Among the favourable circumstances may be reckoned the taking away of the exclusive privileges of the steelyard merchants by Edward VI., by which native merchants were encouraged, private companies of them formed, and the benefits of commerce more extensively diffused:—­the encouragement given by Elizabeth, particularly by her minister Cecil, to commerce; this was so great and well directed, that the customs which had been farmed, at the beginning of the reign, for 14,000_l_. a year, towards its close were fanned for 50,000_l_.;—­the pacific character of James I., and the consequent tranquillity enjoyed by England during his reign;—­the strong and general stimulus which was given to individual industry, by the feeling of their own importance, which the struggle between Charles I. and the Parliament naturally infused into the great mass of the people;—­the increased skill in maritime affairs, which was produced by our naval victories under Cromwell;—­the great vigour of his government in his relations with foreign powers; and the passing of the navigation act.  The Restoration, bringing a great fondness for luxury and expence, naturally produced also exertions to gratify that fondness.  If to these and other causes of a similar nature, we add the introduction of East India commodities direct to England, and the import trade to the West Indies and America, the emigration of the industrious Flemings during the Spanish wars in the Low Countries, and of the French after the revocation of the edict of Nantz, we shall have specified most of the efficient circumstances, which, in conjunction with the progress of mankind in industry and civilization, were beneficial to our commerce.

The causes and circumstances which were unfavourable to it during the same period are much fewer in number; and though some of them were powerful, yet, even these, for the most part, when they ceased to operate, gave birth to a reaction favourable to commerce.  The more general causes may be sought for in the erroneous notions entertained respecting commerce, in consequence of which monopolies were granted, especially in the reign of James I.; and laws were made to regulate what would have gone on best, if it had been left to itself.  The civil wars, and the emigration occasioned by them, and the religious persecutions in the time of Mary, Elizabeth, and Charles, may be regarded as the most remarkable particular causes and circumstances, which were injurious to commerce.

We must again lay down the position, that in what respects the improvement of a country in industry and wealth, whether agricultural manufacturing, or commercial, the same circumstances may often be viewed in the light both of effect and cause.  This position will be clearly illustrated by a very common and plain case.  The trade in a certain district improves, and of course requires more easy and expeditious communication among different parts of this district:  the roads are consequently made better, and the waggons, &c. are built on a better construction; these are the effects of an improved trade:  but it is plain that as by the communication being thus rendered quicker, the commodities interchanged can be sold cheaper, a greater quantity of them will be sold; and thus better roads, which in the first instance proceeded from an improvement in trade, will, when made, improve the trade still more.