IT hath been often asserted, that if all people under one Government did seek the generall good, every single person would then receive a particular benefit thereby.

And it is observed in Societies, tha are in a joynt 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 practise 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 Common-Wealth, where part of the people, by unlawfull and destructive waies, seek their sinister ends, to the generall hurt and prejudice of the well govern'd people therein.

To avoid which evills in all good Governments, necessary and wholsom 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 Countrey 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 generall good observed these two chief waies that make a Nation rich and flourishing (viz.)

By Armes and Conquest.

By Forreign Traffick and Merchandize.

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 [Page 2]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 shew'd our aptitude therein, though then much hindred, & discouraged from our growing greatness, by the avarice of some, who minded their particular profits before the generall good; which hath caused the strength of our Warlike Shipping in Trade, to be much impaired and diminished, though small notice is publickly taken of it, which hath put me upon the Considerations following.

• 1. The Usefullness 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 shewed their use of Bankes.
• 5. The benefit they have received by Bankes.
• 6. The prejudice and hinderance we receive by their Banks.
• 7. The good we may do our selves by the use of Bankes in England.
• 8. The manner of a Banke described.
• 9. Lastly the usefullness of a Court of Merchants.

All which I shall treat of in their Order.

First, It hath alwaies been the generall received opinion (grounded up­on uncontradicted reason) that the people of England need not fear any Forreign Invasion, so long as they do maintain and encrease the Walls of their Land (Viz.) their Shipping and Marriners; which is the chiefest Power and Strength of the Nation against a Forreign Enemy; whose in­crease will not onely much strengthen and inrich the Maritime and Fron­tier Towns and Countreys bordering on the Sea Coast, but also the whole Nation; and will make us alwaies capable to ballance 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 cruell injuries and murthers 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 Gods blessing will be obtayned 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 soone over-ballance 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 worke 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 Marryners, and another Nation poor by decrease of Trade, and [Page 3]also weake by decay of Shipping and Marryners; how forward will they then be to prescribe Laws to such a decayed Nation: For it hath been long observed, that as the Spaniard aymes to get the universall Monarchy of Christendom, so the Hollander the universall Trade, not only of Christendom, but of all the known World, from which they have been termed the Carryers 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 untill the late incouraging 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 ensured in Lon­don; and it is the Hollanders custome 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, then 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 sayling such Shipping with less charges than the English do theirs of the same burthen; and being so weakly mann'd, if they at any time chance to meet a Turkes 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 mans Liberty, and what belongs unto them, and so arme the Turkes against all Christendom, but when they send unarm'd Fleets into any Countrey at the fit seasons of the year, when Merchandize is to be had in such Countrey, they are bound for; then if there be danger, they send a squadron of Men of War to convey them at the publick charge, and these are seldom ensured; 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 Weather, and also before the said Act, the Hollanders served us with the Commodityes 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 Marryners took employment of the Hollanders to saile 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 surprized, trading at the Barbadoes, and forfeited according to the penalty of the said Act, which shews how well they like Trading with us with forreign 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 over-powered 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 shewn hereafter; be­sides the present abuse not look't into, as ought to be, in entring Strangers Ships in English mens names in the Custome 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 bur­then, swift sayling, and of force, but also in mannaging the same as well in single fights in Trade for defence against Pyrats, and in Fleets in publick Wars with a [Page 4]forreign Enemy, to their perpetuall honour and terrour of their Adversaries: Witness the many single fights at Sea against the Turks, to whom it is beleived the Dutch lose ten Ships for our one, and the remarkable Sea-fights against the Hollanders themselves in the late Wars, wherein many Merchants Ships from about 300. Tuns, to about 500. Tuns did engage against the Enemy with the States Ships and Frigots 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 Tunnage, and yet supplyed their loss of Ships daily taken and destroyed by us, assisting their Men of War still with their Merchant Men of equall force and burthen, and some bigger, such as they usually send to the East Indies, which foregoing passages shew 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 burthen 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 freight shipps for their em­ployment, which they alwayes did, rather than build any: But now if the new esta­blished Company will freight Ships also, & not build, they will finde very few of force and burthen 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 ensured, 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 burthen each Ship and upwards; but now the English Trade will not maintain and employ Ships of such burthen and defence, which is the reason so many small ones have been taken by the Spaniards of St. Sebastians, Majorca and other places: And I have formerly known many Ships of the like burthen 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 soone eate us out of that em­ployment also, by serving them with Ships of equall burthen 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, chiefly laden with the Ma­nufactures of England, the Vent whereof gave great employment to many Trades­men, besides the poor; but this year they have sent onely one Ship from Lon­don, the last shipping, and the Goods of that Ship will not go off neither, and the Wooll that makes these Manufactures, that usually sold for about 10 d. per pound, is sold now, as I heare, for 6 d. or 7 d. which shews a great alteration and deadness of Trade, which at this time is the generall and daily compliant of all Tradesmen of what profession soever; the like might be instanced in our shipping-Trading for the East Countrey and other places, where we send one now, former­ly we sent ten at least, the continuance whereof will much decrease the strength of [Page 5]the English shipping, and is an apparent signe of the generall decay of the forreign Trade of England, which ought to be so well mannaged and incouraged without delay, as that we should equall, if not exceede 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 termes? 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 happyness in good Successes and noble. At­chievements, both at home and abroad, for what corner of the World hath not been search'd by us to find out Trade? the profit whereof, (the reward of industry,) gave first boldness to venture to pass the maine Ocean, and make new discoveryes in forreign parts round about the World, and hath inlarged our Nation with many new and large Plantations, to the inriching, 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 Shipps now, as hath been for the defence of the Seas, seeing we have so great and gallant a Fleet of men of Warre, which are more serviceable upon occasion than Merchant-men, taken into warlike employment.

