and cause them to be better esteemed and respected of the Princes and Subjects in the foreign Countries where they reside and Trade, and will increase the maritime power and strength of this Nation by so much shipping as they will employ. It may cause Grievances in Trade to be sooner heard, and redressed which is oftentimes hindered by a particular person to the general hurt, when the Courtier as well as the private Tradesman feels the evil thereof, which oftentimes for want of being heard in due time may continue unremedied or deferred till it be too late. And divers other tending much to the tranquillity of your Highness' and the welfare of the English Nation, which with your Highness favourable encouragement I sh●alin all humility be ready to make known unto you, and remove any objections as can be alleged in the premises, and propound a way, how it may be effected, and the evils remedied and prevented, being unwilling to bury the Talon in a Napkin which it hath pleased the giver of all Blessings in his great goodness and mercy, to bestow upon me, hoping I shall not offend in tendering this with my best services to your Highness. Certain proposals for establishing a Bank at London, humbly offered (by Samuel Lamb of London Merchant.) THat the Society of good men or Governors that shall manage the Bank, be chosen by the several Companies of Merchants of London (viz.) East India Turkey, Merchant Adventurers, East Country, Muscovia, Greenland & Guynne Companies, each Company choosing out of themselves two or more of the most understanding and ablest members of each respective Company, and when any of the said members, so chosen, do happen to die, than the said Company of which he was that died to choose another in the room and stead of the deceased from time to time, and when such members are chosen and met together, than they to choose to themselves two or more of the ablest Merchants that Trade chief or altogether for Spain, and the like who Trade for France, Italy, and the West Indies, for each place two or more, as shall be thought fitting; and when any of them chosen that Trade for the countries' last named do die then the major part of all the members together, chosen as before prescribed, may choose others from time to time trading to the said Countries which he did that died, and when all these so chosen meet together, they may have power to make orders of their own approving or contriving for the carrying on and managing of the Work, and such a Society, so dealing into all parts of the World, will well know most English Merchants that Trade into any part thereof, and thereby know whom to credit that have occasion, and by their knowledge will well understand how to govern the Bank, and by the help thereof countermine the Dutch in their designs in any port of the World, where they prejudice the English by their Banks; for in any place where there is Exchanges or Trade, they may lay a great stock to furnish the English with credit and ability to carry on their laborious and honest designs, and by this means may be carried on any great and notable Enterprise, for which purpose, and that they may perform with every person that hath money in Bank and preserve the credit thereof inviolable, and without the least blemish, they must keep their Cash in a safe place from the danger of fire, and other accidents, as the Army Treasure is in Guild-Hall, and so are the general Treasurers and Cash keepers of most of the spare money of the place, where they are settled, and most men will desire to have money there that they may have credit in Bank two or three times the value thereof, for he will not be to be of any Estate or worth that hath not some money in Bank to procure credit there without trouble against he have occasion for it. That all be at Liberty to bring in any money into Bank or not, and if any, that have money there, desire to have it again in kind should have it at demand, the Dutch had rather have their money in Bank than in their own keeping, accounting payment in Bank better than any other by ½ per Cent by their good and punctual payment. That they allow such Interest to the Aged and Widows that desire to have their money in Bank, as shall be agreed unto for and towards their maintenance. That they let out Imaginary money or credit upon Ticket at 2. ½ and 3. l. per cent. at the most. That all Bills of Exchange be received and paid in Bank. That the said chosen men do take a house near the Exchange for convenience of Merchants resorting thither, and sit there such certain hours of the day to be appointed. That the good men, who manage the Bank, do make up their Accounts at least once in every year. That the profits of the Bank go to the good men that manage the same, in lieu of their great care and pains, and defraying Bank charges, and Officers Salaries, or so much as shall be thought fitting to be reserved toward the increase of the Stock, and as the Bank increaseth in credit, so the reservation to increase to augment the Stock, but the Stock always to remain whole and entire. Or any other, or so many more that shall be thought fitting to be settled by Act of Parliament, therein declaring in what manner, and by whom the same shall be managed and governed, granting power to such Governors to choose Officers, and make Orders to carry on the Work, and thereby also to be enacted that none seize, molest, or disturb the Bank, or violate the credit thereof upon such great penalties as shall be thought fitting. That