Page:Craik History of British Commerce Vol 2.djvu/94

92 employed in the Eastland and Baltic trades had decreased two-thirds since the passing of the act, and that the foreign shipping employed in these trades had increased in a like proportion. It is plain, indeed, that this law, by raising their freights in the home trade, of which it gave them a monopoly, must have disabled English ship-owners from competing with foreigners in every other trade of which they had not a like exclusive command.

The most remarkable outbreak in the course of this period of the old commercial jealousy which, in contradiction to the first principle of commerce, used, in its fits of fury, to be continually striving to exclude from the kingdom the productions of foreign countries, in the notion of thereby putting down their commercial rivalry, was the entire prohibition of trade with France in 1678. On this occasion, indeed, national hatred and religious excitement lent their aid to strengthen and envenom the feelings arising from rivalry in trade, for it was the time of the popular ferment about the designs of France, out of which sprung immediately afterwards the wild delusion of the popish plot; but the chief motive of the prohibition, nevertheless, was undoubtedly the prevalent notion that the country was suffering an annual pecuniary loss to a vast amount by the balance of trade, as it was called, being turned against us in consequence of our large importation of French commodities. The act of parliament (the 29 and 30 Car. II. c. 1, s. 20) declares that it had been by long experience found that the importing of French wines, brandy, linen, silk, salt, paper, and other commodities of the growth, product, or manufacture of the territories and dominions of the French king had much exhausted the treasure of this nation, lessened the value of the native commodities and manufactures thereof, and caused great detriment to the kingdom in general. It therefore proceeded to enact that, for three years from the 20th of March, 1677 (1678), and to the end of the next session of parliament, no French wine, vinegar,