It is answered, That admit a very strong Fleet of men of warre were allwayes maintayned, such a one as, in any mans judgement did equall any Fleet of men of War of any neighbour-Nations, and that we should have Warre 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 Shipps that might be so lost, or de­fective, but by Merchants Ships; As in the late Warre with Holland, it was ob­served what gallant service every Merchants ship performed, when each Captain was shifted out of his own ship into another, when at the first, every Captain continuing in his own Shipp 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 turne to the losse 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 joyn 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 proffit came by them, every one would be desirous to be interessed in them.

Moreover, if a standing Fleet of men of Warre, as aforesaid, should be main­tained, and having a Warre with another Nation, that Fleet should hold all­waies good, so as there were no need of Merchants Ships to joyne 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 Soul­diers, 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 Farme 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 [Page 6]at last he that taketh it, is either undone or weakened in his estate, with over­renting it; and so the peoples estates are too often impaired in defraying their respective charge for want of Trade; And considering that such a standing Fleet of men of Warre will be a great charge and burthen 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 onely maintain a gallant Fleet of warlike Shipps and Marriners, such as all thè known World will not onely 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 onely their shipping, but their people too were not destroyed in the late Warres with them, which in probability might have come to pass, had the Warre 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 practises 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 partyes; For who knowes but that their besiedging Bantam (which is supposed to be ta­ken by them) is onely a Design upon the Natives, contrived purposely to enable them by the gayning 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 easie will it be for them to command the Coast? they being so powerfull in Shipping there, may deny any Nation trading thither, without danger, but whom they please, and then if we will have any Commodityes from thence, it must be with their good liking and consent: But it is not often known that they easily yeild to any thing that hinders their advantage, or the increase of their Traf­fick 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 beleived 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, then what need have we of Merchants shipps of burthen & force? & who would build any, having no imployment 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, inriching their people many sundry waies,

This great prejudice they will do us,

We shall be weaker by so much Shipping, and so many marriners as we might imploy thither.

It will hinder those Tradesmen, in their severall profession, that furnish those shipps that go to Sea, as Shipwrights, Smiths, Mast-makers, Sayl-makers, Ropemakers, &c. and diminish the trade of those Materialls.

It will hinder the vent of our Native Comodityes, which those Shipping would carry thither, which will impoverish our people that made those Commodityes.

