From 1365 to 1382 factories and warehouses were founded by Norman navigators on the western coast of Africa, in Senegal and Guinea.  Numerous fleets of merchantmen, of great size for those days, were employed in transporting cloth, grain of all kinds, knives, brandy, salt, and other merchandise, which were bartered for leather, ivory, gum, amber, and gold dust.  Considerable profits were realised by the shipowners and merchants, who, like Jacques Coeur, employed ships for the purpose of carrying on these large and lucrative commercial operations.  These facts sufficiently testify the condition of France at this period, and prove that this, like other branches of human industry, was arrested in its expansion by the political troubles which followed in the fourteenth and fifteenth centuries.

Fortunately these social troubles were not universal, and it was just at the period when France was struggling and had become exhausted and impoverished that the Portuguese extended their discoveries on the same coast of Africa, and soon after succeeded in rounding the Cape of Good Hope, and opening a new maritime road to India, a country which was always attractive from the commercial advantages which it offered.

Some years after, Christopher Columbus, the Genoese, more daring and more fortunate still, guided by the compass and impelled by his own genius, discovered a new continent, the fourth continent of the world (Fig. 199).  This unexpected event, the greatest and most remarkable of the age, necessarily enlarged the field for produce as well as for consumption to an enormous extent, and naturally added, not only to the variety and quantity of exchangeable wares, but also to the production of the precious metals, and brought about a complete revolution in the laws of the whole civilised world.

Maritime commerce immediately acquired an extraordinary development, and merchants, forsaking the harbours of the Mediterranean, and even those of the Levant, which then seemed to them scarcely worthy of notice, sent their vessels by thousands upon the ocean in pursuit of the wonderful riches of the New World.  The day of caravans and coasting had passed; Venice had lost its splendour; the sway of the Mediterranean was over; the commerce of the world was suddenly transferred from the active and industrious towns of that sea, which had so long monopolized it, to the Western nations, to the Portuguese and Spaniards first, and then to the Dutch and English.

France, absorbed in, and almost ruined by civil war, and above all by religious dissensions, only played a subordinate part in this commercial and pacific revolution, although it has been said that the sailors of Dieppe and Honfleur really discovered America before Columbus.  Nevertheless the kings of France, Louis XII., Francis I., and Henry II., tried to establish and encourage transatlantic voyages, and to create, in the interest of French commerce, colonies on the coasts of the New World, from Florida and Virginia to Canada.