the same Bank may also furnish another Bank with a competent Stock, to let out any sum of money under five or ten l. at reasonable rates upon pawns or other Security; whereas now many poor people, to raise a small Stock to get a living by, are forced to give intolerable rates, as about 6 d. per Week for the use of 20 s. And convenient Orders would soon be contrived to carry on such a charitable work, if it be approved after trial made of the former Bank described. And such a Society to be chosen every year, as is before proposed, with an able Civilian joined with them, would be an excellent knowing Committee, or Court of Merchants to regulate and advance Trade, and determine Controversies therein arising, having incomparable correspondence together with all the World, by communicating every one's advice, knowledge and experience to each other, having thereby knowledge of the transactions and occurrences of every Country, and so knowing most men's deal, and the Accounts and Trade of all places, and so the better enabled to judge of any matter coming before them, and contrive Remedies for all grievances in Trade for the advantage of the English Nation. Here follow the Remedies against the evils observed in the Book. A Bank will hinder importing of goods in Strangers Ships contrary to the Act for increase of Navigation, and daily entering such Ships in English men's names. A Bank will increase the general Stock and trade, which will cause Ships to be built for the English as cheap as any other Nation can build any, to carry goods for as little freight into any Country, which will cause them to be employed as soon or before any Strangers Ships by all Nations that have occasion, and then we need not fear entering their Ships in English men's names, so few in likelihood to come then for England. A Bank will prevent Packers, or others that buy Goods in England for Dutchman's Accounts, and colouring them under English men's names at the Customhouse, by cunning and fraudulent pretences, suspected to be now practised, notwithstanding the Laws and penalties in force, and lately revived against such evils. A Bank will increase the general stock so much, that it will enable the English to buy for ready money, as good cheap of the maker or otherwise, as any agents for any Strangers can do, by which means the English will be enabled to sell abroad for as much profit, and at as low a price as any other Nation can of the like sort of goods, and Cheaper, by saving Strangers Custom outwards, if such goods be fairly entered, and when they know the English have found the way to undersell them, and gain bt it too, they will have but small encouragement to contrive ways to employ Agents oy buy any English goods in England, and Ship them out for them: and when the ma●ers of English manufactures find such quick vent for them, they will then strive ma much to excel each other in true making, as now in 'Slight making, this will bring English Manufactures in good request again at market, and will cause the English to have the same advantage of the Dutch, as the Dutch now have of them in buying foreign Commodities, as in selling our own abroad, they growing so populous, their Shipping so numerous, their Stock and credit of their Bank so great. A Bank in England will hinder transporting of English Wool, and Fuller's earth out of England. A Bank will increase the general Stock and Trade so much, that it will encourage and increase making the woollen Manufactures in England, and employ not only the makers thereof now here, but invite those out of Holland that are gone thither already; for the great quantities that will be made at home, and afforded at easier rates than the Dutch can theirs of the same goodnese, which will discourage the making any in Holland, so they will have no occasion for our Wool and Fuller's earth, which is chargeable for them to obtain against a strict Law, and the greater use there is of Wool in England, will cause it to be dearer, so as it will be impossible for the Dutch then to make any woollen Manufactures, without great probability to lose by them; the English being so enabled to make Cheaper of equal goodness, so if they have no use for wool, they will need but little Fuller's earth. By which it may be plainly discerned that the mere advantage the Dutch have of a Bank, is the cause of the aforesaid and other evils, and of their gaining so much by our Loss, and of all other Nations that have not a Bank; which I believe caused the King of France to raise the value of his Coins, to hinder them carrying it out of his Dominions: For in any place that hath no Bank where they carry any Commodities and sell them for ready money, how easily may they carry back the same money for a return, and put it into their own Bank, and with a Ticket of credit there buy other Goods at home or abroad by exchange, and still make returns in money, or prohibited Goods, and so secretly beggar or impoverish any Nation they so deal withal. and so by exchange they may charge vast sums in any Country by credit in Bank, and on a sudden, or by degrees, insensibly sweep away all the Treasure out of any Country and then may easily overcome them, wanting stock to carry on such a War, and to buy such materials for War as may be wanted within themselves, which must be had from another Country; But in a Country where a Bank is settled, and transportation of Money forbidden, a Law may be made to prevent this dangerous evil; For by so much as their general