It will hinder us of those commodityes which that Countrey doth afford, that we may have great need of, as in time of Warre; 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 Countrey, laden with one onely 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 [Page 7]they would take their offer for the Commodity, rather than go to another Mar­ket, or lye in Port with a great charge of Men, Victualls, 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 carryed 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 parcell for before any of it was burnt; Such is the force and power of trade where a usefull 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 Countrey, and at Hamburgh, to serve all Germany, and in all the Streights over, where the Dutch not onely under-sell us in their own, but in our Native Commodities, as Cloath, Tyn, Lead, &c. they buying these Commodities of the English at the best hand, and cheapest season of the year; as, Cloath carried over to them rough and white, they die and dress, and sell it before we can ours drest and ship'd from hence; besides that, they sell made in Suffolk, and of their own making of English and Spanish Wool mixt 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 undersel 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 weakning 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 Countrey, 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 encreased 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 shew hereafter.

The like may be said of the Trade in Russia, the East Countrey, and other places, where the Dutch and we have trading together, they finde ways to under­mine us, to our great loss and discouragement, though few old Traders consider the cause in all their lives. But I instance onely in the two former Trades, be­cause they chiefly 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 Countreys, or well grounded experience at home, have well understood the course of Trade, whereby they are enabled the better (making the encrease, Protection, and encouragement of Trade their chiefest care) to further it in their interest of State with other Nations in all Treaties, and [Page 8]therein make such provision for the furtherance thereof in their own behalfs, as may make most for their benefit and advantage, and prejudice and inconvenience of the other State, whom they can most prevail with and over-rule; 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 dye, they divide their estates equally among their children, whereby the youngest having equall 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 Countrey life, were either by encrease 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 sons 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 livings by, for want of stock to set up their Trades, as their Grandfather was, before he gained their fathers 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 inrich his children by it also; so as instead of weakning the estate, it would have mightily increased on him, and have augmented the stock of the Nation.

Their true and faithfull making their Manufactures without deceipt, as Cloth, Sayes, Serges, Perpetuanaes, &c. and giving them their due contents, makes them the more serviceable, and their severall 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 look't into as ought to be, according to the good Laws provided in that behalf, which not onely brings the English Commodityes into disgrace at market abroad, but is a great prejudice to the Nation in generall by wanting Vent for them, the makers striving daily to exceed each other in slight making, as Cloth made of flocks mingled with Wooll, &c. that they may the sooner sell and afford them at the English Merchants low price, to which he is tyed to buy, being guided by the Dutch mans 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 severall sorts of Goods, and having quicker returns and greater Stocks than the English, and so the Dutch have the preheminence in the sale of their Ma­nufactures before us, by their true making to their very files and needles.

Their care and vigilancy over their traffick 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 incourage their own Manufactures, or hinder those of a for­reign Nation, for the better imployment of their shipping and people, besides each Merchants particular correspondence with their respective Factors or Ser­vants in the Countreys where they Trade, in which they are also very dextrous in communicating certain and early advice, as well of the publick, as of their own private occurrences.

Their giving countenance and incouragement to new desighes propounded to them for publick good, which whets the invention, and ocasions new discoveries, and the bringing in of many profitable and delightfull Arts and Mysteries among them, the Author never wanting his due reward, which is made good to him out of the Publick Stock, none feeling the charge thereof, & is also preferr'd 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 Bankes.

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 encreased the Generall Stock of their Country so much, that they can, when they please, ingrosse 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 Souldiers, to save their own people in that War, and received in ready money (with which they payd their Armies) the proceed of their Utens [...]is of War, and other Commodities they fold their Enimies, 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 encreased 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 encrease 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 Coyn, for sun­dry reasons, and so plentifull in Holland, that great payments have been made there in Sterling money onely, besides that concealed in their Bank, which is a great hinderance 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 Lead, Tyn, Cloath, Bays, Sayes, Serges, Perpetuanaes, Stockings, &c. having, as is suspected, their English Packers at London, to buy such Goods there for their Accompts, and their Agents residing in the Countreys and Towns in England, where such Manufactures are made, and there buy them cheaper of the Maker himself for ready money, by [Page 10]about 10 per cent. than the English Merchants can do at London, of such Makers 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 casualities in returning the money into the Countrey; 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 undersel 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 Fullers 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 neer Dover, Rochester, &c. 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, &c. doth enable them notwithstanding, to sell our Native Com­modies for us abroad, cheaper than we can afford to sell them our selves, and so secretly eat the bread out of our own mouthes, 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 Christendome, 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 our selves, as is often suggested to be the cause of the present deadness of Trade, but the meer 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 priviledges and good orders to punish misde­meanors in Trade, wherein they are as unmercifully just, in the executing them without respect of persons, for the Publike 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 our selves 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 [Page 11]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 encrease the Stock of this Land, which will wonderfully en­crease 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 Cloathing, and the Granary and Vineyard of Europe, with which Commodities they furnish most Countreys, 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 onely thing wanting, besides a few priviledges in Ports, to carry on that so much desited 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 encrease, and much encourage the Fishery of this Nation, and breed up in that employment many thousand of Seamen, which will finde employment in the East-Indies, Streights, and other Voyages into other parts of the world, and will also encrease and strengthen the decayed Fisher Towns, and all other Ports and Havens along the Sea Coast.

