OF

ENGLISH INDUSTRY

AND

COMMERCE

2

IN MODERN TIMES.

BY

W. CUNNINGHAM, D.D.

=

VICAR OF S. MARY'S THE GREAT, FELLOW AND LECTURER IN TRINITY COLLEGE, CAMBRIDGE;
TOOKE PROFESSOR IN KING'S COLLEGE, LONDON.

PREFACE.

HE present volume treats of a clearly marked episode

THE

in English económic history; it deals, not indeed with the origins, but with the rise and fall of the Mercantile System. The sketch of this portion of the subject in my First Edition was so slight, that it has hardly served even as a scheme for arranging the mass of material that had to be dealt with.

There is no lack of excellent books on different parts of the subject, like those of Chalmers, Tooke, Macculloch, Roscher, Thorold Rogers and Toynbee; but I know of none that treats it as a whole, or that carefully combines the study of economic aims and opinions, with an examination of the events of our commercial history. This is the characteristic feature of the method I have adopted, and to it I have sedulously adhered. My primary aim has been to understand the economic policy of Englishmen in past days; the logic of events has already subjected it to crushing criticism. There is much in the past which we cannot but condemn, especially in the light of after events; we need not condemn it less decidedly when the reasons which brought it about become intelligible. But we cannot understand the economic measures of bygone days, unless we examine the evidence patiently, and try to read it in the light of contemporary thought and opinion. We are doomed to failure if we are content to take the attitude of doctrinaire economists, and explain the course of our history on the assumption that it has been dominated by the economic

motives of self-interested individuals. Until we are prepared to look behind the 'greed' of capitalists and the 'tyranny' of landlords, potent though these may have been, we cannot hope to understand the steps by which English Industry and Commerce attained supremacy. There always have been landowners and monied men, and even magistrates and members of Parliament, who tried to do their duty, and who were not without influence on the course of our national life. It is easy to play the part of a shallow cynic and ignore these elements, as if they had never existed. It is by no means so easy to try and take systematic account of all the various factors that have combined to shape the course of our economic progress, and to assign to each its due importance; this is the problem towards the solution of which I have made my contribution.

It was obvious from the first that if the work was to be kept within reasonable compass it would be impossible to attempt an exhaustive treatment, but I trust I have been able to indicate the main lines of development, clearly and distinctly, and to bring them into due prominence. Again and again, I have had to resist the temptation of enlarging unduly on some topic which interested me specially, and I have been obliged to discard some of the material I had collected, in order to preserve a proper proportion in the space allotted to different parts of the subject. As my friend Professor Foxwell most kindly allowed me constant access to his magnificent library of Economic books, the resources at my command have been very large; and it has been by no means easy to make a wise selection.

There are several other friends to whom I am deeply indebted, and from whom I have received constant and unwearied assistance in my attempt. Miss E. A. McArthur of Girton College has aided me in verifying the references and dates. About some such matters it is difficult to be right, about others it is impossible. The Record Commission Edition of the Statutes is not to be trusted for the dates at which they were passed. Again, the pagination of the Parliamentary Papers is put in by hand, and is by no means identical in all the copies of the same volume. The author

ship of pamphlets opens up a vast field for patient research, and the bibliographical index, which Miss McArthur has compiled, as well as the statistical tables and diagrams which she has contributed, are considerable additions to the usefulness of the volume.

Mr Hubert Hall of the Record Office, and Professor Gonner of University College, Liverpool, have been kind enough to read the proofs; to each of them I am indebted for very valuable aid. Mr G. Townsend Warner, Fellow of Jesus College, had seen the whole in an earlier stage, as he read the manuscript, and I was able to make substantial additions in accordance with his suggestions. I have also had valuable assistance on special points from Professor Sir T. Wade, Fellow of King's College, and from Mr Archbold, of Peterhouse.

The friend to whom I owe most has not lived to see the publication of a volume in which she was keenly interested. Both in collecting materials and in the arrangement and composition of the book I had constant assistance from Miss Lamond of Girton College. I think she knew I was not ungrateful, but I only learned to appreciate her help aright when I lost it. She had a wonderfully high standard of accuracy and thoroughness in work of every kind, and an infinite capacity for taking pains to "finish things off properly." Twenty sheets were printed off some time before the rest of the book, but no portion of the proofs had the advantage of her care in revision.

W. C.

TRINITY COLLEGE, CAMBRIDGE,

14 July, 1892.