stock and shipping is greater than any other Nation, so much more advantage have they of any such Nation as have not a Bank; to ruin them with greater expedition, and may secretly lay a Plot to do it at pleasure; And may it not be so with England, when her Mariners and Shipping are decayed, by permitting Goods to be imported daily in strangers Ships as now are, contrary to the Act for increase of Navigation. It may be objected that rich men will not bring their Money into Bank for these two Reasons, First, because they will not discover their estate so much, which will cause great Taxes to be laid on them. Secondly, that in a Monarchical Government, the Supreme Governor may seize or borrow the money in Bank, to carry on that public Design, so the money may not be returned again into the Bank, which will ruin the credit thereof, and undo such as have estates therein. To the first, it is answered that if rich men will not bring in their money into Bank, than those that desire to be rich will for their conveniency and ease to attain riches. Also those that would be thought to be rich, will for the same reasons, and both to gain, support and increase their credit. To the second it is hoped that his Highness the Lord Protector (to further so good a Work) will be pleased to consent to a Law to be made as aforesaid, that no supreme Governor may seize, molest or disturb the Bank upon any occasion whatsoever under a great penalty. That till a Bank be settled and take such effect as is hoped it may, to remedy the evils before mentioned, that a capable honest person be appointed by his Highness the Lord Protector to reside at London, to take Account of the entryes of all Ships there, and also to take care that no strangers Ships be entered (as now daily are) contrary to the Act for increase of Navigation; and that the said Officer do oversee and keep account of all the entryes of all ships in all other Ports throughout England, And also prevent as much as may be transporting English wool, and Fuller's earth, and entering Stranger's Goods in English men's names, which is a great prejudice to the English Nation, and the said Officer to have such fitting Salary allowed him by the Commissioners of the Custom house as shall be appointed, or such other allowance to be paid by the Master of each Ship (as formerly they did, and do now desire to do without charge to the State) according to a Table of Fees as was usually paid by them before Colonel Harvy was a Commissioner. A POSTSCRIPT. IT is objected that the East-India Company trading into the East-Indies is unprofitable to the English Nation, because they send out of England so much money thither to drive that trade, that it hath wasted the English coins, and impoverished the Land. It is answered, that if the Dutch do not disturb the English in that trade, it is probable they may be furnished from their Factory at Cormanteen on the gold coast in Guienne, and from China with gold enough, also from Japan with silver to carry on that trade, as the Dutch themselves do, and then there will be no occasion to send any out of England to the prejudice thereof. But admit the said Company should have occasion yearly to transport foreign coins thither out of England, they should but imitate the painful husbandman, who sows his seed in the ground, that he may reap it again with advantage in the harvest, when the earth liberally returns her grateful crop; For admit they send out of England into East-India to the value of 1000 l. in silver, gold, or both, which there they invest into the Commodities of that Country, as Indicoe, Spice, Calicoes, Saltpetre, Drugs, etc. And when the said Commodities do arrive in England, which cost the Company the said 1000 l. in probability they may yield here about 2000 l. clear of all charges, which the said Company or other Merchants that buy that Commodity of them do send into Spain (in time of Peace,) Italy or other Countries, (for England cannot spend all that they bring in,) and when the said Commodities are there sold; peradventure the said 2000 l. worth may yield about 3000 l. ready money, which from thence hath been usually brought into England for returns in specie, so that instead of the 1000 l. transported about 3000 l. is imported, and so proportionably for a greater or lesser sum, to the great profit and advantage of England, besides the employment of so much warlike shipping as they send thither, maintaining many trades belonging thereunto, the increase of so many Mariners as they breed up and employ in that shipping, and the vending English Manufactures and return of others employing many trades here, and increase of the revenues and customs. For, It is presumed that that Nation which hath most warlike shipping and Mariners, will command in chief at Sea, and he that commands the Sea, may command trade, and he that hath the greatest trade will have the most money, which is of such value, that it doth command all worldly things, both in War and Peace. In the former, besides the procuring all necessaries thereunto, how many Garrisons hath it opened and relieved? how many battles hath it helped to win? and what secrets hath it not discovered out of the inwardest counsels of great Princes. In the latter, as it doth maintain Commerce, so the want of it doth decay it, as sad experience doth manifest in England since there hath been so little left, and so much transported, as may appear by the great payments in Holland in half crowns, and there, and in