They will encrease the Warlike Trading Shipping, and Mariners of this Na­tion, which will much strengthen us against all our Enemies.

They will also encrease the Revenues and Customs of this Land by encrease of Trade.

They will wonderfully employ the poor of this Land, and encrease 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 Coun­trey, and withold 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 encrease 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 encreased 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 [Page 12]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 encrease trade in Ireland, which will people that Island, and encrease the revenues thereof.

They will furnish many young men with Stock, that have by their industry and well spent time and travels in their Apprentiships, gained good experience in Foreign Traffick, 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 ruine 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 mans credit, which many times is impaired, though he may have a good estate out in Trade beyond the Seas, and cannot command it, ment 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 easie, paying Bills of Exchange, Foreign or Domestick, and all other p [...]yments, preventing fraudulent payments in counterfeit and clipt Coyn, or mil-telling money, rectifying errours in Accounts, which occasion Law-suits, preventing theft, and breaking open houses, where money is suspected to lie, and robbing on the high-ways 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 robb'd, and such Hundred paying them the money the lost, as it hath often fallen out of late times, &c.

Eighthly, a Bank is a certain number of sufficient men of estates and credit joyned together in a joynt 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 mans 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 Countrey, 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 Cloath 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, then such Cloathier having occasion to pay [Page 13]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 Countrey 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, then 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 mans 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 incouragement to Trade by increase of the Stock of the Land, and be such an ease to the people, that it will be soone desired that others might be also setled at Edinburgh for Scotland, at Dublin for Ireland, and in some other chief Cities and Shire Towns in England, as York, Bristoll, and Exceter, &c. for the furtherance of Trade, by holding correspondence with each other, than which I do not apprehend or know any way better to equall the Dutch in Trade both at home and abroad in buying and selling all sorts of Com­modityes, and making quick returns, and also so much exceede them, as by far this Land lies more convenient for Trade than theirs doth, and will also suddenly inrich 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 Suites 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 truely 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 setled, then 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 incourage Trade to the inrich­ing and strengthning 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 domestick 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 incouragement to that Company) which may be easily effected: for those that know not the way of Trade may joyne in a Stock, or come in a share with the experienced untill the ingenuous have learn'd it themselves, for it is presumed there is but few but may spare something to venter, which may be a means to inrich 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 soone 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 domesticks to do the same, therein employing their minds, which oftentimes are busied in contentious Suits in Law, or unnaturall contriving how to over-reach and deceive one another.

It may make your Highness Court and domesticks the most rich and flourish­ing of any Potentates in the World, and loath and hate unhandsome and disho­nourable waies, to maintain and inrich themselves, whereas in other Princes Courts their necessities and covetousness doth inforce 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 inrich themselves by bribes, to beg or obtain Suits of their Prince, which may be to the generall hurt, dishonourable for him to grant, or loss of the affections or good opinions of his people.

It will adde to the reputation of the English, and cause them to be better e­steemed and respected of the Princes and Subjects in the forreign Countreys 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 generall hurt, when the Courti­er as well as the private Trades-man feeles the evill thereof, which oftentimes for want of being heard in due time may continue unremedied or deferr'd till it be too late.

And divers other tending much to the tranquility of your H [...]ghness 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 alledged in the premisses, and propound a way, how it may be effected, and the evills remedied and prevented, being unwilling to bury the Talent in a Napkin which it hath pleased the giver of all Blessings in his great goodness and mercye, to bestow upon me, hoping I shall not offend in tendring this with my best services to your Highness.