The Industrial History of England

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And possibly they were right. Their wondrous voyages stimulated others, likewise, to set out on far and venturesome expeditions. Men dreamt of a northern passage to India, and although Willoughby's expedition failed, one of his ships under Richard Chan- cellor reached Archangel, and thus opened up a direct trade with Russia ; so that in 1554 a company was formed specially for this trade. It was, too, in Elizabeth's reign that the merchants of Southampton entered upon the trade with the coast of... Guinea, and gained much wealth from its gold-dust and ivory. Sir John Hawkins engaged in the slave-trade between Africa and the new fields of labour in America. Bristol fishermen sailed across the dreaded Atlantic to the cod-fisheries off New- foundland, and at the close of Elizabeth's reign EngUsh ships began to rival the Portuguese in the Polar whale- fisheries. This reign witnessed also the rise of the great com- mercial Companies. The company of Merchant Adven- turers had indeed existed since Henry VII.

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