France in 20. and 22 s. pieces, that now at London 20 s. in gold will cost 22 s. in silver, and that little silver that is remaining and passing in the countries' so clipped and filled, that most of it wants near a fift penny in weight. And as money is the sinew of War, so doth it appear to be the life of trade, all Commodities being valued by it, and in both as useful in the body Politic as blood in the veins of the body natural, dispersing itself and giving life and motion to every part thereof, so that the preservation and increase thereof doth speedily deserve the serious and grave consideration of the highest Authority in England; for as the case now stands, who will import any bullion into England to coin, when they may have a better price for it in another Country? and if any be imported, who will sell it to the Mint while it is lawful for the Goldsmiths, or any other to give a better price for it than the Mint can, and when the Goldsmiths have bought it, do they not sell it again to Transporters, or others to work into Manufactures, as gold and silver spangles, wire, etc. which is no small consumption yearly in such trades, so that little is Minted to increase the coins, but on the contrary it is suspected to be dimininished by culling out the heaviest money to work into plate and the like Manufactures above mentioned. By which it may appear that the East-India Company have not wasted, but rather increased the English coins, for they use none of it to transport in any Manufactures, and if they had sent any so far off, it would not have been had again so plentifully in the same kind in our Neighbour Countries, as now it is. But it may be suspected that the common Transporters of Bullion out of England, do raise this report to keep themselves from suspicion while they secretly make it their trade to send it away, till it be so near consumed through want of a fitting course to cause the bringing of it in, and good Laws to prevent carrying it out, and care in executing them; for how easily may the intent of many of our Laws of light penalty be abused by any that is resolved to break them, without they were made more severe, especially in matters of so great concernment; It being accounted a great scandal to any of credit to inform against any that breaketh them, though it be never so much to the prejudice of the whole Nation, and if a needy person do it, a small bribe in hand, with a few fair promises of friendship will easily take him off the troublesome and chargeable prosecuting for his proportion due to him by the Law so broken. And to avoid this charge and danger, how many do purposely employ their confidents, (who may peradventure be concerned in the same breach) to make or enter an Information of the matter only, and there cease, resolving not to prosecute any further, lest he endanger his own or his friend's safety, and this may be done before hand only to prevent any that shall really attempt to inform of it afterwards: Besides the practice suspected to be now used to employ Dutch shipping, as much as ever to bring home Spanish goods, by colourably making bills of sale of them in trust to the Freighters, to secure them against the Act for increase of Navigation. But in a good government of trade these inconveniences may be prevented according as occasion requireth, and restrain that too much freedom in trade by some desired, which is the way to destroy all trade, and bring in confusion. For, As Discipline in Arms, so Government in Trade preserves good Orders, and prevents confusion, for which purpose Armies are divided into Regiments, Troops and Companies, Squadrons and Divisions, and to keep them in better order, they have By-laws distinct and apart from the standing Laws of the Country, for which they serve; So in Trade, the Merchants of London trading in several parts of the World, are divided into several Companies, who respectively have By-laws and Orders among themselves for their better Government, in which capacity they are best able to understand what quantities of Commodities are sent to the place where they trade, and knowing how much will vent, may accordingly supply the market at reasonable rates, and modest profit, with so much as is necessary, That neither by sending too little of English Manufactures, as by their scarcity to advance the price at too dear a rate, thereby causing the buyers to learn and endeavour to make themselves of the same kind at a lower price, or have them from another Country, which may in the end hinder making them in England, if not totally ruin the trade to that place, Nor by sending more than can be uttered to clog the market, as in former ages, till prevented, and so disparage and undervalue the English Manufactures to the Merchant's loss by dishonourably offering them to sale in shops at an under rate, as hath lately happened in Holland, with other inconveniences, since some have taken too much liberty to interlope in the trade of the Merchant Adventurers Company, And as their ancient continuance in a thriving condition commends their good Orders and Government; so the ratifications and confirmations of their privileges by several Princes and Authorities since their first institution, (not without much opposition) declares the necessity of their incorporation for their better Government and venting English Draperies. But as for foreign Commodities transported, or such native Commodities as are not where else to be had of the same kind but from England; the more