to cultivate or even to inhabit,
affords a striking illustration of those conditions which in all times
have been found specially favourable to commercial development, and
which are not indistinctly reflected in the mercantile history of
England, preserved by its insular position from hostile invasions, and
capable by its fleets and arms to protect its goods on the seas and the
rights of its subjects in foreign lands.

The progress of trade and productive arts in the middle ages, though not
rising to much international exchange, was very considerable both in
quality and extent. The republics of Italy, which had no claim to rival
Venice or Genoa in maritime power or traffic, developed a degree of art,
opulence and refinement commanding the admiration of modern times; and
if any historian of trans-Alpine Europe, when Venice had already
attained some greatness, could have seen it five hundred years
afterwards, the many strong towns of France, Germany and the Low
Countries, the great number of their artizans, the products of their
looms and anvils, and their various cunning workmanship, might have
added many a brilliant page to his annals. Two centuries before England
had discovered any manufacturing quality, or knew even how to utilize
her most valuable raw materials, and was importing goods from the
continent for the production of which she was soon to be found to have
special resources, the Flemings were selling their woollen and linen
fabrics, and the French their wines, silks and laces in all the richer
parts of the British Islands. The middle ages placed the barbarous
populations of Europe under a severe discipline, trained them in the
most varied branches of industry, and developed an amount of handicraft
and ingenuity which became a solid basis for the future. But trade was
too walled in, too much clad in armour, and too incessantly disturbed by
wars and tumults, and violations of common right and interest, to exert
its full influence over the general society, or even to realize its most
direct advantages. It wanted especially the freedom and mobility
essential to much international increase, and these it was now to
receive from a series of the most pregnant events.

Opening of a new era.

The mariner's compass had become familiar in the European ports about
the beginning of the 14th century, and the seamen of Italy, Portugal,
France, Holland and England entered upon a more enlightened and
adventurous course