from an early period, been sensible of the real riches of their territory, and how much their timber, iron, pitch, and tar, were converted for maritime and other purposes.  The pitch and tar manufacture especially had long constituted a very considerable part of their commerce.  In 1647, Queen Christiana very unwisely granted a monopoly of these articles, which was productive of the usual effects, injury to commerce, without a correspondent benefit to those who held it.  In the beginning of the eighteenth century, the tar company in Sweden not only put a very high price on their goods, but refused to sell them, even for ready money, unless they were exported in Swedish vessels.  In consequence of this, England began at this period to encourage the importation of tar, pitch, hemp, and naval timber, from her American colonies.

The commerce of Denmark, besides its common origin with that of the rest of Scandinavia, seems, in the middle ages, to have been chiefly nourished by two circumstances:—­The trade which Iceland carried on, and the establishment of Bergen, first as the staple of the German merchants, and afterwards as the chief factory of the Hanse merchants.  In 1429, it was also established by the king of Denmark, as the sole staple for the fish trade.  In 1553, its trade began to decline, in consequence, it is said, of its being deserted by the Hanseatics.  The historian of the Hanseatic League adds, that “whereas the ancient toll of the Sound had been only a golden rose-noble on every sail, which was always understood to be meant on every ship; the court of Denmark had for some time past put a new and arbitrary construction on the word sail, by obliging all ships to pay a rose-noble for every sail on, or belonging to each ship”.  In consequence of this, the Vandalic-Hanse Towns, or those on the south shores of the Baltic, deserted the Bergen trade.

The same sovereign, however, who increased the tolls of the Sound, counterpoised the bad effects of this measure, by the encouragement he gave to manufactures and commerce; in this he was seconded by the Danish gentry, who began to carry on merchandize and factorage themselves, and also established manufactories.  Copenhagen at this time was the staple for all Danish merchandize, especially corn, butter, fish, &c.

The commercial history of this country, towards the close of the sixteenth century, is remarkable for having given rise to the earliest dispute, of which we have any notice, respecting, the carrying of naval stores, of contraband of war, in neutral bottoms, to any enemy.  It seems that the English merchants endeavoured to evade the custom duties in the Danish ports, particularly on their skins, woollen goods, and tin; on which they were siezed.  On a remonstrance however from Elizabeth, they were restored, when the king of Denmark, on his part, complained that the English committed piracies on his subjects; for now, says Camden, there began to grow controversies about such matters, that is, the carrying naval stores, &c. to the Spaniards.