is gained by them, the more the Merchants are enriched in recompense of their painful labours, and dangerous adventures, and consequently the whole Nation, for besides the danger of the Seas, they many ways run great adventures by bad debts, imbargoes, etc. giving more credit generally in goods to other Nations than they do to us. In this the Dutch are a good example to us, who have served almost all Europe with East-India Commodities to their great profit and advantage, having much of them chiefly in their own hands, as Nuts, Cloves, Mace and Cinnamon, bringing such quantities home, as by their experience they guess will yearly serve this Quarter of the World, and feed the Market therewith as their ruling price: And by their late practice at Bantam, in seizing three English Ships there, with their loading, peaceably trading thither: It may be suspected they intent to get all the Pepper also into their own hands, if not the whole East-India Trade, and then we may be weakened by so many Ships and Mariners as may be employed thither, they well knowing how advantageous that trade may be to us, being so prudently managed as now it is, that thereby we may be able, not only to serve ourselves with those Commodities, but other Nations also, on as good terms as themselves. Moreover the orderly management of Trade by Companies, will make an easier discovery yearly, which exceeds the Import or Export; which in a confused trade, nor incorporated, is not so soon discerned; as in the Trade with Spain at this time, by importing such great quantities of Fruits and Wines at a dear rate, to the enriching of our Enemies, and exporting so few English Manufactures (and those sold at a low rate, and which the Spaniards have prohibited since the Wars) that instead of bringing Bullion thence for returns from Cales and St. Lucar, it is carried thither, as is suspected, into his Dominions, to pay for part of those Commodities at Malaga, etc. to the impoverishment of ourselves. For where the foreign goods imported exceed the native expotted, the balance must be made up with money transported, or by exchange, which is a loss to the Nation, not only by the money so transported, but by the want of vent of so much native Comoditieses, as should be exported to answer the value of those imported, which may be compared to a man having an Estate of 1000 l. per annum, and spends yearly above it. As the affairs of Princes do alter and change according to time and advantage, so doth the course of trade, and the better to inspect the course of trade; some Princes in tender care thereof have an Officer residing in their Courts to give an account yearly thereof, as hath been done formerly in England, or so often as called thereunto, and as occasion requireth, and also to hear complaints, and move for redress in the Merchant's just grievances, making it his business to intercede for them at convenient opportunities, without making way by a favourite with a chargeable reward, for where many men are interessed in one matter, it is often times known to miscarry through neglect, which makes good the saying, that every man's business, is no man's business. Besides which, if it be thought fitting that such a Council for trade of Merchants exercised therein with some Statesmen or civilians conjoined, as in my foregoing proposals is described, they may with God's blessing on their endeavours regulate and restore trade by preparing and settling (if impowered thereunto) such fitting remedies for all grievances therein, as may exceedingly enrich and advantage the whole Nation. By settling and managing a Bank, not only for the usefulness, but rather necessity thereof, as is before related, and also to countermine the Dutch in their governing the price of Exchanges by the power of their Banks, to the great prejudice of the English, who with a Bank may rule it as well as they. To hear and have power to determine controversies arising among Merchants in matters of trade. To report their opinions whether it be needful to raise the value of the English coins, equal or above the rate of what they are in our Neighbour Countries, or contrive other ways to encourage the bringing of them in again, and set the Mint to work. To consult about strengthening the Laws against transporting Bullion, English wool, and Fuller's earth, the Law for increase of Navigation, and all other Laws concerning trade, and put them in effectual execution. To strengthen the privileges of the respective Companies of Merchants already established, and if it be thought fit, to incorporate the Merchants trading respectively into several Countries not yet incorporated. To find out a way for better vent of raw silk and other Commodities imported, which much employs many people besides Silk-weavers, whose Families are much impoverished for want of employment by the importation of much riboning out of France since the Peace. And many other for encouragement of Trade, besides what is before mentioned, which they may discover to be advantageous to the whole Nation, and do deserve to be enlarged by a more skilful hand. Printed at the Author's charge, for the use and benefit of the English Nation, and to be considered of, and put in execution, as the High Court of Parliament, in their great wisdoms, shall think meet. January 27. 1657, ERRATA. PAge, ●. l. 6. r. that, p. 3. l. 14. r. it, p. 7. l. 45. r. in trade, p. 10. l. 46, r. unmercifully, p. 12. l. 1, r. consigned, p. 13. l. 21. r. caused, l. 45. r. a public.